FLORIDA LCAM 2024 Test Review with 100% Correct Answers

FLORIDA LCAM 2024 Test Review with 100% Correct Answers Four Main Types of Associations in Florida *Ans* Condominiums Cooperatives Homeowner's Associations (Mandatory) TimeShares Does the structure, architecture, or look of the building or buildings determine what type of Association it is? *Ans* No What determines the legal type of association that applies to a property? *Ans* The Association's Documents Assessments *Ans* Residential Condominiums are distinguished by these three items *Ans* 1) Exclusive ownership of a single unit 2)Joint ownership or a percentage of the common elements 3) Membership in the Condo Assoc. that manages and administers the condominium property How is a Condominium created? *Ans* Created by a "Declaration of Condominium" recorded in public records of the county in which the condominium is located Who owns the property in a Cooperative? *Ans* All legal title to all the real estate is vested in a corporation or cooperative association. The right to use the cooperative property is evidenced by what? *Ans* Evidenced by your ownership in the corporation or cooperative association. How can you have a legal right to use a unit that is located/governed by a cooperative? *Ans* A property/proprietary lease from the associations provides an owner the right of exclusive possession of a unit. Mandatory Homeowner's Associations are created when? *Ans* When the developer records, the CCRs, covenants, conditions, and restrictions with the clerk of the court of the county in which the land is located. Timeshare Plans *Ans* Owner receives right to use property and accommodations for less than a year Rescission period for Cooperatives *Ans* 3 Days *make sure