CAM Final Test 1 Questions & Answers 2024/2025

CAM Final Test 1 Questions & Answers 2024/2025 What is a legally binding agreement? - ANSWERSIt is structured by formal, legal documents that define property rights, rules and restrictions It grants rights and/or imposes liabilities and responsibilities on the community association and members It provides governance, business, and communal aspects of administering, maintaining and enhancing the property Could also be considered a "contract" What is a legally binding agreement referred to in certain community associations? - ANSWERSA covenant What is a community association? - ANSWERSReal or personal property, owned by two or more entities, with a legally binding agreement to share responsibility for of maintenance and administering and maintaining the property and its assets with specific rights granted to the members What is F.S.? - ANSWERSFlorida Statutes - provides a definition of and requirements for each type of community association What is F.A.C.? - ANSWERSFlorida Administrative Code - provides additional guidance based on the Florida Statutes Also known as an official compilation of rules and regulations of Florida regulatory agencies