Questions And Answers Well Illustrated.
Community Association (Definition) - CORRECT ANSWER. a residential homeowners'
association in which membership is a condition of ownership (mandatory) of a unit in a
planned unit development, or of a lot for a home or a mobile home, or of a townhouse,
villa, condominium, cooperative, or other residential unit which is part of a residential
development scheme and which is authorized to impose a fee (assessment) which may
become a lien on the parcel.
Assessment - CORRECT ANSWER. The amount of money a unit or parcel owner pays for
their share of the expenses of the community association. The statute allows
association to file an assessment lien against the unit or parcel if unpaid.
Condominium - CORRECT ANSWER. that form of ownership of real property created
pursuant to this chapter (Section 718), which is comprised entirely of units that may be
owned by one or more persons, and in which there is, appurtenant to each unit, an
undivided share in common elements
What does a condo association own? What is deeded in the association's name? -
CORRECT ANSWER. Nothing. NOTHING. The association is responsible for the
insurance and maintenance, but it has no deed in its name.
Who owns the common elements in a condominium association? - CORRECT ANSWER.
All the owners own common elements jointly.
,Cooperative (definition) - CORRECT ANSWER. that form of ownership of real property
wherein legal title is vested in a corporation or other entity and the beneficial use is
evidenced by an ownership interest in the association and a lease or other muniment of
title or possession granted by the association as the owner of all the cooperative
property.
In a cooperative, how many deeds are there? - CORRECT ANSWER. There is one deed.
Title to all the real estate is owned by the corporation. Each shareholder receives a
Shareholder's Certificate as evidence of their capital contribution to the corporation.
In what type of community association would an owner have a shareholder's certificate?
- CORRECT ANSWER. Cooperative. Owner has a shareholder's certificate if they are part
of the cooperative.
Shareholder's Certificate (definition) - CORRECT ANSWER. What is the evidence of an
owner's capital contribution to the cooperative corporation. This entitles the owner to
sign a Proprietary Lease with the corporation for the exclusive use of the air space for
their unit or pad.
Proprietary Lease (definition) - CORRECT ANSWER. gives an owner (in a coop) the
exclusive use of the air space for their unit or pad.
Homeowners' Association (definition) - CORRECT ANSWER. a Florida corporation
responsible for the operation of a community or a mobile home subdivision in which the
voting membership is made up of parcel owners or their agents, or a combination
thereof, and in which membership is a mandatory condition of parcel ownership, and
which is authorized to impose assessments that, if unpaid, may become a lien on the
parcel. The term "homeowners' association" does not include a community development
district (CDD) or other similar taxing district created pursuant to statute.
Who owns deeds in an HOA? - CORRECT ANSWER. Each parcel owner has a deed to
their individual parcel. The corporation has common areas or property deeded in the
corporation's name.
Who owns the dirt on a parcel in an HOA? - CORRECT ANSWER. The homeowner owns
the dirt on THEIR parcel. HOA owns the dirt on COMMON parcels.
Chapter 607 (definition) - CORRECT ANSWER. Florida For Profit Corporate Act that
governs For Profit corporations
Chapter 617 (definition) - CORRECT ANSWER. Florida Not For Profit Corporate Act that
governs Not For Profit corporations
Statute 718 - CORRECT ANSWER. Governs Condominiums
Statute 719 - CORRECT ANSWER. Governs Cooperatives
,Statute 720 - CORRECT ANSWER. Governs Homeowners' Associations
Statute 721 - CORRECT ANSWER. Governs Timeshare Plans
Common Elements (definition) - CORRECT ANSWER. the portions of the condominium
property not included in the units
Examples of Common Elements - CORRECT ANSWER. drywall, plumbing, electrical
inside the walls, clubhouse, pool, streets, etc.
In which type of corporation (community association) would the term "common
elements" be used? - CORRECT ANSWER. Condominium
Limited Common Elements (definition) - CORRECT ANSWER. those common elements
which are reserved for the use of a certain unit or units to the exclusion of all other units
(ie. assigned parking space, private balcony, private elevator, etc.)
Examples of Limited Common Elements - CORRECT ANSWER. balcony, private elevator,
patio connected to a unit, assigned parking space, storage unit, boat slip, etc.
Common Areas (definition) - CORRECT ANSWER. the portions of the cooperative
property not included in the units (ie. clubhouse, pool, streets)
For what type of association is the term "Common Areas" used? - CORRECT ANSWER.
Cooperative.
Limited Common Areas (definition) - CORRECT ANSWER. those common areas which
are reserved for the use of a certain cooperative unit or units to the exclusion of other
units (ie. balcony, private elevator, patio connected to the unit, etc.)
Examples of Limited Common Areas - CORRECT ANSWER. balcony, private elevator,
patio connected to the unit, assigned parking space, storage unit, boat slip, etc.
Association Property (definition) - CORRECT ANSWER. all real property within a
community which is owned or leased by an association or dedicated for use or
maintenance by the association or its members.
Short Version: property shared by all the owners in a homeowners' association (also
referred to as common property or common area)
Examples of Association Property (common areas or common property) - CORRECT
ANSWER. Pool, clubhouse, streets, park, entrance feature, etc.
Who owns the paint, tile, and carpet in a condominium? - CORRECT ANSWER. The
homeowner. The homeowner owns the air space from the drywall and floor inwards.
, Who owns the drywall and floor baseboards/concrete in a condominium? - CORRECT
ANSWER. EVERYONE. Every owner in the condo owns these common elements.
In a Cooperative, what deeds/certificates does an owner possess? - CORRECT
ANSWER. Their building deed (ie. mobile home deed), Shareholders Certificate (for
proof they made capital contribution), and their Proprietary Lease (so they have the
right to their specific space)
If someone lives in a cooperative community, but isn't a Shareholder, what deeds to
they possess? - CORRECT ANSWER. Their building deed (ie. mobile home deed), and a
rental agreement with the cooperative so they RENT their space that their mobile home
is on. Or they RENT the space their unit is in/on.
Voting Interest (definition) - CORRECT ANSWER. An owner/member in an association.
What governing documents can be changed to allow associations to impose rules or
regulations for the use of common elements/areas? - CORRECT ANSWER. usually the
Proprietary Lease or Bylaws
Who can adopt new rules and regulations? - CORRECT ANSWER. The Board of
Directors (AKA Board of Administration)
Any fee charged for the use of common areas (ie. pool passes or gate keys) must be
approved by... - CORRECT ANSWER. a majority vote of the members (or allowed for in
the governing documents)
"Big Vote" - CORRECT ANSWER. majority vote of members
"Little Vote" - CORRECT ANSWER. majority vote of members present (quorum normally
has to be met)
A vote is not required to assess fees for exclusive use of common elements/areas, such
as... - CORRECT ANSWER. rental of the clubhouse for a private party
Where is the term "unit" used? - CORRECT ANSWER. Condominium
Where is the term "parcel" used? - CORRECT ANSWER. Homeowners' Assoc.
Where is the term "share" used? - CORRECT ANSWER. Cooperative
Appurtenance (definition) - CORRECT ANSWER. additional rights or accessory rights
(privileges) that go with the ownership of property in a community association and
include:
-Undivided share in common elements and common surplus
-Exclusive rights to the common elements as provided in the declarations