GOLD COAST ALL CHAPTERS FINAL EXAM ACTUAL EXAM REAL QUESTIONS AND CORRECT ANSWERS (100% CORRECT ANSWERS) LATEST UPDATED VERSION

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What is a legally binding agreement? - correct answer -
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It is structured by formal, legal documents that define property rights, rules a
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nd restrictions
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It grants rights and/or imposes liabilities and responsibilities on the communit
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y association and members
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It provides governance, business, and communal aspects of administering, m
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aintaining and enhancing the property u u u u




Could also be considered a "contract"
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What is a legally binding agreement referred to in certain community associati
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ons? - correct answer - A covenant
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What is a community association? - correct answer -
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Real or personal property, owned by two or more entities, with a legally bindi
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ng agreement to share responsibility for of maintenance and administering a
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nd maintaining the property and its assets with specific rights granted to the
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members

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What is F.S.? - correct answer - Florida Statutes -
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uprovides a definition of and requirements for each type of community associa
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tion




What is F.A.C.? - correct answer - Florida Administrative Code -
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provides additional guidance based on the Florida Statutes
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Also known as an official compilation of rules and regulations of Florida regul
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atory agencies u




What are members of a community association responsible for? -
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correct answer -
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Members in a community association have a responsibility to occupy, use an
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d maintain the property in accordance with the statutes and the legal docume
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nts




What are the requirements for a community association? - correct answer -
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- membership is mandatory u u




- members have the right to vote (w/ exceptions)
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- an unpaid assessment can become a lien on a member's property
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What are the 5 community associations governed by the Florida Statutes? -
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correct answer - F.S. 718 -
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condominums (also known as the condominium act) (F.A.C. - 61B-
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14 through 24, 45 & 50)
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F.S. 719 - cooperative (cooperative act) (F.A.C. 61B-75 through 79, 45, & 50)
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F.S. 720 - HOA (homeowners' association act) (F.A.C. 61B-80, 81, & 85)
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F.S. 721 - timeshare (florida vacation plan & timesharing act) (F.A.C. 61B-
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37 through 41)
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F.S. 723 - mobile homes (Mobile Home Act)
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What terms can be used interchangeably with "owner"? - correct answer - -
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unit owner
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- parcel owner u




- shareholder




What is a condominium? - correct answer -
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A form of ownership of real property created pursuant to statutes, which is co
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mprised entirely of units, each of which may be owned by one or more person
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s, and in which there is, appurtenant to each unit, an undivided share in com
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mon elements u




What does an undivided share in the common elements mean? -
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ucorrect answer - u u


uThat each owner owns a proportionate share of the common property that ca
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nnot be transferred or sold separately from the owner's unit. It therefore canno
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t be divided from the owners shares in the common property
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What is a condominium unit? - correct answer -
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uA unit is air space including wall, ceilings, and floor coverings or finishes, cab
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inets and appliances. u u

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The members received a deed to the unit.
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What is a common property/area? - correct answer -
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uCommon property/area is often referred to as "common elements"; all memb
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ers own the common property in undivided interest, which must be defined in
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the association documents.
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What is a cooperative? - correct answer -
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In a cooperative, a corporation owns all the property, and each member recei
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ves shares and has a proprietary right to occupy a specific unit under a lease
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Members are referred to in statute as shareholders or owners
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A unit in a cooperative association can be referred to as what? -
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correct answer - A cooperative parcel
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What is cooperative common property? - correct answer -
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Includes the lands, leaseholds and personal property owned by a cooperativ
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e association
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What is a HOA? - correct answer - Homeowners Association -
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ueach member owns their unit, house or lot (referred to in statutes as a parcel)
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, may use the common elements, and shares in the cost of maintaining the
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