QUESTIONS SOLUTIONS GRADED A+
◉ 2. Under the General Corporate Law _______, community
associations have the right to buy, sell or lease real property. Under
the condo and co-op laws _____, condos and coops have the specific
authority to acquire title.
A. & 719
B. & 708
C. & 719
D. & 719 Answer: D. & 719
FS 607 is General Corporate Law, FS 718 is condominiums, and FS
719 is cooperatives.
◉ 3. A person doing the following for remuneration must have a
license.
A. Posts notices for meetings and chairs committee meetings
B. Prepares budgets and financial statements.
C. Supervises maintenance.
D. All of the above. Answer: D. All of the above.
,A person who provides the following services for compensation
must be licensed by DBPR
Disburse funds
Prepare budgets and/or financial reports
Notice or conduct meetings
Coordinate maintenance or other day-to-day services involving the
operation of the association
◉ 4. Application for renewal of a CAM license shall be postmarked
by ___________ . If renewal application is postmarked after ____________
of the renewal year, the license shall be deemed expired.
A. September 30, September 30
B. October 31, October 31
C. September 30, October 31
D. December 31, January 1 Answer: C. September 30, October 31
Renewal applications shall be postmarked on or before September
30 each even year. If the renewal application is postmarked after
October 31, that license is deemed expired.
◉ 5. Restrictive covenants that run with the land as permanent
restrictions remain in effect until ________.
A. The majority of the owners vote otherwise
B. All of the owners agree
,C. The developer cancels them
D. The community is terminated Answer: D. The community is
terminated
When you purchase, you know that these covenants exist and will
continue to exist for the life of the condominium or parcel and upon
resale, the next owner inherits the same covenants. This is called
running with the land.
◉ 6. The Cooperative documents must contain all of following except
________.
A. Documentation of each owner
B. Identification by unit number/letter
C. Recognition of owner
D. Definition of the grounds lease Answer: B. Identification by unit
number/letter
Under Cooperative law, the co-op documents include the Articles of
Incorporation and By-Laws, a definition of the grounds lease, the
owner's share and membership in the co-op and title or right to use
of a unit.
◉ 7. The ______ creates the association and the ______ creates the
condominium.
, A. Declaration of Condominium / Articles of Incorporation
B. By-Laws / Declaration
C. Articles of Incorporation / Declaration
D. Articles of Incorporation / Bylaws Answer: C. Articles of
Incorporation / Declaration
The Articles of Incorporation, also known as the Corporate Charter,
are the documents that create the association. The Condominium is
established when the developer records the Declaration of
Condominium with the county clerk in the county seat of the county
in which the condominium is to be built.
◉ 8. What defines the membership and the voting rights of the
Association?
A. Corporate Charter
B. Declaration of Condominium
C. By-Laws
D. Rules and Regulations Answer: A. Corporate Charter
The Articles of Incorporation, also known as the Corporate Charter,
provide the framework for the organization of the association and
define its membership and the voting rights of the members.