Florida CAM Study Guide (2022/2023) (Complete and Accurate)

Florida CAM Study Guide (2022/2023) (Complete and Accurate) Community Association: Real or personal property owned by 1 or more entities with legally binding agreement (covenant) to share responsibility for and costs of maintenance and administration of the property, assets, and assoc. Specific rights granted to members. Pro of community living: Shared: armenties, maintenance expenses, operations stability/security, centralized responsibility. Con of Community living: loss of control, mismanagement, lawsuits, limited freedom, undesirable neighbors, financial hardship/special assessments, members. Requirement for a community association: Membership is mandatory, right to vote & unpaid assessments may become a lien on members property. Members in Mobile Home: Mobile home park, the mobile home owners (not park owners) are members of the community association Term members may refer to: Condo, HOA, Timeshare, Coop Condo (718): Each member owns (unit) & % of undivided interest in common elements - name 2 elements. Unit: includes wall ceiling and floor. Common property: members have undivided interest (balony, storage, parking space). Define Coop (719): Corporation owns all of the property - with each of the members receiving a share/right to occupy a specific unit lease Coop Unit (719) part of the coop property defined as: By a proprietary lease which is subject to exclusive use & possession. Corporation owns all units/member receives share & proprietary right to occupy specific unit under a lease. Common property for 719 (coop) is referred to as: Cooperative property or common elements. HOA (720) defined as: Each member owns their unit, may use the common elements & share in the cost of maintaining the common elements Define HOA Unit: The member receives a deed to the villa, house, townhouse, or lot. HOA Common property - define "common areas": HOA (corp) may own the common property, or members may own it with joint undivided interest What is statute 722? does not exist - goes 718, 719, 720, 721, 723. Timeshare (721) defined: Ownership is segregated into interval time periods so that each member has the exclusive right to use a specific unit. What is a Timeshare Unit: Ownership & use of a specific unit facility, room, boat, ship, vehicle for set period of time. Buyer acquires a title to specific resident for same time period every year. What is common property referred to for timeshare: Common elements or common areas - jointly owned the common property in undivided interest. Mobile Home (723) is: A modular unit that is placed down on a pad or lot that is leased or purchased from a mobile home park/subdivision owner (park owner holds the title to park - member usually holds title to modular unit) A Real Estate Broker submits a written request to the ADF Cooperative association for a copy of its cooperative documents. When must the association deliver the documents? Within 10 days of receipt of the written request. Florida condominium law is contained in which chapter of the Florida statutes? 718 Minutes of meeting of the board of directors must be maintained for: 7 years Emergency powers of a condominium board, if a state of emergency has been declared, include: Borrow money and pledge association assets as collateral to fund emergency repairs. The Pensacola bay condominium association files lien for unpaid assessment against one of the unit's owners, the lien is effective for? One year after claim of lien was recorded. With respect to a condominium association, which of the following statements is true: The declaration provides that certain limited common elements shall be maintained by those entitled to use the limited common elements. Under Florida's construction lien law contractors cannot place a lien on the common element of a condominium: With permission of the association the contractor can place a lien against each individual owner for their share of work performed to the common elements. Notice of the association annual meeting must contain: Purpose of the meeting, place, date and time. A cooperative association's reserves do not generally include and amount for? Flood insurance premiums of $13,000. For purpose of chapter 718, Florida statutes, "capital expenditure" means any expenditures of funds for: The purchase of an asset whose useful life is greater than one year in length. The American with disabilities act: The act covers discrimination in public accommodations. Condominium owners own the condominium parcel and what type of interest in the common elements? An undivided. If a board adopts in any fiscal year an annual budget which requires assessments against unit owners which exceed 115% of assessments for the preceding fiscal year., the board shall conduct a special meeting of the unit owners for consider a substitute budget, if the board reserves within 21 days after adoption of the annual budget a written request for a special meeting from at least what percent of all voting interested? 10% A claim of lien against a condominium parcel must include: The due date the name of unit owners the amount due. What designates the person who will direct votes for the owners of a corporately owned condominium unit? A voting certificate. The renewal for a firm's cam license should be postmarked no later than what date of each what type of numbered year? September 30, odd. The least used entity of association management is: Self-management. Condominium unit owners other than the developer, are entitled to elect not less than a majority of the board when? Three years after 50% of the unit have been conveyed to the owners. Risk retention is often referred to as: Self-insurance. Which of the following need to be turned over to the association be the condominium developer? A copy of the plans and specifications. Certain disputes between a condominium owner and the association requires arbitration as the first remedy: a dispute not requiring arbitration is one pertaining to: Fees and assessments. The owners of a condominium must receive how much notice of a budget meeting? 14 days. The timeshares magnolia blossom condominium association collects the operating assessment and the reserve assessment as a single payment, in order for the association to not be considered as commingling the funds the reserve portion of the payment must be transferred to a separate reserve account or accounts when? Within 30 calendar days from the date such funds were deposited into the non-reserve account. The concept of fairness in rules enforcement that results in forfeiture of the enforcement rights is: Equitable estoppel. The statutory law for mobile home parks is contained in which chapter of the Florida statute? 723. A requirement of the board of directors approve a sale of a condominium unit is called? Right of first refusal. The two principal types of property insurance are: Named peril and all risks. The property owned by the association for the use and benefit of all its members is called: Common elements. A condominium with an annual budget of $200,000 plus $50, 000 for reserves needs to pave the parking lot the paving will cost $10,000 according, the project: Does not have to be bid because it is less than 5% of the total annual budget. The ABC Florida homeowners association files a lien to unpaid assessment against a parcel owner. If the lien is not contested within 90 days of service, it is effective for how long after it is recorded? 5 years. The XYZ Florida homeowners association board of directors levies a special assessment on the association members to be paid on April 1,2012. The special assessment be: In the members proportional share of expenses as described in the governing document which share maybe different among classes of parcels based on the state of the development there of, leaves the service receive by the applicable members, or other relevant factors. The condominium is created by the: Declaration of condominium