Florida CAM License EXAM Correctly Answered

Define Community Association. -Answer Real or personal property, owned by two or more entities with a legally binding agreement to share responsibility & costs for maintenance & administration of property, assets, and association & with specific rights granted to members. What are five types of community associations in Florida? -Answer Condominiums, Cooperatives, Mandatory Homeowners association (HOA), Timeshares, Mobile Home Associations. What are the primary purposes of community associations? -Answer The primary purposes are to preserve, maintain, and enhance the property, association and its assets, and promote social harmony. What are three specific requirements of community associations in Florida? -Answer Membership is mandatory, members have the right to vote, assessments if unpaid can become a lien on members property. Name 3 advantages & 3 disadvantages of membership in a community association. -Answer Pros-Shared amenities, shared maintenance expenses, stability & security. Cons- Law suits, Loss of Control, Mis