Master the Cam Exam Chapter 1 Exam Questions and Answers with Complete solutions

Define Community Association - ANSWER-Real or Personal Property, Owned by two or more entities, with legally binding agreement to share responsibility for and cost of maintenance and administration of the property assets and association and with specific rights granted to the members. What are 5 types of Community Association - ANSWER-Condo 718, Coops 719, HOA 720, Timeshare 721, Mobile Home Park 723 What are the primary purposes of Community association - ANSWER-To preserve, protect and enhance the value and assets, enhance the community lifestyle, and provide a harmonious community What are the three specific requirements of community associations in Florida - ANSWER-Membership mandatory, right to vote, unpaid assessment become a lien Name Three advantages and 3 disadvantages of membership in a community association - ANSWER-Harmonious community, shared responsibility, shared amenities . Disadvantages: Limited freedom, Lawsuits, mismanagement. Define unit for each type of association - ANSWER-A lot, villa, townhome, house apartment or modular home where a member may reside. Explain the differences among common property, association property, and limited common property. - ANSWER-common property: jointly owned by all members. Association property: furniture, equipment owned by the association. Limited common property: Limited to be used by one or members. List 5 appurtenances that are likely to be inherent to a member of an association. - ANSWER-right to vote, right to run for board member, right to attend meetings, right to exclusive common areas and right to cable TV. How are cooperatives and mobile home parks different from condominiums, timeshares, and homeowners' association? - ANSWER-Cooperatives- property is owned by cooperation and owners get shares. Condo, TS, HOA gets a deed