Gold Coast CAM License Exam Questions With Accurate
Solutions.
What is a legally binding agreement? - accurate answers-It is structured by
formal, legal documents that define property rights, rules and restrictions
It grants rights and/or imposes liabilities and responsibilities on the
community association and members
It provides governance, business, and communal aspects of administering,
maintaining and enhancing the property
Could also be considered a "contract"
What is a legally binding agreement referred to in certain community
associations? - accurate answers-A covenant
What is a community association? - accurate answers-Real or personal
property, owned by two or more entities, with a legally binding agreement to
share responsibility for of maintenance and administering and maintaining
the property and its assets with specific rights granted to the members
What is F.S.? - accurate answers-Florida Statutes - provides a definition of and
requirements for each type of community association
What is F.A.C.? - accurate answers-Florida Administrative Code - provides
additional guidance based on the Florida Statutes
Also known as an official compilation of rules and regulations of Florida
regulatory agencies
What are members of a community association responsible for? - accurate
answers-Members in a community association have a responsibility to occupy,
use and maintain the property in accordance with the statutes and the legal
documents
What are the requirements for a community association? - accurate answers--
membership is mandatory
,- members have the right to vote (w/ exceptions)
- an unpaid assessment can become a lien on a member's property
What are the 5 community associations governed by the Florida Statutes? -
accurate answers-F.S. 718 - condominums (also known as the condominium
act) (F.A.C. - 61B-14 through 24, 45 & 50)
F.S. 719 - cooperative (cooperative act) (F.A.C. 61B-75 through 79, 45, & 50)
F.S. 720 - HOA (homeowners' association act) (F.A.C. 61B-80, 81, & 85)
F.S. 721 - timeshare (florida vacation plan & timesharing act) (F.A.C. 61B-37
through 41)
F.S. 723 - mobile homes (Mobile Home Act)
What terms can be used interchangeably with "owner"? - accurate answers--
unit owner
- parcel owner
- shareholder
What is a condominium? - accurate answers-A form of ownership of real
property created pursuant to statutes, which is comprised entirely of units,
each of which may be owned by one or more persons, and in which there is,
appurtenant to each unit, an undivided share in common elements
What does an undivided share in the common elements mean? - accurate
answers-That each owner owns a proportionate share of the common
property that cannot be transferred or sold separately from the owner's unit.
It therefore cannot be divided from the owners shares in the common
property
What is a condominium unit? - accurate answers-A unit is air space including
wall, ceilings, and floor coverings or finishes, cabinets and appliances.
The members received a deed to the unit.
What is a common property/area? - accurate answers-Common
property/area is often referred to as "common elements"; all members own
the common property in undivided interest, which must be defined in the
association documents.
, What is a cooperative? - accurate answers-In a cooperative, a corporation
owns all the property, and each member receives shares and has a proprietary
right to occupy a specific unit under a lease
Members are referred to in statute as shareholders or owners
A unit in a cooperative association can be referred to as what? - accurate
answers-A cooperative parcel
What is cooperative common property? - accurate answers-Includes the lands,
leaseholds and personal property owned by a cooperative association
What is a HOA? - accurate answers-Homeowners Association - each member
owns their unit, house or lot (referred to in statutes as a parcel), may use the
common elements, and shares in the cost of maintaining the common
elements. Statutes often refer to the members property as a "parcel", which is
capable of separate conveyance, and by which the member is obliged to
belong to the association and to pay assessments that, if unpaid, may result in
a lien, against their parcel
What is a unit in an HOA? - accurate answers-A lot, villa, townhome, house, or
parcel. The member received a deed to the lot, villa, townhome, house or
parcel
What is common property in an HOA? - accurate answers-All real property
within an HOA is owned or leased by an association or dedicated for use or
maintenance by the association or its members, including, regardless of
whether title has been conveyed to the association
The HOA (corporation) may own the common property, or members may
own it with joint undivided interest
What is a timeshare? - accurate answers-Ownership in a timeshare is
segregated into interval time periods (usually a week or a month) so that each
member has the exclusive right to use a specific unit - whereas condominiums,
cooperatives, homeowners associations, and mobile homes are real property.
A timeshare can be situated on real property or within personal property,
such as a cruise ship
Solutions.
What is a legally binding agreement? - accurate answers-It is structured by
formal, legal documents that define property rights, rules and restrictions
It grants rights and/or imposes liabilities and responsibilities on the
community association and members
It provides governance, business, and communal aspects of administering,
maintaining and enhancing the property
Could also be considered a "contract"
What is a legally binding agreement referred to in certain community
associations? - accurate answers-A covenant
What is a community association? - accurate answers-Real or personal
property, owned by two or more entities, with a legally binding agreement to
share responsibility for of maintenance and administering and maintaining
the property and its assets with specific rights granted to the members
What is F.S.? - accurate answers-Florida Statutes - provides a definition of and
requirements for each type of community association
What is F.A.C.? - accurate answers-Florida Administrative Code - provides
additional guidance based on the Florida Statutes
Also known as an official compilation of rules and regulations of Florida
regulatory agencies
What are members of a community association responsible for? - accurate
answers-Members in a community association have a responsibility to occupy,
use and maintain the property in accordance with the statutes and the legal
documents
What are the requirements for a community association? - accurate answers--
membership is mandatory
,- members have the right to vote (w/ exceptions)
- an unpaid assessment can become a lien on a member's property
What are the 5 community associations governed by the Florida Statutes? -
accurate answers-F.S. 718 - condominums (also known as the condominium
act) (F.A.C. - 61B-14 through 24, 45 & 50)
F.S. 719 - cooperative (cooperative act) (F.A.C. 61B-75 through 79, 45, & 50)
F.S. 720 - HOA (homeowners' association act) (F.A.C. 61B-80, 81, & 85)
F.S. 721 - timeshare (florida vacation plan & timesharing act) (F.A.C. 61B-37
through 41)
F.S. 723 - mobile homes (Mobile Home Act)
What terms can be used interchangeably with "owner"? - accurate answers--
unit owner
- parcel owner
- shareholder
What is a condominium? - accurate answers-A form of ownership of real
property created pursuant to statutes, which is comprised entirely of units,
each of which may be owned by one or more persons, and in which there is,
appurtenant to each unit, an undivided share in common elements
What does an undivided share in the common elements mean? - accurate
answers-That each owner owns a proportionate share of the common
property that cannot be transferred or sold separately from the owner's unit.
It therefore cannot be divided from the owners shares in the common
property
What is a condominium unit? - accurate answers-A unit is air space including
wall, ceilings, and floor coverings or finishes, cabinets and appliances.
The members received a deed to the unit.
What is a common property/area? - accurate answers-Common
property/area is often referred to as "common elements"; all members own
the common property in undivided interest, which must be defined in the
association documents.
, What is a cooperative? - accurate answers-In a cooperative, a corporation
owns all the property, and each member receives shares and has a proprietary
right to occupy a specific unit under a lease
Members are referred to in statute as shareholders or owners
A unit in a cooperative association can be referred to as what? - accurate
answers-A cooperative parcel
What is cooperative common property? - accurate answers-Includes the lands,
leaseholds and personal property owned by a cooperative association
What is a HOA? - accurate answers-Homeowners Association - each member
owns their unit, house or lot (referred to in statutes as a parcel), may use the
common elements, and shares in the cost of maintaining the common
elements. Statutes often refer to the members property as a "parcel", which is
capable of separate conveyance, and by which the member is obliged to
belong to the association and to pay assessments that, if unpaid, may result in
a lien, against their parcel
What is a unit in an HOA? - accurate answers-A lot, villa, townhome, house, or
parcel. The member received a deed to the lot, villa, townhome, house or
parcel
What is common property in an HOA? - accurate answers-All real property
within an HOA is owned or leased by an association or dedicated for use or
maintenance by the association or its members, including, regardless of
whether title has been conveyed to the association
The HOA (corporation) may own the common property, or members may
own it with joint undivided interest
What is a timeshare? - accurate answers-Ownership in a timeshare is
segregated into interval time periods (usually a week or a month) so that each
member has the exclusive right to use a specific unit - whereas condominiums,
cooperatives, homeowners associations, and mobile homes are real property.
A timeshare can be situated on real property or within personal property,
such as a cruise ship
