Articles of incorporation Study guides, Class notes & Summaries

A Community Association is generally defined as real or personal property, owned by two or more entities, which share the responsibility for the costs of maintenance and administration - Answer- True Purchasers of a timeshare plan have a ten day contract rescission period in which to cancel the purchase - Answer- True The Florida Fair Housing Act prohibits discrimination on the basis of handicap - Answer- True A valid Declaration of Condominium must contain easements for ingress and egr...

How is a corporation formed? - Answer A document, referred to as the "articles of incorporation" or "charter," must be filed with the state. Business-judgment rule - Answer In the absence of fraud, illegality, or self-dealing, courts will not disturb the good-faith judgment of the directors or officers of a corporation. Promoter liability pre-incorporation - Answer Promoter is personally liable for knowingly acting on behalf of corp before incorporation, and remains liable after ...

CAM LICENSE QUESTIONS WITH COMPLETE SOLUTION | Questions With Correct Answers | Latest 2023/3034. 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 Correct 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 owne...

A - ANSWER-Which one of the following is NOT true of cultural or political beliefs in America. A. America's origins as a wilderness society led to the belief that government is responsible for providing material assistance to its citizens. B. Americans place a greater emphasis than Europeans on personal advancement through education. C. Never has an American majority expressed a willingness to entrust health insurance fully to the government. D. America has a strong individualistic culture/...

A Community Association is generally defined as real or personal property, owned by two or more entities, which share the responsibility for the costs of maintenance and administration - Correct Answer True Purchasers of a timeshare plan have a ten day contract rescission period in which to cancel the purchase - Correct Answer True The Florida Fair Housing Act prohibits discrimination on the basis of handicap - Correct Answer True A valid Declaration of Condominium must contain easement...

The rights and obligations inherent in the ownership of a unit in a condominium are correct answers Appurtenances to the Unit The original corporate structure of a condominium association is established in the correct answers Articles of Incorporation A claim of Lien on a condo unit for delinquent assessments is in effect from the time of recording for a period of correct answers 12 Months The process for obtaining a community association manager's license, renewal provisions and stand...

Florida Cam Exam Questions and Answers Already Passed A Community Association is generally defined as real or personal property, owned by two or more entities, which share the responsibility for the costs of maintenance and administration True Purchasers of a timeshare plan have a ten day contract rescission period in which to cancel the purchase True The Florida Fair Housing Act prohibits discrimination on the basis of handicap True A valid Declaration of Condominium must contain easements ...

Linda purchases property in Escambia County from Susan. Linda has $30,000.00 as a down payment and gets a mortgage in the amount of $150,000.00 and there is no other consideration for the transfer. How much will the doc stamp tax on the deed be? 1) $1,050.00 2) $1,260.00 3) $630.00 4) $525.00 - $1,260.00 Tax calculation: $150,000 + $30,000 = $180,000/100 = 1800 (taxable $100 units) x $0.70 = $1260.00 tax due. Heather has been using a roadway at the back of the 22 acres Pam owns. She has...

Each of the following are key characteristics of community associations EXCEPT: a. Mandatory lien-based economic charges or assessments are levied on each owner in order to operate and maintain the community association. b. Membership in the community association is mandatory and automatic for all owners. c. A requirement of community association ownership is serving on the board of directors. d. Certain documents bind all owners to be governed by the community association. c. A requirement...

M100 Community Association Management Exam Questions with 100% Verified Answers. Each of the following are key characteristics of community associations EXCEPT: a. Mandatory lien-based economic charges or assessments are levied on each owner in order to operate and maintain the community association. b. Membership in the community association is mandatory and automatic for all owners. c. A requirement of community association ownership is serving on the board of directors. d. Certain docu...