Chapter 3- Community Association Management Exam Questions and Answers with Complete Solutions

Community Association is both - ANSWER-is both a a community and a business. Community associations are established with principles similar to those of government and good business practices. Community Association function - ANSWER-is to preserve, maintain, and enhance the property, association, and assets. A community association serves - ANSWER-as the management entity. Members elect the board of directors to operate and govern the community. Rights are responsibilities are govern by Florida Status. Florida Statues organize each community association as a corporation - ANSWER-granting those powers that are normally vested in corporations, such a; -budgeting for the maintenance and operation of the property, association, and assets -collecting the necessary funds to carry out its duties -entering into contract, hiring employees, and taking other measures as needed to meet its objectives The board has management authority - ANSWER--It makes collective decisions at board meetings -no one board member can act on behalf of the community association, unless that authority is delegated by the board, or as defined by the community associations's documents -the board elects officers, 65f66 who have certain authority under the documents -Generally, officers are charged with carrying out the day to day operations of the community association and implementing decisions of the board. Manager or Management Firm - ANSWER-Under Florida law, the board may delegate certain responsibilities to a manager or management firm. The board may never delegate its responsibility for decision making. Community Association Manager (CAM) - ANSWER-In Florida, a person who is licensed to provide management services to a community association. Community Association Management Firm Or Business (CAB) - ANSWER-A firm that provides community association management services.