Florida Cam prep Exam questions and answers 2024(graded A+)

Cooperatives Joint ownership of a real estate where an individuals purchased shares of stock in a corporation. Condominium is created when the declaration of convenience is recorded in the: Public records of the county where the property is located. Timeshare Community permits individual units to be owned and occupied for fixed period for less than a year. Chapter 617, F.S. Florida not for Profit Act Florida Statute majority homeowners association is organized under. Declaration established the formal regulations for all the property including the basic right and responsibility of each owner, resident, member, and guest. Bylaws Establishes the procedures for carrying out the responsibilities of the association and governs the actual operation of the association. Division of FLorida Land Sales, Condominiums, and Mobile Homes Designated to enforced and ensure compliance with provision of the cooperative Act according to Part V of the Corporative Act January 1 of each year Annual fee must be paid to the Division of Florida Land Sales, Condominium, and Mobil Homes, for each each unit operated by a condominium association association must be paid by: The certificate of amendment is recorded with the clerk of court where the documents were originally recorded Amendments to the declaration of condominium is not effective until: Under part VI of the condominium Act, all tenants have certain rights when an existing rental property is converted to a condominium. these rights include: The option to extend their current lease Which of the following is not contained in an association's Article of Incorporation? Membership eligibility requirements including restrictions based on national origin of potential members Material Alteration to a condominium community The board must check the language of the declaration for the manner to process alteration. Installation of hurricane shutters Hurricane shutters is not material alteration to the common the elements. Condominium Excluded ownership of a single unit in a joint undivided ownership of a percentage of common elements, and require membership in the association. Restrictive covenants contained in a community associations remain effective Until the articles are amended Rules and regulations Supplemental restrictions authorized by the governing documents and promulgated by the board of directors. Corporate Charter Establishes the entity responsibility for maintenance, management, and community property Bylaws Issue such as transfer fees, fidelity bond, and arbitration, are generally provided for in which documents In order for rules and regulation adopted by the board to be valid, the rules and regulations must not be: Arbitrary and Discriminatory If a developer fail to make the proper filings to the division or pay the required fee, the developer may not: Not offer the unit for sale What is the maximum period of time that an implied statutory warrant of fitness and marketability may extend in a condominium 5 years