Community Association Manager
Licensing Exam Question ( Update)
Community Association (Definition) - CORRECT ANSWERS
✔✔a residential homeowners' association in which
membership is a condition of ownership (mandatory) of a unit
in a planned unit development, or of a lot for a home or a
mobile home, or of a townhouse, villa, condominium,
cooperative, or other residential unit which is part of a
residential development scheme and which is authorized to
impose a fee (assessment) which may become a lien on the
parcel.
Assessment - CORRECT ANSWERS ✔✔The amount of
money a unit or parcel owner pays for their share of the
expenses of the community association. The statute allows
association to file an assessment lien against the unit or parcel
if unpaid.
Condominium - CORRECT ANSWERS ✔✔that form of
ownership of real property created pursuant to this chapter
(Section 718), which is comprised entirely of units that may be
owned by one or more persons, and in which there is,
appurtenant to each unit, an undivided share in common
elements
,Community Association Manager
Licensing Exam Question ( Update)
What does a condo association own? What is deeded in the
association's name? - CORRECT ANSWERS ✔✔Nothing.
NOTHING. The association is responsible for the insurance and
maintenance, but it has no deed in its name.
Who owns the common elements in a condominium
association? - CORRECT ANSWERS ✔✔All the owners own
common elements jointly.
Cooperative (definition) - CORRECT ANSWERS ✔✔that form
of ownership of real property wherein legal title is vested in a
corporation or other entity and the beneficial use is evidenced
by an ownership interest in the association and a lease or other
muniment of title or possession granted by the association as
the owner of all the cooperative property.
In a cooperative, how many deeds are there? - CORRECT
ANSWERS ✔✔There is one deed. Title to all the real estate
is owned by the corporation. Each shareholder receives a
Shareholder's Certificate as evidence of their capital
contribution to the corporation.
,Community Association Manager
Licensing Exam Question ( Update)
In what type of community association would an owner have a
shareholder's certificate? - CORRECT ANSWERS
✔✔Cooperative. Owner has a shareholder's certificate if they
are part of the cooperative.
Shareholder's Certificate (definition) - CORRECT ANSWERS
✔✔What is the evidence of an owner's capital contribution
to the cooperative corporation. This entitles the owner to sign a
Proprietary Lease with the corporation for the exclusive use of
the air space for their unit or pad.
Proprietary Lease (definition) - CORRECT ANSWERS
✔✔gives an owner (in a coop) the exclusive use of the air
space for their unit or pad.
Homeowners' Association (definition) - CORRECT ANSWERS
✔✔a Florida corporation responsible for the operation of a
community or a mobile home subdivision in which the voting
membership is made up of parcel owners or their agents, or a
combination thereof, and in which membership is a mandatory
condition of parcel ownership, and which is authorized to
impose assessments that, if unpaid, may become a lien on the
parcel. The term "homeowners' association" does not include a
, Community Association Manager
Licensing Exam Question ( Update)
community development district (CDD) or other similar taxing
district created pursuant to statute.
Who owns deeds in an HOA? - CORRECT ANSWERS
✔✔Each parcel owner has a deed to their individual parcel.
The corporation has common areas or property deeded in the
corporation's name.
Who owns the dirt on a parcel in an HOA? - CORRECT
ANSWERS ✔✔The homeowner owns the dirt on THEIR
parcel. HOA owns the dirt on COMMON parcels.
Chapter 607 (definition) - CORRECT ANSWERS ✔✔Florida
For Profit Corporate Act that governs For Profit corporations
Chapter 617 (definition) - CORRECT ANSWERS ✔✔Florida
Not For Profit Corporate Act that governs Not For Profit
corporations
Statute 718 - CORRECT ANSWERS ✔✔Governs
Condominiums
Licensing Exam Question ( Update)
Community Association (Definition) - CORRECT ANSWERS
✔✔a residential homeowners' association in which
membership is a condition of ownership (mandatory) of a unit
in a planned unit development, or of a lot for a home or a
mobile home, or of a townhouse, villa, condominium,
cooperative, or other residential unit which is part of a
residential development scheme and which is authorized to
impose a fee (assessment) which may become a lien on the
parcel.
Assessment - CORRECT ANSWERS ✔✔The amount of
money a unit or parcel owner pays for their share of the
expenses of the community association. The statute allows
association to file an assessment lien against the unit or parcel
if unpaid.
Condominium - CORRECT ANSWERS ✔✔that form of
ownership of real property created pursuant to this chapter
(Section 718), which is comprised entirely of units that may be
owned by one or more persons, and in which there is,
appurtenant to each unit, an undivided share in common
elements
,Community Association Manager
Licensing Exam Question ( Update)
What does a condo association own? What is deeded in the
association's name? - CORRECT ANSWERS ✔✔Nothing.
NOTHING. The association is responsible for the insurance and
maintenance, but it has no deed in its name.
Who owns the common elements in a condominium
association? - CORRECT ANSWERS ✔✔All the owners own
common elements jointly.
Cooperative (definition) - CORRECT ANSWERS ✔✔that form
of ownership of real property wherein legal title is vested in a
corporation or other entity and the beneficial use is evidenced
by an ownership interest in the association and a lease or other
muniment of title or possession granted by the association as
the owner of all the cooperative property.
In a cooperative, how many deeds are there? - CORRECT
ANSWERS ✔✔There is one deed. Title to all the real estate
is owned by the corporation. Each shareholder receives a
Shareholder's Certificate as evidence of their capital
contribution to the corporation.
,Community Association Manager
Licensing Exam Question ( Update)
In what type of community association would an owner have a
shareholder's certificate? - CORRECT ANSWERS
✔✔Cooperative. Owner has a shareholder's certificate if they
are part of the cooperative.
Shareholder's Certificate (definition) - CORRECT ANSWERS
✔✔What is the evidence of an owner's capital contribution
to the cooperative corporation. This entitles the owner to sign a
Proprietary Lease with the corporation for the exclusive use of
the air space for their unit or pad.
Proprietary Lease (definition) - CORRECT ANSWERS
✔✔gives an owner (in a coop) the exclusive use of the air
space for their unit or pad.
Homeowners' Association (definition) - CORRECT ANSWERS
✔✔a Florida corporation responsible for the operation of a
community or a mobile home subdivision in which the voting
membership is made up of parcel owners or their agents, or a
combination thereof, and in which membership is a mandatory
condition of parcel ownership, and which is authorized to
impose assessments that, if unpaid, may become a lien on the
parcel. The term "homeowners' association" does not include a
, Community Association Manager
Licensing Exam Question ( Update)
community development district (CDD) or other similar taxing
district created pursuant to statute.
Who owns deeds in an HOA? - CORRECT ANSWERS
✔✔Each parcel owner has a deed to their individual parcel.
The corporation has common areas or property deeded in the
corporation's name.
Who owns the dirt on a parcel in an HOA? - CORRECT
ANSWERS ✔✔The homeowner owns the dirt on THEIR
parcel. HOA owns the dirt on COMMON parcels.
Chapter 607 (definition) - CORRECT ANSWERS ✔✔Florida
For Profit Corporate Act that governs For Profit corporations
Chapter 617 (definition) - CORRECT ANSWERS ✔✔Florida
Not For Profit Corporate Act that governs Not For Profit
corporations
Statute 718 - CORRECT ANSWERS ✔✔Governs
Condominiums
