Florida CAM Prep Questions With Correct Answers

A Community is defined as -Answer Real or personal property owned by two or more entities, with a "legally binding agreement (covenant) to share responsibility and costs for maintenance and administration of property, assets, and association, and with specific rights granted to the members. Community Associations are structured by -Answer Formal (in writing), legal documents defining property rights, rules and restrictions. Community Associations are also refered to as -Answer Covenant Conceptually Community Associations: -Answer Maximize land use, share responsibility, and expenses. What are the 5 types of Community Associations? -Answer Condo, Cooperative, HOA, Timeshare, Mobile Home Park What are the 3 specific requirments of CA in Florida -Answer Membership is mandatory, members must have the right to vote, an assessment, if unpaid can become a lien. What factors influence the type of association that can be developed? -Answer Zoning, CDMP These documents define the regulations for use of land, member's rights, & responsibilities, and create the entity that will manage the community. -Answer Declaration of covenants & restrictions/declaration of condominium, Articles of incorporation, bylaws. Developer must pay a fee at the time he files any required documents with the DBPR. -Answer New Condos/Coops - $20/unit Timeshares - $2/7 day period each unit will be occupied, but not more than $25,000 Mobile Homes - $10/lot but not less than $100 Developer must file the documents with certain governmental entities, and pay a fee for each unit or lot in a community -Answer True Florida requires all community associations to be incorporated since? -Answer True Florida requires all community associations to be incorporated since? -Answer April 1, 1992 HOA's do not pay fees, as they are not regulated by the state. -Answer True