Community association manager review questions with correct answers

A community association is Generally defined as real or personal property, owned by two or more entities, which share the responsibility for the cost of maintenance and administration CORRECT ANSWER True Purchasers of a timeshare plan have a 10-day contract recision period in which to cancel the purchase CORRECT ANSWER True Not for-profit corporations are exempt from federal income taxes CORRECT ANSWER False A condominium and a hospital may join together to create a self-insurance pool for windstorm insurance, if approved by the comptroller CORRECT ANSWER False All community associations have identical legal structures CORRECT ANSWER False The association must mail a notice for a regular board of directors meeting no less than 48 hours in advance CORRECT ANSWER False If a timeshare property is a condominium, it must comply only with the condominium act CORRECT ANSWER False The Florida fair housing act prohibits discrimination on the basis of handicap CORRECT ANSWER True Compliance with the construction lien law is very technical and can have an impact on title to property. Therefore, the board should always consult with the manager regarding mean issues CORRECT ANSWER False A valid declaration of condominium must contain easements for ingress and egress to all units and the common elements CORRECT ANSWER True