FLORIDA CAM || ACTUAL EXAM|| CORRECT QUESTIONS & SOLUTIONS|| LATEST UPDATE|| RATED A+ 2024 COMPLETE EXAM BUNDLE

1. Condominium form of ownership is comprised of units owned by one or more persons and joint ownership of ________ share in the common elements. A. a percentage B. an undivided C. a proportional D. a complete - ANSWER B. an undivided Condominium means individual ownership of a unit coupled w...

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. Com...

An association should establish reserves for - ANSWER (a) Because associations may be able to avoid or reduce large special assessments. An association should establish reserves for - ANSWER (c) Because associations may be able to avoid or reduce large increases in regular assessments. An asso...

Cooperatives - ANSWER 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: - ANSWER Public records of the county where the property is located. Timeshare - ANSWER Communi...

If a declaration of condominium or bylaws so provide, an association may require a security deposit from prospective lessees up to the amount of - ANSWER 1 month's rent A homeowner's association board must obtain competitive bids for any contract which will cost in excess of - ANSWER 10% of the...

After purchasing the mobile home park, the residents form a community association and hire a paid manager. The manager must be licensed under Part VIII of Chapter 468 if the budget of the association exceeds: A.$50,000 B.$75,000 C.$100,00 D.$125,000 - ANSWER C. A type of joint ownership of re...

F.A.C. 61-20 and F.A.C. 61E-14 - ANSWER CAM Rules DBPR Division of Professions Regulatory Council of Community Association Managers F.A.C. 61B - ANSWER Rules for condos, coops, and time-shares DBPR Division of FL Condominiums, Timeshares

The Delton Beach Condo, with 400 units, has a budget of 2.5 million. It also has $3M reserves. a. The ass must maintain a Fidelity Bond of $5.5M. b. The ass must hire a CAM. c. The ass must have an annual audit. d. The ass must have at least 5 directors on the board. - ANSWER c. The ass must hav...

Define Community Association. - ANSWER Real or personal property, owned by two or more entities with a legally binding agreement to share responsibility & costs for maintenance & administration

A high rise building can be created as a what? - ANSWER Condominium subject to GCA If there is a conflicting provision in an association's legal documents, which document controls? - ANSWER Declaration In a condominium, elements owned by all unit owners but reserved for the exclusive use and ...

Community Association (Definition) - ANSWER 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 un...

Florida Condominium Law is contained in which Chapter of the Florida Statutes? - ANSWER 718 Minutes of meeting of the BOD must be maintained for: - ANSWER 7 years Emergency powers of a condominium board, if a state of emergency has been declared, include: - ANSWER Borrow money and pledge assoc...

The language in the Declaration of Condominium that creates a commitment, restriction, or contract between the association and the unit owners is called - ANSWER Covenants Under Chapter 718.1255, those eligible to petition for arbitration are: - ANSWER An owner of a condominium unit Tom Tucker...

What is a legally binding agreement? - ANSWER It is structured by formal, legal documents that define property rights, rules and restrictions It grants rights and/or imposes liabilities and responsibilities on the community association and members It provides governance, business, and communal...