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Gold Coast CAM License Questions and Answers Graded A+
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Gold Coast CAM License
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Gold Coast CAM LicenseWhat 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 aspects of administering, maintaining and enhancing the property
Could also be considered a "contract"
What is a legally binding agreement referred to in certain community associations? - answer A covenant
What is a community association? - answer Real or personal property, owned by two
or more entities, with a legally binding agreement to share responsibility for of maintenance and administering and maintaining the property and its assets with specific
rights granted to the members
What is F.S.? - answer Florida Statutes - provides a definition of and requirements for each type of community association
What is F.A.C.? - answer Florida Administrative Code - provides additional guidance based on the Florida Statutes
Also known as an official compilation of rules and regulations of Florida regulatory agencies
What are members of a community association responsible for? - answer Members in a community association have a responsibility to occupy, use and maintain the property in accordance with the statutes and the legal documents
What are the requirements for a community association? - answer - membership is mandatory
- members have the right to vote (w/ exceptions)
- an unpaid assessment can become a lien on a member's property What are the 5 community associations governed by the Florida Statutes? - answer F.S. 718 - condominums (also known as the condominium act) (F.A.C. - 61B-14 through
24, 45 & 50)
F.S. 719 - cooperative (cooperative act) (F.A.C. 61B-75 through 79, 45, & 50)
F.S. 720 - HOA (homeowners' association act) (F.A.C. 61B-80, 81, & 85)
F.S. 721 - timeshare (florida vacation plan & timesharing act) (F.A.C. 61B-37 through 41)
F.S. 723 - mobile homes (Mobile Home Act)
What terms can be used interchangeably with "owner"? - answer - unit owner
- parcel owner
- shareholder
What is a condominium? - answer A form of ownership of real property created pursuant to statutes, which is comprised entirely of units, each of which may be owned by one or more persons, and in which there is, appurtenant to each unit, an undivided share in common elements
What does an undivided share in the common elements mean? - answer That each owner owns a proportionate share of the common property that cannot be transferred or
sold separately from the owner's unit. It therefore cannot be divided from the owners shares in the common property
What is a condominium unit? - answer A unit is air space including wall, ceilings, and
floor coverings or finishes, cabinets and appliances. The members received a deed to the unit.
What is a common property/area? - answer Common property/area is often referred to as "common elements"; all members own the common property in undivided interest, which must be defined in the association documents.
What is a cooperative? - answer In a cooperative, a corporation owns all the property, and each member receives shares and has a proprietary right to occupy a specific unit under a lease
Members are referred to in statute as shareholders or owners
A unit in a cooperative association can be referred to as what? - answer A cooperative parcel
What is cooperative common property? - answer Includes the lands, leaseholds and personal property owned by a cooperative association
What is a HOA? - answer Homeowners Association - each member owns their unit, house or lot (referred to in statutes as a parcel), may use the common elements, and shares in the cost of maintaining the common elements. Statutes often refer to the members property as a "parcel", which is capable of separate conveyance, and by which the member is obliged to belong to the association and to pay assessments that, if unpaid, may result in a lien, against their parcel
What is a unit in an HOA? - answer A lot, villa, townhome, house, or parcel. The member received a deed to the lot, villa, townhome, house or parcel
What is common property in an HOA? - answer All real property within an HOA is owned or leased by an association or dedicated for use or maintenance by the association or its members, including, regardless of whether title has been conveyed to the association The HOA (corporation) may own the common property, or members may own it with joint undivided interest
What is a timeshare? - answer Ownership in a timeshare is segregated into interval time periods (usually a week or a month) so that each member has the exclusive right to
use a specific unit - whereas condominiums, cooperatives, homeowners associations, and mobile homes are real property.
A timeshare can be situated on real property or within personal property, such as a cruise ship A timeshare can also be a cooperative or a condominium, in which case it must comply with F.S. 718 or F.S. 719 and associated rules, except where stated in the statutes
What is a timeshare unit? - answer A unit is ownership and use of a specific unit, facility, room, boat, ship, or vehicle for a set period of time. The buyer acquires title to a specific residence usually for the same time period ever year
Some timeshares sell floating periods
What is a floating period in a timeshare? - answer When purchasing a floating period, one has the right to use a time period (1 week - 7 nights) by the size of a unit and season of the year, not specified to a date, week number or unit number. While it does not give the member any guarantee for a specific occupation date or unit number on an annual basis, the member may choose their period from a pool of sold inventory, offering certain flexibility
What is a mobile home? - answer Transportable, factory-built, modular units (mobile homes) are located on specifically designed lots or pads. The park is owned by an entity
that leased the lots or pads to the owners of the mobile homes. The park owner holds title to the mobile home park
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