Community Association Manager Licensing EXAM LATEST WITH ACTUAL
QUESTIONS AND CORRECT VERIFIED ANSWERS ALREADY GRADED A+ 100%
GUARANTEED PASS
Who owns the dirt on a parcel in an HOA? {- ✔✔ANSWER✔✔-}>>>>>>>>The homeowner
owns the dirt on THEIR parcel. HOA owns the dirt on COMMON parcels.
Chapter 607 (definition) {- ✔✔ANSWER✔✔-}>>>>>>>>Florida For Profit Corporate Act that
governs For Profit corporations
Chapter 617 (definition) {- ✔✔ANSWER✔✔-}>>>>>>>>Florida Not For Profit Corporate Act
that governs Not For Profit corporations
Statute 718 {- ✔✔ANSWER✔✔-}>>>>>>>>Governs Condominiums
Statute 719 {- ✔✔ANSWER✔✔-}>>>>>>>>Governs Cooperatives
Statute 720 {- ✔✔ANSWER✔✔-}>>>>>>>>Governs Homeowners' Associations
Statute 721 {- ✔✔ANSWER✔✔-}>>>>>>>>Governs Timeshare Plans
Common Elements (definition) {- ✔✔ANSWER✔✔-}>>>>>>>>the portions of the
condominium property not included in the units
Examples of Common Elements {- ✔✔ANSWER✔✔-}>>>>>>>>drywall, plumbing, electrical
inside the walls, clubhouse, pool, streets, etc.
,In which type of corporation (community association) would the term "common elements" be
used? {- ✔✔ANSWER✔✔-}>>>>>>>>Condominium
Limited Common Elements (definition) {- ✔✔ANSWER✔✔-}>>>>>>>>those common
elements which are reserved for the use of a certain unit or units to the exclusion of all other
units (ie. assigned parking space, private balcony, private elevator, etc.)
Examples of Limited Common Elements {- ✔✔ANSWER✔✔-}>>>>>>>>balcony, private
elevator, patio connected to a unit, assigned parking space, storage unit, boat slip, etc.
Common Areas (definition) {- ✔✔ANSWER✔✔-}>>>>>>>>the portions of the cooperative
property not included in the units (ie. clubhouse, pool, streets)
For what type of association is the term "Common Areas" used? {- ✔✔ANSWER✔✔-
}>>>>>>>>Cooperative.
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 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 {- ✔✔ANSWER✔✔-}>>>>>>>>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 {- ✔✔ANSWER✔✔-}>>>>>>>>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
What does a condo association own? What is deeded in the association's name? {-
✔✔ANSWER✔✔-}>>>>>>>>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? {- ✔✔ANSWER✔✔-
}>>>>>>>>All the owners own common elements jointly.
Cooperative (definition) {- ✔✔ANSWER✔✔-}>>>>>>>>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? {- ✔✔ANSWER✔✔-}>>>>>>>>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.
In what type of community association would an owner have a shareholder's certificate? {-
✔✔ANSWER✔✔-}>>>>>>>>Cooperative. Owner has a shareholder's certificate if they are part
of the cooperative.
Shareholder's Certificate (definition) {- ✔✔ANSWER✔✔-}>>>>>>>>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) {- ✔✔ANSWER✔✔-}>>>>>>>>gives an owner (in a coop) the
exclusive use of the air space for their unit or pad.
Homeowners' Association (definition) {- ✔✔ANSWER✔✔-}>>>>>>>>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 development district (CDD) or other similar taxing
district created pursuant to statute.
, Who owns deeds in an HOA? {- ✔✔ANSWER✔✔-}>>>>>>>>Each parcel owner has a deed to
their individual parcel. The corporation has common areas or property deeded in the
corporation's name.
Limited Common Areas (definition) {- ✔✔ANSWER✔✔-}>>>>>>>>those common areas
which are reserved for the use of a certain cooperative unit or units to the exclusion of other units
(ie. balcony, private elevator, patio connected to the unit, etc.)
Examples of Limited Common Areas {- ✔✔ANSWER✔✔-}>>>>>>>>balcony, private
elevator, patio connected to the unit, assigned parking space, storage unit, boat slip, etc.
Association Property (definition) {- ✔✔ANSWER✔✔-}>>>>>>>>all real property within a
community which is owned or leased by an association or dedicated for use or maintenance by
the association or its members.
Short Version: property shared by all the owners in a homeowners' association (also referred to
as common property or common area)
Examples of Association Property (common areas or common property) {- ✔✔ANSWER✔✔-
}>>>>>>>>Pool, clubhouse, streets, park, entrance feature, etc.
Who owns the paint, tile, and carpet in a condominium? {- ✔✔ANSWER✔✔-}>>>>>>>>The
homeowner. The homeowner owns the air space from the drywall and floor inwards.
Who owns the drywall and floor baseboards/concrete in a condominium? {- ✔✔ANSWER✔✔-
}>>>>>>>>EVERYONE. Every owner in the condo owns these common elements.
In a Cooperative, what deeds/certificates does an owner possess? {- ✔✔ANSWER✔✔-
}>>>>>>>>Their building deed (ie. mobile home deed), Shareholders Certificate (for proof they
made capital contribution), and their Proprietary Lease (so they have the right to their specific
space)
If someone lives in a cooperative community, but isn't a Shareholder, what deeds to they
possess? {- ✔✔ANSWER✔✔-}>>>>>>>>Their building deed (ie. mobile home deed), and a
