Condominium act - Study guides, Class notes & Summaries

Community Association - Answer - Mandatory memberships, mutually binding contracts, lien-based assements Purpose of community association - Answer - Provide for the community, business, and governance aspects of the association Basic types of community association - Answer - Planned communities, condominium, and cooperatives Planned community - Answer - HOA, owner association Condominium - Answer - Owner of his/her unit Cooperative - Answer - Owns stock/holds lease Types of com...

An appraisal can be completed by which of the following? A home inspector A real estate broker A licensed appraiser using USPAP standards A mortgage loan originator - ANSWERA licensed appraiser using USPAP standards What is a BPO? Broker Price Opinion Best Practice Organization Best Prospective Offer Beyond Present Opportunities - ANSWERBroker Price Opinion Which of the following is incorrect? Farming methods include Direct Mail and Just Listed Post Cards. Farming only invo...

Texas Promulgated Contracts-CHAMPIONS STUDY 2022-2023. The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilatera...

Describe at least two requirements under TRELA. (Ans- Act created by Texas Congress 1) All professionals are licensed 2) Use same policy, procedures, and forms. Providing correct documentations and forms during a transaction. TREC wanted to get things standardized. TREC was created in 1949 and that's when it began administrating TRELA. Real Estate Dealers license Act was enacted in 1939 for salesperson and brokers. TRELA is the present act which is active and administered until present day. ...

A buyer purchasing a pre-construction condominium is required to place a ____________ with the builder to hold the specific unit until it is ready to be occupied. - Deposit A common element condominium must be a __________ condo and not a vacant land or a phased condominium. - Freehold A copy of the condo's __________ must be registered in the Land Registry Office. - Bylaws A developer is not permitted to terminate an agreement without the buyer's consent unless by way of a _____________...

What is the role of a condo's Board of Directors? - Answer To oversee the business matters of the condominium corporation and ensure its operations comply with the Condominium Act. What are condo rules? - Answer Directives and regulations developed by a condominium corporation.

CAM Prep Final Exam Questions & Answers 2024/2025 being licensed under part VIII of chapter 468 F.S. means - ANSWERSyou are capable of performing community association management (CAM) services specified in the condominium act and reserves these for exclusive use for certain owners - ANSWERSlimited common elements property owned by all owners in a condominium - ANSWERSthe common elements a maintenance coordinator must... - ANSWERSbe licensed as a community association manager and i...

CAM License Exam Questions and Answers (Graded A)CAM License Exam Questions and Answers (Graded A)CAM License Exam Questions and Answers (Graded A)being licensed under part VIII of chapter 468 F.S. means - ANSWER-you are capable of performing community association management (CAM) services specified in the condominium act and reserves these for exclusive use for certain owners - ANSWER-limited common elements property owned by all owners in a condominium - ANSWER-the common elements a m...

Florida Cam Actual Exam (Questions And Answers) A Community Association is generally defined as real or personal property, owned by two or more entities, which share the responsibility for the costs of maintenance and administration - CORRECT ANSWER-True Purchasers of a timeshare plan have a ten day contract rescission period in which to cancel the purchase - CORRECT ANSWER-True The Florida Fair Housing Act prohibits discrimination on the basis of handicap - CORRECT ANSWER-True A va...

Form of joint ownership of real property that comprises: Exclusive ownership of each unit Joint undivided share of common elements Required membership in the community association - ANSWER What is a condominium? Cooperative Act - ANSWER FS 719 Mandatory Homeowner's Association - ANSWER FS 720 Mandatory contents of a declaration ( condos) - ANSWER FS 718.104 Definitions of the corporate entity, powers of association, easements, rights of access to unit, insurance, official records...