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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 association should establish reserves for - ANSWER-Because there are statutory requirements that mandate reserves in certain circumstances. 99. What is a balance sheet? - ANSWER-A statement of the asso...

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 annual budget including reserves Employees with the community association are usually those workers where the association pays or deducts for - ANSWER-social security tax, unemployment compensati...

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. Community Associations are structured by - ANSWER-Formal (in writing), legal documents defining property rights, rules and restrictions. Community Associations are also refered to as - ANSWER-Covenant...

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, and Mobile Homes F.A.C. 64E-9 - ANSWER-Pool Rules 399, F.S. - ANSWER-Elevator Statute DBPR Division of Hotels and Restaurants Part VIII, 468, F.S. - ANSWER-Community Association Licensure Law Natural person and management company 482, F.S. ...

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 with joint ownership of an undivided share of the common elements as well as mandatory membership in the association. 2. Under the General Corporate Law _______, community associations have the rig...

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 of property, assets, and association & with specific rights granted to members. What are five types of community associations in Florida? - ANSWER-Condominiums, Cooperatives, Mandatory Homeowners association (HOA), Timeshares, Mobile Home Associations. What are the primary purposes of community ass...

A type of joint ownership of real estate where legal title is not vested in the individual, but the individual receives the right to occupy a unit, is a: A. mobile home. B. cooperative C. mandatory homeowners' association. D. condominium - ANSWER-B. The type of community association that permits individual units to be owned and occupied by different people during the year is a: A.time-share property. B.cooperative. C.phase condominium D.townhouse - ANSWER-A. Appurtenances in a c...

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 maintenance coordinator must... - ANSWER-be licensed as a community association manager and is not exempt the condominium concept is made up of.....

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. Community Associations are structured by - ANSWER-Formal (in writing), legal documents defining property rights, rules and restrictions. Community Associations are also refered to as - ANSWER-Covenan...

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 - ANSWER-True Purchasers of a timeshare plan have a ten day contract rescission period in which to cancel the purchase - ANSWER-True The Florida Fair Housing Act prohibits discrimination on the basis of handicap - ANSWER-True A valid Declaration of Condominium must contain easements for ingress and egress...