Community Association Manager Licensing correctly answered 2023

Community Association Manager Licensing correctly answered 2023Community Association (Definition) - correct 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 - correct 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 - correct 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? - correct 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? - correct answer All the owners own common elements jointly. Cooperative (definition) - correct 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? - correct 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? - correct answer Cooperative. Owner has a shareholder's certificate if they are part of the cooperative. Shareholder's Certificate (definition) - correct 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) - correct answer gives an owner (in a coop) the exclusive use of the air space for their unit or pad. Homeowners' Association (definition) - correct 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? - correct answer Each parcel owner has a deed to their individual parcel. The corporation has common areas or property deeded in the corporation's name. Who owns the dirt on a parcel in an HOA? - correct answer The homeowner owns the dirt on THEIR parcel. HOA owns the dirt on COMMON parcels. Chapter 607 (definition) - correct answer Florida For Profit Corporate Act that governs For Profit corporations