Florida CAM Study Guide Questions and Answers 100% Correct

Community Association:Real or personal property owned by 1 or more entities with legally binding agreement (covenant) to share responsibility for and costs of maintenance and administration of the property, assets, and assoc. Specific rights granted to members. Pro of community living:Shared: armenties, maintenance expenses, operations stability/security, centralized responsibility. Con of Community living:loss of control, mismanagement, lawsuits, limited freedom, undesirable neighbors, financial hardship/special assessments, members. Requirement for a community association:Membership is mandatory, right to vote & unpaid assessments may become a lien on members property. Members in Mobile Home:Mobile home park, the mobile home owners (not park owners) are members of the community association Term members may refer to:Condo, HOA, Timeshare, Coop Condo (718): Each member owns (unit) & % of undivided interest in common elements - name 2 elements.Unit: includes wall ceiling and floor. Common property: members have undivided interest (balony, storage, parking space