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Florida CAM Study Guide Questions and Answers Graded A+
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Florida CAM Study Guide
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Florida CAM Study GuideCommunity Association: - answer 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: - answer Shared: Armentis, maintenance expenses, operations
stability/security, centralized responsibility.
Con of Community living: - answer loss of control, mismanagement, lawsuits, limited
freedom, undesirable neighbors, financial hardship/special assessments, members.
Requirement for a community association: - answer Membership is mandatory, right to
vote & unpaid assessments may become a lien on members property.
Members in Mobile Home: - answer Mobile home park, the mobile home owners (not
park owners) are members of the community association
Term members may refer to: - answer Condo, HOA, Timeshare, Coop
Condo (718): Each member owns (unit) & % of undivided interest in common elements -
name 2 elements. - answerUnit: includes wall ceiling and floor.
Common property: members have undivided interest (balony, storage, parking space).
Define Coop (719): - answerCorporation owns all of the property - with each of the
members receiving a share/right to occupy a specific unit lease
Coop Unit (719) part of the coop property defined as: - answerBy a proprietary lease
which is subject to exclusive use & possession. Corporation owns all units/member
receives share & proprietary right to occupy specific unit under a lease.
Common property for 719 (coop) is referred to as: - answerCooperative property or
common elements.
HOA (720) defined as: - answerEach member owns their unit, may use the common
elements & share in the cost of maintaining the common elements
Define HOA Unit: - answerThe member receives a deed to the villa, house, townhouse,
or lot.
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