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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 p...

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. Co...

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 owne...

After purchasing the mobile home park, the residents form a community association and hire a paid manager. The manager must be licensed under Part VIII of Chapter 468 if the budget of the association exceeds: A.$50,000 B.$75,000 C.$100,00 D.$125,000 - Answer- C. A type of joint ownership of r...

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 t...

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 as...

Florida Condominium Law is contained in which Chapter of the Florida Statutes? - Answer- 718 Minutes of meeting of the BOD must be maintained for: - Answer- 7 years Emergency powers of a condominium board, if a state of emergency has been declared, include: - Answer- Borrow money and pledge as...

What is a legally binding agreement? - Answer- It is structured by formal, legal documents that define property rights, rules and restrictions It grants rights and/or imposes liabilities and responsibilities on the community association and members It provides governance, business, and communa...

After purchasing the mobile home park, the residents form a community association and hire a paid manager. The manager must be licensed under Part VIII of Chapter 468 if the budget of the association exceeds: A.$50,000 B.$75,000 C.$100,00 D.$125,000 - Answer- C. A type of joint ownership of r...

The pH of the pool water must be maintained at: - Answer- 7.2-7.8 A person who manages a rental apartment complex _____ a Community Association Manager's License. - Answer- May, but is not required, to have. Condominium & Cooperative Associations pay an annual fee of $____ per residential uni...