Florida CAM License

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 ...

When is a CIC created? - Answer A CIC is created when the declaration (CC&Rs) is recorded with the county. No later than the date the first unit is conveyed How many elected board members are required under NRS 116B, once the declarant's control of a condominium hotel terminates? - Answer 3 A common interest community is? - Answer Real estate described in a declaration in which individual unit owners are required to pay a portion of the expenses related to the common elements. ...

Community Association (Definition) - 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 - Answer The amount of money a unit...

What are 6 ways to generate and collect income? - Answer 1. Rent 2. Parking 3. Cable, internet 4. Clubhouse rental 5. Fees: late, pet 6. Laundry/Vending What are 6 controllable expenses? - Answer 1. Salaries personnel 2. Insurance 3. Utilities 4. Taxes 5. Advertising 6. Maintenance What 3 questions should you ask when performing a financial analysis? - Answer 1. How well has a property performed over a specific time period. 2. Where does a property stand at a given d...

Florida Condominium Law is contained in which Chapter of the Florida Statutes? - 718 Minutes of meeting of the BOD must be maintained for: - 7 years Emergency powers of a condominium board, if a state of emergency has been declared, include: - Borrow money and pledge association assets as collateral to fund emergency repairs A condominium association files a lien for unpaid assessments against one of its unit owners, the lien is effective for: - One year after claim of lien was recorded ...

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 - 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 right to bu...