Florida Cam Actual Exam (Questions And Answers)

Florida Cam Actual Exam (Questions And Answers) 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 - CORRECT ANSWER-True Purchasers of a timeshare plan have a ten day contract rescission period in which to cancel the purchase - CORRECT ANSWER-True The Florida Fair Housing Act prohibits discrimination on the basis of handicap - CORRECT ANSWER-True A valid Declaration of Condominium must contain easements for ingress and egress to all units and the common elements - CORRECT ANSWER-True Compliance with the Construction Lien Law is very technical and can have an impact on title to property. Therefore the board should always consult with the manager regarding lien issues - CORRECT ANSWER-False. The board should consult an attorney. Corporate Charter - CORRECT ANSWER-Articles of Incorporation are also known as the Establishes the power and authority of the community Association Establishes the corporate entity that is responsible for management, maintenance and operation of the community association Is based in corporate law - CORRECT ANSWER-Articles of Incorporation ( Corporate Charter) Florida Not for Profit Corporate Act - CORRECT ANSWER-FS 617 Florida Corporate Act - CORRECT ANSWER-FS 607 Conducting business and Community Association affairs Operating and managing the association property and assets Suing and defending against actions Lending money for association purposes Acquiring Property Entering into contracts and purchasing items that are required for operations and maintenance Incurring liabilities Borrowing funds Mortgaging community association properties - CORRECT ANSWER-Powers that are granted in FS 617 Condominium Act - CORRECT ANSWER-FS 718 Form of joint ownership of real property that comprises: Exclusive ownership of each unit Joint undivided share of common elements Required membership in the community association - CORRECT ANSWER-What is a condominium? Cooperative Act - CORRECT ANSWER-FS 719 Mandatory Homeowner's Association - CORRECT ANSWER-FS 720 Mandatory contents of a declaration ( condos) - CORRECT ANSWER-FS 718.104 Definitions of the corporate entity, powers of association, easements, rights of access to unit, insurance, official records of the association, community directory, financial reporting requirements, purchase of units, purchase of land and recreation leases, operations of condominiums created prior to January 1, 1977, commingling - CORRECT ANSWER-FS 718.111 FS 718.1124 - CORRECT ANSWER-Definitions of required contents of bylaws, including administration, notice requirements, quorum, proxies, voting requirements, elections, electronic voting, candidate eligibility, director certificate/education requirements, recalls, arbitration, timeshare condominium exceptions, board and member meetings, Annual budget requirements, assessments, amendment of bylaws, transfer fees, director and officer delinquencies and offenses, common elements ( limited power to convey to a condemning authority) FS 718.113 - CORRECT ANSWER-Maintenance requirements, display of flags and religious decorations, hurricane shutters, and other types of code-complaint hurricane protection FS 718.114 - CORRECT ANSWER-Association powers, acquisition of leasehold memberships and other possessory or use interests