Community association manager M-100 Review Study Guide 2024 Q&A

Community association manager M-100 Review Study Guide 2024 Q&A A community association is Generally defined as real or personal property,owned by two or more entities, which share the responsibility for the cost of maintenance and administration - CORRECT ANSWER-True Purchasers of a timeshare plan have a 10 day contract recision period in which to cancel the purchase - CORRECT ANSWER-True Not for-profit corporations are exempt from federal income taxes - CORRECT ANSWER-False A condominium and a hospital may join together to create a self insurance pool for windstorm insurance, if approved by the comptroller - CORRECT ANSWER-False All community associations have identical legal structures - CORRECT ANSWER-False The association must mail a notice for a regular board of directors meeting no less than 48 hours in advance - CORRECT ANSWER-False If a timeshare property is a condominium, it must comply only with the condominium act - CORRECT ANSWER-False The Florida fair housing act prohibits discrimination on the basis of handicap - 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 mean issues - CORRECT ANSWER-False A valid declaration of condominium must contain easements for ingress and egress to all units and the common elements - CORRECT ANSWER-True The cooperative is created when the article of incorporation are filed with the DBPR - CORRECT ANSWER-False A condominium cannot obtain windstorm only insurance from citizens if it has 50 or more units rented for less than 30 days in an 8 month period - CORRECT ANSWERFalse Civic groups are governed by the homeowners association act - CORRECT ANSWERFalse