GOLD COAST CAM LICEN SE EXAM WITH
CORRECT ANSWERS
Question 1: What is a legally binding agreement?
CORRECT 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 communal aspects of administering, maintaining and enhancing the property. Could also be considered a "contract".
Question 2: What is a legally binding agreement referred
to in certain community associations?
CORRECT ANSWER: A covenant
Question 3: What is a community association?
CORRECT ANSWER: Real or personal property,
owned by two or more entities, with a legally binding agreement to share responsibility for of maintenance and administering and maintaining the property and its assets with specific rights granted to the members
Question 4: What is F.S.?
CORRECT ANSWER: Florida Statutes - provides a
definition of and requirements for each type of community association
Question 5: What is F.A.C.?
CORRECT ANSWER: Florida Administrative Code -
provides additional guidance based on the Florida Statutes. Also known as an official compilation of rules and regulations of Florida regulatory agencies
Question 6: What are members of a community
association responsible for?
CORRECT ANSWER: Members in a community
association have a responsibility to occupy, use and maintain the property in accordance with the statutes and the legal documents
Question 7: What are the requirements for a community
association?
CORRECT ANSWER: - membership is mandatory
- members have the right to vote (w/ exceptions)
- an unpaid assessment can become a lien on a member's
property
Question 8: What are the 5 community associations
governed by the Florida Statutes?
CORRECT ANSWER: F.S. 718 - condominiums (also
known as the condominium act) (F.A.C. - 61B-14 through 24, 45 & 50) F.S. 719 - cooperative (cooperative act) (F.A.C. 61B-75 through 79, 45, & 50) F.S. 720 - HOA (homeowners' association act) (F.A.C.61B-80, 81, & 85) F.S. 721 - timeshare (florida vacation plan & timesharing act) (F.A.C. 61B-37 through 41) F.S. 723 - mobile homes (Mobile Home Act)
Question 9: What terms can be used interchangeably with
"owner"?
CORRECT ANSWER: - unit owner
- parcel owner
- shareholder
Question 10: What is a condominium?
CORRECT ANSWER: A form of ownership of real
property created pursuant to statutes, which is comprised entirely of units, each of which may be owned by one or more persons, and in which there is, appurtenant to each unit, an undivided share in common elements
Question 11: What does an undivided share in the
common elements mean?
CORRECT ANSWER: That each owner owns a
proportionate share of the common property that cannot be transferred or sold separately from the owner's unit. It therefore cannot be divided from the owners shares in the common property