Study Guide for the Florida CAM Exam 2023/2024 with Complete Solutions A Community is defined as - Correct 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 - Correct Answer Formal (in writing), legal documents defining property rights, rules and restrictions.Community Associations are also refered to as - Correct Answer Covenant Conceptually Community Associations: - Correct Answer Maximize land use, share responsibility, and expenses.What are the 5 types of Community Associations? - Correct Answer Condo, Cooperative, HOA, Timeshare, Mobile Home Park What are the 3 specific requirments of CA in Florida - Correct Answer Membership is mandatory, members must have the right to vote, an assessment, if unpaid can become a lien.What factors influence the type of association that can be developed? - Correct Answer Zoning, CDMP These documents define the regulations for use of land, member's rights, & responsibilities, and create the entity that will manage the community. - Correct Answer Declaration of covenants & restrictions/declaration of condominium, Articles of incorporation, bylaws.Developer must pay a fee at the time he files any required documents with the DBPR. - Correct Answer New Condos/Coops - $20/unit Timeshares - $2/7 day period each unit will be occupied, but not more than $25,000 Mobile Homes - $10/lot but not less than $100
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