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9 Cards in this Set
- Front
- Back
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Condominium Characteristics |
1.) Individual unit ownership 2.) Percentage ownership of common elements 3.) Governed by board of directors |
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Declaration of Condominium |
Explains the nature of the development project. It identifies the name of the condominium, the developer and the principle officers. It describes the units, the way the condominium is governed and how the dues will be assessed. |
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Bylaws of Condo |
The basic rules under which the condo operates |
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Cubicle of airspace |
In becoming an owner of that particular condo unit, the buyer becomes the owner of a cubicle of airspace with the common area ownership owning the structure itself. |
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Difference between co-op and condo is... |
the form of ownership. Condo owner actually owns the unit. Co-op does not own. They are allocated a number of shares of stock. (therefore it is important for them to know the financial health of the co-op before making a decision to purchase) |
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Subscription Agreement |
contract to purchase shares of co-op. The subscription agreements are prepared by the co-op sponsor and are included in the offering plan. |
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Timeshare Characteristics |
each timeshare owner owns a fractional share of the ownership based upon a certain period of use (for example, 1 week) |
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Homeowner's Association (HOA) |
Florida law requires that a homeowners' association disclosure be provided to buyers when membership in such an association is required. |
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Community Association Management (CAM) license |
Certain property managers who are employed and compensated by community associations are required by Florida laws to obtain and maintain a Community Association Management (CAM) license. Property Mgnt activities compensated for include: -controlling or disbursing association funds -determining how or when to prepare budgets or other financial documents for a community association. -Coordinating maintenance for the residential development. |
