Fl Cam License Part 1

Front 1

Define a community association

Back 1

- real or personal property owned by two or more entities with
- a legal binding agreement to share responsibilities and costs
- for maintenence and administration of property, assets and association - with specific rights for members

Front 2

5 types of community associations in FL

Back 2

1 condo
2 cooperative
3 HOA (mandatory homeowners association)
4 timeshare
5 mobile home association

Front 3

What are the primary purposes of a community association?

Back 3

-preserve, protect and enhance value of community and its assets
-enhance the lifestyle of the community
-provide for a harmonious community

Front 4

What are the (3) specific requirements for a community association?

Back 4

1 mandatory membership
2 members right to vote
3 unpaid assessment can become a lien on the members property

Front 5

5 advantages of a community association

Back 5

1 shared amenities
2 shared maintenance costs
3 shared responsibilities in operation of property
4 stability and security
5 centralized responsibility for community property and amenities

Front 6

5 disadvantages of membership in a community association

Back 6

1 loss of control
2 financial hardships/special assessments
3 lawsuits
4 undesirable neighbors
5 mismanagement

Front 7

Define "unit" for each of the 5 types of associations (how ownership of it pertains to each)

Back 7

CONDO - member gets deed to unit and owns it (unit being airapace, walls, ceiling, cabinets, appliances, etc)

COOP - member gets proprietary lease or occupancy agreement (has shares and right to occupy but corporation owns it)

HOA - member gets deed to lot, home, villa etc. and owns

TIMESHARE - ownership and use of unit is set for a period of time each year (unit may be home, boat, facility, etc)

MOBILE HOME ASSOCIATION - shared property with the lot being owned by the association, and with unit leased or purchased by owner

Front 8

Define common property and give examples.

Back 8

jointly owned by all members (elevators, lobby, pool, clubhouse)

Front 9

Define limited common property and give examples

Back 9

limited to use by one or more person but only used in specific ways (parking space, rooftop pool only for penthouse members)

Front 10

Define association property and give examples.

Back 10

furniture, fixtures and equipment owned and managed by association (lobby furniture, office and pool equipment, etc)

Front 11

Define appurtenances and give examples

Back 11

Accessory rights inherent to association members.

- Rights to use of common area's and access of easements by members and guests
- Right to run for association board
- Right to vote
- Right to attend meetings
- Provisions for exclusive use of limited common elements as provided in docs
- Access to available cable tv
- In coop and condo: exclusive use of limited common elements (like assigned parking space) and exclusive easement for unit airspace and view with unit


-

Front 12

With common property, how are coop and mobile homes different from condos, timeshares and HOA's?

Back 12

Coop and mobile home: association owns common property

condo, timeshare and HOA: membera own common property in undivided interest

Front 13

Define covenant and the key components to a covenant.

Back 13

Covenant: a legally binding agreement for a community association

- structured by formal legal docs that define property rights, rules and restrictions
- grants rights and imposes liabilities and responsibilities to association and members
- provides for governance, business and communal aspects of administering, maintaining and enhancing property

Front 14

Members of an association are responsible to occupy, use and maintain the property in accordance with what two things?

Back 14

Statutes
Legal documents

Front 15

3 powers generally granted to corporations

Back 15

1 - budget for maintenence and operation of property, association and assets

2 - collection of finances nessary to perform responsibilities

3 - entering into contracts, hiring employees and other things necessay