Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
26 Cards in this Set
- Front
- Back
|
Explain overall what "the documents" refer to. |
A book of legal documents that address use of the land and administration, maintenance and operation of property.
Must be provided by the developer or seller of a unit to all prospective buyers at the time of contract.
All required documents must be filed with appropriate entities before units are offered for sale. |
|
|
Prospectus (public offering statement)
|
Summarizes terms and conditions of sale, escrow requirements, rules/use restrictions, assessments and charges, and other info into one document.
What must be included is determined by statutes for each type of community association. |
|
|
Statutory Disclosures & 3 things that MUST be included in it |
Statement containing info required such as restrictive covenants and rules and regulations. MUST include important "buyer beware" type of info.
1 - Buyer should NOT execute the contract until having received and read all documents
2 - Buyer may cancel contract without penalty if not all documents were provided
3 - Buyer is given a rescission period in which to rescind contract without penalty |
|
|
DCR (declaration of covenants and restrictions) or DCRR (declaration of cov. rights, and restr.) HOA or Declaration of Condominium |
- Establishes formal regulations for all of property - Statement of covenants which run the land (transfer from original owner to next one) - Defines rights and imposes restrictions on members - Based in real estate law
|
|
|
Articles of Incorporation (corporate charter) |
- establishes power and authority within a community association (states who is reponsible for management, maintenance and operation) - based in corporate law
|
|
|
Bylaws |
- procedures for carrying out day to day responsibilities - based in corporate law |
|
|
Proprietary Lease |
- conditions for use of the unit and common elements - based in real estate law |
|
|
Contract for Sale |
- terms of purchase executed by both the buyer and seller - based in real estate law |
|
|
Escrow Agreement |
- statement showing a down payment amount and conditions in which the funds will be maintained and refunded - based in real estate law |
|
|
Question and Answer Sheet |
- summary of important info important to members of a community association INCLUDES: - voting rights info - restrictions to right to use unit - prepared by attorney (not association) - updated annually (by association, reviewed by attorney) |
|
|
Budget |
- Prepared by the developer - Includes assessment per unit, basis for, and frequency of assessment - must have disclosure if there is no reserve (which may lead to special assessments) - tells where reserves may be used |
|
|
Building Maintenance & Replacement Report |
Under seal of architect or engineer, attests to required maintenance, useful life and replacement costs of common elements (building structures, heating/cooling systems, plumbing, fireproofing, etc) |
|
|
Engineering Report |
- Statement of existing condition, used if building has been converted to residential condo or coop
|
|
|
Items that must be included in an engineering report |
- Date/type of construction - prior use of the building - condition of components (age, remaining life, structural soundness, estimated replacement costs total and per unit) - whether or not there is termite damage or infestation |
|
|
What documents do all community association developers file with 1) Secretary of State and 2) IRS |
- Secretary of state: Articles of incorporation and bylaws - IRS: Form SS-4 (application for EIN, employer identification number) |
|
|
What docs, minimum, do Condo and Homeowners association developers file with the Clerk of County Court |
- declaration of covenants and restrictions - articles of incorporation - bylaws
(developer may choose to file complete set of all required docs) |
|
|
Which of the 5 types of community associations does the DBPR not regulate? |
HOA (homeowner's association) |
|
|
Where does the DBPR get authority to regulate community associations? |
FS (Florida Statutes) |
|
|
What gives the DBPR authority to enforce the acts and statutes? |
F.A.C (Florida administrative code) |
|
|
What are the two main bureau's of the DBPR? What do they do? |
- Bureau of Standards and Registration (reviews and reviews documents from developers) - Bureau of Compliance (ensures compliance with laws and rules -- also resolves issues, arbitrates disputes, enforces fine collection, etc) |
|
|
What is a condominium ombudsman, who appoints him, what must also an ombudsman be? |
- Advocate for the rights and responsibilities of members, condo associations, and board members - Governor appoints him - Must be an attorney admitted to practice before the Supreme Court |
|
|
What things CAN'T an ombudsman (or employee's of) do? Where is a condominium ombudsman located? |
- May not serve in political office, represent political parties, solicit votes, etc - Located within the DBPR, viewed as bureau chief
|
|
|
What types of specific powers does a condominium ombudsman have? |
- prepares/issues reports to governor, DBPR, FL senate president, and FL speaker of house - develops policies and procedures to assist community associations - assists in creating educational materials for education programs - makes recommendations to the division - provides resources - assists in disputes when requested (by appointing someone qualified) |
|
|
The Community Association Living Study Council (the Council) is made up of how many members? How are those members appointed? |
- Seven members - 2 FL senate president, 2 FL speaker of house, 3 by governor |
|
|
During what period of time does The Council function? What year was the last council and what year will the next be formed? |
- Once every 5 years - 6 month period from Oct 1 to March 31 - last: 2013 next: 2018 |
|
|
What does "The Council" do? |
- receive public input - make recommendations and review revisions in regards to laws - review and advise the division concerning rules affecting condo's and co-op's - recommend improvements to educational programs |
