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26 Cards in this Set
- Front
- Back
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(Condo or Coop)
When does a developer call a meeting for the election of directors by members?
How much notice must the developer give for the meeting and election?
How much of the board other than the developer do the members elect? |
After 15% of the total units are conveyed to members, developer has 75 days.
60 days notice of meeting and election
members elect 1/3 of the directors on the board |
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The developer will continue to control 2/3 of the board (via election) until members become eligible to elect the majority of directors. When does this eligibility/triggering event begin?
When must the turn over control specifically in a condo, and specifically in a coop? |
- Three years after 50% of the units are conveyed to buyers. - 3 months after 90% of the units are conveyed to buyers. - When all units have been completed and no others are being offered for sale - when some have been conveyed to buyers but no others are being constructed or offered for sale
Condo: 7 years after recording of articles and bylaws that create initial phase
coop: 7 years after recording of certificate of surveyor and mapper, or of an instrument that transfers title to unit not accompanied by a recorded assn of developer rights (whichever comes first |
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When the triggering event occurs that makes the board eligible to be elected by members rather than the developer, how many days must the election notice be given by the developer? |
within 75 days of triggering event |
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After the transition meeting, how long does the developer have to provide an audit of the association financial records?
What period of time must this audit cover? |
90 days
The period from incorporation of the association through date of the turnover (or from date of last audit, if audits are done annually). |
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A developer is entitled to appoint at least one board member if he meets at least one of these two requirements: |
- owns at least 5% of units in a project of less than 500
- owns at least 2% in a project of more than 500 units |
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A bulk assignee and a bulk buyer is a buyer who acquired more than __ parcels in a single condo during what time period?
What is the difference between a bulk assignee and a bulk buyer? |
7 parcels, between July 1, 2010 and July 1, 2015
Bulk assignee receives an assignment of developer rights as set forth in statutes or the declaration. A bulk buyer does not receive assignment of developer rights. |
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When can a member petition the court for a receivership?
Where does member post notice they are seeking receivership/what time frame? |
When the board fails to elect enough directors to establish a quorum (after being given notice of receivership seeking).
30 days written or personal delivery notice to association members and on the property prior to seeking the recievership. |
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When someone seeks receivership, how long does the board have to fill the vacancies, before the receivership can petition? |
30 days |
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When the court appoints a receiver, how long does the receiver have to notify association members? |
10 days after court appointment, and in writing |
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How long does a receiver serve as one?
Who pays the receiver a salary and his/her court costs and attorney fee's? |
Until the association fills the board vacancies enough that a quorum is made, or until the court relieves them.
The association |
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What three things are usually given as reasons for condominium termination?
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- economic waste
- disrepair of the property - continued operation made impossible by law or regulation |
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(condo) Where is the percentage of voting interests by affirmative vote needed for termination found (which document) and what is that percentage? |
Declaration of Condominium - lesser of the lowest percentage of voting interests needed to amend the declaration of condo |
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In a condo in which 75% of the units are timeshares, what percentage must approve of a termination of condominium? |
80% of of TVI (unless Declaration of condo calls for lower TVI) |
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What is an estoppel? |
a request by title and mortgage companies for a certificate on the sale, transfer and refinancing in order to verify the amount of assessments, fines and other money owed to an association (by a member/mortgagee) |
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After request of an estoppel, how many days does the association have to provide the signed certificate? |
15 days after date of request
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In a condo or coop, what is the maximum amount a fee can be charged for providing an estoppel for a member? |
$150, plus the cost of photocopying and attorney's fees |
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If an estoppel is requested because of a sale or mortgage of a parcel/unit, but the closing does not occur, - How long does the payor (non-member) have to request a refund? - How long does the preparer of the certificate have to give the refund? |
- 30 days after the closing date the certificate was sought - 30 days after receipt of the request |
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(condo or HOA) maximum size for an american or other legally approved flag to be displayed
(HOA) maximum height of a flag pole
(condo) maximum size of a religious symbol on door
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4 1/2 by 6 feet
20 feet high
3 in wide, 6 in high, 1.5 in deep |
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With bulk services such as cable and internet contracts, when is the cost of the service based on a percentage and when is it based per unit? |
Percentage - in the Declaration of Condo (condo), Declaration of Covenants (HOA), bylaws (coop)
Per unit - The Declaration or bylaws are silent |
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What is the minimum amount of time for a bulk contract to cover? |
2 years |
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A condo or coop association may charge a maximum transfer fee of what amount for a sale, lease or transfer?
When can they not charge a fee? |
$100
with the renewal of a lease with the same lessee |
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When a violation of use restrictions occurs (breaking the rules in contracts such as parking, pets, etc), what is the maximum fee an association can charge? |
$100 per violation per day $1000 maximum |
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How long must notice be given before a member can be fined for a use restrictions violation, and what opportunity must be given with the notice? |
14 days (and opportunity for a hearing before a committee) |
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When a committee is formed for a use restrictions violation hearing, what are the restrictions for the committee in: HOA Coop Condo |
HOA - at least 3 members appointed by board and not officers, directors or association employees (or their family)
Coop - any size, anyone who is an association member
Condo - any size, anyone who is not an officer or director (or their family) |
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In a condo or coop, when there is a mandatory non-binding arbitration, what is the fee, where is it sent, and how long does either side have to appeal the decision before it is final?
In HOA, in binding arbitration, what is the fee? |
$50 toThe Division of FL Condo, Timeshare and Mobile Homes prevailing side recovers attorney's fee's 30 days to appeal
HOA - $200
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In HOA pre-suit mediation: - how many mediators does the aggrieved party suggest, how many does responding party choose? - mediation must be held within how many days? |
- Five choices, 1 chosen from those 5 - 90 days (unless both parties agree otherwise) |
