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210 Cards in this Set
- Front
- Back
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What is defined as real or personal property owned by two or more entities with legal binding agreement to share responsibilities and costs for maintenance and administration of property? |
Community Association
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Community associations are also known as ?
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CIRA - Community Interest Realty Associations
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What are both communities and businesses?
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Community Associations
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What are the 5 type of community associations?
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Condominium
Cooperative Time Share Mobile Home Park Mandatory HOA |
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What must you examine to determine the type or legal structure of the association?
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Association Docs
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Which of the five type of community associations are not included?
1. Condominium 2. Cooperative 3. Time Share 4. Mobile Home Assoc |
Mandatory HOA is # 5
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Community Associations have which type of corporations to manage and operate the association?
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For Profit &
Not for Profit (Typical) |
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What are the three specific requirements of a Community Association?
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1. Membership is Mandatory
2. Members have the right to vote 3. An assessment, if unpaid, can become a lien on the property. |
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These are the elements of?
-Unit -Common Property/Area -Limited Common Elements -Association Property -Appurtenances (Accessory Rights) |
Community Association
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What is the primary purpose of a community association?
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1. Preserve, Protect and Enhance the value of the community and assets.
2. Enhance the lifestyle of the community 3. Provide a harmonious community |
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What is the difference between common property, limited common property and association property?
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Form of ownership and USE (Rights to Use)
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How are Co-ops & mobile home assoc different from Condo, Time Share and Home Owners Assoc?
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Form of Ownership
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What do Mobile Home Park owners lease or rent ?
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Pads or Lots
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What establishes formal regulations for all of the property
-Defines rights & restrictions on the members and associations, based on real estate law? |
Declaration of Covenants & Restrictions (DCR)
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What establishes corporate entity responsible for management, maintenance and operation of community association?
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Articles of Incorporation (Corporate Charter)
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What preserves, protects and enhances the value of the community & its assets?
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Community Association
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Within a community association which element is not included?
Unit Common Property/Elements Assoc Property |
Appurtenances (Accessory Rights)
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Whis requirement of a Community Association is not included?
-Members have the right to vote -An assessment, if unpaid, can become a lien on the property |
Membership is mandatory
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Which type of associations own there property?
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Condos, Home owners and Time Shares.
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What do the articles of incorporation establish in an association?
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Power of Attorney
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T/F - Articles of Incorporation are either For Profit or Not for Profit?
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TRUE
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T/F - For Profit Articles are mandated under FS 607
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TRUE
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T/F - Not for Profit Articles are mandated under FS 617
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TRUE
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T/F - By Laws establish the day to day procedures outlined in the Articles of Incorporation?
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TRUE - By Laws establish the formal procedures for day to day responsibilities.
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Another name for the Declaration of Covenants (Rights and Restrictions) is ?
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Declaration of Condominium
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T/F - By Laws are based in Real Estate Law
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FALSE - Corporate Law
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What document provides a summary format pertaining to residing in community association?
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Question and Answer Sheet
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What 2 items does the Q & A Sheet include ?
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1. Voting Rights
2. Restrictions on Right to Use unit |
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Who creates a Proposed Budget?
-Condominium -Co-Op -Developer |
All the above
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The Proposed Budget is presumed to be Accurate and ?
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Actual Cost
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How many months must a developer provide a copy of the current budget to a purchaser at closing?
-3 months -6 months - 9 months -12 months |
12 months of the filing day of the original offering budget
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Who does the developer file an offering circular (budget) ?
-DBPR -Division of Real Estate -FREC -State Comptroller office |
DBPR
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When developer creates a budget, if there are no Reserves, the budget must stipulate/provide?
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A Disclosure that significant Special Assessments may occur.
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Time Shares estimated budgets include?
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Assessments when due.
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If a time share provides for sale of units to be used on non-time share basis, what must be included in a separate schedule?
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Monthly & Annual expenses of those units
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What does the FS 718.504 & 719.504 pertain to?
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Developer creating a Q & A Sheet
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When completed, the developer transfers Q&A Sheet to Association, what must the Association do annually?
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Must UPDATE
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Condos and Co-Ops must provide an _______ Year End Financial at turn-over?
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Audited Year End Financial
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Who must provide financial accounting & statement including reserves?
HOA Board of Directors Members |
HOA
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If the Developer sells a Unit or Lot prior to the end of the fiscal year, the developer would not have completed an ?
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Annual Financial Report
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Building Maintenance and Replacement Report attests to the ____ and _____ of common elements?
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Useful Life
Replacement Cost |
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What type of Documents is require when converting a a building to Condo or Co-Op?
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Statement of Existing Condition
-- Engineering Report -- Other Disclosures |
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When a conversion takes place te ownership structure is modified to a community association. This may require upgrades to be undertaken to meet?
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Current Code Requirements
Building Codes |
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Which FS pertains to engineering report and disclosures ?
FS 718.616 / 719.616 FS 720 / 721 FS 615.812 / 616.812 FS 718 / 719 |
FS 718.616 / 719.616
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During a Conversion which item is missing from a Engineering Report?
1. Prior Use of Building(s) 2. Condition of Components 3. If Termite Damage / Infestation - How Treated? |
Date & Type of Construction
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Mobile Home Parks governed by FS 723 do not offer?
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Lots for Sale
--Only for Lease-- |
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T/F - Mobile Home Parks w/ 26 units or greater must provide a:
-Prospectus or -Offering Circular |
TRUE
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In a 26 Lot or Greater Mobile Home Park what must be included in Prospectus or Offering Circular?
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1. Rules and Regs
2. Utility Provider 3. Name, Address or Location of Mobile Home Park 4. Name/Address of Person authorized to receive notices 5. Park Lot Lay Out 6. Lease between Park and mobile home owners 7. Rental Agreement & Details to escalaltions and pass thrus |
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What 2 docs must developer file with a new or converted community to complete the creation of community assoc. ?
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1. Articles of Incorporation & By Laws
2. Application for EIN (Employer ID #) |
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With whic gov't agency is the Articles of Incorporation filed with?
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Secretary of State
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With what govt agency is the EIN filed with?
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IRS
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What document is not included; Developer files with Clerk of the Courts ?
1. Articles of Incorporation 2. By Laws |
Declaration
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Developer filing of (docs (new/ conversion) for a condominium, who is it filed with and how much? How many days within ?
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DBPR
$20/unit 120 days |
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Developer same with Co-Op ?
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DBPR
$20/unit within 30 days |
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Developer - Time Shares
Filed with ? Cost/Unit ? |
DBPR
$2/unit/wk/unit intended to be ocupied - MAX $25,000 |
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FS 468.436
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Disciplinary Action
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Which FAC sets forth standards of conduct for CAM
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FAC 61E-14
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Initiate In-Active License:
$___ Fee Inactive Form $___ Renewal Fee |
$10
Form BPR 33-002 $100 |
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Which agency regulates CAM licensing?
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DBPR
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Can Associations self-manage?
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YES
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Continuing Education is every 2 years and includes ___ hours of CE ?
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20 hours
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Association greater than this requires a CAM license
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> 10 units
> $100,000 budget |
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For a CAM license you must meet these 5 standards, which is missing?
1. Good Moral Character 2. Pre-License Class 3. Background Check 4.18 yrs old min. |
Pas State Exam with 75% or greater
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CAM License is valid for __ yrs
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2 yrs
Begins Oct 1st - Even yrs Sept 30th - Odd yrs |
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Mobile Home Park Developer would file this doc and pay $__ per lot.
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Propspectus w/ DFCTSMS
$10 / lot |
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MHP Developer- once filed the DBPR has ___ days to notify of Prospectus deficiencies.
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45 days
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If MHP Developer intends to increase Lot Rents and reduce ___ owner must provide market comarables?
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Reduce Services
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Condo/Co-Ops HOA must update FAQ and Answers atleast once per ___ ?
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year
annually |
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Regulating Community Assoc-
DBPR, through DFCTSMH regulates, not HOA's ? |
Condos
Co-Ops Time Shares Mobile Homes |
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This authority to regulate is derived from Florida Statute ?
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DFCTSMH
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The DFCTSMH administers and enforces the acts and statutes through ?
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FAC - Florida Administrative Code
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Which authority extends to:: Development, Ownership, Construction, Operation, Sales, Leasing and Management of Assoc. ?
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DFCTSMH
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The DFCTSMH implements its authority through which two Bureaus ?
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Bureaus of Standards & Registration
Bureau of Compliance |
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Which Bureau ensures compliance with applicable laws and rules, resolve complaints, enforces compliance, fees, fines
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Bureau of Compliance
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What document summarizes, role of the Board, Board Responsibility to provide advance notice, member attendance, Board maintenance, Member remedies to Board actions?
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Governance Form for Condominiums
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T/F - The Governance Form for Condo's includes Member Voting Rights and Board Rights and Obligations in Enforcement
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TRUE
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T/F - DFCTSMH is funded by fees from those who benefit its Regulation?
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TRUE
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Developer fees - Condo / Co-Ops
$20/unit - Docs submitted within ___ days after filing w/ Clerk of Courts or w/in ___ days after Co-Op Articles of Incorporation filed w/ Dept of State. |
120 days
30 days |
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T/F - Developer DFCTSMH Fees for Association
$4/unit/yr |
TRUE
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T/F - Developer DFCTSMH Fees for Time Share
$2/unit/wk |
TRUE
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T/F - Developer DFCTSMH Fees for Mobile Homes
$4/Lot |
TRUE
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T/F - Home owners Assoc do not pay fees nor regulated by DBPR
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TRUE
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Condo Ombudsman assists condo associations. Who Appoints ?
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Governor, Ombudsman must be an attorney.
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Coondo Ombudsman funded by and located within?
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DFCTSMH
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Ombudsman is viewed as Bureau Chief of ?
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DFCTSMH
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What % of or # of members whichever greater, may petition the Ombudsman to appoint election monitor ?
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15%
or 6 members whichever greater |
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How many members of the Community Assoc Living Study Council ?
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7
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Community Assoc Living Study Council appointed for ___ Yr term
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5 yrs - 6 months at a time
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Community Assoc Living Study Council located within DFCTSMH for what purpose ?
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Administration purposes
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Condo's are governed under what Florida Statute ?
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FS 718
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Cooperative - FS ?
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FS 719
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Mandatory HOA
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FS 720
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Community Associations are structured under FS 617
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Not for Profit
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Community Associations are structured under FS 607
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For Profit
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Associations can...What is missing?
1. Conduct business assoc affairs 2. Sue and defend actions 3. Operate and Manage Assoc property and assets 4. Lend monies for assoc purposes 5. Acquire Property Enter into contracts |
Borrow funds
Mortgage assoc property(s) |
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T/F - Association may pay reasonable compensation to officers and directors, for services rendered, unless expressly prohibited by the docs.
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TRUE- FS 617
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T/F - Not for Profit does not mean Tax Exempt
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TRUE - Associations must file federal tax returns
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Every corporation must file an Annual Corporate Report and pay an annual fee of $61.25 (not for profit) and $150(for Profit) to whom?
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Secretary of the State
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What must be listed when filing a Annual Corporate Report
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Registered Agent/ Registered Office
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FS 718 Condominium Act - Defines condo as a form of ___ ownership of real property comprised of- what is missing?
-Exclusive ownership of unit -required membership in association |
Joint undivided ownership of percentage of common elements
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How much is it to change the registered Agent or amendments when filing an Annual Corporate Report?
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$35
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The Condo Act has 6 parts:
Part 1- FS 718.103 |
Definitions
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The Condo Act has 6 parts:
Part 2- FS 718.104 |
Mandatory Content of Declaration
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The Condo Act has 6 parts:
Part 3- FS 718.106 |
Condo parcels, provision of easements and appurtenances
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FS - Condo Common Elements
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FS 718.108
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FS - Condo - provision for amending Declaration
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FS 718.110
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FS - Condo- Defines corporate entity, powers of association, rights of access to unit, insurance, official records of association, financial reporting requirements.
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FS 718.111
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FS - Condo - Defines required contents of By Laws, including administration, quorum requirements, board and member requirements, assessments, director/officer delinquencies and offenses
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FS 718.112
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FS - Condo - Receiverships
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FS 718.1124
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FS - Maintenance requirements, displays of flags & religius decorations and hurricane shutters
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FS 718.113
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FS - Association Powers
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FS 718.114
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FS - Common Expense and Common Surplus
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FS 718.115
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FS Liability for not paying common expenses, including right to assess interest, lien, foreclosure, collect rents from delinquent members, etc.
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FS 718.116
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FS - Liens
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FS 718.121
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FS - Provides other protection to purchasers during construction period and establishes implied warranties of fitness and marketability.
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FS 718.203
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FS Leasehold Condos-
-Members have right to puchased leased property -Prohibits rent escalations clauses -Does not apply to condo created before June 4, 1975 |
FS 718.401
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FS - Phase Condominiums
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FS 718.403
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FS - Mixed Use Condos
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FS 718.404
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FS 718.405
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Multi-Condos
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FS - Statutory requirements for Condo Conversions
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FS 718.606 - 614
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FS - Protect Condo Conversion Purchasers
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FS 718.616 - 618
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FS 719 has to do with
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Co-Ops
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FS - HOA's -
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FS 720
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FS - 720.303
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Co-Op - Powers and Duties
Board Meetings Minutes Official records Budgets & Finances |
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FS HOA - Architectural Control - Defined by what is in Condo Docs
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FS 720.3035
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FS 720.3075 HOA Prohibited Clause
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-Developer cannot make changes after transition to members
-Cannot prohibit Association from suing Developer -Developer cannot cast votes after transition |
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FS 720.3075 HOA Prohibited Clauses - additions
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-No Member has authority to act for Assoc.
-Developer or Assoc cannot prevent Xeriscaping |
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FS - HOA - To preserve residential community & assoc infrastructure and common areas, members can revive expired declaration of covenants.
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FS 720.403
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The decalaration of covenants runs out in how many years?
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19 or 30 yrs
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Under what Primary Laws are all community assoc formed?
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State Laws- STATUTES- For Profit or Not for Profit
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WHAT PROVIDES GUIDANCE FOR INTERPRETING OR ENFORCING THE STATUTES
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ADMINISTRATIVE RULES
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The Declaration, Articles of Incorporation and the By Laws can only be changed by?
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Members
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What is used to conduct meetings?
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Roberts Rules of Order
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Who has powers to amend, change the assoc docs (Declaration, Articles of Incorporation, By Laws)
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Only the Members
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Declaration, Articles of Incorporation and By layws are referred to as:
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Formal Docs
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What forms an agreement between members & association.
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Assoc / Formal Docs
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What do the declarations contain?
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Covenants, Conditions and Restrictions
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What defines and places limitations on the use of the property and facilities?
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Declaration - Covenants, Conditions ad Restrictions
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What document grants easements to utilities, govts - that need access tot he property to provide services?
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Declaration - Covenants, Conditions ad Restrictions
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T/F- The Declaration creates obligations and standards for maintenance, operations and upkeep of property?
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TRUE
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Which type of association does not have a Declaration of Covenants, Conditions and Restrictions?
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Co-op
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These are included in the Declaration and are inclusively referred to as the _____?
-Ploy Plan & Surveys - By Laws Floor Plans - Articles of Incorp Amendments - Rules /Regs |
Documents
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By _____ a valid _____ __ _____ must contain or provide: Name of Condo, Legal Description, ID of each unit y Letter/#, % of ownership-common elements
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Statute
Declaration of Condominium |
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If the Condo Docs do not state specific language to amend Docs - ie... # of votes
The Default voting interest to amend docs is ____% of the total voting interest TVI ? |
2/3 rds
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____ represents the # of units or parcels entitled to vote w/in an Assoc?
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Total Voting Interest - TVI
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T/F - Recorded community assoc docs cannot be amended or altered by Board of Directors when membership approval is required?
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TRUE
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Once an amendments has been adopted it must be recorded with the _____ for the amendment to become effective?
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Clerk of the County Court
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T/F - An Amendment includes:
Full Text of Amendment, Community Name, Official Record Book and Page, Date, when recorded with Clerk of the County Court |
TRUE
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What type of Amendment requires a 100% vote approval?
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Special amendments affecting the member interests
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What is Quorum for each - TVI
Condo - ? Co-Op - ? HOA - ? |
51% - Condo/Co-op
30% - HOA |
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Quorum exception for Condo/ Co-op Elections
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Atleast 20% of the members
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If the Condo Docs do not state specific language to amend Docs - ie... # of votes
The Default voting interest to amend docs is ____% of the total voting interest TVI ? |
2/3 rds
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If no Quorum is achieved at the annual meeting , the association has no legal obligations to reschedule the meeting if proper notice was sent, what type of notice?
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Written Notice, 14 days prior to meeting
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____ represents the # of units or parcels entitled to vote w/in an Assoc?
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Total Voting Interest - TVI
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A voting certificate doe or does not serve as a proxy?
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Does Not
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T/F - Recorded community assoc docs cannot be amended or altered by Board of Directors when membership approval is required?
|
TRUE
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Once an amendments has been adopted it must be recorded with the _____ for the amendment to become effective?
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Clerk of the County Court
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T/F - An Amendment includes:
Full Text of Amendment, Community Name, Official Record Book and Page, Date, when recorded with Clerk of the County Court |
TRUE
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What type of Amendment requires a 100% vote approval?
|
Special amendments affecting the member interests
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What is Quorum for each - TVI
Condo - ? Co-Op - ? HOA - ? |
51% - Condo/Co-op
30% - HOA |
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Quorum exception for Condo/ Co-op Elections
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Atleast 20% of the members
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If no Quorum is achieved at the annual meeting , the association has no legal obligations to reschedule the meeting if proper notice was sent, what type of notice?
|
Written Notice, 14 days prior to meeting
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A voting certificate doe or does not serve as a proxy?
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Does Not
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2 types of proxies?
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General and Limited
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Proxies are valid for ___ days?
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90 days - from the date of the first meeting in which it was used.
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Pursuant to Statute all members have no less than ___ minutes to speak?
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3 minutes
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Eligibility for _____
- BE a Natural Person - BE 18 yrs or older - Convicted felon whose right to vote has been restored |
Board Membership
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Condo/ Co-op Board Member term begins ___ after election or results announced?
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Immediately
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Minimum # of Condo Board Directors/ Members?
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5 unless it has 5 or fewer units then 3 members
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1st notice of annual meeting & election must be post marked or hand delivered ___ days before
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61 days
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Any qualified person desiring to run for the board must give notice to assoc not less than ____ days prior to date of election
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40 days
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No more than ___ days after receipt of notice of candidacy, association must provide a receipt stating the individual is eligible or inelogible?
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5 days
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No less than 35 days prior to the election, candidate may provide to the association an info sheet- this is NOT REquired. TRUE
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TRUE
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2nd notice of annual meeting/ election, association must be sent no less than ___ days and no more than ___ days.
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14
30 |
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Ballots must be disqualified if:
Outer envelope is not signed, no inner envelope containing ballot, more than the Max # of candidates have been voted for, cannot be determined for whom the votes were cast, more than one ballot is contained in same inner envelope. |
TRUE
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Removal of Directors, 3 ways
Voluntary Resignation, Recall and ____ ? |
Automatic Removal
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Board Member Voluntary Resignation cannot be ?
|
Rescinded
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Boar Member Automatic Removal - when the member sells or transfers ___ or is late by ___ days for delinquent assessments or fees?
|
Ownership or unit
90 days |
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Board Member RECALL may occur at anytime with or without ___ ? A vote of ____ of the TVI ?
|
Cause
Majority |
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Board Members/ Directors may be recalled by an agreement in ___ or by written ____without a membership meeting?
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in writing
written ballot |
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Minutes of meetings must be kept in written form or a form capable of being convereted to written form within a
|
reasonable amount of time
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A condo or co-op must reduce minutes of any meeting within ___ days of meeting date.
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30 days
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FS 607 and 617 require ___ membership meetings a year ?
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at least one
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Condo must hold annual meeting within ___ miles of the association.
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45 miles
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Primary purpose for the annual meeting is to elect ?
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Board Members
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The time frame for most membership meetings is ?
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14 days
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Election or appointment of officers is done by the Board of ____ ?
|
Board of Directors, not elected by membership unless documents provide for a membership vote.
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If being paid for any board service they must hold a __ license?
|
CAM
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Board of Directors make the ____ for the associations?
|
Policies
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Officers and agents ____ out these policies?
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carry out
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All officers, directors and agents hold a position of ___ in assoc?
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Trust
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A quorum of board of directors is required for election of ___?
|
Officers
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Unless otherwise stated in docs, officers are elected by directors at a board ___ ?
|
meeting
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Board may choose to relect same officers or new officers at first board meeting after the ____ meeting?
|
annual
Until it doses there are no officers, This is the only time directors are permitted to vote by secret ballot. |
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What officer or board position is required at a meeting?
|
Secretary
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President and Secretary are usually two different people because Secretary may be required to certify Presidents ___ on legal documents?
|
Signature
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any gathering of a quorum of board for the purpose of conducting board business is a _____ ____?
|
Board Meeting
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Most Board meeting require a minimum notice of ___ hours, posted in a conspicuous place on property?
|
48 hrs notice
|
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Ina HOa if no conspicuous place is available, it must be _____ or ___ to each member at least 14 days before meeting except in an emergency?
|
mailed or delivered
|
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Dirctors and officers not physically present may be counted and participate via speaker and telephone or ?
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computer audio-visual connection
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Board may choose to relect same officers or new officers at first board meeting after the ____ meeting?
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annual
Until it doses there are no officers, This is the only time directors are permitted to vote by secret ballot. |
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What officer or board position is required at a meeting?
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Secretary
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President and Secretary are usually two different people because Secretary may be required to certify Presidents ___ on legal documents?
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Signature
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any gathering of a quorum of board for the purpose of conducting board business is a _____ ____?
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Board Meeting
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Most Board meeting require a minimum notice of ___ hours, posted in a conspicuous place on property?
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48 hrs notice
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Ina HOa if no conspicuous place is available, it must be _____ or ___ to each member at least 14 days before meeting except in an emergency?
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mailed or delivered
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Condos/Co-ops and HOA may broadcast on tv in lieu of posted, must be 4 times per broadcast hour of each day.
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TRUE
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By Laws or amendment may provide giving notice by electronic transmission, email, a member must consent in writing to receiving notice. This is not in lieu of other notice requirements.
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TRUE
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unless restricted, board meetings may be held in any location with 45 miles of association, ie...managers, attorney office.
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TRUE
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Dirctors and officers not physically present may be counted and participate via speaker and telephone or ?
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computer audio-visual connection
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