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115 Cards in this Set
- Front
- Back
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Within ____ days of _____% of the total units sold, the developer must call a meeting for election of ________. |
75 15% Directors |
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The developer must give ____ days notice of the meeting and election. |
60 |
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The developer submits the _____ and ______ of the members who have been elected to the Board to the _____. |
Name and addresses DBPR |
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The developer continues to control ______ of the board until the non-developer members become eligible to elect a majority of the directors of _______ events. |
Two-thirds Triggering |
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Tiggering events: -3 yrs after 50% of units are sold -3 months after 90% units sold -All units are completed, some are sold to buyers, and no others are offered for sale by developer in the course of busn -some units are sold and none other are being constructed or offered for sale by developer -Condominium only-? |
When receiver for developer is appointed by circuit court and isn't discharged within 30 days after appointment, unless court determines transfer detrimental to association/members |
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Trigger events for Cooperative only: _____ yrs after recordation of the filing of the Articles and Bylaws. |
7 |
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Developer must call a meeting within ____ days of triggering events , giving ____ days notice of the election. |
75 60 |
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At the time of transition, developer is required to turn over association documents, association property and all records to the _______. |
Members |
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Records to be turned over for Condominiums also include what? |
Financial statements/records |
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Condos and cooperatives must provide association with audited financial records within ____ days after transition meeting. |
90 |
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Audit must cover the period from incorporation through date of the ________. |
Turnover |
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In conformance with statutory limitations, responsibilities for warranties and other obligations remain with who? |
The developer |
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As long as the developer holds units for sale in the course of business, the association cannot assess the developer for capital improvements or take any action that would be detrimental to sales by the developer without prior approval of who? |
The developer |
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A develyis entitled to elect or appoint at least ____ board member as long as developer meets: Project has fewer than ____ units, developer owns at least ___% of the units Project has more than ____ units, developer owns at least ___% of the units |
One 500 - 5% 500 - 2% |
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In HOAs, a developer is entitled to elect at least one member of the board of directord if ____ percent of the parcels in all phases which will ultimately be operated by the association have been __________ to members. |
50% Conveyed/sold |
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In HOAs, members other than the developer are entitled to elect at least a majority of members of the Board if what happens first? |
-3 months after 90% of parcels in all phases have been sold. -Developer petitions for Ch.7 Bankruptcy -Developer has unpaid assessments for more than 2 yrs (abandoning responsibility to maintain property) -Developer loses title to property through foreclosure -Upon receiver for the developer being appointed by circuit court and not being discharged 30 days after such appointment |
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An HOA developer can elect at least one member of the Board as long as they still own ___ % of the parcels in all phases. |
5 |
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Developer may exercise the right to vote any developer-owned voting interests in the same manner as other members, except for regaining _______ of the property. |
Control |
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When the members are entitled to elect at least the majority of the Board, the developer should deliver at their expense, the records and property of he association to the Board within no more than ____ days. |
90 |
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All phases must be added to the condominium within what time period? |
7 yrs, or 10 yrs if the amendment extending that period was approved |
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The term subdivided parcel comes from fhe new section of The Condominium Act , providing for the creation of a secondary condominium within a ________ condominium. |
Primary |
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The member of a secondary unit is subject to both the primary and secondary condominium ____________. |
Declaration |
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In the event of a conflict of interest between the primary and the secondary Declarations, the _______ Declaration shall control. |
Primary |
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Members buying into a unit are not only bound by the documents but also responsible for ever contract and agreement made by _________. |
The Association |
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If the association is financially insolvent of is being sued, the member is lainke for the suit or for his/her share of the insolvency, to the degree of the members percentage of _______. |
Ownership |
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Assignment of developer rights to a bulk assignee or bulk buyer does not release the original developer from liabilities under the ________________ or the __________. |
Declaration of Condominium Condominium Act |
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A buyer who acquires more than seven parcels in a single condominium after July 1, 2010, and prior to July 1, 2016, and receives assignment of some or all developer rights, is aka? |
Bulk assignee |
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Assignment of developer rights to bulk assignee are made by: |
Developer Previous bulk assignee A court, on behalf of developer/previous assignee |
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A buyer who acquires more than seven parcels in a single condominium after July 1, 2010 and prior to July 1,2016, but doesn't receive assignment of developer rights, is aka? |
Bulk buyer |
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A ________ or its assignee may not be a bulk assignee or a developer except under certain circumstances. |
Mortgager |
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Who has the right to conduct sales and leasing activities within the association, be exempt from payment of working capital contributions, and be exempt from any rights of first refusal from the association? |
Bulk buyer |
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There may not be more than one bulk ______ but there may be more than one bulk ______. |
Assignee Buyer |
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Bulk assignee are exempt from _______ of the developer, unless performed on behalf of the bulk assignee. |
Warranties |
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Receiverships are generally _________. |
Attorneys |
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A receiver becomes the full______, so there is no need for a _______. |
Board Quorum |
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A member may petition the court if the Board fails to elect or appoint sufficient directors to establish a quorum and use the required form Of notice as described in _________. |
The statutes |
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The member soliciting receivership must give ____ days written return receipt or personal delivery to association members and _____ the notice on the property prior to seeking receivership. |
30 Post |
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Upon appointment of the court, the receiver must notify all association members in writing within _____ days. |
10 |
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The receiver shall serve until all positions on the Board are filled to meet a quorum or until they are relieved of appointment from the _______. |
Court |
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Who is responsible for compensating the receiver, court costs, and attorney's fees? |
The association |
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Condominium terminations seldom occur, only in the event of: |
Economic waste Despair of the property Continued operation being made impossible by law or regulation |
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Termination may occur by affirmative vote of the lesser of the lowest percentage of voting interests that is necessary to amend the _________. |
Declaration of Condominium |
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A Condominium in which 75% or more of the units are timeshare units may be terminated only pursuant to a plan of termination that is approved by ____ % of the TVI and holders of _____% of the original principal amount of the outstanding recorded mortgage liens of the timeshares. |
80 80 |
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Homeowners Association Covenant Revitalization occurs when a Declaration of Covenants terminates after a specific number of years, usually (___-___ years), stated in the Declaration. Requires an organizing _________ and approval by the Department of Economic Opportunity. |
19-30 Committee |
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Upon termination of the Declaration, the corporate entity loses the authoity to collect _______ for the maintenof common elements and association property. |
Assessments |
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An _______ by a current or former officer of the association or by a member of the organizing committee verifying that the requirements for the revived Declaration were satisfied. |
Affidavit |
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A ________ manages the affairs of the association after a natural disaster or when the association fails to fill vacancies of he Board to have a quorum. |
Receivership |
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In associations incorporated after December 31, 2007, members may examine supporting docs and records, such as cash disbursements and paid invoices, the members can determine whether the expenses used are appropriate, and developer must provide a turnover ______. |
Audit |
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Condominium termination requires a termination plan to be a written ________ that is executed in the same manner as is a deed. |
Document |
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Condominium termination does not change the corporate _______ of the association. |
Status |
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T/F An association may enter into agreements to acquire leaseholds, memberships, and other possessory or use interests in lands or facilities. |
True |
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T/F If the turnover audit was not completed in any past year, an audit is needed since the very beginning, whereas if the audit was done each year, the only thing needed at turnover is the audit for that present year. |
True |
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Ch. 9 next |
Ch 9 next |
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Any action taken by the board whike the association is under developer control is presumed to be that of the ________. |
Developer |
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Estoppels verify the amount of assessments, fines, monies that are owed by a _______ to the _______. |
Members Association |
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Who requests estoppel letters? |
Mortgage or title companies |
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Who is responsible for paying the estoppel fee? |
The seller |
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An HOA has how many days to respond to a written request for an estoppel? |
15 days |
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If closing of a unit or parcel does not occur, upon request of a refund, how many days does the member have to refund the fee? |
30 days after closing date |
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The association may collect the fee from the member in the same way in which it would collect an ________. |
Assessment |
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A condominium or cooperative has ____ days to provide a certificate signed by an officer, and may not exceed a fee of $_____. |
15 $150 |
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Bingo games are allowed under FS 849.0931, FS 718.114, and FS 723.079. |
Condominium MHP |
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Beach Restoration and Management- a local government may not adopt an ordinanyor regulation that prohibits member/guests from pedestrian access to a public beach that is contiguous to the association propy, except where necessary to? |
Protect public healy, safety or natural resources. |
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Flag etiquette size is? |
4.5 feet by 6 feet |
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Religious symbol size: |
3 in by 6 in by 1.5 inches |
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A homeowner may erect a freestanding flagpole no more than ____ feet high on any portion of their property. |
20 |
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Bulk services for tv antenna, cabke television, internet, and phone are found in the _____ for Cooperatives and in the ______ for Condominiums and HOAs. |
Bylaws Declaration |
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Security deposits: in a _____ the __________ is silent on this matter. |
HOA Homeowners Association Act |
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Any contract made the Board may be canceled by a majority of the voting interests who are present at the next regular meeting or _____ member meeting. |
Special |
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Screening criteria should be adopted at a board meeting. ____ days notice is required. |
14 |
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Screening and transfer fees rule: |
Only one may be charged, not both |
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Screening and transfer fees for HOAs: the ________ is silent on this matter. |
Homeowners Association Act |
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Transfer fees: a husband and wife count as _____. And are charged _____. |
One Once |
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If a member leases a unit, the _______ has the use rights of a member, and the member uses the rights of a _______. |
Tenant Guest |
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Amendments to leasing restrictions apply to: |
Only Members who voted for the amendment or anyone who moved in after the amendment was approved. |
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No fine may exceed $____ per violation per day for a maximum of $______ dor the same violation. |
$100 $1000 |
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Before a fine may be levied, the member must be given ___ days notice and opportunity for a ____ before a committee. |
14 Hearing |
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If the committee does not agree with the fine, a _____ _____ may impose the fine. |
Majority vote |
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SLAPP aka? |
Strategic Lawsuit Against Public Participation |
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Mandatory binding arbitration for HOAs include: |
Elections Recalls |
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Non-binding arbitration for HOAs include: |
After a motion for a hearing, either side can appeal to the county court or circuit court within 30 days |
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Mandatory non-binding arbitration for condominiums and cooperatives: |
Election disputes Recall disputes Failure to conduct meetings Failure of notice of meetings Common area issues |
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HOA pre-suit mediation are subject to: |
Disputes between an association and a parcel owner |
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Disputes between association and parcel owners include: |
Access to official records Membership meetings (not election mtgs) Amendments to association docs Use of or changes to a parcel/common areas and othed covenant enforcement disputes Meetings of the Bord and committees appointed by Board |
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Condominiums and HOAs collection at Foreclosure: they may collect either _____ months worth of common expenses or ___% of the original mortgage debt. |
12 1% |
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The excess of all revenue of the association over expenses, is aka? |
Common surplus Or Net Income |
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A claim of lien is effective for _____ year(s) from the time of recording, unless the association forecloses or renews the lien or the member pays all the monies owed. |
1 |
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By statute, an _____ may purchase the lot or home at foreclosure. |
HOA CONDO/coop (if allowed in the documents) |
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Liens are evidenced by recording a claim of lien with who? |
Clerk or circuit court |
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The Board of Directors, in determining the investment policy and strategy for the association, must be guided by both F.S._____ (investment of Fiduciary Funds) and the ________. |
518 Documents |
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The investment of reserves in HOAs is not currently regulated by _______ _____. |
State law |
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The money being invested is taken from the reserves budget, never operating budget. The growth is then applied where? |
Back into the reserves pool |
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The investment of reserves in HOAs is not currently regulated by _______ _____. |
State law |
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The financial report should be prepared on a Compilation basis for Condo/HOA if the receipts are from $________ to LESS THAN$________. |
150,000 300,000 (299,999) |
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The financial report should be prepared on a Review basis for Cooperatives if the receipts are from $________ to $________. |
200,000.01 400,000 |
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The financial report should be prepared on a Review basis for Condo/HOA if the receipts are from $________ to less than$________. |
300,000 500,000 (499,999) |
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Record retention for condominiums, cooperatives, and HOAs : must maintain accounting records for ____ years |
7 |
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Real estate taxes: Condominiums and Cooperatives: taxes are assessed and paid by? HOAs? |
Each unit/parcel owner for their share -the association pays the taxes, by collecting from the members |
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The annual corporate report must be filed with the Florida Department of State by when? |
May 1st of each year |
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The money being invested is taken from the reserves budget, never operating budget. The growth is then applied where? |
Back into the reserves pool |
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When a developer warranties that the amount of assessments will not increase for that year, and later realizes there is a deficit in the amount, who is responsible for paying the balance? |
Developer |
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Cooperative: the financial report must be prepared within ____ days of the end of the fiscal year if receipts are $_________ or less and the community has ___ units or less. The report must be mailed/delivered to members within ____ days after end of fiscal year. |
60 $100,000 50 90 |
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Condominium/HOA: the financial report should be prepared within ____ days of the end of the fiscal year. The report or notice should be mailed/delivered to members ____ days after the report is complete but no more than ____ days after the end of the fiscal year. |
90 21 120 |
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An audit is required for Cooperatives if receipts exceed $________. |
400,000 |
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An audit is required for Condos/HOAs if receipts exceed $________. |
500,000 |
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The financial report should be prepared on a Cash basis for Cooperatives if the receipts are $_______ or less or _____ units of less. |
100,000 50 |
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The financial report should be prepared on a Cash basis for Condos/HOAs if the receipts are less than $_______. |
150,000 |
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The financial report should be prepared on a Compilation basis for Cooperatives if the receipts are from $________ to $________. |
100,000.01 200,000 |
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Condominium owners may jot waive the required financial report for more than ____ years. |
3 |
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HOA: members may petition the Board for a more comprehensive financial report with ___% of the voting interest and the association must respond within ____ days of receipt of the petition and set up a member meeting. |
20% 30 |
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______ accounting is used when the association has more than one fund. |
Fund |
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An accounting system that does not record accruals but instead recognizes income only when payment is received and expenses onlu when payment is made, is aka? |
Cash basis accounting |
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Accounting prepared by CPA, where they do not audit or review the statement or underlying financial information and does not issue an opinion on the statements, is aka? |
Compilation |
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Accounting that consists of inquiries of association personnel and analytical procedures applied to financial data, and isnless in scope than an audit. A representation of information provided by management, is aka? |
Review |
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Accounting that requires the accountant plan and perform the work to obtain reasonable assurance about whether the financial statements are free of material misstatements, is aka? |
Audit |
