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| Community Associations are also known as |
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Definition
| CIRA - Community Interest Realty Association |
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Community Association have 3 requirements:
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1. Mandatory membership
2. Right to Vote
3. Unpaid Assessment can become a lein |
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| Members cannot be denied --- |
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1. Access to building
2. Hot water
3. Electricity |
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| What does DBPR stand for? |
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| Department of Business and Professional Regulation |
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| Insurance is regulated by whom? |
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| What is the EIN? Who is this reported to? |
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| Employee Identification Number & IRS |
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What quorum must be met for each?
Condo? Coops? HOA? Timeshare? |
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Definition
Condo - 51%
Coops - 51%
HOA - 30%
Timeshare - 15% |
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| What is the notice requirement for annual meetings? |
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| 14 days in advance, written notice |
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| If quorum is not met for the annual meeting, does it have to be rescheduled? |
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| No. Since a 14 day written advance was done, there is no need to re-schedule it. |
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| What are the bylaws also known as? |
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| In an HOA, the board must provide the members notice of a regular board meeting at least ______in advance. |
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| Agenda and notice requirement for both membership and director's meeting are found in the association ---? |
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| In condos & coops, the bylaws must provide for at least 3 officers which are ---? |
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1. President
2. Secretary
3. Treasurer |
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| The time & date & place of regular condo membership meetings are usually stated in the: |
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| Official records of the condo association must be open for inspection by --- |
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| ANY member or their authorized representative at all reasonable times |
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| A valid proxy given by one of the owners of the condo association may - |
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Definition
| serve as a valid proxy and voting certificate of given by one of the multiple owners |
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| The chairman of a condo submits a motion to the members for their approval, 110 units are Represented but vote on the motion total 112. What can be done? |
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Definition
| The chairman can direct that another vote be taken on motion and may direct another method of voting |
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| At the annual meetings of coops, the members had elected a new board. The membership meeting has adjourned. The board then convenes and the first order of business is the election of officers. Which body will elect officers? |
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| After a condo is initially set - who is initially in charge? |
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| The election of directors in an HOA will be conducted in what manner? |
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| As outline in the declaration |
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| What notice requirement for board meetings of a condo at which a non-emergency special assessment will be considered? |
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| The board of a condo wants to vote on a motion for an item not included on meeting agenda. What vote will be required to approve motion? |
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| In order to change the name and address of a registered agent, a letter must be sent to the |
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| The purpose of the annual meeting of a community association is to |
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| provide the membership the opportunity to review affairs to the community |
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| Vacancies on the board may be filled by |
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| the remaining board members, even if less than majority |
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| The person who receives all formal service of legal papers on behalf of a homeowner's association are - |
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| In order to reduce operating costs, the CHEAP CONDOS decides to have the minimal number of membership meeting. Which is? |
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| A certified document provided by the association that states owner's current assessment status |
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| Certificate of Assessment or Estoppel Certificate |
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| Each director's obligations to discharge his or her duties with due care and in the interest of the community and its members is called what? |
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| The Declaration, the Articles of Incorporation, and Bylaws are called what? |
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| The document that creates a condo when recorded with the Clerk of the Circuit County where the property is located. |
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| The group of person vested with the management of the affairs of the association corporation are whom? |
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| The unit owner's share of the money required to pay for expenses of the association. |
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| Jointly owned common elements reserved for exclusive use and benefit specific units? |
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| The minimum # of members entitled to vote who must be present, or by proxy, in order to conduction business is what? |
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| The meeting that all community association must hold one a year-- |
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| Owners have petitioned the board b/c budget calls for new assessments for operating expenses in excess of 115% of previous year. What is this called? |
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| The document filed with Florida Department of State that creates the community association and defines its power and responsibility. |
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| Articles of Incorporation |
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| A 3rd party facilitates voluntary settlement between conflicting parties |
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| No diving lettering in a community pool must be how large? |
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| What chapter is a timeshare? |
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| What chapter is mobile home? |
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| HOAs and Condos refer to their legal docs as |
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| Articles of Incorporation establishes entity responsible for --- |
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| management & maintenance operation |
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| The Governing Documents are what? |
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| Articles of Incorporation, Declaration, and Bylaws |
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| The __________ establishes formal regulations for all of the property and defines certain rights and impose certain restrictions on the members and association. |
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| The Declaration, also known as __________________, and it transfers responsibility to new owners. |
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| Covenant running with the land |
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When filing documents for creation of a Condo:
Who must file what to the Clerk of the Court?
What articles are filed with the Secretary of State? |
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Definition
The developer must file the fees
Articles of Incorporation and ByLaws |
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When filing documents for creation of a Condo:
What goes to the Clerk of the Court?
What goes to the Secretary of State? |
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Definition
1. Fees
2. Articles of Incorporation |
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| Within _____ days, after filing the Declaration with the Clerk of the County (DBPR) with a fee of _____ per unit to be constructed in condos |
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| Who is not governed by DBPR? |
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Filing documents of creation of an HOA:
1. Articles of Incorporation & Bylaws go to whom?
2. What is filed with the County Clerk? |
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1. Secretary of State
2. Fees |
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| Not-for-profit does not mean "tax exempt." Is this true? |
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| True. Not-for-profit must file Federal Tax Returns. |
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| A developer, once filed with DBPR, has ______ days to notify prospectus deficiencies. |
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| Mobile Park Home developer would file the _______with DFCTSMS and pay a lot fee of ________. |
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| In condos and coops, what budget line items would be excluded from the calculated use in determining % of budget increase for purpose of determining 115% increase in operating assessments? |
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| Reserves for capital improvements |
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| With what government agency is the EIN filed? |
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| Any maintenance or management contract entered into a condo association must identify all but what? |
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| A violation of a rule of an assessment may not be enforceable of the board doesn't act in a timely manner to correct the situation based on the principle of: |
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| What are the 5 types of community associations? |
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Condos
Coops
HOA
Timeshares
Mobile Park |
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| Another name for Declaration of Covenants - |
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| Developer filing for a Timeshare is _____ per unit, filed with the DBPR, with max of ______. |
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| What agency regulates CAM? |
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| Associations greater than 10 units and $100,000 budgets - require? |
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| Developer filing of COOPs to DBPR, is _____ per unit and within ______ days. |
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| Which government agency is Articles of Incorporation filed with? |
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| Building maintenance and replacement reports to the "useful life" and "replacement life" of |
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| Condos are established by recording the Declaration of Condo with --- |
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Definition
| Clerk of the County Court |
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Term
A quorum is what for who?
Condos?
Coops?
HOA?
Timeshares? |
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Definition
1. 51%
2. 51%
3. 30%
4. 15% |
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Term
| The budget included installing a spa of $20,000. Last year's budget is $95,000. in 2017, budget is $125,000 but includes one time improvement of $20,000. Can this be disputed? |
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Definition
| No. Becuase $125,000 - $20,000 = $105,000 and is less than 115%. Owners cannot reconsider this budget. |
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| Budgets must be separated by _______ and _______ and listed by _____________ & __________. |
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Definition
| separated by month and date & listed by accounts and classifications. |
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| Within ____ days, after the fiscal year, an association shall prepare and complete the prep for financial report for the next year. |
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| Who must provide financial accounting and statements including reserves? |
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| Condos and Coops must provide an ___________ at turn over. |
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| audited year end financial report |
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| Timeshare estimated budget include _____________when due. |
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| When developer creates a budget, if there is not a reserve, what must be included? |
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| A disclosure that special assessments may occur |
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| Who creates a proposed budget? |
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| The condo/coops/developer |
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| The proposal budget is presumed to be accurate and actual cost. Is this true? |
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| How many months must a developer provide a copy of the current budget to a purchaser at closing? |
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| Who does a developer file an offering circular (budget) to? |
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| An association has quarterly assessment of $500. On Dec. 31st, 2012, they foreclosed on a lot that owed 2-years assessments. On June 20. 2013, bank foreclosed $300,000. How much does bank owe on past assessment? |
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Definition
| $2,000 - past mortgage holder is limited to lesser part of 1% of original mortgage or 12 months assessment. |
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| How can an association collect rent from a tenant with delinquent owner? |
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Definition
1. Association must write a demand letter to tenant
2. Association may evict a tenant who fails to pay on demand letter
3. a tenant who acts in good faith to a written demand letter is immune from any claim action by unit owner. |
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| A community association are also known as - |
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Definition
| CIRA - Community Interest Realty Association. |
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| included in documents required to be filed for Timeshares is a fee of ______ for every _____ days, for max of _______ or total fee based upon units. |
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| A developer must provide to all prospective purchasers what? |
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| A prospectus or public offering statement |
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| The ____ establishes the day-to-day procedures outlined by the Articles of Incorp. |
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| What do Articles of Incorporation establish in an association? |
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| A community association have which type of corporate to manage and operate the association? |
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| Profits and not-for-profits |
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| What establishes formal regulations for all property? |
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Definition
| Declaration of Covenants and Restrictions |
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| What establishes the corporate entity responsible for managing, maintenance, and operation of a community association? |
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| Articles of Incorporation or the corporate charter |
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| The Articles of Incorporation are also known as? |
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| Insurance is regulated by? |
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| FL Department of Financial Services |
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| The special accounting requirement for coops involved compiled, reviewed, or audited financial statements would apply to |
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Definition
| an association with a $175,000 budget or more. |
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| The easements and common elements of a condo are established in the - |
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| Vacancies on the board may be filed by - |
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| the remaining board even if less than a majority |
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| Part V of the Condo Act gives who power to enforce and ensure compliance with this law? |
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Definition
| The Division of Fl Condos, TIme Share, and Mobile Homes |
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| What does DFLTSMH stand for? |
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Definition
| The Division of Fl Condos, TIme Share, and Mobile Homes |
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| HOAs are regulated by what chapter? |
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| In condos, the board must provide the members notice of a board meeting at least |
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| New and Conversion community association of condo/coops have a rescission period of |
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| Developer must file fees for mobile homes to DFCTSMH at ____ lot. |
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| The Governing docs can only be changed by whom? |
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