Term
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Definition
| Common Interest Realty Associations |
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Term
| what are the specific requirements for a community association? |
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Definition
membership is mandatory
members have the right to vote
if assessments are unpaid can become a lien on member's property |
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Term
| what are some examples of a "common property"? |
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Definition
elevators, lobby, pool, clubhouse..
areas defined as common by the legal documents. |
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Term
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Definition
| property that is jointly owned by all members through community association |
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Term
| another word for "entity" |
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Definition
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Term
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Definition
| entity or corporation formed to manage the community. |
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Term
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Definition
| accessory rights inherent to a member of an association. |
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Term
| what is a rescission period? |
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Definition
| given timeframe, after receiving all the documents, to rescind the contract without penalty. |
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Term
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Definition
| a specific agreement between two parties |
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Term
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Definition
| declaration of covenants and restrictions |
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Term
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Definition
| Comprehensive development master plan |
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Term
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Definition
| between the corporation and shareholder granting shareholder exclusive use of spacific unit or property. |
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Term
| What does Community Associations regulate? |
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Definition
| cooperatives - condominiums - timeshares - mobile homes |
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Term
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Definition
Bureau of Standards and registration
Bureau of Compliance |
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Term
| what is the license period for a CAM? |
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Definition
2 year term
begins Oct. 1st even years
ends Sept. 30th even years |
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Term
| What are the continuing education requirements? |
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Definition
| 20 hours of approved education courses during second term after licensing term. |
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Term
| What is the license period for a management firm? |
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Definition
2 year term
begin Oct. 1st odd years
ends Sept. 30th odd years |
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Term
| How does the DBPR get its authority to Act? |
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Definition
| Provides funding from condominiums. |
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Term
| Does a board member have authority to act for association? |
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Definition
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Term
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Definition
| imposes certain conditions upon the use of the land that binds the members. |
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Term
| Documents that create and govern each type of community association |
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Definition
| Declaration - Articles of Incorporation - Bylaws - Rules & regulations - Roberts Rules of Order |
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Term
| How long prior to annual meetings and membership (owner)incl. BOD meetings is there suppose to be a notice given? |
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Definition
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Term
| how long prior to a board meeting is notice suppose to be given? |
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Definition
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Term
| how long prior to an election meeting is notice suppose to be given? |
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Definition
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Term
| Who is allowed to videotape or tape record the minutes? |
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Definition
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Term
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Definition
| Majority of members present at a meeting. |
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Term
| how many days from estoppel request is association suppose to respond with a signed certificate? |
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Definition
| 15 days after receipt of estoppel request |
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Term
| what do accountants call annual budget years? |
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Definition
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Term
| are annual budgets required? |
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Definition
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Term
| How many days does the association have to provide a monthly financial record? |
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Definition
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Term
| when should budget preparation occur? |
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Definition
| September, by October the data numbers can be put in. |
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Term
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Definition
| Manager - Accountant - Treasurer - Budget Committee |
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Term
| When is a copy of the purposed budget and reserve schedule required to be given to the members? |
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Definition
| no less then 14 days prior to meeting budget was discussed at. |
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Term
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Definition
| identifies categories of income and expenses. |
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Term
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Definition
| restricted for specific purposes. |
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Term
| four types of exposure to risk |
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Definition
| property (damage to buildings) - liability (association held liable for a legal violation) - income (loss assessment) - personnel(workers comp)= worker gets hurt while on duty. |
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