Term
| A financial safeguard, purchased by an assn to protect assn assets (real and personal property, reputations, etc...) against financial loss resulting in harm or damage. |
|
Definition
|
|
Term
| Four types of Financial Reports |
|
Definition
Cash Basis Accounting
Compilation
Review
Audit |
|
|
Term
Every association must file an annual income tax return
T/F |
|
Definition
|
|
Term
| How long must associations maintain accounting records? |
|
Definition
|
|
Term
| Fund accounting is used when associatino has |
|
Definition
|
|
Term
| Condominiums, cooperatives and HOA's must prepare an annual financial report within |
|
Definition
| A specific period after close of fiscal year |
|
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Term
| The Condominium Act and the Cooperative Act prohibit comingling reserve funds with operating funds except for |
|
Definition
|
|
Term
|
Definition
| Investment of Fiduciary Funds |
|
|
Term
Association may place a lien on a unit for all unpaid assessments.
In condo and coop ____ days notice
In HOA ____ days notice |
|
Definition
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|
Term
If a unit is occupied by a lessee and member is delinquent in payment of monetary obligation, the association may demand that
_____________________________
Association must mail notice to member detailing demand and copy the lessee.
Lessee's liability may not exceed _______________.
Lessee paying association in response to a written demand is ________________ |
|
Definition
The lessee pay the association future obligations to unit.
The amount due from lessee to landlord
Immune from any claims by the member |
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|
Term
Associations should develop written collection policies and distribute them to membership.
Components of collections policy should include: |
|
Definition
Assessments charges that members have to pay.
Frequency for due date for dues.
How partial payments will be handled.
Date after which payment is considered late.
Consequences for late payments. |
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|
Term
Assessment dues (maintenance fees) provide for the majority of an association's operating funds
T/F |
|
Definition
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|
Term
| Surplus income in special assessments may be: |
|
Definition
Refunded to members
used to offset future assessments in operating budget
transfered to one or more reserve accounts
used to offset special assessments not yet enacted |
|
|
Term
| Surplus income in operating budget may be: |
|
Definition
used to reduce the following year's assessments
transferred to one or more reserve accounts |
|
|
Term
| Common surplus/ net income means what/ |
|
Definition
| Excess of all revenues of association over expenses |
|
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Term
| If board adapts budget which increases assessment by more than 15% over prior year assessment, the condo and coop acts provide that ____ % of voting interest are entitled to petition the board to do what? |
|
Definition
10%
Call a special members meeting to reconsider and adopt a substitute budget |
|
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Term
Contingency Reserve (deferred maintenance and capital expenditures) is established to cover
___________________
and must appear in
____________________
|
|
Definition
Unanticipated operating expenses
Operating budget |
|
|
Term
|
Definition
May be used to establish a quorum and must cast a vote
on specific items requiring a vote of the membership |
|
|
Term
| The date and time for the annual meeting is usually established in the |
|
Definition
|
|
Term
|
Definition
| how to portion of the documents |
|
|
Term
|
Definition
|
|
Term
| Condominiums are defined as |
|
Definition
a type of joint ownership of real property comprised of
-exclusive ownership of unit
- joint undivided ownership of common elements
-membership is required in association |
|
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Term
| What is required when income is inadequate or expenses are greater than budgeted in the annual budget or when an unanticipated expense occurs which will result in budget deficit? |
|
Definition
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|
Term
| If a condo, coop or HOA board wishes to provide members with the option to waive or reduce the reserves, it must do what? |
|
Definition
| Schedule a special membership meeting where members may vote whether to waive or reduce the reserves |
|
|
Term
| Fund accounting is used when association has what? |
|
Definition
|
|
Term
|
Definition
| A financial safeguard purchased by an association to protect association assets against financial loss resulting in harm or damage |
|
|
Term
Four types of financial Reports
|
|
Definition
Compilation
Audit
Cash basis accounting
Review |
|
|
Term
True or False
Every association is required to file an annual income tax |
|
Definition
|
|
Term
| How long is an association required to keep accounting records? |
|
Definition
|
|
Term
| Condos, coops and HOA's must prepare an annual financial report within |
|
Definition
A specific period after close of association fiscal year.
|
|
|
Term
| Condo Act and Coop Act prohibit comingling of reserve funds with operating funds except for |
|
Definition
|
|
Term
|
Definition
| Investment of Fiduciary Funds |
|
|
Term
Association may place a lien on a unit for all unpaid assessments.
In condo or coop, association must provide ___ days notice.
In HOA, association must provide ___ days notice.
|
|
Definition
|
|
Term
If a unit is occupied by lessee and the member is delinquent in payment of monetary obligation, the association may demand that
|
|
Definition
| The lessee pay the association any future monetary obligations to the unit. |
|
|
Term
Association must mail notice to member detailing demand and copy the lessee. Lessee's liability may not exceed
________________
|
|
Definition
| The amount due from lessee to landlord |
|
|
Term
Lessee paying the association in response to written demand is immune from
_______________ |
|
Definition
| Any legal claims by member. |
|
|
Term
| Associations should develop written collection policies and distribute them to membership. Components of the collection policy should include: |
|
Definition
Assessments/ charges that the member routinely pays.
Frequency of due date for fees.
Date after which the payment is considered late.
Consequences for late payments.
|
|
|
Term
True or False
Assessments provide for the majority of an association's operating funds |
|
Definition
|
|
Term
| Surplus income in special assessments may be: |
|
Definition
-refunded to members
-used to offset future assessments in operating budget
- transferred to one or more reserve accounts
- used to offset future special assessments |
|
|
Term
| Surplus income in operating budget may be: |
|
Definition
Used to reduce the following year's assessments
transfered to one or more reserve accounts |
|
|
Term
| Common surplus/ net income means |
|
Definition
| Excess of all revenues of association over expenses. |
|
|
Term
| If board adopts budget which increases the assessments by more than 15% over prior year assessment, the condo and coop acts provide that ____% of voting interest are entitled to petition the board to do what? |
|
Definition
10%
Call a special membership meeting to reconsider and adopt a substitute budget |
|
|
Term
Developer must pay a fee at the time that he files any required documents with the DBPR.
-New Condos/ Coops?
-Timeshares?
-Mobile Homes? |
|
Definition
New Condos/Coops $20 per unit
Timeshares $2 per 7 day period that each unit will be occupied, but not more than $25,000
Mobile Homes $10 per lot but not less than $100 |
|
|
Term
|
Definition
Every corporation must file an Annual Corp. Report and pay an annual fee of $61.25 (not for profit)
or $150.00 (for profit) to the Secretary of State.
Report is due May 1 of every year and must be accurate as of the date executed. |
|
|
Term
| Second notice of annual meeting/ election must be sent no less than ____ days and no more than ___ days |
|
Definition
|
|
Term
True or False
No less than 35 days prior to the election, candidate may provide to the association an info sheet. This is not required. |
|
Definition
|
|
Term
| Minimum number of Condo Board members is |
|
Definition
If there are 5 or fewer units, 3
If more than 5 units, 5 |
|
|
Term
True or False
Ballots must be disqualified if
-the outer envelope is not signed
-there is no inner envelope containing a ballot
-if more than the max # of candidates are voted for
-if it cannot be determined for whom the votes were cast
or
-or if more than one ballot was submitted in the envelope
|
|
Definition
|
|
Term
True or False
HOA member meetings require a quorum of 30% of the TVI unless a different number is provided in the bylaws |
|
Definition
|
|
Term
| Since April 1, 1992, Florida requires all community associations to be _________ |
|
Definition
|
|
Term
A person or management firm desiring to manage a CIRA
must be licensed if the property has: |
|
Definition
| More than 10 units or if the budget exceeds $100,000 |
|
|
Term
CAM license is valid for how long?
When does it begin and when does it expire? |
|
Definition
2 years
Begins October 1 of even number years
Expires September 30 of even number years |
|
|
Term
| What are the continuing education requirements to maintain a CAM license? |
|
Definition
20 hours of continuing education every two years.
Excempt for the first term. |
|
|
Term
|
Definition
| Implement the policies and procedures of the association through and by the direction of the BOD |
|
|
Term
| What fees do HOA's pay to the DBPR? |
|
Definition
| HOA's do not pay fees to the DBPR as they are not regulated by them. |
|
|
Term
| If an association pays after the late date, The DBPR assesses a ____ late fee and the association is ___________ |
|
Definition
10%
prohibited from filing or defending cases in court. |
|
|
Term
| _______ elect a _______ of the entity to operate and govern the community |
|
Definition
Members
Board of Directors |
|
|
Term
The _______ of a property does not define the type or legal structure of a community association.
One must examine the ______ to ascertain the type or legal structure of the association. |
|
Definition
|
|
Term
| A community association may be _____ or _____ |
|
Definition
| Commercial or Residential |
|
|
Term
| Community Associations are often referred to as _______ |
|
Definition
| Common Interest Realty Associations |
|
|
Term
True or False
Volunteer directors and officers may manage the property, and Florida does not require them to be licensed. |
|
Definition
|
|
Term
True or False
An association can self manage and is never required to hire a manager or management company no matter how many units the association has. |
|
Definition
|
|
Term
| A CAM is required to adhere to __________ and should avoid _________ |
|
Definition
certain standards of conduct
potential conflicts of interest |
|
|
Term
| The Board has specific rights and responsibilities, as granted by _______ ________ and defined in the association's _______ _______ |
|
Definition
Florida Statutes
Governing Documents |
|
|
Term
|
Definition
The developer files the Articles of Incorporation with the Florida Dept. of State & recorded in the county where the coop is located.
Developer required to file recording info with the DFCTSMH within 30 days of creation. |
|
|
Term
|
Definition
| Homeowner's Association Act |
|
|
Term
True or False
If a community association has a minimum of 50 units or a budget in excess of $100,000, it must hire a certified CAM |
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| Sole responsibility is to receive legal service on behalf of association. |
|
|
Term
|
Definition
The Corporate Act
Provides laws governing for profit corporations.
(Most associations are not for profit or conduct themselves as not for profit) |
|
|
Term
| Managers should work closely with the association attorney to |
|
Definition
| aid the association to ensure it follows all legal requirements |
|
|
Term
CAM and management firms may face disciplinary action for certain acts or omissions which may result in penalties from
__________________ |
|
Definition
| Reprimand to Revocation of license |
|
|
Term
| The hierarchy of our legal system is: |
|
Definition
Federal
State
County
City
Association |
|
|
Term
| What two requirements must be met if a director or officer manages the property for remuneration? |
|
Definition
He/She must have a CAM license
and
The association's documents must expressly permit payment of officers and or directors. |
|
|
Term
Florida requires that individuals and management firms who provide specific services to community associations be licensed under certain circumstances.
Licensing is designed for what purpose? |
|
Definition
| To protect the public and to create a platform whereby the industry can evolve and improve it's services. |
|
|
Term
Effective Jan. 1, 2009, management firms must be licensed. How long is a firm's license valid for?
When does it begin? When does it expire? |
|
Definition
2 years
Begins October 1 of odd number years
Expires September 30 of odd number years |
|
|
Term
The Board must operate the association within current
______ _______
and it's legal _______ |
|
Definition
Applicable statutes
documents |
|
|
Term
Community associations are both ______
and ______ |
|
Definition
| Businesses and Communities |
|
|
Term
Community associations have ______
to manage and operate the association (usually a not for profit corp.) under
FS ___
or
FS ___ |
|
Definition
Entities or Corporations
FS 607
or
FS 617 |
|
|
Term
| Community Associations have three specific requirements: |
|
Definition
Membership is mandatory
Members have the right to vote
An assessment, if unpaid, can become a lien on the member's property. |
|
|
Term
|
Definition
A promise to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract.
The surety bond basically protects the obligee against losses resulting from the principal's failure to meet the obligation. |
|
|
Term
Assessments are based on either
__________
or
__________ |
|
Definition
Equal per unit
or
percentages recorded in the docs |
|
|
Term
| Surplus income in special assessments may be: |
|
Definition
-Refunded to members
-Used to offset future assessments in operating budget
-transferred to one or more reserve
-Used to offset special assessment not yet enacted |
|
|
Term
| Surplus income in operating budget may be: |
|
Definition
-Used to reduce the following year's assessment
-Transferred to one or more reserve accounts |
|
|
Term
| Insurers issue insurance based upon exposure or risk the association believes it has such as: |
|
Definition
Property
Income
Liability
Personnel |
|
|
Term
Even if association's documents are silent on insurance, board must exercise _______ ________ ______
under common law |
|
Definition
| Prudent business judgement |
|
|
Term
| Directors and officers are presumed to know requirements of their positions including _______ and applicable laws relating to ______ |
|
Definition
|
|
Term
| An association's responsibility to acquire insurance for association, common elements and other assets is not ________________ |
|
Definition
| necessarily spelled out in Florida Statutes |
|
|
Term
True or False
Statutes on requirements for every association are pretty much the same. |
|
Definition
|
|
Term
| Who oversees insurance issues? |
|
Definition
Office of insurance regulation in Office of CFO
and
Dept of Financial Services |
|
|
Term
True or False
Condos must insure specific portions of association property and members must insure certain other elements |
|
Definition
|
|
Term
| Associations unable to obtain windstorm insurance through private market may insure through: |
|
Definition
Citizen's Property Insurance Corp.
(a state organized insurer) |
|
|
Term
| Windstorm providers may offer discounts for: |
|
Definition
| New or Well maintained roofs and protected building openings |
|
|
Term
| Associations may obtain flood insurance through |
|
Definition
Federal Emergency Management Agency
(FEMA) |
|
|
Term
| Liability insurance pays for: |
|
Definition
| Legal defenses and damages resulting from a legal claim or judicial obligation because of a legal violation the Community Association is alleged to have committed. |
|
|
Term
| Worker's Compensation provides coverage for: |
|
Definition
| Employees, directors, and other volunteers who are injured during the performance of their duties. Medical expenses and lost wages. |
|
|
Term
| Unemployment Compensation provides |
|
Definition
| insurance for employees who become unemployed by association. |
|
|
Term
| Directors and officers liability insurance protects |
|
Definition
| officers, directors, employees and other volunteers who may be sued for their actions or inactions in performance of their duties on behalf of association. |
|
|
Term
| Managers may wish to purchase error and omissions insurance to protect against claims resulting from |
|
Definition
an action or inaction related to operations of association.
It covers suits from employers alleging negligence or failure to properly perform job duties. |
|
|
Term
| Fidelity Bond protects association from |
|
Definition
| Acts of dishonesty by employees, directors, officers and other volunteers who have control over association's funds. |
|
|
Term
| Performance and payment bonds and bonds for labor and materials protect against: |
|
Definition
| Failure to complete work or to pay subcontractors and suppliers, respectively, if contractor fails to pay them. |
|
|
Term
Define Community association
|
|
Definition
| A community association is a real or personal property that is owned by two or more entities with a legally binding agreement (covenant) to share responsibility and costs for maintenance and administration of the property, assets, and association and with specific rights granted to the members. |
|
|
Term
|
Definition
| Not for Profit Corporate act |
|
|
Term
| The not for profit corporate act was created to |
|
Definition
| provide a means where an organized entity could benefit from corporate safeguards and centralized administration but without the intention of making a profit. (limited liability) |
|
|
Term
| What happens if funds are not set aside for reserves? |
|
Definition
Association will need to special assess or
borrow money to pay for the repair or replacement |
|
|
Term
| Condo and Coop Act require that associations include in their proposed budget reserves for |
|
Definition
| painting, pavement resurfacing, roof replacement and any deferred or capital maintenance item anticipated to cost more than $10,000 |
|
|
Term
All associations have "______ restrictions" in documents.
These restrictions vary from community to community- manager cannot _________ |
|
Definition
Use
Assume all communities are the same. |
|
|
Term
True or False
An association may take a member's right to access his unit and right to park. |
|
Definition
|
|
Term
No fine may exceed $____
per violation. If docs, specify a lesser amount, the documents prevail. |
|
Definition
|
|
Term
| A fine may be levied for each day of a continuing violation per day- up to a maximum of $___ for the same violation |
|
Definition
|
|
Term
True or False
Florida law requires all corporations to have a registered agent and registered office. |
|
Definition
|
|
Term
True or False
In theory, a wel maintained property will help keep maintenance/ assessments lower. |
|
Definition
|
|
Term
|
Definition
| Maintenance or repair performed less frequently than yearly and which will result in maintaining or extending the useful life of an asset. |
|
|
Term
True or False
Unless the governing documents require a membership vote, the board may approve a special assessment. |
|
Definition
|
|
Term
| ______ usually has all powers normally vested in CEO of a corporation. ________ may limit these powers. |
|
Definition
|
|
Term
| No meeting may be held without the ________ present. The ________ is the official keeper of the association. |
|
Definition
|
|
Term
| Any gathering of a quorum of the board for the purpose of conducting business is __________ |
|
Definition
|
|
Term
| Who develops the association budget? |
|
Definition
|
|
Term
Committes can do what?
May not do what? |
|
Definition
advise the board/make recommendations.
take the place of a licensed professional. |
|
|
Term
True or False
Common expenses for an HOA must include fees for the DBPR |
|
Definition
|
|
Term
| Fine committee must provide no less than ___ days notice to alleged violators. |
|
Definition
|
|
Term
| Board's authority to appoint and delegate power to committees is governed by the |
|
Definition
|
|
Term
| Developer controlled board operates association until control is transferred or turned over to |
|
Definition
|
|
Term
| Florida statutes provides guidelines and requirements for certain association equipment and services including: |
|
Definition
Pool
Fire/Life Safety
Elevators
Pest Control
Security Guards |
|
|
Term
|
Definition
|
|
Term
|
Definition
| entitle contractors to certain relief if an entity fails to pay contractor for work performed. |
|
|
Term
| to be entitled to collections under law, contractor must have |
|
Definition
|
|
Term
| Community associations are governed by many |
|
Definition
| Federal laws, State Statutes and local ordinances |
|
|
Term
True or False
American Disabilities Act gives civil rights protections to individuals with disabilities similar to those provided to individuals on basis of race, color, sex, national origin, age and religion |
|
Definition
|
|
Term
True or False
Common Elements of community associations can be considered public accomodations |
|
Definition
|
|
Term
| ADA ensures that all states comply with standard requirements for: |
|
Definition
|
|
Term
True or False
Federal Fair Housing Act prohibits housing discrimination based on race, color, religion, sex, disability, familial status and national origin |
|
Definition
|
|
Term
| Federal Fair Housing Act requires that associations make ______ ______ in policies and operations to offer disabled individuals equal housing opportunities. |
|
Definition
|
|
Term
|
Definition
No smoking in enclosed indoor workplace.
No smoking at meetings or restrooms.
|
|
|
Term
| Common elements of community associations are considered |
|
Definition
|
|
Term
| Towing without consent of owner is subject to ______ _____ of local government may require permitting and inspection of ______ prior to authorizing any towing of vehicles or vessels. |
|
Definition
|
|
Term
| Any person using automated external afibrillator device on someone due to medical emergency (so long as indivudual does not object) _________________ |
|
Definition
| Will be immune from civil liability |
|
|
Term
| HOA parcel owner may display a sign of reasonable size provided by a contractor of security services within ___ ft. of entrance to home. |
|
Definition
|
|
Term
___________ __________
serves as command and control center of the association |
|
Definition
|
|
Term
| Association should determine number and type of staff by |
|
Definition
| amount and type of work performed in the office |
|
|
Term
True or False
Community association office function and activities can be performed either on or off site or both.
|
|
Definition
|
|
Term
True or False
Association offices must post mandatory Department of Labor and other governmental agency notices. |
|
Definition
|
|
Term
| Majority of activities in the office include: |
|
Definition
| Responding to inquiries, suggestions, complaints and requests for services from members/ residents |
|
|
Term
True or False
Original and revised building plans and active warranty documents should be retained. |
|
Definition
|
|
Term
| Office Records of community associations must be maintained within the |
|
Definition
|
|
Term
| Condo and Coop associations must make records available to member within ____ days after receipt of written request. |
|
Definition
|
|
Term
| HOA associations must make records available to members within ____ days of receipt of written request. |
|
Definition
|
|
Term
Condos and Coops may charge $___ per copy
HOA's may charge $___ per copy |
|
Definition
|
|
Term
| Condos and Coops have the right to access units when & for what reasons? |
|
Definition
During reasonable hours, Condo & Coop may access a unit, provided with reasonable notice
for things such as maintenance of the unit, repairs, replacement of common elements during emergencies or to prevent damage. |
|
|
Term
| Timeshares are subject to provisions in FS ____ |
|
Definition
|
|
Term
| FS 721 also recognizes tourism as a vital part of ____ _____ _____ |
|
Definition
|
|
Term
| If a timeshare is also a condominium or cooperative, it must meet requirements of FS 721 and either ____ ____ as applicable |
|
Definition
|
|
Term
| Timeshare act creates manner in which to calculate use of timeshare units (in term of days) with a maximum no greater than ____ days in a 12 month period |
|
Definition
|
|
Term
|
Definition
Mobile Home Park
Mobil Home Subdivision |
|
|
Term
| FS 723 does not apply to: |
|
Definition
| temporary living quarters such as recreational camping/travel use. |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
True or False
MHPO is a member of the mobile home association. |
|
Definition
|
|
Term
True or False
MHPO has right to access mobile homes at all times. |
|
Definition
False
The MHPO may only enter if consent has been given by the MHO
& only to prevent imminent danger |
|
|
Term
True or False
MHO is required to move if there is a change in the use of land |
|
Definition
|
|
Term
True or False
MHPO is required to pay Florida Mobile Home Relocation Corp. if there is a change in use of land. |
|
Definition
|
|
Term
| _____ _____ and _____ _____ are essential in developing and retaining staff |
|
Definition
| Constant communication and Positive Reinforcement |
|
|
Term
| A typical HRM system includes: |
|
Definition
Employee Handbook
Job description
Compensation/ Benefits Program
Employment Records |
|
|
Term
| Human Resources includes: |
|
Definition
establishing HRM systems
Complying with laws and regulations
recruiting, screening and selecting employees
training employees
evaluating work performance
Establishing work objectives
Supervising employees
terminating employees |
|
|
Term
| Human Resource mananagement is the process of |
|
Definition
| planning, organizing and controlling an association's HR to achieve the association's goals |
|
|
Term
| _______ appoints the first board |
|
Definition
|
|
Term
| Developer's voting rights should be defined in the ______ |
|
Definition
|
|
Term
Recission Periods
Condo/ Coop: New____
Resale____
Timeshares: New _____
Resale _____
HOA: New ____
Resale ____
Mobile Homes: New: ____
Resale: _____ |
|
Definition
Condo/ Coop New: 15 days
Resale: 3 days
Timeshares: New & Resale: 10 days
HOA's: New & Resale: 3 days
Mobile Homes: 15 days
15 days |
|
|
Term
| Every community association has one or more classes of members, who are _____ or ______ ______ of the property. |
|
Definition
Shareholders
Equitable Owners |
|
|
Term
| A quorum of Board of Directors is required for election of |
|
Definition
|
|
Term
| What officer/ bd position is required at a meeting? |
|
Definition
|
|
Term
Board of Directors make the ____ of the association.
Officers and agents ______ ______ these policies.
All officers, directors and agents hold a position of _____ in association. |
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Definition
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Term
| President and secretary must be two different people because the secretary may be required to certify the president's _____ on documents |
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Definition
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Term
| Unless additional days notice is required in the docs, all associations must provide no less than ____ days written notice of the annual meeting. |
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Definition
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Term
Special condo and HOA meeting provisions
If 20% of TVI petition's the board to address item at either member or board meeting, board must do what? |
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Definition
Within 60 days after the receipt of petition, place item on agenda at special member meeting or board meeting.
Board must give all members 14 days notice of meeting at which petitioned item will be addressed. |
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Term
| Board member eligibilities? |
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Definition
Must be a natural person
Must be 18 or older
Not be a convicted felon who's right to vote has not been restored in the jurisdiction of his residence or of the association. |
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Term
Certain associations must also pay a fee to the DBPR, DFCTSMH trust fund.
Explain the amounts paid per year and when the fees are due and late. |
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Definition
Condo/ Coop $4per unit
due Jan. 1 and late after March 1
Timeshares $2/7 day period of occupancy
due Jan. 1 and late after March 1
Mobile Home $4 per lot no less than $100
due October 1 and late Dec. 31 |
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Term
| Agencies that regulate cam licensing are: |
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Definition
| Division of Professionals in the DBPR and a 7 Member Regulatory Council of Community association managers appointed by the Governor and confirmed by the senate. |
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Term
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Definition
| Zoning entails the regulation of land uses and buildings. |
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Term
| Documents required when converting a building to a condo or coop? |
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Definition
Statement of existing conditions
Engineering report
other disclosures. |
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Term
| Building maintenance and replacement report attests to the _____ and _____ of common elements. |
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Definition
useful life
replacesment costs. |
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Term
| When the developer creates a budget, if there are no reserves, the budget must stipulate _________? |
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Definition
| a disclosure stating that a significant special assessment may occur. |
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Term
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Definition
| Pertains to engineering report and disclosures |
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Term
| Association has the right to screen prospective tenants, members and guests only if ______ |
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Definition
| provided in the documents |
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Term
True or False
Association needs to have rule defining when guest becomes a resident and requires screening. |
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Definition
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Term
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Definition
| Pertain to developer creating a Q & A sheet |
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Term
Removal of Directors
3 ways |
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Definition
Resignation- member resigns
Recall
Automatic Removal- owner sells or transfers ownership of unit. |
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Term
| Voluntary resignation by a board member may not be: |
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Definition
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Term
| Board member automatic removal |
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Definition
member sells or transfers ownership of unit.
late by 90 days in assessments/ money owed to the association |
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Term
Board member recall may occur at any time with or without ____
A vote of _____ the TVI |
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Definition
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Term
| Board member may be recalled by an agreement in _____ or by written _____ without a membership meeting. |
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Definition
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Term
| Minutes of meetings must be kept in writing or a form capable of being converted to written form within |
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Definition
| A reasonable amount of time. |
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Term
| A condo or coop must reduce minutes of any meeting within ____ days of the meeting |
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Definition
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Term
| Condo/ Coop have the right to access units |
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Definition
During reasonable hours
with reasonable notice
for maintenance, repairs, replacement of common elements
During emergency or to prevent damage |
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Term
Condo/ Coop may charge $____ per copy
HOA may charge $____ per copy |
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Definition
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Term
Condo/Coop association must make records available to member within ____ days after the receipt of written request.
HOA's must do so within ____ days |
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Definition
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Term
| Official records of Community association must be maintained within the _____ |
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Definition
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Term
True or False
Original and revised building plans and active warranty documents should be retained. |
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Definition
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Term
True or False
Association office must post mandatory Dept. of Labor and other governmental agency notices.
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Definition
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