Term
| Why does a recorded declaration suffice as a building restriction? |
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Definition
| all that is needed to create enforceable building restrictions or easements is a recorded document that gives public or constructive notice of the restrictions or easements |
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Term
The developer can retain the right to modify the restrictions.
T/F |
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Definition
| False...this may destroy the general plan and render the restrictions unenforceable |
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Term
The declaration does not have to be recorded before any deed or mortgage is recorded.
T/F |
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Definition
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Term
| Why can an easement not be given as a dedication in a PUD? |
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Definition
| A dedication is giving of rights to the public, this word has no place in the creation of private rights |
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Term
| In regards to condos and PUDs what liens are present? |
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Definition
| the lien of the mortgage on the individually owned parcel and then lien of the assesments |
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Term
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Definition
| land cannot be tied to restrictions forever |
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Term
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Definition
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Term
| A declaration of covenants, conditions, and restrictions is recorded to..... |
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Definition
- set forth the rules governing the property
- create an association that may hold title to the common areas
- provide that membership in the association is automatic upon the purchase of a unit
- establish voting rights and the rights of the owners to use the common areas
- set out the obligation of unit owners to pay assessments to defray expenses for the maintenance of the common areas and state that such assessments area lien on the unit until paid
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Term
| What does the plat identify? |
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Definition
- property to be transfered to public agencies, such as any proposed streets
- the individual home sites
- the common areas to be transfered to the HOA
- any other parcels to be kept by the developer or transfered to others
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Term
| Regarding townhomes, why does the condominium form of ownership have an advantage over the conveyance of fees? |
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Definition
| The condo offers a defined body of law and documentation governing the use and occupancy as time goes by |
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Term
| When purchasing a unit in a condo, what are you really purchasing? |
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Definition
| Unit plus the percentage of interest in the common elements assigned to that unit |
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Term
| What are the basic documents involved in a condominium? |
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Definition
- Declaration
- Amendments to Declaration
- Deed
- Bylaws
- Rules and Regulations
- Corporate Charter or Articles of Incorporation
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Term
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Definition
| basic constitution: spells out the extent of the interest that each purchaser acquires and the rights and liabilities of the unit owners |
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Term
| What is the last act in the creation of a condominium? |
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Definition
| Recording of the declaration |
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Term
| State laws require the declaration to contain the following: |
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Definition
- Name of condo
- Description of property
- Description of each unit
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Term
| Three methods by which a unit of air space can be described: |
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Definition
- Subdivision plat method
- Land and apartment survey
- Floor Plan method
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Term
| What controls the internal government of the condo? |
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Definition
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Term
| The _________ promotes the communal nature of the condo. |
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Definition
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Term
The bylaws alone create the HOA for the condo
T/F |
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Definition
| False-The corporate charter or articles of incorporation along with the bylaws, not-for-profit corporation law, and state condo law gives the power to the HOA |
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Term
The articles of corporation would be like a ________, the bylaws would be like the ________, and the rules would be like _________. |
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Definition
The articles of corporation would be like a constitution, the bylaws would be like the statutes, and the rules would be like administrative policies.
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Term
| What should establish the assessment procedure and a collection mechanism? |
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Definition
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Term
| Two ways to collect tax money from condo owners: |
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Definition
- Tax Collector sends the tax bill to the HOA and then they assess the owners
- The tax collector can prorate the common areas tax and add it to each individual condos tax
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Term
| What case stated that any business involving someone investing money now, or order to receive a gain later, is considered a security? |
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Definition
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Term
| Three basic formats used to allocate time share ownership rights: |
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Definition
- Time span or tenancy-in-common format: the buyers are deeded an undivided interest in a particular unit as tenants in common with other buyers of the unit
- Interval ownership format: purchasers are granted an estate for years for the agreed time period each year...lasts for expected useful life
- Vacation license: the developer retains ownership and agrees to allow the buyers to use the premises for a stated period for a given number of years
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Term
| Compare Condo vs Time Share |
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Definition
Condo:
100 units
$500,000 each
100 units x $500,000= $50,000,000
Time Share:
100 units
Sold 50 times per year
$40,000 each unit
$40,000 x 50 times x 100 units=$200,000,000 |
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Term
| What is the difference between a condominium and a cooperative? |
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Definition
Condo: buyer receives a deed
Cooperative: buyer receives shares of stock in the corporation that owns the building and a lease or an assignment of the seller's lease of the apartment being sold |
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Term
Contracts with builders: Fixed Price
What is disadvantage |
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Definition
| builders make a contract to build at a set price.......if the price is becoming higher than the fixed amount, the builder may cut corners |
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Term
Contracts with builders: Cost plus a %
.....Disadvantages |
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Definition
| The buyer pays for all the costs of construction and then pays the builder a percentage of the cost.........the builder has an incentive to make the construction cost high, so they get more commission |
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Term
Contracts with builders: Fixed Builder's Fee
....disadvantages |
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Definition
| The buyer pays a flat fee to the builder and also pays all of the costs....places the burden of extra costs on the buyer |
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Term
| In a mechanics lien, what is the name of the person furnishing the work or material? |
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Definition
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Term
Lienable work and materials must become a permanent part of the building structure.
T/F |
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Definition
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Term
| If substantial completion is not achieved, what are the consequences? |
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Definition
- Accept as adequate replacement
- Accept as substantial performance but reserve the right to deductions
- Take occupancy since it is on their land, but refuse to pay.... judgments vary but usually side with builder
- Demolish and refuse to pay...most states side with buyer
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Term
| The four steps to prove negligience |
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Definition
- There must be a legal duty
- Breach of the legal duty
- Someone was injured because of the breach
- The breach causes the damage
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Term
There is no time frame to prove negilgence.
T/F |
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Definition
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Term
Cities can pass zoning laws that completely ban mobile homes.
T/F |
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Definition
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Term
| Tenant makes a verbal agreement with the owner for the rental of an apartment, pays the first month's rent, and later moves in. This is a _____ |
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Definition
| Tenant from month to month |
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Term
Tenant signs a written agreement with the owner for the rental of an apartment, for one year, and later moves in. This is a _____
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Definition
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Term
In the case of periodic tenancy, no notice is needed to terminate the tenancy.
T/F |
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Definition
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Term
| What is the most common way for a Tenancy from Year to Year to be created? |
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Definition
| When a lease for a year or more has expired and the tenant continues in possession paying rent |
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Term
| Difference between an assignment and a sublease |
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Definition
Assignment: tenant transfers all interest
Sublease: transfer of some interest
Transferor=Assignor=Sublessor
Transferee=Assignee=Sublessee |
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Term
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Definition
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Term
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Definition
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Term
| If there is no written lease, what regulates the tenants rights? |
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Definition
| Florida Statutes at chapter 83 part 2. |
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Term
The Landlord-Tenant Law prevails over what the lease says.
T/F |
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Definition
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Term
| the landlord must return the full amount of the deposit within (_) days after the tenant leaves the dwelling or give the tenant written notice of why some or all of it won't be returned within thirty (_) days after the tenant leaves the dwelling. |
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Definition
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Term
| Can a landlord lock a tenant out or cut off their utilities? |
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Definition
NO
A landlord engaging in this type of prohibited practice may be liable to the tenant for damages in the amount of three months rent or actual damages whichever is higher. |
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Term
| To be Livable...what must a dwelling have? |
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Definition
- Working plumbing
- Hot water and heating
- Reasonable security
- Working and locking doors and windows
- Free of pests
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Term
| what is a constructive eviction? |
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Definition
| When the landlords conduct makes the premises unlivable or part of the property becomes unusable...the tenant can move out and not be liable for rent |
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Term
| Before rent is withheld, the tenant must give the landlord (-) days written notice of the problem so the landlord can fix it. |
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Definition
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Term
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Definition
| Residential.....Race, Color, Religion, National Origin |
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Term
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Definition
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Term
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Definition
| Children under the age of 18 live with parents(gurdian)...including pregnant |
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Term
| Who sets the millage rates? |
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Definition
- County Commission
- City Commission
- School Board
- Special District
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