Chapter 2

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Author:
S
ID:
226948
Filename:
Chapter 2
Updated:
2013-07-13 12:41:36
Tags:
Creation Sale Regulation Community Associations
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Description:
To understand the local ggovernment conditions that affect creation of a community association
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  1. What factors influence the type of community association that may be developed on a parcel of land and how is the community association created?
  2. a. What is a prospectus and what should it include?
    b. What are disclosures?
    c. What is a rescission period?
    d. Provide the rescission periods for new condos, coops, HOAs, timeshares & mobile home parks.
    e. Provide the rescission periods for resale of condos, coops, HOAs, timeshares & mobile home pars.
    • a. (Public Offering Statement): Formal offering document, summarizing terms and conditions of sale, escrow requirements, use restrictions, assessments and changes, and other pertinent info.
    • b. Statement describing information required for each type of community association, such as restrictive covenants and rules and regulations, and furnishing other important details of which a prospective purchaser should be aware.
    • c. A time frame after receiving all documents to recinde the contract without penalty.
    • d. on chart.
  3. What do we mean when we talk about an association's documents?
    Legal documents address use of the land and administration, maintenance and operation of property.
  4. a. Name 10 documents required for a new condo or coop.
    b. What document is not required for a cooperative that is required for a condo.
    c. Name 7 documents required for a new HOA.
    d. Name 5 documents required for a resale of a condo or coop.
    Chart on page 25
  5. Explain the primary difference between a mobile home community association and a condo association.
  6. What must the engineer's report include for a conversion? For new condos?
    • Date and type of construction
    • Prior use of building
    • Conditions of components to include: age, estimated remaining life, structural and functional soundness, estimated current replacement cost (as total amount and as per unit amount based upon unit's % share of expenses.
    • If termite damage or infestation.
    • If so, how to treated
  7. What questions are included in the condo/coop "FAQ & Answer sheet?"
    • What are my voting rights?
    • What restrictions exist in the documents on my right to use my unit?
    • What restrictions exist in the documents on the lease of my unit?
    • How much are my assessments to the association for my unit type and when are they due?
    • Do I have to be a member in any other association? If so, what is the name and what are my voting rights and how much are the assessments?
    • Am I required to pay rent or land use fees for recreational or other commonly used facilities? If so, how much am I obligated to pay annually?
    • Is the association or other mandatory membership association involved in any court cases in which it may face liability in excess of $100K? If so, identify each case.
  8. What are the fees the developer must pay and to whom does he pay them for:
    a. Condo
    b. Coop
    c. HOA
    d. Timeshare
    e. Mobile Home
    • a. $20 per unit, one time fee, due when documents are submitted. Condo- Clerk of the Court/Coop-SOS
    • b. same
    • c. HOA are not regulated by the DBPR
    • d. $2 per every 7 days that a unit will be occupied , paid at time documents filed. DBPR
    • e. (park owner) $4/lot on which a mobile home can/will be placed
  9. What are the fees paid by the following existing association and to whom?
    a. Condo
    b. Coop
    c. HOA
    d. Timeshare
    e. Mobile Home
    • a. $4/ unit/year
    • b. same
    • c. HOAs not regulated by DBPR
    • d. $2/7 days that unit will be occupied
    • e. (park owner) $4/lot on which a mobile home can/will be placed
  10. What state agency regulates condo associations? Does this entity regulate other associations? If so, which ones?
    • Department of Business and Professional regulation (DBPR) through the┬áDivision of Florida Condominiums, Timeshares & Mobile Homes (DFCTSMH)
    • Yes, Coops, Timeshares and Mobile Homes
  11. What are the qualifications and responsibilities of the Ombudsman?
    • Must be and atty admitted to practice before the FL Supreme Court.
    • Serves as an advocate for the rights and responsibilities of members, associations and board members. Also monitors and review procedures and disputes regarding condo elections or meetings and facilitate enforcement if election misconduct is apparent.
  12. Explain what the Community Association Living Counsel does. Who appoints its members?
    • Receive public input regarding issues of concern with respect to community association living.
    • Two members appointed by the President of the Senate.
    • Two members appointed by Speaker of House
    • Three members appointed bye Governor.

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