Florida Condominium and Property Management Certification Quiz

1. Cooperative ownership means:

B. Ownership of the common elements is with the cooperative

A. Legal

C. Membership in the association includes the rights to use the individual unit

Cooperative ownership involves legal title of the unit being vested in the cooperative, ownership of common elements with the cooperative, and membership rights to use individual units. This type of ownership is based on a shared model where all members collectively hold ownership and are able to use the property.

Explanation

Cooperative ownership involves legal title of the unit being vested in the cooperative, ownership of common elements with the cooperative, and membership rights to use individual units. This type of ownership is based on a shared model where all members collectively hold ownership and are able to use the property.

2. Condominium Ownership is distinguished from other ownership by three distinct parts: Join ownership of the common elements, exclusive ownership of a single unit and:

Membership in the Association

Unlimited use of the common elements

Access to all units under some circumstances

Use of and limited common Elements

Condominium ownership includes ownership of a single unit, joint ownership of common elements, and membership in the homeowner's association, which governs the condominium complex.

Explanation

Condominium ownership includes ownership of a single unit, joint ownership of common elements, and membership in the homeowner's association, which governs the condominium complex.

3. Under the mandatory homeowner's association concept, when does the owner of a unit become a member of the association?

When he pays his maintenance fee

Automatically

When he elects to become a member

When he attends the first owners meeting

In a mandatory homeowner's association concept, the owner of a unit automatically becomes a member of the association by virtue of owning a property within the association's jurisdiction.

Explanation

In a mandatory homeowner's association concept, the owner of a unit automatically becomes a member of the association by virtue of owning a property within the association's jurisdiction.

4. In order to authorize a condominium time share, the law requires it to be approved in the _______

Declaration of Condominium

Local Ordinances

By laws

Article of incorporation

5. What is a form of joint ownership of real property where legal title is vested in a corporation and evidenced by an ownership interest in the association?

Condominium

Cooperative

Time Share

Mobile Home

A condominium is individual ownership of a unit in a multi-unit property. A time share is a property ownership arrangement where multiple individuals have the right to use a property at different times. A mobile home is a type of housing that can be moved from one location to another.

Explanation

A condominium is individual ownership of a unit in a multi-unit property. A time share is a property ownership arrangement where multiple individuals have the right to use a property at different times. A mobile home is a type of housing that can be moved from one location to another.

6. FS 21 requires that a copy of the budget be submitted to the Division for review within _______ days after the beginning of the fiscal year.

B. 15

A. 10

C. 90

D. 30

The correct answer is D. 30. This is the specific time frame mentioned in FS 21 for submitting the budget to the Division for review after the start of the fiscal year.

Explanation

The correct answer is D. 30. This is the specific time frame mentioned in FS 21 for submitting the budget to the Division for review after the start of the fiscal year.

7. If the association hire a manager and it has more than ___ units or its annual budget is in excess of ___. It must have a licensed community manager.

A. 30 $100,000.

D. 30 $200,000.

B. 50 $200,000.

The correct answer is C, as the condition states that the association must hire a licensed community manager if it has more than 10 units or an annual budget exceeding $100,000. Options A, B, and D do not meet both criteria mentioned in the question.

Explanation

The correct answer is C, as the condition states that the association must hire a licensed community manager if it has more than 10 units or an annual budget exceeding $100,000. Options A, B, and D do not meet both criteria mentioned in the question.

8. What Statute establishes the general powers which all corporation possess when organized in the State of Florida?

718

617

719

607

In Florida, the general powers that all corporations possess when organized are established under Statute 607. Options 617, 718, and 719 do not pertain to this specific aspect of corporation powers in the State of Florida.

Explanation

In Florida, the general powers that all corporations possess when organized are established under Statute 607. Options 617, 718, and 719 do not pertain to this specific aspect of corporation powers in the State of Florida.

9. A condominium is a form of _______ ownership of an undivided share of common elements.

Individual

Joint

Severally

Common

A condominium is a form of joint ownership where each individual owns a share of common elements in addition to owning their individual unit.

Explanation

A condominium is a form of joint ownership where each individual owns a share of common elements in addition to owning their individual unit.

10. Which of the following are not matches

468 Community Association Managers

607 General Corporation Act

719 Cooperatives

The correct answer is 721 because Mobile Homes do not match with the other options which all relate to different types of associations or acts.

Explanation

The correct answer is 721 because Mobile Homes do not match with the other options which all relate to different types of associations or acts.

11. Under Chapter 723, Mobile home owners are authorized to create a mobile home owners association. All of the following are applicable except:

Must have at least one meeting per year

May levy assessment

Requires unanimous consent to form the association

Renter have the right of first refusal

In this case, the incorrect answers provided are actually applicable under Chapter 723, except for the requirement of unanimous consent to form the association.

Explanation

In this case, the incorrect answers provided are actually applicable under Chapter 723, except for the requirement of unanimous consent to form the association.

12. Chapter 701 applies to all:

Corporations not for profit

Condominiums

Corporations for profit

Cooperatives

Chapter 701 specifically pertains to condominiums and not the other options mentioned. Cooperatives, corporations for profit, and corporations not for profit fall under different regulatory frameworks.

Explanation

Chapter 701 specifically pertains to condominiums and not the other options mentioned. Cooperatives, corporations for profit, and corporations not for profit fall under different regulatory frameworks.