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Cards In This Set
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The type of financial report, also known as a basic cash report, that applies to all associations with fewer than 50 units and all associations with annual revenues of less than $100,000
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Informal report
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A certified document provided by the association that states an owner's current assessment status
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Certificate of assessment / Estoppel Certificate
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The document filed with the Florida Department of State that creates the community association and defines its powers and responsibilities.
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Articles of Incorporation
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The Declaration includes:
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I. Legal description of the land
ii. Identification of each unit iii. Survey of the land iv. Share of ownership and liability appurtenant (attached) to each unit as a percentage or fraction v. Unit owners' membership and voting rights vi. Copy of the articles of incorporation of the association vii. Copy of the bylaws of the association viii. Covenants and restrictions concerning (use), (occupancy), and (transfer) of the unit |
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A form of ownership of real property in which legal title is vested in an association and the right to occupy or use is evidenced by an ownership interest in the association and a proprietary lease
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Cooperative
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The unit owner's share of the money required to pay the expenses of the association
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Assessment
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The document that creates a condominium when recorded with the clerk of circuit court in the county where the property is located.
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Declaration of Condominium
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A third party facilitates a voluntary settlement between conflicting parties who have 30 days to file an appeal in court.
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Mediation
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The minimum number of members entitled to vote who must be present, in person or by proxy, in order to conduct the business of that group.
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Quorum
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Each director's obligations to discharge his or her duties with due care and in the best interests of the corporation
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Fiduciary
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A corporation in which no part of the income or profit is distributable to its members, directors, or officers
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Corporation not for profit
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The transfer from developer control of a community association to the establishment of a unit owner controlled association
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Transition
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A person has a physical or mental impairment which substantially limits one or more major life activities, or he or she has a record of having, or is regarded as having, such physical or mental impairment
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Handicap
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Owners have petitioned the board because the budget calls for new assessments for operating expenses in excess of 115% of the previous year.
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Reconsideration
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The policy that covers only losses that result from causes that are explicitly listed in the policy.
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Named peril
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