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Cards In This Set
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. Corporations created under ____ of the Florida Statutes may not distribute part of their income to members:
A. 718 B. 719 C. 607 D. 617 |
617
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What Statute establishes the general powers which all corporation possess when organized in the State of Florida
A. 617 B. 718 C. 719 D. 607 |
607
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Chapter 701 applies to all:
A. Cooperatives B. Condominiums C. Corporations for profit D. Corporations not for profit |
Condominiums
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A condominium is a form of _______ ownership of an undivided share of common elements.
A. Common B. Joint C. Severally D. Individual |
Joint
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Condominium Ownership is distinguished from other ownership by three distinct parts: Join ownership of the common elements, exclusive ownership of a single unit and:
A. Unlimited use of the common elements B. Membership in the Association C. Use of and limited common Elements D. Access to all units under some circumstances |
Membership in the Association
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A ________ is a form of joint ownership of real property where legal title is vested in a corporation and evidence by an ownership interest in the association.
A. Condominium B. Cooperative C. Time Share D. Mobile Home |
Cooperative
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Cooperative ownership means:
A. Legal B. Ownership of the common elements is with the cooperative C. Membership in the association includes the rights to use the individual unit. D. All of the above |
Legal Title of the unit is vested in the cooperative.
Ownership of the common elements is with the cooperative. Membership in the association includes the rights to use the individual unit. |
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Under the mandatory homeowner’s association concept, the owner of a unit is a member of the association,
A. When he pays his maintenance fee B. Automatically C. When he attends the first owners meeting D. When he elects to become a member |
Automatically
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The law requires that a condominium time Share must be authorized in the _______
A. Article of incorporation B. By laws C. Declaration of Condominium D. Local Ordinances |
Declaration of Condominium
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Under Chapter 723, Mobile home owners are authorized to create a mobile home owners association. All of the following are applicable except:
A. Must have at least one meeting per year B. May levy assessment C. Requires unanimous consent to form the association D. Renter have the right of first refusal |
Requires unanimous consent to form the association
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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.
A. 10 B. 15 C. 90 D. 30 |
D. 30
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Which of the following are not matches
A. 607 General Corporation Act B. 721 Mobile Homes C. 719 Cooperatives D. 468 Community Association Managers |
721 Mobile Homes
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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 B. 50 $200,000 C. 10 $100,000 D. 30 $200,000 |
C. 10 $100,000
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