Condo Board Course

The course is about condo board certification

MODULE 1

INTRODUCTION

Definition of Condominium:Condominium Act defines a condominium as the form of ownership of real property that is created pursuant to Chapter 718 and that is comprised entirely of units that may be owned by one or more persons, and in which there is, appurtenant to each unit, an undivided share in common elements.

INTRODUCTION

Common-interest Communities:Condominiums are common-interest communities consisting on four fundamental characteristics:1. All unit owners are automatically members of a community association.2. Governing documents create mutual obligations.3. Mandatory assessments are generally collected from owners and are used for the operation of the      association.4. Owners share a property interest in the community.A condominium is distinguished from the other common-interest communities such as Co-Ops and Timeshares by the fact that the unit owners generally own the common elements as co-owners. The common elements can include, among other things, the grounds, recreational facilities, common walls, roofs, and streets.  The common elements in some condominium associations is divided into general common elements and limited common elements. Limited common elements are a portion of the common elements that is designated in the governing documents for the exclusive use of one or more, but fewer than all, of the owners. Examples of limited common elements include carports, patios, and balconies. 

Timeline of Condominium History in North America:

 

1881 - North America's first co-operative building, the Rembrandt is built in midtown Manhattan. This is the first instance of being able to "own" within a shared building.

1958 - The U.S. territory of Puerto Rico adopts condominium legislation, technically making it the first place in the United States to adopt condo legislation, although without using the words "condo" or "condominium". Puerto Rico's legislation is known as The Horizontal Property Act.

 

1960 - Utah introduces condominium legislation brought with the

          development of Graystone Manor.

INTRODUCTION

1961 - An amendment to the National Housing Act, grants the Federal Housing Administration the power to insure mortgages on condominium properties.

1963 - Florida Statutes gave statutory recognition to the condominium form of ownership of real property by establishing the Condominium Act.

1990 - Florida and California each had more than 800,000 condominiums units in the Nation. Combined, they accounted for 37 percent of all condos in the United States.

2016 - The Skyscraper in Midtown Manhattan, New York is the tallest all-residential building in the Western Hemisphere. It's 1,395 feet tall and has 85 floors.

 

MODULE 1: CONDOMINIUM ASSOCIATION OPERATIONS

1.1 - The Governing Documents                                                                                                                                                                                                                                      

The governing documents create the legal foundation for a condominium association.  These documents consist of the following:

  • The declaration
  • Articles of Incorporation or Articles of Association
  • Bylaws
  • Resolutions, rules and regulations
  • Amendments

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