Florida Community Association Manager Practice Exam

According to Florida law, how long must Condos, Coops, and HOAs maintain records?

1. Five years

2. Seven years

3. Ten years

4. Three years

The correct answer is: Seven years

Under Florida law, Condominiums, Cooperatives, and Homeowners Associations are required to maintain their official records for a minimum duration of seven years. This requirement ensures that there is a sufficient period during which documents related to the governance and management of the community can be referenced for legal, financial, or operational purposes. Maintaining records for seven years aligns with best practices regarding accountability and transparency. It also provides a safeguard for community members, allowing them to access vital information concerning the association's activities, such as financial reports, meeting minutes, and correspondence. This timeframe is also seen as adequate to address any potential disputes or inquiries that may arise concerning community governance. In contrast, shorter durations, such as three years or five years, may not provide enough historical context and continuity for associations to reference past decisions or document compliance with statutory requirements. A ten-year period, while thorough, exceeds the mandated requirement, making it inefficient. Hence, seven years strikes a balance between legal compliance and operational efficiency.