Florida Community Association Manager Practice Exam

What does FS 617 refer to in the context of Florida community associations?

1. Florida Liquidation Act

2. Florida Not for Profit Corporate Act

3. Florida Cooperative Act

4. Florida Condominium Act

The correct answer is: Florida Not for Profit Corporate Act

FS 617 refers to the Florida Not for Profit Corporation Act, which provides the legal framework for the formation and operation of not-for-profit corporations in the state of Florida, including many community associations. This statute outlines the requirements for governance, membership, meetings, financial reporting, and other essential aspects pertinent to organizations that do not operate for profit. Understanding this law is crucial for community association managers because they frequently oversee not-for-profit entities that rely on collective member funding and participation to maintain and enhance community living. The governance structures defined in FS 617 help ensure that these associations operate transparently and effectively within legal parameters. The other options address different legal frameworks. The Florida Liquidation Act pertains to the process for dissolving corporations, the Florida Cooperative Act governs housing cooperatives specifically, and the Florida Condominium Act regulates condominium associations. While all are relevant in their own contexts, FS 617 specifically stands out as the legislative foundation for not-for-profit community associations.