Florida Community Association Manager Practice Exam

What does FS 720 Part II address?

1. General provisions for associations

2. Mandatory financial disclosures

3. Disclosure for the sale of residential parcels

4. Guidelines for conflict resolution

The correct answer is: Disclosure for the sale of residential parcels

FS 720 Part II specifically addresses the disclosure requirements involved in the sale of residential parcels within community associations. This section outlines the obligations of sellers and associations to ensure prospective buyers are informed of important facts about the property and the associated community. Included in these disclosures might be information about the community's rules, fees, and any restrictions that apply, which is crucial for potential buyers in making an informed decision. This regulatory focus promotes transparency and helps to protect the interests of both buyers and existing community members by ensuring everyone is aware of their rights and responsibilities prior to a sale. Understanding these requirements allows community association managers and members to comply appropriately and uphold the integrity of the residential community.