Florida Community Association Manager Practice Exam

What does the "3-1-5 rule" refer to in the context of warranties?

1. Structure warranty periods for different components

2. Time limits for meeting notification

3. Election procedures

4. Transfer of developer rights

The correct answer is: Structure warranty periods for different components

In the context of warranties, the "3-1-5 rule" specifically addresses the structure warranty periods for various components of a building or community development. This rule outlines the timeframes that a warranty covers for different types of construction elements. Typically, this ensures clarity regarding what is covered and for how long after completion. For instance, under the "3-1-5 rule," it may signify that structural elements like the foundation or framing have a warranty of three years, while other components, such as systems or finishes, may have shorter warranty periods, like one year for certain items. Understanding this breakdown helps homeowners and community associations know their rights and responsibilities regarding the quality of construction and the coverage they can expect from the developer. The other options do not pertain to warranty coverage and are related to different aspects of community management, making them less relevant in this context.