Florida Community Association Manager Practice Exam

What information must prospective members receive when purchasing a new unit in an HOA?

1. Community Association Disclosures

2. Full financial statements

3. List of potential fees

4. Access to meeting minutes

The correct answer is: Community Association Disclosures

When purchasing a new unit in a homeowners association (HOA), prospective members must receive Community Association Disclosures. These disclosures provide essential information about the community, including its governing documents, rules and regulations, financial status, and any pending litigation or significant issues that members may need to be aware of. The purpose of these disclosures is to ensure transparency and allow potential buyers to make informed decisions before committing to the purchase. This requirement is intended to protect consumers by providing them with comprehensive information about the community they are considering joining, enabling them to understand their rights, responsibilities, and any potential financial obligations they may encounter as members of the association. While other information, such as financial statements, lists of potential fees, and access to meeting minutes, can also be relevant for prospective buyers, the Community Association Disclosures are specifically mandated as a critical set of information that must be provided during the sales process. This fundamental requirement emphasizes the importance of informed consent and the buyer's awareness of the community's operational framework.