Florida Broker Practice Exam

Which document includes the rules and regulations of the condominium association?

1. Articles of incorporation

2. Bylaws of the association

3. Estimated operating budget

4. Articles of association

The correct answer is: Bylaws of the association

The bylaws of the association are the governing documents that outline the rules and regulations for the condominium community. These bylaws typically detail the structure of the association, the responsibilities of the board of directors, the rights and obligations of the unit owners, and the procedures for meetings and decision-making. In essence, the bylaws establish how the condominium association will operate and enforce its rules, making them essential for managing the community effectively and fairly. In contrast, the articles of incorporation serve to establish the condominium association as a legal entity but do not contain the rules or regulations for daily operations. The estimated operating budget provides a financial plan for the association but does not outline governance matters. The articles of association, although related to corporate governance, are not specific to condominium associations and therefore do not address the day-to-day rules that govern the community's management. Thus, the bylaws are the primary source of regulatory information for condominium associations.