Florida Broker Practice Exam

Which document is required in condominium disclosures that outlines ownership rights and obligations?

1. Estimated operating budget

2. Declaration of condominium

3. Bylaws of the association

4. Governance form

The correct answer is: Declaration of condominium

The Declaration of Condominium is a crucial legal document in condominium disclosures because it outlines the ownership rights and obligations of both the unit owners and the condominium association. This document provides comprehensive details on the specific rights pertaining to each unit, including information about exclusive use areas, common elements, and responsibilities for maintenance and repairs. Furthermore, the Declaration also stipulates the governance structure of the condominium, including the roles and powers of the association and its board members. This ensures that all owners are fully informed about the rules and regulations that govern their condominium community, fostering transparency and understanding among residents. While the estimated operating budget provides financial insights, the bylaws of the association govern the operational aspects of the community, and the governance form offers details about the administration, none of these documents encompass the full scope of ownership rights and obligations as the Declaration of Condominium does.