The Florida Condominium ActÂ requires both developer-controlled associations and unit-owner controlled associations to prepare a â€œFrequently Asked Questions and Answersâ€ (commonly referred to as a â€œQ&A Sheetâ€).Â The Q&A Sheet must includeÂ information:
- regarding unit ownersâ€™ voting rights;
- unit use restrictions, including restrictions on leasing of a unit;
- indicating whether and in what amount the unit owners or the association is obligated to pay rent or land use fees for recreational or other commonly used facilities;
- identifying the amount of the current assessmentÂ levied pursuant to the budgetÂ for each unit type and whether payment is required monthly, quarterly, or otherwise;
- identifying any court cases in which the association is currently a party of recordÂ where the association may face liability in excess of $100,000; and
- whether membershipÂ in a master orÂ recreational facilities association is mandatory and, if so, what feesÂ are be charged per unit type.
The Q&A Sheet must be updated annually and must be keptÂ as partÂ ofÂ the associationâ€™s official
records. It must be provided to a prospective purchaser of a condominium unit in connection
with resales of a unit. The completed, up-to-date â€œFrequently Asked Questions and Answersâ€ form, and any application forms required in connection with the associationâ€™s transfer approval authority, must be provided to the seller and prospective purchasers at no charge.
Keeping and updating the Q&A Sheet is one area where many condominium associations are not diligent, and are often in violation of the law.