The Florida Condominium Act requires both developer-controlled associations and unit-owner controlled associations to prepare a “Frequently Asked Questions and Answers” (commonly referred to as a “Q&A Sheet”). The Q&A Sheet must include information:
regarding unit owners’ 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 assessment levied pursuant to the budget 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 record where the association may face liability in excess of $100,000; and
whether membership in a master or recreational facilities association is mandatory and, if so, what fees are be charged per unit type.
The Q&A Sheet must be updated annually and must be kept as part of the association’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 “Frequently Asked Questions and Answers” form, and any application forms required in connection with the association’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.