Metropolitan at Lake Eola Condominium Association Glossary

Metropolitan at Lake Eola Condominium Association Glossary


Terms and Acronyms Defined

Abandoned condominium unit: a unit is presumed to be abandoned if the following circumstances apply:
• the unit is subject of a foreclosure action and no tenant appears to have resided in the unit for at least four continuous weeks without prior written notice to the association or
• no tenant appears to have resided in the unit for two consecutive months without prior written notice to the association, and the association is unable to contact the owner or determine the whereabouts of the owner after reasonable inquiry.
Abstain: formally decline to vote either for or against a proposal or motion.
Abstention: in parliamentary procedure, the term describing the act of a member who is present during a vote but does not vote.
Acceleration of assessments: the right of a community association, upon the failure of a member to pay an assessment on time, to declare all of the budget year’s assessments due and payable on the date a claim of lien is filed.
Access: the right to exit or enter property.
Accessibility (disability): refers to the design of products, devices, services, or environments for people with disabilities.
Access ramp: a ramp that creates an accessible pathway from one level to another.
Accessory rights: see appurtenance.
Accommodation (timeshare): defined by the Florida Vacation Plan and Timesharing Act (F.S. 721) as any apartment, condominium or cooperative unit, cabin, lodge, hotel or motel room, campground, cruise ship cabin, houseboat or other vessel, recreational or other motor vehicle, or any private or commercial structure which are real or personal property and designed for overnight occupancy by one or more indi-viduals.
Account: see Chart of Accounts and line item.
Accounting: the systematic and comprehensive recording of financial transactions pertaining to a busi-ness. Accounting also refers to the process of summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities.
Accounting software: a type of computer software used by accounting professionals to manage accounts and perform accounting operations.
Accounts receivable: money which is owed to an association by its members.
Accrual based accounting: a method of accounting that recognizes income when it is earned and ex-penses when they are incurred, regardless whether cash or cash equivalents were actually disbursed or received.
Accrue: increase
Acoustics: the properties or qualities of a room or building that determine how sound is transmitted in it.
Actionable: providing sufficient legal grounds for a lawsuit.
Action in partition: a court action to divide property. The action commonly occurs as a result of a dispute about the division of jointly owned property. .
Active CAM license: CAM has satisfied DBPR continuing education and fee requirements.
Actual cash value: cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence. For example, a 10-year-old sofa will not be replaced at current full value because of a decade of depreciation.
ADA: see Americans with Disabilities Act.
Additional insured: one or more individuals or entities (other than those named in an insurance policy) who are protected under the terms of the same policy. Additional insureds are added by either endorsement or are listed as additional insureds in the policy.
Ad hoc committee: a committee formed for a specific task or objective and dissolved after the completion of the task or achievement of the objective. Most committees (other than the standing committees) are ad hoc committees.
Adjourn: to end or postpone a meeting.
Adjudication: a legal ruling or judgement by a judge or arbitrator.
Administration: the performance or management of business operations and decision making, as well as the efficient organization of people and other resources, to direct activities toward common goals and ob-jectives. Often used interchangeably with management.
Administrative late fee: see late fee.
Admitted carrier or insurer: an insurance company that is authorized to operate in a particular state and is subject to the laws and regulation of the state. In the event of insolvency, the state or its authorized agent (in Florida, the Florida Insurance Guaranty Association or FIGA) will pay claims up to the maximum amount established by statute. Also known as authorized carrier.
ADR: see alternative dispute resolution.
Ad valorem tax: a tax amount based on the value of a transaction or of property.
Adverse possession: a method of gaining legal title to real property by the actual, open, hostile, and continuous possession of it to the exclusion of its true owner for the period prescribed by state law. Real property obtained under adverse possession does not require the claimant to pay for that land. See color of title.
Advisory opinion: an opinion stated by a judge or a court upon the request of a legislative body or government agency. An advisory opinion does not have force of law.
AED: see automated external defibrillator.
Affidavit: a written statement confirmed by oath or affirmation, for use as evidence in court.
Affirmation: a formal declaration by a person who declines to take an oath for reasons of conscience.
Affirmative action policies: employment programs required by federal statutes and regulations designed to remedy discriminatory practices in hiring minority group members. They include positive steps designed to eliminate existing and continuing discrimination, to remedy lingering effects of past discrimination, and to create systems and procedures to prevent future discrimination; commonly based on population percentages of minority groups in a particular area. Factors considered are race, color, sex, creed, and age.
Agenda: a list of items to be discussed at a formal meeting.
Agent: a person or entity that has the power and authority to act on behalf of another person or entity.
Aggregate limit: a contract provision used in insurance to limit the amount that can be paid in the policy period. An aggregate limit is the maximum dollar amount your insurer will pay to settle the insured’s claims, regardless of the number of claims.
Aggrieved party: a party to a legal dispute alleging unjust treatment, denial, deprivation, or infringement of legal rights or claims, or having been wronged or injured. See responding party.
Aging report: a periodic accounts receivable report that lists the amounts owed by delinquent members by the length of time the money has been outstanding (e.g. 30, 60, 90, 180 days and greater).
Agreement for deed: a written contract that is used in the sale of timeshare estates that provides that legal title will not be conveyed to a buyer until the contract price has been paid in full and the terms of payment of which extend for a period in excess of 180 days after either the date of execution of the contract or the date of completion of construction, whichever occurs later.
AICPA: see American Institute of Certified Public Accounts (AICPA).
Air Carrier Access Act: see Federal Air carrier Access Act.
All risk insurance policy: a policy that covers anything that is not specifically excluded.
Alternative dispute resolution (ADR): a term used to describe several different methods of resolving legal disputes, including mediation and arbitration, without going to court.
Amendment: a change, addition, or deletion designed to improve a document, such as a covenant, bylaw or law.
Amenity: a feature of a property whose existence increases the value or desirability of that property. An amenity can be either tangible, such as a swimming pool or fitness center, or intangible, such as proximity to a school or shopping center.
American Institute of Certified Public Accounts (AICPA): the national professional organization of Cer-tified Public Accountants in the United States. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. It also develops and grades the Uniform CPA Examination.
Americans with Disabilities Act (ADA): a federal law that provides civil rights protections to persons with disabilities similar to the protections that are granted to persons on the basis of race, color, sex, national origin, age, and religion. It guarantees equal opportunity for persons with disabilities in public accommoda-tions, employment, transportation, state and local government services, and telecommunications.
Ancillary operation: of secondary or subordinate financial importance such as laundry rooms, valet ser-vice, parking, or vending machines.
Annual budget: see budget.
Annual Corporate Report: a report that every Florida corporation must file with the Florida Secretary of State, Division of Corporations, on an annual basis, that provides the names and addresses of the corpo-ration’s registered agent, corporate officers, and directors.
Annual financial report or statement : a report created annually that quantifiably describes the financial viability of a company or organization. Community associations must comply with the provisions of the applicable statute with respect to the level of detail required.
Annualized interest rate: the interest rate that is actually earned or paid on an investment, loan or other financial product due to the result of compounding over a given time period. It is also called the effective interest rate, the effective rate or the annual equivalent rate.
Annual meeting or annual membership meeting: a meeting required by statute, for all community asso-ciations to conduct business on behalf of the association. Its primary purpose is for members to elect indi-viduals to the board of directors.
Annual report to DBPR (condominium only): the annual report required from all condominium associa-tions providing the names of all financial institutions in which they have accounts.
Application for Employer Identification Number (EIN): also known as the Federal Employer Identifica-tion Number or the Federal Tax Identification Number, is a unique nine-digit number assigned by the Inter-nal Revenue Service to business entities operating in the United States for the purposes of identification. When the number is used for identification rather than employment tax reporting, it is usually referred to as a Taxpayer Identification Number, and when used for the purposes of reporting employment taxes, it is usually referred to as an EIN.
Application of payment: the order, established by statute, in which money received from a member is applied to the member’s outstanding debits. Currently, interest, late fees, fees to the management firm (administrative fee), attorney fees and court costs, and assessments (routine and special).
Appraisal: the act of estimating the value of real estate by a licensed appraiser. A real estate appraisal may take into account the quality of the property, values of surrounding properties, and market conditions in the area.
Appraised value: an evaluation of a property's value based on a given point in time that is performed by a professional appraiser.
Appraiser: a practitioner who has the knowledge and expertise necessary to estimate the value of an asset, or the likelihood of an event occurring, and the cost of such an occurrence. Ideally, an appraiser acts independently of the buying and selling parties in a transaction in order to arrive at the fair value of an asset without bias.
Appurtenance: rights that are attached and incidental to the ownership of an association unit. Examples of such rights are:
• right to use the common areas
• right of access to easements
• right to run for the association board of directors
• right to vote
• right to attend meetings
• right of access to available licensed cable television.
Appurtenant property: any right or restriction which goes with that property, such as an easement to gain access across the neighbor's parcel or a covenant (agreement) against blocking the neighbor's view. Any subsequent owner has the same right or restriction.
Arbitration: a form of alternative dispute resolution, either voluntary or mandatory, pursuant to a contract or statute, in which the parties to the dispute refer it to one or more persons (the arbitrators, arbiters, or arbitral tribunal), who will render a decision. The decision may or may not be legally binding. See mandatory non-binding arbitration and alternative dispute resolution.
Architect: a person who designs buildings and structures, and in many cases, also supervises their con-struction. Professional requirements for architects vary from place to place, but usually consist of three elements: a university degree or advanced education, a period of internship or training in an office, and examination for registration with a jurisdiction.
Architectural change: see architectural modification.
Architectural control: refers to the powers and duties of a community association to review and approve plans and/or specifications for alteration of a structure (typically restricted to its exterior) or grounds to ensure the alteration conforms to the governing documents regarding location, size, and appearance.
Architectural control or review committee: the committee of a community association that reviews, eval-uates, and approves or denies applications for changes to a unit’s or parcel’s exterior appearance. Such committees are restricted to approving only changes that conform to a community’s standards and guide-lines as described in its governing documents.
Architectural modification: a change to the structure or visual appearance of the exterior of a unit or parcel or that requires prior approval of the association.
Arm’s length transaction: a transaction in which the buyers and sellers of a product or service act inde-pendently and have no relationship to each other. In such a transaction it is both parties in the deal are acting in their own self- interest and are not subject to any pressure or duress from the other party.
Articles of Incorporation: the legal document which establishes the corporate entity responsible for the management, maintenance, and operation of the community association. The articles designate the corpo-rate name, identifies the mailing address, describes the purpose of the corporation, and determines whether the corporation is to be for profit or not-for-profit. Also known as the corporate charter.
Artificial entity: a corporation, trust, or any entity that is not a natural person.
ASME: abbreviation for American Society of Mechanical Engineers. It provides a safety code for elevators that has been adopted for use by the Bureau of Elevator Safety within the Division of Hotels and Restau-rants.
Assembly: see deliberative assembly.
Assessed value: the dollar value of an asset assigned by a public tax assessor for the purposes of taxation.
Assessment: the periodic payment that is required of every member of a community association to pay the cost of the operation and maintenance of the association. Also referred to as maintenance fee or dues.
Asset: any item of economic value owned by an individual or other legal entity, especially that which could be converted to cash. Examples are cash, securities, accounts receivable, inventory, office equipment, real estate, a car, and other property.
Assignee: a person to whom a right or liability is legally transferred.
Assistance animal: an animal that works, provides assistance, or performs tasks for the benefit of a person with a disability, or provides emotional support that alleviates one or more identified symptoms or effects of a person’s disability. An assistance animal differs from a service animal in that an assistance animal is not recognized by the ADA, even if it is trained and certified as to the tasks it can perform.
Association: in addition to any entity responsible for the operation of common elements owned in undi-vided shares by members, any entity which operates or maintains other real property in which members have use rights, where membership in the entity is composed exclusively of members or their elected or appointed representatives and is a required condition of unit ownership.
Association member: see member.
Association property: furniture, fixtures, and equipment. Personal property rather than real property.
Assumption agreement: an agreement with another insurance company to contractually move insurance policies from Citizens to a private insurer. An assumption period is the time during which these policies may be transferred.
Attorney or attorney at law: 1. a person admitted to practice law in at least one jurisdiction and authorized to perform criminal and civil legal functions on behalf of clients. 2. a person, typically an attorney, appointed to act for another in business (see attorney-in-fact). The terms attorney and lawyer are often used inter-changeably in the United States.
Attorney ad litem: an attorney appointed by a court to act as an advocate in a particular legal action.
Attorney-client privilege: a client's legal privilege to refuse to disclose, and to prevent any other person from disclosing, confidential communications between the client and his or her attorney. Such privilege protects communications between attorney and client that are made for the purpose of furnishing or obtain-ing professional legal advice or assistance.
Attorney-in-fact: someone specifically named by another through a written power of attorney to act for that person in the conduct of the appointer's business.
At will employment: a relationship in which an employee can be dismissed by an employer without having to establish "just cause" for termination, and without warning. Unless a written contract states otherwise the relationship between an employer and employee is understood to be at will.
Audiotape: magnetic tape on which sound can be recorded, often used to record a meeting.
Audit: a systematic and independent examination of books, accounts, documents and vouchers of an or-ganization by a CPA to ascertain the degree to which the financial statements present a true and fair view of the organization. It also attempts to ensure that the books of accounts are properly maintained as re-quired by law.
Authorized carrier or insurer: see admitted carrier or insurer.
Authority Having Jurisdiction (AHJ): that person or office charged with enforcing the Life Safety Code.
Automated External Defibrillator (AED): a portable electronic device that automatically analyzes the heart rhythm and that if it detects a problem that may respond to an electrical shock, delivers a shock to restore a normal heart rhythm.
Automatic fire sprinkler system: an active fire protection method, that operated with human intervention, consisting of a water supply system, providing adequate pressure and flowrate to a water distribution piping system, onto which fire sprinklers are connected.
Automatic renewal clause: a provision in an agreement under which it is renewed for another term after the expiration of the current term unless one of the involved parties gives a notice of its discontinuation.
Automatic stay: an automatic injunction that halts actions by creditors, with certain exceptions, to collect debts from a debtor who has declared bankruptcy.
Automobile Liability Insurance: coverage if an insured is legally liable for bodily injury or property damage caused by an automobile.
Auxiliary aids and services: aids and services required, under the ADA, to be provided by a public ac-commodation, to ensure that no individual with a disability is excluded, denied services, segregated or otherwise treated differently than other individuals, unless the public accommodation can demonstrate that taking those steps would fundamentally alter the nature of the goods, services, facilities, privileges, ad-vantages, or accommodations being offered or would result in an undue burden, i.e., significant difficulty or expense.

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