Definitions

718.103 718.103 Definitions. — As used in this chapter, the term: (1) “Alternative funding method” means a method approved by the division for funding the capital expenditures and deferred maintenance obligations for a multicondominium association which may reasonably be expected to fully satisfy the association’s reserve funding obligations by the allocation of funds in the annual operating budget. (2) “Assessment” means a share of the funds which are required for the payment of common expenses, which from time to time is assessed against the unit owner. (3) “Association” means, in addition to any entity responsible for the operation of common elements owned in undivided shares by unit owners, any entity which operates or maintains other real property in which unit owners have use rights, where membership in the entity is composed exclusively of unit owners or their elected or appointed representatives and is a required condition of unit ownership. (4) “Association property” means that property, real and personal, which is owned or leased by, or is dedicated by a recorded plat to, the association for the use and benefit of its members. (5) “Board of administration” or “board” means the board of directors or other representative body which is responsible for administration of the association. (6) “Buyer” means a person who purchases a condominium unit. The term “purchaser” may be used interchangeably with the term “buyer.” (7) “Bylaws” means the bylaws of the association as they are amended from time to time. (8) “Committee” means a group of board members, unit owners, or board members and unit owners appointed by the board or a member of the board to make recommendations to the board regarding the proposed annual budget or to take action on behalf of the board. (9) “Common elements” means the portions of the condominium property not included in the units. (10) “Common expenses” means all expenses properly incurred by the association in the performance of its duties, including expenses specified in s. 718.115 . (11) “Common surplus” means the amount of all receipts or revenues, including assessments, rents, or profits, collected by a condominium association which exceeds common expenses. (12) “Condominium” means that form of ownership of real property created pursuant to this chapter, which is comprised entirely of units that may be owned by one or more persons, and in which there is, appurtenant to each unit, an undivided share in common elements. (13) “Condominium parcel” means a unit, together with the undivided share in the common elements appurtenant to the unit. (14) “Condominium property” means the lands, leaseholds, and improvements, any personal property, and all easements and rights appurtenant thereto, regardless of whether contiguous, which are subjected to condominium ownership. (15) “Conspicuous type” means bold type in capital letters no smaller than the largest type, exclusive of headings, on the page on which it appears and, in all cases, at least 10-point type. Where conspicuous type is required, it must be separated on all sides from other type and print. Conspicuous type may be used …

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