Florida Real Estate Practice Exam

Before beginning development of a condominium building, what must the developer do?

1. Create an estimated operating budget

2. Create the condo association

3. Record a declaration of condominium

4. Record a declaration of intent

The correct answer is: Record a declaration of condominium

Before beginning development of a condominium building, the developer must record a declaration of condominium. This is a legal document that outlines the rules, regulations, and other important information for the condominium building. Option A is incorrect because creating an estimated operating budget is a financial step and not a legal requirement. Option B is incorrect because creating the condo association is a step that comes after the declaration of condominium is recorded. Option D is incorrect because recording a declaration of intent is also not a legal requirement for developing a condominium building.