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- FL Cam final exam - Questions & Complete Solutions
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-FL Cam final exam - Questions & Complete
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1. An association should establish reserves for: answer- (a) Because associations maybe able to avoid or reduce large
special assessments.
2. An association should establish reserves for: answer- (c) Because associations maybe able to avoid or reduce large
increases in regular assessments.
3. An association should establish reserves for: answer- Because there are statutoryrequirements that mandate
reserves in certain circumstances.
4. 99. What is a balance sheet?: answer- A statement of the association's financial positionat a particular moment in time
5. 98. If an association files its federal income tax return using Form 1120, it must pay taxes on any
excess revenue over expenses unless:: answer- (a) The excessis returned to its members.
6. 97. An association with a total annual revenue of less than $150,000 is required to prepare which type
of annual financial report?: answer- (c) Cash receipts
7. 96. If an HOA provides a notice instead of a copy of the financial report to its members, within what period
must it provide a copy of the annual financialreport, upon written request of a member?: answer- (c) Ten
business days
8. 95. If a condominium board decides to send a notice to its members insteadof a copy of the financial report,
what statement must be included?: (b) A copyof the financial report will be mailed or hand- delivered, without
charge, within five business days after receipt of the member's written request.
9. 94. The annual financial report or a notice of its availability upon request, must be mailed to the members of
a condominium or HOA within:: (b) Twen-ty-one days after the report is completed but not more than 120 days
after the endof the prior fiscal year or other date provided in the bylaws
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,10. 93. All of the following are true of an estoppel certificate: (a) It is requestedby title and mortgage companies on
sales, transfers, and re-financings.
11. 93. All of the following are true of an estoppel certificate: (b) It is legallybinding even if factually incorrect.
12. 93. All of the following are true of an estoppel certificate: (d) It may includea statement of future costs
of correcting a member's use restriction violations.
13. 92. What is a qualifying offer?: (a) A written offer of a member to pay all amounts secured by a lien of the
association plus amounts accruing during thependency period of the offer
14. 91. A condominium or cooperative is required to provide written notice to the member of its intention to
foreclose a claim of lien if it is to retain its rightto recover attorney's fees and court costs:: (a) 30 days
15. 90. All of the following are true of liabilities acquired upon transfer of title to a cooperative unit: (b) In an
involuntary transfer, the new member is jointly and
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, severally liable with the previous member for all unpaid assessments against theprevious member.
16. 90. All of the following are true of liabilities acquired upon transfer of title to a cooperative unit: (c) The new
member's liability may be voided by their waiverof their right to use the common area.
17. 90. All of the following are true of liabilities acquired upon transfer of titleto a cooperative unit: (d) The
new member's liability for unpaid assessments, if the unit was acquired from the association, includes those that
accrued while the association has title to the delinquent property.
18. 89. An association must obtain, depending on statutes and its documents, insurance coverage that protects: (a)
Financial loss resulting from damage to realproperty
19. 89. An association must obtain, depending on statutes and its documents,insurance coverage that protects: (b)
Financial loss resulting from fraud and embezzlement by association directors and officers
20. An association must obtain, depending on statutes and its documents,insurance coverage that protects:
(c) Financial loss to personal property
21. 88. An authorized insurer may transfer a condominium property policy to another admitted carrier: (a) The
authorized insurer receiving the policy must be admitted in Florida and is not converting the policy to a surplus lines
policy.
22. 88. An authorized insurer may transfer a condominium property policy to another admitted carrier: (b) The
authorized insurer has been determined by OIRto have the same or better financial strength than the transferring insurer.
23. 88. An authorized insurer may transfer a condominium property policy toanother admitted carrier: (c)
The transfer results in substantially similar coverage.
24. All of the following are true: O (a) The association may be subject to a co-insurance penalty if it is underinsured.
(b) Coinsurance and deductibles are bothforms of cost sharing between the insured and the insurer. (d) At the time of a
covered event, an association cannot choose to have the insurer cover 100% of
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