Exam (elaborations)
Cam exam questions and answers 2024
- Course
- Institution
Exam of 20 pages for the course Fl Cam at Fl Cam (Cam exam questions)
[Show more]
Content preview
Cam exam questionsA. must at a minimum include statutory reserves - answer The documents of ABC
Condominium Association do not require reserves. The proposed budget:
A. must at a minimum include statutory reserves
B. if only required to include reserves if the majority of members vote in favor of
reserves
C. CANNOT create reserves
D. may be approved without reserves
D. professional fees - answer All of the following categories of expenditures are required
to be included in a condominium budget EXCEPT:
A. insurance
B. reserves
C. estimated common expenses
D. professional fees
C. 5 - answer Verdana Oaks community is comprised of 2 low rises, each with an
association; 2 towers with 1 association; and 10 villas with 1 association. How many
total associations are located in Verdana Oaks?
A. 7
B. 6
C. 5
D. 4
C. 14 days - answerThe board of directors of Netherworld Cooperative has scheduled a
meeting to approve next year's budget. The members must receive notice how far in
advance of the meeting?
A. 60 days
B. 30 days
C. 14 days
D. 48 hours
B. No, because the expenditure is less than 5% of $200,000 - answerUniversal
Condominium Association has an annual budget of $175,000 plus $25,000 for reserves.
The board is considering an expenditure of $7,800 for roof repairs based on a bid from
Do-Rite Roofing. Is the board required to obtain other bids before awarding the
contract?
,A. Yes, because the expenditure is a major repair
B. No, because the expenditure is less than 5% of $200,000
C. Yes, because 2 or more bids are required for ALL repair expenditures
D. No, because more than 1 bid is NEVER required according to Chapter 718 F.S.
B. Nels may use the facilities as a guest - answerNels is a condominium owner who has
leased his unit from January 1 - March 31. Under what condition does Nels have the
right to use the fitness center while the property is rented?
A. None; it is NOT allowed under any circumstances
B. Nels may use the facilities as a guest
C. Nels may use the facilities if he prohibits the tenant from using the fitness center
D. Nels MUST purchase an additional share of stock in order to use the fitness center
A. It was acceptable because an HOA board is not required to allow a member to speak
under this circumstance - answerAt the regular board meeting of a homeowners'
association, Owner Zumwalt asked to speak about an agenda item. The president of the
board refused to recognize the owner. Which of the following is TRUE of the president's
actions?
A. It was acceptable because an HOA board is not required to allow a member to speak
under this circumstance
B. It was a violation of the president's fiduciary duty and may be fined by the DBPR
C. The entire board is culpable for the president's action
D. It was acceptable ONLY IF there is a sign posted explaining the board's policy on
members speaking at its meetings
D. elected by the board of directors - answerOfficers of a community association are
usually:
A. elected at the annual meeting
B. elected by the election committee
C. appointed by the chairman of the board
D. elected by the board of directors
C. 32 units or less - answerCondominiums not operating as public lodgings are exempt
from the statutory pool supervision requirements if the pool serves:
A. less than 90 people
B. less than 50 units
C. 32 units or less
D. more than 32 units
A. by action through the Florida circuit court - answerOwner J has violated the
condominium bylaws. The association has the power to seek enforcement:
, A. by action through the Florida circuit court
B. by ordering the Division to foreclose on J's unit
C. by revoking J's voting rights
D. by locking J out of his unit
A. In order to create reserve accounts, a majority of the entire membership must
approve specific reserve components and they must be included in next year's budget -
answerThe developer-controlled HOA board did NOT establish reserve accounts. After
transition, the newly elected board has recognized the need for reserve funds for long-
term maintenance and replacement of roadways, parking areas, and swimming pools.
Which of the following is CORRECT?
A. In order to create reserve accounts, a majority of the entire membership must
approve specific reserve components and they must be included in next year's budget
B. The board may initiate the reserve accounts by majority vote
C. The officers have the power to increase assessments without specifying individual
components
D. Since the developer did NOT have reserves, there can NEVER be reserves
C. The motion is out of order and may be dismissed - answerA board member
disagrees with a vote of the board to change a rule. After the final vote, the member
makes a motion to modify the rule. Which of the following is TRUE?
A. The motion, if seconded, must be put to a vote
B. The board is required to consider the motion
C. The motion is out of order and may be dismissed
D. The modification MUST be adopted
B. $25 or 5% of the past due amount, whichever is greater - answerCommunity
Association charges a late fee for delinquent assessments paid after the 10th of the
month. What is the maximum late fee that can be charged?
A. There is no maximum
B. $25 or 5% of the past due amount, whichever is greater
C. $50
D. $10 per day after the 15th of the month
A. An officer may sign an affidavit attesting to the delivery process - answerWhich of the
following may the board use to fulfill its obligation to prove delivery of notice for an
association membership meeting?
A. An officer may sign an affidavit attesting to the delivery process
B. The secretary may note the delivery process in the minutes
C.Any member may attest to the mailing process as long as there are two witnesses
D. The Division must issue a certificate of compliance
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now