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Florida CAM Exam Questions And 100% Correct Answers
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Florida CAM Exam Questions And 100% Correct AnswersIf a majority present at a duly called and quorumed HOA meeting approve the TVI, its
members may vote to have the association prepare an annual review rather than an
annual audit where the annual revenues were $750,000 - ANSWER True
The coop board has been petitioned for an audit instead of a compilation, by 25% of its
members when the revenues for the past years were $250,000. After receipt of the
petition, the association shall hold a membership meeting within 30 days to vote on this
issue. - ANSWER True
HOA's member meetings require quorum of 30% TVI unless otherwise provided in the
bylaws. - ANSWER True
DBPR Governance Form The responsibility, but not limited to, the following: The
responsibility of the condo board to conduct day-to-day affairs; the rights of members to
attend and speak at meetings. - ANSWER True
The board of directors is the governing body for a community association. - ANSWER
True
At an election within a condominium, once the outer envelope is opened, the association
may not accept any more ballots. - ANSWER True
All community associations must have a budget which outlines the predicted income
and expenses of money to maintain and operate association property for the fiscal year.
- ANSWER True
If an inner envelope contains more than one ballot, neither ballot is valid. - ANSWER
True
,In a mobile homeowner's association, all nominations for director from the floor shall be
available at duly noticed meeting of the members no less than 30 days before the annual
meeting. - ANSWER True
Six directors of a seven member board of directors resign. Can the remaining director
appoint individuals who are eligible to the board to fill those vacancies? - ANSWER Yes
If a director exercises prudent business judgment, he assures that he understands the
requirements of his position and spends sufficient time to properly carry out his
functions. - ANSWER True
If using an online voting system an association must use an online voting system that is
able to authenticate the validity of each electronic ballot to ensure the ballot was not
altered in transit. - ANSWER True
Florida statute requires that all corporations have a registered agent and registered
office - ANSWER True
A proxy in a condo association is valid for a period of up to 90 days after the date of the
first meeting for which it was given. - ANSWER True
Assessments, membership fees, and maintenance fees are different words that
essentially mean the same thing. - ANSWER True
Deferred maintenance means any maintenance or repair that will be performed less
frequently than yearly and which will result in maintaining or extending the useful life of
an asset. - ANSWER True
Unless the governing documents require a membership vote, the board of directors may
approve a special assessment - ANSWER True
Condos, Coops and HOA's must keep all records for at least seven years, by statute. -
ANSWER True
,Line Item Accounts to be included in Cash Basis Financial Reports for Condos are: -
ANSWER Professional and management fees and expenses
Costs for recreation Facilities
Trash Collection
Utilities
Taxes
Maintenance and Repair
Insurance
Lawn Care
Admin and Salaries
Reserves
Deferred Maintenance
Any other category for which the association maintains reserves
Line Items to be included in Cash Basis Financial Reports for HOAS are: - ANSWER
Professional and management fees and expenses
Costs for recreation Facilities
Trash Collection
Utilities
Taxes
Maintenance and Repair
Insurance
Lawn Care
Admin and Salaries
Reserves if maintained by association
Security related expenses
Annual Financial Reports shall be prepared as: - below total annual revenue of $150,000
, - Cash Receipts
$150-$300- Compilation
$300-$499/ Review
$500,000 or more - Audit
A copy of the most recent annual financial report, or a notice of the most recent annual
financial report must be mailed or hand delivered to the unit owner, without charge,
within _____ business days after receipt of written notice from the memeber - ANSWER 5
Under the Condominium Act, Part VI, all renters have some rights upon conversion of an
existing rental property to a condominium, which include the following: - ANSWER The
right to extend their current tenancy
Material alterations of common elements must first be measured against the language of
the declaration and the condo act, before they can proceed - ANSWER True
Installation of hurrican shutters is not a material modification to the common elements,
however the board must obtain a majority vote TVI, unless the board will include in its
annual budget the installation and maintenance of the shutters as a common expense. -
ANSWER True
Rules and Regulations - ANSWER Supplemental restrictions authorized by the
governing documents and promulgated by the board of directors.
Identifies the organization responsible for the maintenance, management, and
operation of the community property and its assets. - ANSWER Corporate Charter
In a coop, matters like transfer fees, fidelity bonds, and arbitration are usually provided
for in the: - ANSWER Bylaws
Association Rules and regulations must be - ANSWER within the scope of the boards
authority
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