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FL CAM FINAL EXAM ACTUAL COMPLETE 110 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW VERSION!!.$16.99
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FL CAM FINAL EXAM ACTUAL EXAM COMPLETE 110
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND
NEW VERSION!!.
What is a balance sheet? ✔✔CORRECT ANSWER✔✔A statement of the
association's financial position at a particular moment in time
98. If an association files its federal income tax return using Form 1120,
it must pay taxes on any excess revenue over expenses unless:
✔✔CORRECT ANSWER✔✔(a) The excess is returned to its members.
97. An association with a total annual revenue of less than $150,000 is
required to prepare which type of annual financial report? ✔✔CORRECT
ANSWER✔✔(c) Cash receipts
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
financial report, upon written request of a member? ✔✔CORRECT
ANSWER✔✔(c) Ten business days
95. If a condominium board decides to send a notice to its members
instead of a copy of the financial report, what statement must be
included? ✔✔CORRECT ANSWER✔✔(b) A copy of the financial report
,will be mailed or hand- delivered, without charge, within five business
days after receipt of the member's written request.
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: ✔✔CORRECT ANSWER✔✔(b) Twenty-one days after the report
is completed but not more than 120 days after the end of the prior
fiscal year or other date provided in the bylaws
93. All of the following are true of an estoppel certificate ✔✔CORRECT
ANSWER✔✔(a) It is requested by title and mortgage companies on
sales, transfers, and re-financings.
93. All of the following are true of an estoppel certificate ✔✔CORRECT
ANSWER✔✔(b) It is legally binding even if factually incorrect.
93. All of the following are true of an estoppel certificate ✔✔CORRECT
ANSWER✔✔(d) It may include a statement of future costs of correcting
a member's use restriction violations.
92. What is a qualifying offer? ✔✔CORRECT ANSWER✔✔(a) A written
offer of a member to pay all amounts secured by a lien of the
association plus amounts accruing during the pendency period of the
offer
, 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 right to recover attorney's fees and court costs: ✔✔CORRECT
ANSWER✔✔(a) 30 days
90. All of the following are true of liabilities acquired upon transfer of
title to a cooperative unit ✔✔CORRECT ANSWER✔✔(b) In an
involuntary transfer, the new member is jointly and severally liable with
the previous member for all unpaid assessments against the previous
member.
90. All of the following are true of liabilities acquired upon transfer of
title to a cooperative unit ✔✔CORRECT ANSWER✔✔(c) The new
member's liability may be voided by their waiver of their right to use
the common area.
90. All of the following are true of liabilities acquired upon transfer of
title to a cooperative unit ✔✔CORRECT ANSWER✔✔(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.
89. An association must obtain, depending on statutes and its
documents, insurance coverage that protects ✔✔CORRECT
ANSWER✔✔(a) Financial loss resulting from damage to real property
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