Exam (elaborations)
CAM FLORIDA QUESTIONS AND ANSWERS CORRECT
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Exam of 7 pages for the course Fl Cam at Fl Cam (CAM FLORIDA)
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CAM FLORIDAWhat determines whether the budget of a condominium association is adopted by the
membership or by a vote of the board of directors? - answer the governing documents
Even if a unit owner waives their rights as a member of an association, or buys a unit at
a foreclosure sale, or is in the process of transferring the title, they are still required to -
answer pay assessments.
Name three things that are crucial when calculating assessments: - answer Allocation,
number of units or parcels, and frequency of collection
n a condominium association, approval to use reserves for purposes other than
originally intended requires approval of - answer a majority vote at a duly called meeting
of the association.
How many budgets does a multi-condominium association require? - answer One for
each individual condominium, plus an overall budget
If a budget requires assessments which exceed the previous year by _____, it may be
subject to reconsideration. - answer115 percent
If the budget does not have adequate reserves to cover unexpected costs, a _ ____
may be required. - answerspecial assessment
How often does a community association have to file a financial report with the Florida
Department of State? - answerAnnually
Categories of reserve funds required by the Cooperative and Condominium Acts. -
answerBuilding painting, pavement resurfacing and roof replacement.
A condominium association must make available a complete set of financial statements
to all unit owners within - answer120
Under generally accepted accounting principles (GAAP), only the _____ method of
accounting is accepted. - answeraccrual
Combining funds which were set aside for specific purposes is called -
answercommingling.
When is commingling acceptable? - answerFor investment purposes
The default interest rate applied to late assessments is ___ - answer18 PERCENT
, If a homeowner refuses to pay assessments, an association can restrict... - answerNon-
essential services or facilities only
In order to have a lien on on a unit, an association must file a "claim of lien" with who? -
answerThe clerk of the county court
An _____ is a document which states an owner's current assessment status. -
answerestoppel certificate
What is the deadline for filing an annual report with the Department of State ? -
answerMay 1 each year.
In accordance with Florida Statutes, a notice of a condominium budget meeting must be
accompanied by a copy of - answerthe proposed budget.
After receiving a request for budget reconsideration, the board of directors of a
condominium must conduct a special meeting of the unit owners within how many days
- answer60 days
After a request is made, an estoppel certificate must be provided within _____ days. -
answer10
Reserve cash accounts in condominium associations are funded - answerat the same
frequency the assessments are due.
The Board of Directors at Allington Condominium Association proposed a budget for the
coming year that is 200% of the assessment from the previous year. To calculate if the
members of the association can petition for reconsideration of the budget, which item
should NOT be included to establish the percentage of increase? - answerreserves for
repair and replacement
A valid claim of lien on a condominium unit must provide the - answerlegal description
of the property, name of the owner, assessment amount and date due, and signature of
an agent of the association.
If NOT approved by a majority vote at a duly called meeting of the association, reserve
accounts may be utilized for - answeronly those purposes for which the reserves were
funded.
A corporation began conducting official operations on July 15 of this year. What is the
deadline for filing an annual report with the Department of State? - answerMay 1 of next
year
If provided for in the governing documents, when an owner of a condominium unit is
over 30 days late in paying an assessment, the association has the power to -
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