2026 FLORIDA CAM CORRECT FINAL EXAM
QUESTIONS AND ANSWERS SURE A+
✔✔Unless the governing documents require a membership vote, the board of directors
may approve: - ✔✔To levy assessments, including special assessment
✔✔The association budget must include - ✔✔All estimated revenues, expenses,
reserves for certain deferred maintenance and capital expenditure projects
✔✔Association must prepare a financial report for preceding fiscal year: - ✔✔Within 90
days after the end of the year or date in the bylaws
✔✔Association must mail/deliver a copy of the financial report to the unit owner: -
✔✔No later than 120 days after the end the fiscal year or date provided in bylaws
✔✔The most recent financial reporting must be made avail to unit owners within: - ✔✔5
days of of written request
✔✔In financial reporting, the assoc must prepare a report of cash receipts and
expenses when: - ✔✔If the association revenues do not exceed $150k
, ✔✔Compiled report is meant for - ✔✔Associations with more than $150k and less than
$300k
✔✔A review report is meant for - ✔✔Associations with more than $300k and less than
$500k
✔✔An audit is meant for - ✔✔Associations with revenues of $500k or more
✔✔Seller in a condo transaction must provide all the following to the buyer -
✔✔Governance form,
Declarations,
Articles of incorporation,
Bylaws and rules/regulations,
Financial report and
FAQ
✔✔Failure to pay share of common expenses in a condo can result in: - ✔✔Liens or
possible foreclosure
✔✔Unit owners can attend all meetings except when: - ✔✔Legal matters, pending
litigation, board discussing personnel matters, legal advice
✔✔Unit owners can petition the board to address an item of business at the
_____________ meeting if 20% of voting interests petition the board - ✔✔Next regular
or special assessment
✔✔An association may suspend ______________ and ___________ if the account is
90 days past due - ✔✔Voting rights and common elements
✔✔If a unit owner is more $________ and _______ days late, the association may
suspend right to vote - ✔✔$1000.00 and 90 days
✔✔A unit owner may participate in this to resolve certain disputes - ✔✔Voluntary
mediation OR mandatory, non-binding arbitration
✔✔Vote to cancel any grant,lease, or other doc and contract PRIOR TO: - ✔✔Turnover
of control to the unit owners other than developer
✔✔to bring action for _________ and/or ____________ against association, other unit
owner, tenant, guest - ✔✔Damages or injunctive relief
✔✔Candidacy for election of the board must be submitted no less than: - ✔✔40 days
prior to election
QUESTIONS AND ANSWERS SURE A+
✔✔Unless the governing documents require a membership vote, the board of directors
may approve: - ✔✔To levy assessments, including special assessment
✔✔The association budget must include - ✔✔All estimated revenues, expenses,
reserves for certain deferred maintenance and capital expenditure projects
✔✔Association must prepare a financial report for preceding fiscal year: - ✔✔Within 90
days after the end of the year or date in the bylaws
✔✔Association must mail/deliver a copy of the financial report to the unit owner: -
✔✔No later than 120 days after the end the fiscal year or date provided in bylaws
✔✔The most recent financial reporting must be made avail to unit owners within: - ✔✔5
days of of written request
✔✔In financial reporting, the assoc must prepare a report of cash receipts and
expenses when: - ✔✔If the association revenues do not exceed $150k
, ✔✔Compiled report is meant for - ✔✔Associations with more than $150k and less than
$300k
✔✔A review report is meant for - ✔✔Associations with more than $300k and less than
$500k
✔✔An audit is meant for - ✔✔Associations with revenues of $500k or more
✔✔Seller in a condo transaction must provide all the following to the buyer -
✔✔Governance form,
Declarations,
Articles of incorporation,
Bylaws and rules/regulations,
Financial report and
FAQ
✔✔Failure to pay share of common expenses in a condo can result in: - ✔✔Liens or
possible foreclosure
✔✔Unit owners can attend all meetings except when: - ✔✔Legal matters, pending
litigation, board discussing personnel matters, legal advice
✔✔Unit owners can petition the board to address an item of business at the
_____________ meeting if 20% of voting interests petition the board - ✔✔Next regular
or special assessment
✔✔An association may suspend ______________ and ___________ if the account is
90 days past due - ✔✔Voting rights and common elements
✔✔If a unit owner is more $________ and _______ days late, the association may
suspend right to vote - ✔✔$1000.00 and 90 days
✔✔A unit owner may participate in this to resolve certain disputes - ✔✔Voluntary
mediation OR mandatory, non-binding arbitration
✔✔Vote to cancel any grant,lease, or other doc and contract PRIOR TO: - ✔✔Turnover
of control to the unit owners other than developer
✔✔to bring action for _________ and/or ____________ against association, other unit
owner, tenant, guest - ✔✔Damages or injunctive relief
✔✔Candidacy for election of the board must be submitted no less than: - ✔✔40 days
prior to election
