FL CAM License Exam 2023 Graded A+

FL CAM License Exam 2023 Graded A+ 1. Condominium form of ownership is comprised of units owned by one or more persons and joint ownership of ________ share in the common elements. A. a percentage B. an undivided C. a proportional D. a complete - ANSWER-B. an undivided Condominium means individual ownership of a unit coupled with joint ownership of an undivided share of the common elements as well as mandatory membership in the association. 2. Under the General Corporate Law _______, community associations have the right to buy, sell or lease real property. Under the condo and co-op laws _____, condos and coops have the specific authority to acquire title. A. 617 / 718 & 719 B. 623 / 707 & 708 C. 621 / 718 & 719 D. 607 / 718 & 719 - ANSWER-D. 607 / 718 & 719 FS 607 is General Corporate Law, FS 718 is condominiums, and FS 719 is cooperatives. 3. A person doing the following for remuneration must have a license. A. Posts notices for meetings and chairs committee meetings B. Prepares budgets and financial statements. C. Supervises maintenance. D. All of the above. - ANSWER-D. All of the above. A person who provides the following services for compensation must be licensed by DBPR Disburse funds Prepare budgets and/or financial reports Notice or conduct meetings Coordinate maintenance or other day-to-day services involving the operation of the association 4. Application for renewal of a CAM license shall be postmarked by ___________ . If renewal application is postmarked after ____________ of the renewal year, the license shall be deemed expired. A. September 30, September 30 B. October 31, October 31 C. September 30, October 31 D. December 31, January 1 - ANSWER-C. September 30, October 31 Renewal applications shall be postmarked on or before September 30 each even year. If the renewal application is postmarked after October 31, that license is deemed expired. 5. Restrictive covenants that run with the land as permanent restrictions remain in effect until ________. A. The majority of the owners vote otherwise B. All of the owners agree C. The developer cancels them D. The community is terminated - ANSWER-D. The community is terminated When you purchase, you know that these covenants exist and will continue to exist for the life of the condominium or parcel and upon resale, the next owner inherits the same covenants. This is called running with the land. 6. The Cooperative documents must contain all of following except ________. A. Documentation of each owner B. Identification by unit number/letter C. Recognition of owner D. Definition of the grounds lease - ANSWER-B. Identification by unit number/letter Under Cooperative law, the co-op documents include the Articles of Incorporation and By-Laws, a definition of the grounds lease, the owner's share and membership in the co-op and title or right to use of a unit. 7. The ______ creates the association and the ______ creates the condominium. A. Declaration of Condominium / Articles of Incorporation B. By-Laws / Declaration C. Articles of Incorporation / Declaration D. Articles of Incorporation / Bylaws - ANSWER-C. Articles of Incorporation / Declaration The Articles of Incorporation, also known as the Corporate Charter, are the documents that create the association. The Condominium is established when the developer records the Declaration of Condominium with the county clerk in the county seat of the county in which the condominium is to be built. 8. What defines the membership and the voting rights of the Association? A. Corporate Charter B. Declaration of Condominium C. By-Laws D. Rules and Regulations - ANSWER-A. Corporate Charter The Articles of Incorporation, also known as the Corporate Charter, provide the framework for the organization of the association and define its membership and the voting rights of the members. 9. The ______ establish(es) the procedures for carrying out the day to day responsibilities of the association. A. Articles of Incorporation B. Declaration of Condominium C. By-laws D. Rules and Regulations - ANSWER-C. By-laws The By-Laws establish the procedures for carrying out the association's responsibilities and clarify the day-to-day duties necessary to carry out the responsibilities of the association. 10. If the governing documents of an association conflict, which of the following is the proper order of priority? A. By-laws, Declaration, Articles of Incorporation, Board Rules and Regulations B. Declaration, Articles of Incorporation, By-laws, Board Rules & regulations C. Articles of Incorporation, Declaration, By-laws, Board Rules and Regulations D. Declaration, Board-approved Rules, Articles of Incorporation, By-laws - ANSWER-B. Declaration, Articles of Incorporation, By-laws, Board Rules & regulations All of the documents should be consistent with each other. Their order of priority is: Declaration of Condominium Articles of Incorporation By-Laws Rules and Regulations 11. When we are talking about amending the documents, which of the following is correct? A. If proviso made and percentage stated, then that percent B. If no proviso, then 100% C. If proviso made but no percentage stated, then 66 2/3% D. All of the above - ANSWER-D. All of the above Each document must provide for procedures for amendment. If they do not, then they can only be made with the approval of all of the owners. Usually documents provide for the percentage of owners necessary to amend the document. If the documents provide for amendment but do not state the percentage necessary then two-thirds of the owners must agree to the amendment. Summary: If no proviso for amendment, then 100% If proviso made but percentage not stated, then 66 2/3% If proviso made and percentage stated, then that %