FL CAM LICENSE EXAM LATEST
ANSWER ALL QUESTIONS IN THIS SECTION
QUESTION 1
The following is not an example of official documents releasable to an owner.
A. insurance policies
B. financial records
C. personnel records
D. meeting minutes - ANSWERS-C. personnel records
Records must be open for inspection by the members or their representative at
reasonable times with the exception of
documents protected by lawyer-client privilege;
documents pertaining to the lease, sale or transfer of a unit;
disciplinary, payroll, health, insurance and personnel records of the association's
and management company employees; social security, driver's license or credit
card numbers, email addresses, telephone numbers, emergency contact information
or medical records of unit owners;
(Owners my consent in writing to the release of personal identifying information
such as telephone and fax numbers, e-mail and other mailing addresses.) (Written
employment agreements with an employee or management company or financial
records that indicate the compensation paid to these entities are accessible to
owners.)
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1
, FL CAM LICENSE EXAM LATEST
association's electronic or security data including passwords, software and
operating systems.
QUESTION 2
A budget is merely a preview of ________.
A. next year's income
B. past year's expenses
C. next year's expenses
D. past year's income - ANSWERS-C. next year's expenses
A budget is an estimate of the operational expenses for the coming year. It is based
on actual expenses of previous years, with a + or - factor for the coming year. It is
prepared each year for the next year's twelve-month period and provides a preview
of the coming year's expenses.
QUESTION 3
A two-building cooperative gets estimates for roof replacements. The board is
surprised to find that it will only cost $6,000 per building to replace the roofs.
Which of the following is correct with respect to roof reserves?
A. Roof reserves are not required because each roof is less than $10,000.00.
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, FL CAM LICENSE EXAM LATEST
B. Roof reserves are the option of the board.
C. Roof reserves are required by the statute, regardless of cost, and the law requires
that the reserves for both buildings be kept together in one consolidated account
because the combined replacement cost is greater than $10,000.
D. Roof reserves are required by statute, regardless of cost, and the reserves for
each building roof may be maintained in separate reserve accounts, if desired -
ANSWERS-D. Roof reserves are required by statute, regardless of cost, and the
reserves for each building roof may be maintained in separate reserve accounts, if
desired
Roof reserves are required by statute regardless of cost. However, there is no
requirement to consolidate all roofs under one account. Each building's roof could
be under a separate account.
QUESTION 4
When reserve funds are not funded fully, it requires ____ to approve the action.
A. 51 percent of the owners
B. 67 percent of the owners
C. 75 percent of the owners
D. a majority vote at a duly called meeting of the Association - ANSWERS-D. a
majority vote at a duly called meeting of the Association
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, FL CAM LICENSE EXAM LATEST
The association, by a majority vote of the members present at the meeting to
approve the budget, or the annual owners' meeting, may vote to waive the
collection of monies for reserves or reduce any amounts to be collected, if they so
desire. This must be done each year if they do not want to collect the full amount
for reserves.
For condominiums, proxies relating to the waiving or reducing the funding of
reserves or using existing reserve funds for purposes other that those for which the
reserves were intended shall contain the following statement in capitalized, bold
letters in a font size larger than any other used on the face of the proxy.
"WAIVING OF RESERVES, IN WHOLE OR IN PART, OR ALLOWING
ALTERNATIVE USES OF EXISTING RESERVES MAY RESULT IN UNIT
OWNER LIABILITY FOR PAYMENT OF UNANTICIPATED SPECIAL
ASSESSMENTS REGARDING THOSE ITEMS."
QUESTION 5
Most budgets are adopted by the ______.
A. Board of Directors
B. Owners
C. Board of Directors and the Owners
D. Management - ANSWERS-A. Board of Directors
The documents will establish whether the budgets are adopted by the members as a
whole or by the Board of Directors. Most state that the Board of Directors will set
the budget for the coming year.
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PAGE
4
ANSWER ALL QUESTIONS IN THIS SECTION
QUESTION 1
The following is not an example of official documents releasable to an owner.
A. insurance policies
B. financial records
C. personnel records
D. meeting minutes - ANSWERS-C. personnel records
Records must be open for inspection by the members or their representative at
reasonable times with the exception of
documents protected by lawyer-client privilege;
documents pertaining to the lease, sale or transfer of a unit;
disciplinary, payroll, health, insurance and personnel records of the association's
and management company employees; social security, driver's license or credit
card numbers, email addresses, telephone numbers, emergency contact information
or medical records of unit owners;
(Owners my consent in writing to the release of personal identifying information
such as telephone and fax numbers, e-mail and other mailing addresses.) (Written
employment agreements with an employee or management company or financial
records that indicate the compensation paid to these entities are accessible to
owners.)
END OF
PAGE
1
, FL CAM LICENSE EXAM LATEST
association's electronic or security data including passwords, software and
operating systems.
QUESTION 2
A budget is merely a preview of ________.
A. next year's income
B. past year's expenses
C. next year's expenses
D. past year's income - ANSWERS-C. next year's expenses
A budget is an estimate of the operational expenses for the coming year. It is based
on actual expenses of previous years, with a + or - factor for the coming year. It is
prepared each year for the next year's twelve-month period and provides a preview
of the coming year's expenses.
QUESTION 3
A two-building cooperative gets estimates for roof replacements. The board is
surprised to find that it will only cost $6,000 per building to replace the roofs.
Which of the following is correct with respect to roof reserves?
A. Roof reserves are not required because each roof is less than $10,000.00.
END OF
PAGE
2
, FL CAM LICENSE EXAM LATEST
B. Roof reserves are the option of the board.
C. Roof reserves are required by the statute, regardless of cost, and the law requires
that the reserves for both buildings be kept together in one consolidated account
because the combined replacement cost is greater than $10,000.
D. Roof reserves are required by statute, regardless of cost, and the reserves for
each building roof may be maintained in separate reserve accounts, if desired -
ANSWERS-D. Roof reserves are required by statute, regardless of cost, and the
reserves for each building roof may be maintained in separate reserve accounts, if
desired
Roof reserves are required by statute regardless of cost. However, there is no
requirement to consolidate all roofs under one account. Each building's roof could
be under a separate account.
QUESTION 4
When reserve funds are not funded fully, it requires ____ to approve the action.
A. 51 percent of the owners
B. 67 percent of the owners
C. 75 percent of the owners
D. a majority vote at a duly called meeting of the Association - ANSWERS-D. a
majority vote at a duly called meeting of the Association
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PAGE
3
, FL CAM LICENSE EXAM LATEST
The association, by a majority vote of the members present at the meeting to
approve the budget, or the annual owners' meeting, may vote to waive the
collection of monies for reserves or reduce any amounts to be collected, if they so
desire. This must be done each year if they do not want to collect the full amount
for reserves.
For condominiums, proxies relating to the waiving or reducing the funding of
reserves or using existing reserve funds for purposes other that those for which the
reserves were intended shall contain the following statement in capitalized, bold
letters in a font size larger than any other used on the face of the proxy.
"WAIVING OF RESERVES, IN WHOLE OR IN PART, OR ALLOWING
ALTERNATIVE USES OF EXISTING RESERVES MAY RESULT IN UNIT
OWNER LIABILITY FOR PAYMENT OF UNANTICIPATED SPECIAL
ASSESSMENTS REGARDING THOSE ITEMS."
QUESTION 5
Most budgets are adopted by the ______.
A. Board of Directors
B. Owners
C. Board of Directors and the Owners
D. Management - ANSWERS-A. Board of Directors
The documents will establish whether the budgets are adopted by the members as a
whole or by the Board of Directors. Most state that the Board of Directors will set
the budget for the coming year.
END OF
PAGE
4
