2024 FLORIDA CAM License - Questions with Verified Answers

2024 FLORIDA CAM License - Questions with Verified Answers An association with annual revenues of less than $150,000 or with fewer than 50 parcels/units is required to prepare. A. an audited financial report B. a compiled financial report C. a report of cash receipts and expenditures D. a reviewed financial report If the documents do not state the number of directors, in a HOA, there must be at least_____ directors. In a co-op or condominium, there must be at least _____, unless there are five or fewer units, in which case there must be three directors. A. three...five B. five...three C. four...six D. four...five An easement of support in every portion of a unit which contributes to the support of a building A. is a shared element by those who live in the building B. is a common element C. is a limited common element D.none of these For condominiums, association Board members may serve staggered terms of no more than _______ if the governing documents permit. A. one year B. three years C. two years D. four years An insurance appraisal is used primarily to determine A. the dollar amount of insurance the association should carry B. the value of association property C. how an association can minimize its risks D. whether the association qualifies for CPIC or NFIP Which does NOT need to be included in the minutes of a membership or board meeting? A. time and place of the meeting B. names of directors and owners present C. motions made D. a record of votes and abstentions Committee Meetings are open to members and require _____ notice. A. 24 hours B. 14 days C. 7 days D. 48 hours In a cooperative, the legal title of units is vested in A. the owners B. the cooperative C. the association D. none of these Employees of a management firm and/or a community association A. must submit a W-2 form B. must supply a Social Security card or Green Card C. are subject to withholding D. all of these ___________ are the governing document that lays out how the affairs of the association will be regulated and managed. A. policies B. bylaws C. articles of incorporation D. rules and regulations The amount of a fidelity bond must cover _____________ funds that will be in the custody of the association or its management agent at any one time. A. the median amount of B. the amount of reserve C. the maximum amount of D. the average balance of If the number of directors present for a quorum for a Board of Directors meeting is not spelled out in the documents, Florida law requires it to be A. a majority of the directors present B. a majority of directors present in person or on speakerphone C. a majority of directors present in person or by proxy D. A and B When there is a vacancy on the board for any reason, the vacancy is filled by A. holding a special elections meeting B. waiting until the Annual Meeting and voting in a new director C. appointment by the Board D. appointment by the ombudsman At the time a condominium is turned over to the association by the developer, an architect's or engineer's _____________________must be provided by the developer attesting to the required maintenance, useful life, and replacement costs of certain common elements listed in the statute. A. estimate of repair costs B. turnover inspection report C. declaration of amenities D. certification of examination Copies of the final budget for timeshare properties must be filed with the Division within ___ days of the beginning of the fiscal year, together with the number of periods of 7-day use available annually A. 15 B. 60 C. 90 D. 30 For HOAs incorporated after December 31, 2007, and all condominium associations, the developer must provide the association with _________of the association's funds from the time of inception to the date of turnover, at the developer's expense. A. a compiled statement B. an audited statement C. a list D. a review When existing improvements are made to a rental property and a developer intends to convert it to a cooperative, tenants must receive a written notice of such intent. If a tenant has resided in the existing improvements for at least 180 days prior to receiving the notice, the tenant has the right to extend their lease by _______ days. A. 180 B. 90 C. 270 D. 60 When electronic voting is used to elect directors, which of the following must be in place? A. owners must be able to opt out B. there must be a method for the program to identify each voter; votes must be secret C. the voter must receive a receipt for his or her vote D. all of these A member of the Board of Directors may be recalled by a vote of A. 10% of the voting interests B. 20% of the voting interests C. a majority of all the voting interests D. 75% vote of the voting interests When the developer first creates a cooperative association, the Board of Directors is appointed by____. A. the Division of Condominiums, Cooperatives and Timeshares B. election by the shareholders C. the developer. D. the ombudsman. When determining the status of a worker—employee or independent contractor—the person is most likely an employee if A. the worker does not provide a social security number to the association B. the worker decides when and how he or she will do the work C. the employer retains the right to state how and when the work will be performed D. the worker structures his or her own time Which is not typically one of the governing documents for a cooperative association? A. Declaration B. Stock Certificates C. Proprietary Lease D. Bylaws Homeowners' Association members other than the developer are entitled to elect ___________ of the Board of Directors three months after 90% of the parcels in all phases of the community have been conveyed to the owners—unless the documents provide for an earlier date.