FLORIDA CAM LICENSE TEST BANK 2026
TESTED QUESTIONS GRADED A+
⩥ Question : Unless waived, what kind of financial statement must be
provided to association members of a
condominium with 275 units and annual revenues of $285,000. Answer:
Compiled
⩥ Question : What form of insurance would condominium associations
not purchase. Answer: Performance Bond
⩥ Question : A homeowners' association board must get competitive
bids for contracts which will cost more than. Answer: 10% of the total
annual budget of the association including reserves.
⩥ Question : If fining is stipulated in the condominium governing
documents, what is the maximum fine per violation that can be imposed
against a condominium unit. Answer: Unless otherwise stated in the
condominium documents, a fine may not exceed $100 per violation or
$1,000 in the aggregate
⩥ Question : What rules apply to interest accruing on reserve funds -
Condo. Answer: Interest accruing on reserve funds is for authorized
expenditures, unless it's use for other purposes is approved by a vote of
the majority of the votes at a meeting of the association
TESTED QUESTIONS GRADED A+
⩥ Question : Unless waived, what kind of financial statement must be
provided to association members of a
condominium with 275 units and annual revenues of $285,000. Answer:
Compiled
⩥ Question : What form of insurance would condominium associations
not purchase. Answer: Performance Bond
⩥ Question : A homeowners' association board must get competitive
bids for contracts which will cost more than. Answer: 10% of the total
annual budget of the association including reserves.
⩥ Question : If fining is stipulated in the condominium governing
documents, what is the maximum fine per violation that can be imposed
against a condominium unit. Answer: Unless otherwise stated in the
condominium documents, a fine may not exceed $100 per violation or
$1,000 in the aggregate
⩥ Question : What rules apply to interest accruing on reserve funds -
Condo. Answer: Interest accruing on reserve funds is for authorized
expenditures, unless it's use for other purposes is approved by a vote of
the majority of the votes at a meeting of the association
