FLORIDA COMMUNITY ASSOCIATION MANAGER (CAM)
LICENSING EXAM QUESTIONS AND CORRECT
ANSWERS (VERIFIED ANSWERS) PLUS RATIONALES
2026 |100% GUARANTEED VALUE PACK!!!
Question 1: A community association manager is preparing a contract for a roof replacement project
costing $75,000. The CAM has a cousin who owns a roofing company and submits a bid $5,000 lower
than the next competitor. What is the CAM's ethical obligation?
A) Accept the cousin's bid to save the association money
B) Disclose the relationship to the board and recuse from the decision
C) Accept the lowest bid without disclosure
D) Reject the cousin's bid entirely to avoid any appearance of impropriety
Answer: B
CAMs must avoid conflicts of interest and disclose any personal or familial relationships with vendors;
disclosure to the board and recusal from the decision-making process is the ethically required action.
Question 2: Condominium form of ownership is comprised of units owned by one or more persons and
joint ownership of what type of share in the common elements?
A) A percentage share
B) An undivided share
C) A proportional share
D) A designated share
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, Answer: B
Condominium ownership consists of individually owned units and an undivided interest in the common
elements; unit owners hold a percentage interest in the common elements based on their unit's share.
Question 3: Under Florida Statute 468.4334, when a community association management contract is
terminated, how many business days does the manager have to transfer all official records to the
association?
A) 10 business days
B) 15 business days
C) 20 business days
D) 30 business days
Answer: C
Section 468.4334(3), F.S. requires a terminated management company or manager to transfer all
community association official records within 20 business days of termination.
Question 4: A copy of the most recent annual financial report, or notice of its availability, must be
mailed or hand-delivered to unit owners within how many business days after receipt of a written
request?
A) 3 business days
B) 5 business days
C) 7 business days
D) 10 business days
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, Answer: B
Unit owners who submit a written request for the annual financial report must receive a copy or notice
of availability within 5 business days of the association's receipt of the request.
Question 5: A community association manager is deemed to act as an agent of whom under Florida
law?
A) The property owner
B) The community association
C) The management company
D) The Department of Business and Professional Regulation
Answer: B
Under Florida Statute 468.4334(1)(a), a community association manager or management firm is
deemed to act as an agent of the community association.
Question 6: What is the minimum number of units or annual budget threshold that requires community
association management services to be performed by a licensed CAM?
A) 25 units or budget over $50,000
B) 50 units or budget over $100,000
C) 75 units or budget over $150,000
D) 100 units or budget over $200,000
Answer: B
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, Florida law defines community association management as services performed for associations with 50
units or more, or with an annual budget exceeding $100,000.
Question 7: A CAM is preparing the annual budget for an HOA. Which of the following must be included
in the budget?
A) Only operating expenses
B) Operating expenses and reserve accounts
C) Operating expenses and capital improvements
D) Operating expenses, reserve accounts, and projected assessments
Answer: D
An association's annual budget must include operating expenses, reserve accounts (if required), and the
projected assessment amounts needed to fund the budget.
Question 8: Which Florida statute governs condominium associations?
A) Chapter 718
B) Chapter 719
C) Chapter 720
D) Chapter 468
Answer: A
Chapter 718 of the Florida Statutes governs condominium associations; Chapter 719 governs
cooperatives, and Chapter 720 governs homeowners associations.
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LICENSING EXAM QUESTIONS AND CORRECT
ANSWERS (VERIFIED ANSWERS) PLUS RATIONALES
2026 |100% GUARANTEED VALUE PACK!!!
Question 1: A community association manager is preparing a contract for a roof replacement project
costing $75,000. The CAM has a cousin who owns a roofing company and submits a bid $5,000 lower
than the next competitor. What is the CAM's ethical obligation?
A) Accept the cousin's bid to save the association money
B) Disclose the relationship to the board and recuse from the decision
C) Accept the lowest bid without disclosure
D) Reject the cousin's bid entirely to avoid any appearance of impropriety
Answer: B
CAMs must avoid conflicts of interest and disclose any personal or familial relationships with vendors;
disclosure to the board and recusal from the decision-making process is the ethically required action.
Question 2: Condominium form of ownership is comprised of units owned by one or more persons and
joint ownership of what type of share in the common elements?
A) A percentage share
B) An undivided share
C) A proportional share
D) A designated share
1|Page
, Answer: B
Condominium ownership consists of individually owned units and an undivided interest in the common
elements; unit owners hold a percentage interest in the common elements based on their unit's share.
Question 3: Under Florida Statute 468.4334, when a community association management contract is
terminated, how many business days does the manager have to transfer all official records to the
association?
A) 10 business days
B) 15 business days
C) 20 business days
D) 30 business days
Answer: C
Section 468.4334(3), F.S. requires a terminated management company or manager to transfer all
community association official records within 20 business days of termination.
Question 4: A copy of the most recent annual financial report, or notice of its availability, must be
mailed or hand-delivered to unit owners within how many business days after receipt of a written
request?
A) 3 business days
B) 5 business days
C) 7 business days
D) 10 business days
2|Page
, Answer: B
Unit owners who submit a written request for the annual financial report must receive a copy or notice
of availability within 5 business days of the association's receipt of the request.
Question 5: A community association manager is deemed to act as an agent of whom under Florida
law?
A) The property owner
B) The community association
C) The management company
D) The Department of Business and Professional Regulation
Answer: B
Under Florida Statute 468.4334(1)(a), a community association manager or management firm is
deemed to act as an agent of the community association.
Question 6: What is the minimum number of units or annual budget threshold that requires community
association management services to be performed by a licensed CAM?
A) 25 units or budget over $50,000
B) 50 units or budget over $100,000
C) 75 units or budget over $150,000
D) 100 units or budget over $200,000
Answer: B
3|Page
, Florida law defines community association management as services performed for associations with 50
units or more, or with an annual budget exceeding $100,000.
Question 7: A CAM is preparing the annual budget for an HOA. Which of the following must be included
in the budget?
A) Only operating expenses
B) Operating expenses and reserve accounts
C) Operating expenses and capital improvements
D) Operating expenses, reserve accounts, and projected assessments
Answer: D
An association's annual budget must include operating expenses, reserve accounts (if required), and the
projected assessment amounts needed to fund the budget.
Question 8: Which Florida statute governs condominium associations?
A) Chapter 718
B) Chapter 719
C) Chapter 720
D) Chapter 468
Answer: A
Chapter 718 of the Florida Statutes governs condominium associations; Chapter 719 governs
cooperatives, and Chapter 720 governs homeowners associations.
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