CAM license Exam Questions and 100% Accurate Answers

The documents of ABC condominium Association do not require reserves the proposed budget - ANSWER-Must at a minimum include statutory reserves All of the following categories of expenditures and required to be included in a condominium budget Except - ANSWER-Professional fees Verdona oaks community is compromised of two low raises each with an association two towers with one association and 10 villas and one association. How many total associations are located in Verdona Oaks - ANSWER-5 The Board of Directors of Nother world cooperative has scheduled a meeting to approve next year's budget. The members must receive notice how far in advance of the meeting - ANSWER-14 days Universal condominium association has an annual budget of 175,000 plus 25,000for reserves. The board is considering an expenditure of 7800 for roof repairs based on a bid from do right roofing. Is the board required to obtain other bids before awarding the contract - ANSWER-No because the expenditure is less than 5% of 200,000 New is a condominium owner who has leased his unit from January 1 through March 31 under what condition does Nell have the right to use fitness center while the property is rented - ANSWER-Nels may use the facilities as a guest At the regular board meeting of a homeowners association, owner Zumwalt ask to speak about an agenda item. The president of the board refused to recognize the owner. Which of the following is true of the presidents action - ANSWER-It was acceptable because an HOA board is not required to allow a member to speak under this circumstance Officers of a community association are usually - ANSWER-Elected by the board of directors Condominiums not operating as public lodging are exempt from the statutory pool supervision requirements if the pool serves - ANSWER-32 units or less Community Association charges a late fee for delinquent assessments paid after the 10th of the month. What is the maximum late fee that can be charged? - ANSWER-$25 or 5% of the past due amount, which ever is greater