FL CAM Practice Exam 2 questions and answers 2024(graded A+)

Cost Conscious Condominium is presently preparing their annual budget. Expenses on the proposed budget are to be listed by: A. Accounting methods B. Account and classification C. Sequence D. Numerical order B. Kathryn Stifspine, a cooperative shareholder, becomes delinquent in payment of her monetary obligations to the association. The association may A. Immediately begin foreclosure proceedings. B. Restrict her voting rights immediately when she becomes delinquent. C. Demand that the tenant occupying her home pay future monetary obligations for assessments due from Kathryn to the association and make Kathryn aware of this demand. D. Deny Kathryn the right to use the cooperative amenities. C. A majority of the quorum at a membership meeting of a community association may vote to ____________________ the collection of a reserve for a roof replacement costing an estimated $21,470. A. Eliminate from current and future consideration B. Let only new owners fund C. Transfer to the wealthiest owners D. Waive D. Members of a condominium or cooperative association must be provided at least how many days' advance notice of a meeting where assessments will be established. A. 7 B. 10 C. 14 D. 21 C. What percentage of the voting interest in a condominium association must petition the board to reconsider the newly adopted budget? A. 10% B. 15% C. 20% D. 25% A. Reserve funds when established and calculated using the separate or straight line method: A. May be used for recurring expenses. B. May be used for routine maintenance. C. May be used for anything but reserves. D. May be used only for the purpose for which they are collected unless otherwise approved by the membership. D. Before determining the individual cooperative assessments, sums generated by other revenue sources should be __________ by the board. A. Added B. Deducted C. Suspended D. Accrued B. There is no mention of the collection of assessments in the Highroller Cooperative documents. Florida law requires cooperative shareholders' owners assessments to be collected at least every: A. Month B. Three months C. Six months D. Year B. When Bob Bad-Credit's assessment becomes delinquent, the association may record a _________________ to protect its interest. A. Mortgage B. Declaration C. Claim of lien D. Charter C. Owner Sam Smith is considering selling his unit in the Lake Front Condominium. He makes a request to the board to verify all assessment amounts presently outstanding on his unit. Once received, the assessment certificate: A. May not be presumed to be accurate B. May be presumed to be accurate by a purchaser or a mortgage C. May be a source of controversy on the board D. May not be used by any person as a factual statement. B. Heavenly Rest Condominium Association has 80 units and receipts of $175,000 per year. Which of the following is correct? A. The association board must vote annually to decide what types of financials statements are required. B. The association must deliver audited financial statements. C. The association must comply with the special accounting requirements and provide compiled financial statements. D. Condominiums are not required to provide financial statements. C. Ms. Nocredit's community association assessment account is delinquent. The Florida Law-Abiding Homeowners' Association may file a claim of lien for the delinquent assessment after revising her with how many days' notice of intent to lien? A. 30 B. 25 C. 15 D. 45 D. Community associations having annual receipts of at least $300,000.00 but less than $500,000.00 must make available to unit owners which of the following types of financials statements unless waived? A. Reported B. Compiled C. Corrected and accurate D. Reviewed. D.