FL CAM License Exam Questions With Complete Solutions

FL CAM License Exam Questions With Complete Solutions /. 1. Condominium form of ownership is comprised of units owned by one or more persons and joint ownership of ________ share in the common elements. A. a percentage B. an undivided C. a proportional D. a complete - Answer-B. an undivided Condominium means individual ownership of a unit coupled with joint ownership of an undivided share of the common elements as well as mandatory membership in the association. /.2. Under the General Corporate Law _______, community associations have the right to buy, sell or lease real property. Under the condo and co-op laws _____, condos and coops have the specific authority to acquire title. A. 617 / 718 & 719 B. 623 / 707 & 708 C. 621 / 718 & 719 D. 607 / 718 & 719 - Answer-D. 607 / 718 & 719 FS 607 is General Corporate Law, FS 718 is condominiums, and FS 719 is cooperatives. /.3. A person doing the following for remuneration must have a license. A. Posts notices for meetings and chairs committee meetings B. Prepares budgets and financial statements. C. Supervises maintenance. D. All of the above. - Answer-D. All of the above. A person who provides the following services for compensation must be licensed by DBPR Disburse funds Prepare budgets and/or financial reports Notice or conduct meetings Coordinate maintenance or other day-to-day services involving the operation of the association /.4. Application for renewal of a CAM license shall be postmarked by ___________ . If renewal application is postmarked after ____________ of the renewal year, the license shall be deemed expired. A. September 30, September 30 B. October 31, October 31 C. September 30, October 31 D. December 31, January 1 - Answer-C. September 30, October 31 Renewal applications shall be postmarked on or before September 30 each even year. If the renewal application is postmarked after October 31, that license is deemed expired. /.5. Restrictive covenants that run with the land as permanent restrictions remain in effect until ________. A. The majority of the owners vote otherwise B. All of the owners agree C. The developer cancels them D. The community is terminated - Answer-D. The community is terminated When you purchase, you know that these covenants exist and will continue to exist for the life of the condominium or parcel and upon resale, the next owner inherits the same covenants. This is called running with the land. /.6. The Cooperative documents must contain all of following except ________. A. Documentation of each owner B. Identification by unit number/letter C. Recognition of owner D. Definition of the grounds lease - Answer-B. Identification by unit number/letter Under Cooperative law, the co-op documents include the Articles of Incorporation and By-Laws, a definition of the grounds lease, the owner's share and membership in the co-op and title or right to use of a unit. /.7. The ______ creates the association and the ______ creates the condominium. A. Declaration of Condominium / Articles of Incorporation B. By-Laws / Declaration C. Articles of Incorporation / Declaration D. Articles of Incorporation / Bylaws - Answer-C. Articles of Incorporation / Declaration The Articles of Incorporation, also known as the Corporate Charter, are the documents that create the association. The Condominium is established when the developer records the Declaration of Condominium with the county clerk in the county seat of the county in which the condominium is to be built. /.8. What defines the membership and the voting rights of the Association? A. Corporate Charter B. Declaration of Condominium C. By-Laws D. Rules and Regulations - Answer-A. Corporate Charter The Articles of Incorporation, also known as the Corporate Charter, provide the framework for the organization of the association and define its membership and the voting rights of the members. /.9. The ______ establish(es) the procedures for carrying out the day to day responsibilities of the association. A. Articles of Incorporation B. Declaration of Condominium C. By-laws D. Rules and Regulations - Answer-C. By-laws The By-Laws establish the procedures for carrying out the association's responsibilities and clarify the day-to-day duties necessary to carry out the responsibilities of the association. /.10. If the governing documents of an association conflict, which of the following is the proper order of priority? A. By-laws, Declaration, Articles of Incorporation, Board Rules and Regulations B. Declaration, Articles of Incorporation, By-laws, Board Rules & regulations C. Articles of Incorporation, Declaration, By-laws, Board Rules and Regulations D. Declaration, Board-approved Rules, Articles of Incorporation, By-laws - Answer-B. Declaration, Articles of Incorporation, By-laws, Board Rules & regulations All of the documents should be consistent with each other. Their order of priority is: Declaration of Condominium Articles of Incorporation By-Laws Rules and Regulations /.11. When we are talking about amending the documents, which of the following is correct? A. If proviso made and percentage stated, then that percent B. If no proviso, then 100% C. If proviso made but no percentage stated, then 66 2/3% D. All of the above - Answer-D. All of the above Each document must provide for procedures for amendment. If they do not, then they can only be made with the approval of all of the owners. Usually documents provide for the percentage of owners necessary to amend the document. If the documents provide for amendment but do not state the percentage necessary then two-thirds of the owners must agree to the amendment. Summary: If no proviso for amendment, then 100% If proviso made but percentage not stated, then 66 2/3% If proviso made and percentage stated, then that % /.12. In a Chapter 720 Homeowners Association, which of the following is required to amend the governing documents? A. A majority vote of the board of directors at a regular business meeting B. A majority vote of all the voting interests in the association C. A majority vote by the Board of Governors at an amendment meeting D. Approval of 2/3 of the voting interests in the association - Answer-D. Approval of 2/3 of the voting interests in the association HOA document amendments must be approved by two-thirds of the owners unless the documents provide otherwise. /.13. That property owned by the association for the use and benefit of its owners is called _______. A. limited common elements B. condominium parcel C. common elements D. association property - Answer-D. association property ASSOCIATION PROPERTY refers to the real or personal property leased, owned or controlled by the association for the use of the members. This is different from common elements which are jointly owned by the owners. Examples would be a leased parking area, a golf cart used by management, or a popcorn machine in the clubhouse. /.14. The portion of the community property shared by all of the owners and members is _______. A. Limited Common Elements B. Association Property C. Common Elements D. All Easements - Answer-C. Common Elements A COMMON ELEMENT is that property shared by all of the owners and members of the community. Common elements are the portions of the condominium property not included in the units. Examples are pools, parking lots, tennis courts, etc. The common elements and the percentage of ownership are found in the Declaration of Condominium. The common elements are owned by all of the owners. /.15. The part of a condominium that is subject to exclusive use is called _______. A. common elements B. association property C. a unit D. easements - Answer-C. a unit A UNIT is that part of the property reserved for the exclusive use of an owner. It may be land, improvements, or land and improvements.