CAM license (100% Correct Solutions)

The documents of ABC condominium Association do not require reserves the proposed budget correct answers Must at a minimum include statutory reserves All of the following categories of expenditures and required to be included in a condominium budget Except correct answers 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 correct answers 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 correct answers 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 correct answers 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 correct answers 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 correct answers 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 correct answers Elected by the board of directors Condominiums not operating as public lodging are exempt from the statutory pool supervision requirements if the pool serves correct answers 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? correct answers $25 or 5% of the past due amount, which ever is greater Owner J has violated the condominium bylaws. The association has the power to seek enforcement correct answers By action through the Florida circuit court The developer-controlled HOA board did NOT establish reserve accounts. After transition, the newly elected board has recognized the need for reserves funds for long-term maintenance and replacement of roadways, parking areas and swimming pools. Which of the following is CORRECT? correct answers In order to create reserves accounts, a majority of the entire