GOLD COAST CAM EVALUATION EXAMS 2025/2026
QUESTIONS WITH ANSWERS RATED A+
✔✔Once a developer has filed all required legal documents to offer units for sale, what
do those legal documents address? - ✔✔Use of the land and administration,
maintenance, and operation of property and association
✔✔Legal documents that are made by a developer are referred to as what? - ✔✔The
documents or Formal documents
✔✔If there is a prospective buyer or lessee interested in a unit the developer is
required.... - ✔✔To provide copies of the documents to the prospect buyer or the
interested lessee
✔✔What is a prospectus or public offering statement? - ✔✔This is a formal offering
document that summarizes the terms and conditions of sale, escrow requirements, use
restrictions (rules), assessment and charges and other pertinent information.
In essence, the prospectus condenses important points that are made in the sales
contract, statutes and documents into a single summary pamphlet.
Most importantly, the prospectus must include statutory disclosures.
✔✔If disclosures and any other documents that are required by statute are not
provided... - ✔✔The buyer can cancel the contract without penalty
✔✔What is the rescission period for Condo/Co-ops? - ✔✔New: 15 calendar days
Resale: 3 calendar days
✔✔What is the rescission period for HOA? - ✔✔New: 3 calendar days
Resale: 3 calendar days
✔✔What is the rescission period for Timeshare? - ✔✔New: 10 calendar days
Resale: 10 calendar days
✔✔What determines which type of community association is created? - ✔✔The
developer
✔✔What is not needed regarding the creation of a community association? - ✔✔The
developer does not need to create a prospectus.
✔✔What is the purpose of the documents offered by the prospectus? - ✔✔The purpose
of the prospectus is to condense important points that are made in the sales contract,
statutes and documents into a single summary pamphlet
, ✔✔When did Florida Legislature require community associations to be structured as
corporations? - ✔✔January 1, 1977
✔✔Florida Not for Profit Corporation Act (F.S. 617): - ✔✔Provides laws that govern the
not for profit corporations. This was created to provide a means by which an organized
entity could benefit from corporate safeguards and centralized administration but
without the intention of making a profit.
✔✔Florida Business Corporation Act (F.S. 607): - ✔✔Provides laws that govern for
profit corporation
✔✔What must every corporation do every year?
How much is the annual fee for profit and not for profit?
When is it due? - ✔✔File and Annual Corporate Report
For profit is $150
Not For Profit is $61.25
The report is due by May 1st
✔✔The articles of incorporation or the bylaws of a corporation include, directly or
indirectly, all the powers of F.S. 617 which include: - ✔✔1. To sue and be sued and
appear and defend in all actions and proceedings in its corporate name to the same
extent as a natural person
2. To elect or appoint such officers and agents as its affairs shall require and allow them
reasonable compensation
3. To adopt, change, amend, and repeal bylaws in conformance with the law and its
articles of incorporation, for the administration of the affairs of the corporation, and the
exercise of its corporate powers
✔✔The article of incorporation and bylaws that are filed is done with whom?
How much is the filing fee?
What does the secretary of state give you once filing is complete? - ✔✔The Secretary of
State
$70 and additional fees if certified copies are requested
The secretary of state issues a corporation number
QUESTIONS WITH ANSWERS RATED A+
✔✔Once a developer has filed all required legal documents to offer units for sale, what
do those legal documents address? - ✔✔Use of the land and administration,
maintenance, and operation of property and association
✔✔Legal documents that are made by a developer are referred to as what? - ✔✔The
documents or Formal documents
✔✔If there is a prospective buyer or lessee interested in a unit the developer is
required.... - ✔✔To provide copies of the documents to the prospect buyer or the
interested lessee
✔✔What is a prospectus or public offering statement? - ✔✔This is a formal offering
document that summarizes the terms and conditions of sale, escrow requirements, use
restrictions (rules), assessment and charges and other pertinent information.
In essence, the prospectus condenses important points that are made in the sales
contract, statutes and documents into a single summary pamphlet.
Most importantly, the prospectus must include statutory disclosures.
✔✔If disclosures and any other documents that are required by statute are not
provided... - ✔✔The buyer can cancel the contract without penalty
✔✔What is the rescission period for Condo/Co-ops? - ✔✔New: 15 calendar days
Resale: 3 calendar days
✔✔What is the rescission period for HOA? - ✔✔New: 3 calendar days
Resale: 3 calendar days
✔✔What is the rescission period for Timeshare? - ✔✔New: 10 calendar days
Resale: 10 calendar days
✔✔What determines which type of community association is created? - ✔✔The
developer
✔✔What is not needed regarding the creation of a community association? - ✔✔The
developer does not need to create a prospectus.
✔✔What is the purpose of the documents offered by the prospectus? - ✔✔The purpose
of the prospectus is to condense important points that are made in the sales contract,
statutes and documents into a single summary pamphlet
, ✔✔When did Florida Legislature require community associations to be structured as
corporations? - ✔✔January 1, 1977
✔✔Florida Not for Profit Corporation Act (F.S. 617): - ✔✔Provides laws that govern the
not for profit corporations. This was created to provide a means by which an organized
entity could benefit from corporate safeguards and centralized administration but
without the intention of making a profit.
✔✔Florida Business Corporation Act (F.S. 607): - ✔✔Provides laws that govern for
profit corporation
✔✔What must every corporation do every year?
How much is the annual fee for profit and not for profit?
When is it due? - ✔✔File and Annual Corporate Report
For profit is $150
Not For Profit is $61.25
The report is due by May 1st
✔✔The articles of incorporation or the bylaws of a corporation include, directly or
indirectly, all the powers of F.S. 617 which include: - ✔✔1. To sue and be sued and
appear and defend in all actions and proceedings in its corporate name to the same
extent as a natural person
2. To elect or appoint such officers and agents as its affairs shall require and allow them
reasonable compensation
3. To adopt, change, amend, and repeal bylaws in conformance with the law and its
articles of incorporation, for the administration of the affairs of the corporation, and the
exercise of its corporate powers
✔✔The article of incorporation and bylaws that are filed is done with whom?
How much is the filing fee?
What does the secretary of state give you once filing is complete? - ✔✔The Secretary of
State
$70 and additional fees if certified copies are requested
The secretary of state issues a corporation number
