2024 FLORIDA CAM License Questions with Verified Answers

.2024 FLORIDA CAM License - Questions with Verified Answers
Course
FL CAM License
Institution
FL CAM License
2024 FLORIDA CAM License - Questions with Verified Answers An association with annual revenues of less than $150,000 or with fewer than 50 parcels/units is required to prepare. A. an audited financial report B. a compiled financial report C. a report of cash receipts and expenditures D. a reviewed financial report If the documents do not state the number of directors, in a HOA, there must be at least_____ directors. In a co-op or condominium, there must be at least _____, unless there are five or fewer units, in which case there must be three directors. A. three...five B. five...three C. four...six D. four...five An easement of support in every portion of a unit which contributes to the support of a building A. is a shared element by those who live in the building B. is a common element C. is a limited common element D.none of these For condominiums, association Board members may serve staggered terms of no more than _______ if the governing documents permit. A. one year B. three years C. two years D. four years An insurance appraisal is used primarily to determine A. the dollar amount of insurance the association should carry B. the value of association property C. how an association can minimize its risks D. whether the association qualifies for CPIC or NFIP Which does NOT need to be included in the minutes of a membership or board meeting? A. time and place of the meeting B. names of directors and owners present C. motions made D. a record of votes and abstentions Committee Meetings are open to members and require _____ notice. A. 24 hours B. 14 days C. 7 days D. 48 hours In a cooperative, the legal title of units is vested in A. the owners B. the cooperative C. the association D. none of these Employees of a management firm and/or a community association A. must submit a W-2 form B. must supply a Social Security card or Green Card C. are subject to withholding D. all of these ___________ are the governing document that lays out how the affairs of the association will be regulated and managed. A. policies B. bylaws C. articles of incorporation D. rules and regulations The amount of a fidelity bond must cover _
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