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CAM FLORIDA Questions and Correct Answers
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The report that informs the state of Florida of the name and address of the association, the officers and their addresses and the registered agent is ~ the annual report. Which situation would NOT require a special assessment? ~ scheduled roof repairs take place, according to an agreed budget ...

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  • August 11, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • cam florida questions and correct answers

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  • CAM FLORIDA
  • CAM FLORIDA

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CAM FLORIDA Questions and
Correct Answers

What determines whether the budget of a condominium association is adopted by

the membership or by a vote of the board of directors?

✓✓~ the governing documents




Even if a unit owner waives their rights as a member of an association, or buys a unit

at a foreclosure sale, or is in the process of transferring the title, they are still

required to

✓✓~ pay assessments.




Name three things that are crucial when calculating assessments:

✓✓~ Allocation, number of units or parcels, and frequency of collection




n a condominium association, approval to use reserves for purposes other than

originally intended requires approval of

✓✓~ a majority vote at a duly called meeting of the association.




How many budgets does a multi-condominium association require?

✓✓~ One for each individual condominium, plus an overall budget

, If a budget requires assessments which exceed the previous year by _____, it may

be subject to reconsideration.

✓✓~ 115 percent




If the budget does not have adequate reserves to cover unexpected costs, a _ ____

may be required.

✓✓~ special assessment




How often does a community association have to file a financial report with the

Florida Department of State?

✓✓~ Annually




Categories of reserve funds required by the Cooperative and Condominium Acts.

✓✓~ Building painting, pavement resurfacing and roof replacement.




A condominium association must make available a complete set of financial

statements to all unit owners within

✓✓~ 120




Under generally accepted accounting principles (GAAP), only the _____ method of

accounting is accepted.

✓✓~ accrual

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