CAM Exam Bundle Questions and Answers Accurately Verified by Experts

Community Association (Definition) - ANSWER-a residential homeowners' association in which membership is a condition of ownership (mandatory) of a unit in a planned unit development, or of a lot for a home or a mobile home, or of a townhouse, villa, condominium, cooperative, or other residential un...

The documents of ABC condominium Association do not require reserves the proposed budget - ANSWER-Must at a minimum include statutory reserves All of the following categories of expenditures and required to be included in a condominium budget Except - ANSWER-Professional fees Verdona oaks com...

1. - ANSWER-The definition of a community association includes which of the following: - ANSWER-a. A residential or commercial development whether a condominium, cooperative, or homeowners' association. - ANSWER-b. A development where membership is mandatory and which is authorized to impo...

RCCAM - ANSWER-Regulatory Council of Community Association Managers Ch. 455 F.S. "Occupations and Professions Acts" - ANSWER-gives the DBPR executive powers, quasi-legislative (authority to make rules) and quasi-judicial (authority to judge and punish) powers in an effort to "protect the publ...

Define Community Association - ANSWER-Real or Personal Property, Owned by two or more entities, with legally binding agreement to share responsibility for and cost of maintenance and administration of the property assets and association and with specific rights granted to the members. What are 5 ...

4 Types of Community Associations - ANSWER-1. Condo - FS 718 2. Coop - FS 719 3. HOA - FS 720 4. Timeshare - FS 721 NOT Mobile Home 723 Which type of living condition is NOT a community association? - ANSWER-Mobile Home - FS 723 Documents include (3) - ANSWER-1. Declaration 2. A...

The language in the Declaration of Condominium that creates a commitment, restriction, or contract between the association and the unit owners is called - ANSWER-Covenants Under Chapter 718.1255, those eligible to petition for arbitration are: - ANSWER-An owner of a condominium unit Tom Tucke...

Who serves as the management entity? - ANSWER-A community association Florida Statutes organize each community association as a ___________________ - ANSWER-Corporation Powers of community associations - ANSWER-Budgeting for the maintenance and operation of the property, association and assets...

If employees claim exemption from income tax withholding, they must give the employer a new Form W-4 each __________. Month Year 2 years 3 years - ANSWER-Year. If an employee claims exemption from income tax withholding, this must be indicated on their signed W-4 upon starting work and the W...

Community Association is both - ANSWER-is both a a community and a business. Community associations are established with principles similar to those of government and good business practices. Community Association function - ANSWER-is to preserve, maintain, and enhance the property, association, ...

How long must an association maintain financial and accounting records? A. one calendar year B. eighteen months C. seven years D. indefinitely - ANSWER-C. 7 Years How soon after the end of the fiscal year must the association prepare and complete a financial report? A. Within 21 days B. Wi...

Which of the following is a reason for a community association board of directors to decide to obtain a professional assistance? - ANSWER-The board and officers do not have the necessary expertise or time to carry out complex management functions. Florida law requires that an applicant for a CAM...

Which of the following is a reason for a community association board of directors to decide to obtain professional assistance? - ANSWER-A. Florida statues require that all associations with at least 100 units utilize professional management, unless an officer is a trained manager. B. The board p...

Does a condo owner who manages his own community on a part-time basis need a real estate license? - ANSWER-No Does a CPA who collects association assessments need a real estate license? - ANSWER-No Does a person working for a management company and managing only one association need a real es...

Which of the following is a reason for a community association board directors to decide to obtain professional assistance - ANSWER-The board and officers do not have the necessary expertise or time to carry out complex management functions Florida law requires that an applicant for a CAM license...

What are the three keys to good customer service? - ANSWER-• Communication • Attitude • Relationships What is the cost of turnover when a resident leaves a community? - ANSWER-• The cost of turnover is generally more then 1-2 months rent per move out. What are the 5 techniques to b...

Define Market Segmentation - ANSWER--maximize resources -tailor to market -more defined market frofile The 1964 Fair Housing protects what? - ANSWER--Race -Color -Religion -National Origin -Sex -Familial Status -Handicap What is the minimum number of required bids? - ANSWER-3 What ...