FLORIDA CAM LICENSE FINAL EXAM-with 100% verified solutions-2023-2024, Exams of Business Economics

Download FLORIDA CAM LICENSE FINAL EXAM-with 100% verified solutions-2023-2024 and more Exams Business Economics in PDF only on Docsity! FLORIDA CAM LICENSE FINAL EXAM-with 100% verified solutions-2023-2024 Florida Condominium Law is contained in which Chapter of the Florida Statutes? 718 Minutes of meeting of the BOD must be maintained for: 7 years Emergency powers of a condominium board, if a state of emergency has been declared, include: Borrow money and pledge association assets as collateral to fund emergency repairs A condominium association files a lien for unpaid assessments against one of its unit owners, the lien is effective for: One year after claim of lien was recorded With respect to a condominium association, which of the following statements is true: The declaration may provided that certain limited common elements shall be maintained by those entitled to use the limited common elements. Notice of the Association annual meeting must contain: Purpose of the meeting, place, date and time A co-op association's reserves do not generally include an amount for: Flood insurance premiums of $13,000 Condominium owners own the condominium parcel and what type of interest in the common elements? Undivided A claim of lien against a condominium parcel must include: The due date, the name of unit owners, the amount due What designates the person who will direct votes for the owners of a corporately owned condominium unit? A voting certificate The least used entity of association management is: Self-Management Condominium unit owners, other than the developer, are entitled to elect not less than a majority of the board when? Three years after 50% of the units have been conveyed to the owners Certain disputes between a condominium owner and the association require arbitration as the first remedy; a dispute not requiring arbitration is one pertaining to: Fees and assessments The owners of a condominium must receive how much a notice of a budget meeting? 14 days The concept of fairness in rules enforcement that results in forfeiture of the enforcement right is: Equitable estoppel The two principal types of property insurance are: Named peril and all risks The condominium is created by the: The Association is created by filing the Articles of Incorporation with the: Florida Secretary of State The statutory law for cooperatives is contained in which Chapter of the Florida Statutes? 719 The 1988 amendment to the Federal Fair Housing Act added the following as protected classes: Persons with disabilities If a developer does not guarantee the budget, assessments are collected on all developer- owner units from when until the date the developer sells the unit? The date of the certificate of occupancy The Association is created by the: Articles of Incorporation If the Declaration of Condominium provides for material alterations or additions to the common elements, but does not set forth the manner, then at least what percentage of the owners must approve the alteration or addition? 75% A quorum for a condominium association is: A majority of the voting interest in person or proxy A cooperative is required to maintain a book or books containing the minutes of all meetings of the association, board of directors, and unit owners for a period of not less than how many years? 7 years If a condominium unit owner is delinquent in his assessment, does the associaton have the authority to suspend his use of the common elements? After 90 days for the use but not access and parking Which of the following claim adjuster(s) would typically be compensated by the association? Public adjuster A proxy for an annual owner's meeting expires: 90 days after the scheduled date of the meeting for which it was issued The Florida Fair Housing Act: Is identical to the Federal Fair Housing Act The condominium is established when: The developer records the Declaration of Condominium with the county clerk in the county seat in which the condominium is to be built Which Chapter of the Florida Statutes concerns fire safety or elevators? 509 Regardless of any provision to the contrary in the condominium documents, what percent of voting interests may call a meeting of the unit owners for the purpose recalling one or more members of the board of directors? 10% In a condominium with fewer than 500 units, the developer is entitled to elect at least one member of the board of directors as long as he holds at least what percentage of the units? 5% To be a valid Chapter 720, mandatory homeowners association, the association must: Have the authority to levy assessments and lien property for failure to pay In order to reactivate an inactive Community Association Manager's license, an inactive status licensee must complete how many classroom hours of continuing education? 10 hours for each year or portion of a year the license was inactive (or 20 hours for two years) The qualifications to serve on the Board of Directors is generally found in the: By-Laws