2026 FLORIDA CERTIFIED ASSET MANAGEMENT (FL-CAM) –EXAM STUDY GUIDE
WITH QUESTIONS AND CORRECT ANSWERS, GRADED A+
A Community is defined as
Real or personal property owned by two or more entities, with a "legally binding agreement
(covenant) to share responsibility and costs for maintenance and administration of property,
assets, and association, and with specific rights granted to the members.
Community Associations are structured by
Formal (in writing), legal documents defining property rights, rules and restrictions.
Community Associations are also referred to as
Covenant
Conceptually Community Associations:
Maximize land use, share responsibility, and expenses.
What are the 5 types of Community Associations?
Condo, Cooperative, HOA, Timeshare, Mobile Home Park
What are the 3 specific requirements of CA in Florida
Membership is mandatory, members must have the right to vote, an assessment, if unpaid can
become a lien.
What factors influence the type of association that can be developed?
Zoning, CDMP
These documents define the regulations for use of land, member's rights, & responsibilities, and
create the entity that will manage the community.
Declaration of covenants & restrictions/declaration of condominium, Articles of incorporation,
bylaws.
Developer must pay a fee at the time he files any required documents with the DBPR.
New Condos/Coops - $20/unit
Timeshares - $2/7 day period each unit will be occupied, but not more than $25,000
Mobile Homes - $10/lot but not less than $100
Developer must file the documents with certain governmental entities, and pay a fee for each
unit or lot in a community
,True
Florida requires all community associations to be incorporated?
True
HOA's do not pay fees, as they are not regulated by the state.
True
True
The association is not required to hire a manager or management company.
Volunteer Directors and officers may manage the property without a license.
A lot within an HOA community which is capable of separate conveyance and the owner of
which is obligated to be a member of the association and pay assessments that, if not paid, may
result in a lein.
Parcel
Jointly owned and jointly used portions of a condo that are not included in the units.
Common Elements
Jointly owned common elements reserved for the exclusive use and benefit of a specific unit.
Limited Common Elements
Rights, interests and benefits -- including use of common areas, membership in the association,
voting rights, easement for air and view rights, and restrictive covenants that attach to and run
with ownership until the community is terminated.
Appurtenances
A common interest community in which portions of the real estate are designated for separate
ownership, the remainder of the real estate is designated for common ownership solely by the
owners of the units, annd undivided interests in the common elements are vested in the unit
owners.
Condominium
The document that creates a condo when recorded with the clerk of circuit court in the county
where the property is located.
Declaration of Condo
,The transfer from developer control of community association to the establishment of the unit
owner controlled association.
Transition
Taking an existing, previously occupied improvement and changing the form of ownership to a
condo.
Conversion
The Division of the Department of Business and Professional Regulation (DBPR) that has power
to enforce and ensure compliance with the provision of Chapters 718, 719, 720, 721, 723, F.S.
and rules relating to development, construction, sale, lease, ownership, operation, and
management of developer controlled residential condo units.
Division of Florida Condo Timeshares & Mobile Homes
The governor-appointed attorney who acts as liaison between the division, unit owners, board
of directors, board members, community association managers, and other affected parties.
Ombudsman
A form of ownership of real property in which legal title is vested in an association and the right
to occupy or use is evidenced by an ownership interest in the association and a proprietary
lease.
Cooperative
A Florida corporation responsible for the operation of a community or a mobile home
subdivision in which the voting membership is made up of parcel owners and in which
membership is a mandatory condition of parcel ownership, and dwhich is authorized to impose
assessments that, if unpaid, may become a lien on the parcel.
HOA
An arrangement whereby a purchaser, for consideration, receives ownership rights in or a right
to use accommodations, and facilities, if any, for a period of time less than a full year during any
given year.
Timeshare Plan
A community association is a residential homeowners' association in which conditions of
property ownership include all the following EXCEPT:
a) mandatory membership in the association
b) mandatory fees to the association
, c) mandatory transfer by quitclaim deed
d) potential lien filed by the association
c) mandatory transfer by quitclaim deed
A primary purpose of community association management is to:
a) maintain the common property
b) sell parcels or units for the developer.
c) negotiate leases on behalf of the unity owners
d) collect property taxes and insurance
a) maintain the common property
Planned communities and mandatory homeowners' associations are regulated under which
statute?
a) Chapt. 615 F.S.
b) Chapt. 715 F.S.
c) Chapt. 720 F.S.
d) Chapt. 728 F.S.
c) Chapt. 720 F.S.
Powers of the association DO NOT include which of the following?
a) Enter into management contracts
b) Levy assessments
c) File a lien for unpaid assessments
d) Negotiate the sale of individual units
d) Negotiate the sale of individual units
If management is compensated and the association has more than 10 units or more than
$100,000 annual budget, it is define as:
a) Condo Assessment (CA)
b) Community Association Management (CAM)
c) Cooperative Development (CD)
d) Timeshare Management (TD)
b) Community Association Management (CAM)
Sunnyville Condo, a residential development, has hired a community association manager.
Management activities will likely include all of the following EXCEPT:
a) Preparing budgets or other financial documents
b) Assisting in the noticing or conduct of meetings
WITH QUESTIONS AND CORRECT ANSWERS, GRADED A+
A Community is defined as
Real or personal property owned by two or more entities, with a "legally binding agreement
(covenant) to share responsibility and costs for maintenance and administration of property,
assets, and association, and with specific rights granted to the members.
Community Associations are structured by
Formal (in writing), legal documents defining property rights, rules and restrictions.
Community Associations are also referred to as
Covenant
Conceptually Community Associations:
Maximize land use, share responsibility, and expenses.
What are the 5 types of Community Associations?
Condo, Cooperative, HOA, Timeshare, Mobile Home Park
What are the 3 specific requirements of CA in Florida
Membership is mandatory, members must have the right to vote, an assessment, if unpaid can
become a lien.
What factors influence the type of association that can be developed?
Zoning, CDMP
These documents define the regulations for use of land, member's rights, & responsibilities, and
create the entity that will manage the community.
Declaration of covenants & restrictions/declaration of condominium, Articles of incorporation,
bylaws.
Developer must pay a fee at the time he files any required documents with the DBPR.
New Condos/Coops - $20/unit
Timeshares - $2/7 day period each unit will be occupied, but not more than $25,000
Mobile Homes - $10/lot but not less than $100
Developer must file the documents with certain governmental entities, and pay a fee for each
unit or lot in a community
,True
Florida requires all community associations to be incorporated?
True
HOA's do not pay fees, as they are not regulated by the state.
True
True
The association is not required to hire a manager or management company.
Volunteer Directors and officers may manage the property without a license.
A lot within an HOA community which is capable of separate conveyance and the owner of
which is obligated to be a member of the association and pay assessments that, if not paid, may
result in a lein.
Parcel
Jointly owned and jointly used portions of a condo that are not included in the units.
Common Elements
Jointly owned common elements reserved for the exclusive use and benefit of a specific unit.
Limited Common Elements
Rights, interests and benefits -- including use of common areas, membership in the association,
voting rights, easement for air and view rights, and restrictive covenants that attach to and run
with ownership until the community is terminated.
Appurtenances
A common interest community in which portions of the real estate are designated for separate
ownership, the remainder of the real estate is designated for common ownership solely by the
owners of the units, annd undivided interests in the common elements are vested in the unit
owners.
Condominium
The document that creates a condo when recorded with the clerk of circuit court in the county
where the property is located.
Declaration of Condo
,The transfer from developer control of community association to the establishment of the unit
owner controlled association.
Transition
Taking an existing, previously occupied improvement and changing the form of ownership to a
condo.
Conversion
The Division of the Department of Business and Professional Regulation (DBPR) that has power
to enforce and ensure compliance with the provision of Chapters 718, 719, 720, 721, 723, F.S.
and rules relating to development, construction, sale, lease, ownership, operation, and
management of developer controlled residential condo units.
Division of Florida Condo Timeshares & Mobile Homes
The governor-appointed attorney who acts as liaison between the division, unit owners, board
of directors, board members, community association managers, and other affected parties.
Ombudsman
A form of ownership of real property in which legal title is vested in an association and the right
to occupy or use is evidenced by an ownership interest in the association and a proprietary
lease.
Cooperative
A Florida corporation responsible for the operation of a community or a mobile home
subdivision in which the voting membership is made up of parcel owners and in which
membership is a mandatory condition of parcel ownership, and dwhich is authorized to impose
assessments that, if unpaid, may become a lien on the parcel.
HOA
An arrangement whereby a purchaser, for consideration, receives ownership rights in or a right
to use accommodations, and facilities, if any, for a period of time less than a full year during any
given year.
Timeshare Plan
A community association is a residential homeowners' association in which conditions of
property ownership include all the following EXCEPT:
a) mandatory membership in the association
b) mandatory fees to the association
, c) mandatory transfer by quitclaim deed
d) potential lien filed by the association
c) mandatory transfer by quitclaim deed
A primary purpose of community association management is to:
a) maintain the common property
b) sell parcels or units for the developer.
c) negotiate leases on behalf of the unity owners
d) collect property taxes and insurance
a) maintain the common property
Planned communities and mandatory homeowners' associations are regulated under which
statute?
a) Chapt. 615 F.S.
b) Chapt. 715 F.S.
c) Chapt. 720 F.S.
d) Chapt. 728 F.S.
c) Chapt. 720 F.S.
Powers of the association DO NOT include which of the following?
a) Enter into management contracts
b) Levy assessments
c) File a lien for unpaid assessments
d) Negotiate the sale of individual units
d) Negotiate the sale of individual units
If management is compensated and the association has more than 10 units or more than
$100,000 annual budget, it is define as:
a) Condo Assessment (CA)
b) Community Association Management (CAM)
c) Cooperative Development (CD)
d) Timeshare Management (TD)
b) Community Association Management (CAM)
Sunnyville Condo, a residential development, has hired a community association manager.
Management activities will likely include all of the following EXCEPT:
a) Preparing budgets or other financial documents
b) Assisting in the noticing or conduct of meetings
