FL Cam final exam
An association should establish reserves for - Answer-(a) Because associations may be able to avoid or
reduce large special assessments.
An association should establish reserves for - Answer-(c) Because associations may be able to avoid or
reduce large increases in regular assessments.
An association should establish reserves for - Answer-Because there are statutory requirements that
mandate reserves in certain circumstances.
99. What is a balance sheet? - Answer-A statement of the association's financial position at a particular
moment in time
98. If an association files its federal income tax return using Form 1120, it must pay taxes on any excess
revenue over expenses unless: - Answer-(a) The excess is returned to its members.
97. An association with a total annual revenue of less than $150,000 is required to prepare which type of
annual financial report? - Answer-(c) Cash receipts
96. If an HOA provides a notice instead of a copy of the financial report to its members, within what
period must it provide a copy of the annual financial report, upon written request of a member? -
Answer-(c) Ten business days
95. If a condominium board decides to send a notice to its members instead of a copy of the financial
report, what statement must be included? - Answer-(b) A copy of the financial report will be mailed or
hand- delivered, without charge, within five business days after receipt of the member's written request.
, 94. The annual financial report or a notice of its availability upon request, must be mailed to the
members of a condominium or HOA within: - Answer-(b) Twenty-one days after the report is completed
but not more than 120 days after the end of the prior fiscal year or other date provided in the bylaws
93. All of the following are true of an estoppel certificate - Answer-(a) It is requested by title and
mortgage companies on sales, transfers, and re-financings.
93. All of the following are true of an estoppel certificate - Answer-(b) It is legally binding even if
factually incorrect.
93. All of the following are true of an estoppel certificate - Answer-(d) It may include a statement of
future costs of correcting a member's use restriction violations.
92. What is a qualifying offer? - Answer-(a) A written offer of a member to pay all amounts secured by a
lien of the association plus amounts accruing during the pendency period of the offer
91. A condominium or cooperative is required to provide written notice to the member of its intention
to foreclose a claim of lien if it is to retain its right to recover attorney's fees and court costs: - Answer-
(a) 30 days
90. All of the following are true of liabilities acquired upon transfer of title to a cooperative unit -
Answer-(b) In an involuntary transfer, the new member is jointly and severally liable with the previous
member for all unpaid assessments against the previous member.
90. All of the following are true of liabilities acquired upon transfer of title to a cooperative unit -
Answer-(c) The new member's liability may be voided by their waiver of their right to use the common
area.
An association should establish reserves for - Answer-(a) Because associations may be able to avoid or
reduce large special assessments.
An association should establish reserves for - Answer-(c) Because associations may be able to avoid or
reduce large increases in regular assessments.
An association should establish reserves for - Answer-Because there are statutory requirements that
mandate reserves in certain circumstances.
99. What is a balance sheet? - Answer-A statement of the association's financial position at a particular
moment in time
98. If an association files its federal income tax return using Form 1120, it must pay taxes on any excess
revenue over expenses unless: - Answer-(a) The excess is returned to its members.
97. An association with a total annual revenue of less than $150,000 is required to prepare which type of
annual financial report? - Answer-(c) Cash receipts
96. If an HOA provides a notice instead of a copy of the financial report to its members, within what
period must it provide a copy of the annual financial report, upon written request of a member? -
Answer-(c) Ten business days
95. If a condominium board decides to send a notice to its members instead of a copy of the financial
report, what statement must be included? - Answer-(b) A copy of the financial report will be mailed or
hand- delivered, without charge, within five business days after receipt of the member's written request.
, 94. The annual financial report or a notice of its availability upon request, must be mailed to the
members of a condominium or HOA within: - Answer-(b) Twenty-one days after the report is completed
but not more than 120 days after the end of the prior fiscal year or other date provided in the bylaws
93. All of the following are true of an estoppel certificate - Answer-(a) It is requested by title and
mortgage companies on sales, transfers, and re-financings.
93. All of the following are true of an estoppel certificate - Answer-(b) It is legally binding even if
factually incorrect.
93. All of the following are true of an estoppel certificate - Answer-(d) It may include a statement of
future costs of correcting a member's use restriction violations.
92. What is a qualifying offer? - Answer-(a) A written offer of a member to pay all amounts secured by a
lien of the association plus amounts accruing during the pendency period of the offer
91. A condominium or cooperative is required to provide written notice to the member of its intention
to foreclose a claim of lien if it is to retain its right to recover attorney's fees and court costs: - Answer-
(a) 30 days
90. All of the following are true of liabilities acquired upon transfer of title to a cooperative unit -
Answer-(b) In an involuntary transfer, the new member is jointly and severally liable with the previous
member for all unpaid assessments against the previous member.
90. All of the following are true of liabilities acquired upon transfer of title to a cooperative unit -
Answer-(c) The new member's liability may be voided by their waiver of their right to use the common
area.
