FL CAM Practice Exam 2
Cost Conscious Condominium is presently preparing their annual budget. Expenses on the proposed
budget are to be listed by:
A. Accounting methods
B. Account and classification
C. Sequence
D. Numerical order - Answer-B.
Kathryn Stifspine, a cooperative shareholder, becomes delinquent in payment of her monetary
obligations to the association. The association may
A. Immediately begin foreclosure proceedings.
B. Restrict her voting rights immediately when she becomes delinquent.
C. Demand that the tenant occupying her home pay future monetary obligations for assessments due
from Kathryn to the association and make Kathryn aware of this demand.
D. Deny Kathryn the right to use the cooperative amenities. - Answer-C.
A majority of the quorum at a membership meeting of a community association may vote to
____________________ the collection of a reserve for a roof replacement costing an estimated
$21,470.
A. Eliminate from current and future consideration
B. Let only new owners fund
C. Transfer to the wealthiest owners
D. Waive - Answer-D.
, Members of a condominium or cooperative association must be provided at least how many days'
advance notice of a meeting where assessments will be established.
A. 7
B. 10
C. 14
D. 21 - Answer-C.
What percentage of the voting interest in a condominium association must petition the board to
reconsider the newly adopted budget?
A. 10%
B. 15%
C. 20%
D. 25% - Answer-A.
Reserve funds when established and calculated using the separate or straight line method:
A. May be used for recurring expenses.
B. May be used for routine maintenance.
C. May be used for anything but reserves.
D. May be used only for the purpose for which they are collected unless otherwise approved by the
membership. - Answer-D.
Before determining the individual cooperative assessments, sums generated by other revenue sources
should be __________ by the board.
A. Added
B. Deducted
C. Suspended
D. Accrued - Answer-B.
Cost Conscious Condominium is presently preparing their annual budget. Expenses on the proposed
budget are to be listed by:
A. Accounting methods
B. Account and classification
C. Sequence
D. Numerical order - Answer-B.
Kathryn Stifspine, a cooperative shareholder, becomes delinquent in payment of her monetary
obligations to the association. The association may
A. Immediately begin foreclosure proceedings.
B. Restrict her voting rights immediately when she becomes delinquent.
C. Demand that the tenant occupying her home pay future monetary obligations for assessments due
from Kathryn to the association and make Kathryn aware of this demand.
D. Deny Kathryn the right to use the cooperative amenities. - Answer-C.
A majority of the quorum at a membership meeting of a community association may vote to
____________________ the collection of a reserve for a roof replacement costing an estimated
$21,470.
A. Eliminate from current and future consideration
B. Let only new owners fund
C. Transfer to the wealthiest owners
D. Waive - Answer-D.
, Members of a condominium or cooperative association must be provided at least how many days'
advance notice of a meeting where assessments will be established.
A. 7
B. 10
C. 14
D. 21 - Answer-C.
What percentage of the voting interest in a condominium association must petition the board to
reconsider the newly adopted budget?
A. 10%
B. 15%
C. 20%
D. 25% - Answer-A.
Reserve funds when established and calculated using the separate or straight line method:
A. May be used for recurring expenses.
B. May be used for routine maintenance.
C. May be used for anything but reserves.
D. May be used only for the purpose for which they are collected unless otherwise approved by the
membership. - Answer-D.
Before determining the individual cooperative assessments, sums generated by other revenue sources
should be __________ by the board.
A. Added
B. Deducted
C. Suspended
D. Accrued - Answer-B.
