FL CAM FINAL EXAM COMPREHENSIVE SCRIPT
2026 QUESTIONS AND ANSWERS
GUARANTEED TO PASS
◉ For how long must meeting minutes be kept? Answer: 3 years
◉ When is electronic voting allowed? Answer: Documents allow
◉ Which requires written notice to owners? Answer: Budget
meeting
◉ What is a budget? Answer: Financial plan
◉ What do operating expenses include? Answer: Landscaping
◉ What are reserves used for? Answer: Future major repairs
◉ Which is a statutory reserve item? Answer: Roofing
◉ When does a deficit occur? Answer: Expenses exceed income
,◉ What are special assessments typically used for? Answer:
Unexpected costs
◉ Who may waive reserve funding? Answer: Majority owner vote
◉ What may budget surpluses be? Answer: Applied to future
expenses
◉ What does line-item budgeting mean? Answer: Detailed expense
categories
◉ What determines the fiscal year? Answer: Declaration
◉ What is required for assessment increases? Answer: Owner
approval only if stated
◉ Which affects budget accuracy most? Answer: Owner opinions
◉ A reserve schedule includes: Answer: Useful life and replacement
cost
◉ CAMS may assist in budget preparation but cannot: Answer:
Approve it
, ◉ Which is a non-reserve capital expense? Answer: Painting
◉ Bad debt refers to: Answer: Uncollectible assessments
◉ Which increases assessments? Answer: Increased insurance costs
◉ Carryover funds are: Answer: Excess operating funds
◉ Budget adoption requires: Answer: Board vote
◉ Which expense is typically variable? Answer: Utilities
◉ A reserve study should be updated: Answer: Every 3-5 years
◉ Which is a cash-flow issue? Answer: Delinquencies
◉ Budget notices must be provided at least: Answer: 14 days
◉ Which document supports budget planning? Answer: All of the
above
2026 QUESTIONS AND ANSWERS
GUARANTEED TO PASS
◉ For how long must meeting minutes be kept? Answer: 3 years
◉ When is electronic voting allowed? Answer: Documents allow
◉ Which requires written notice to owners? Answer: Budget
meeting
◉ What is a budget? Answer: Financial plan
◉ What do operating expenses include? Answer: Landscaping
◉ What are reserves used for? Answer: Future major repairs
◉ Which is a statutory reserve item? Answer: Roofing
◉ When does a deficit occur? Answer: Expenses exceed income
,◉ What are special assessments typically used for? Answer:
Unexpected costs
◉ Who may waive reserve funding? Answer: Majority owner vote
◉ What may budget surpluses be? Answer: Applied to future
expenses
◉ What does line-item budgeting mean? Answer: Detailed expense
categories
◉ What determines the fiscal year? Answer: Declaration
◉ What is required for assessment increases? Answer: Owner
approval only if stated
◉ Which affects budget accuracy most? Answer: Owner opinions
◉ A reserve schedule includes: Answer: Useful life and replacement
cost
◉ CAMS may assist in budget preparation but cannot: Answer:
Approve it
, ◉ Which is a non-reserve capital expense? Answer: Painting
◉ Bad debt refers to: Answer: Uncollectible assessments
◉ Which increases assessments? Answer: Increased insurance costs
◉ Carryover funds are: Answer: Excess operating funds
◉ Budget adoption requires: Answer: Board vote
◉ Which expense is typically variable? Answer: Utilities
◉ A reserve study should be updated: Answer: Every 3-5 years
◉ Which is a cash-flow issue? Answer: Delinquencies
◉ Budget notices must be provided at least: Answer: 14 days
◉ Which document supports budget planning? Answer: All of the
above
