Cam Exam Questions And Answers

CAM EXAM QUESTIONS AND ANSWERSThe Delton Beach Condo, with 400 units, has a budget of 2.5 million. It also has $3M reserves.a. The ass must maintain a Fidelity Bond of $5.5M.b. The ass must hire a CAM.c. The ass must have an annual audit.d. The ass must have at least 5 directors on the board. - Answer- c. The ass must have an annual audit.Condos with revenues of $500K or ore must have an annual audit, unless waived by a majority of members in a duly called meeting. Members may not waive more than 3 consecutive years. The ass is not required by law to hire a CAM, it can self manage.Cameron Willing, a new CAM, was just hired by Minnetonka Mobile Home Park. The owner Jasper Jones, has assigned Cameron to put the requirements of F.S. 723 and the association docs in Layman's language for distribution for new lessees.a. Cameron can put in layman's terms the association documents, but not FS 723b. Cameron can put both the asso's terms and FS 723 c. Cameron can put both the in layman's terms subject to approval from