Fl Cam License Exam 2024 Update Questions And Answers 100% Solved

68. In the order of importance, the three basic requirements for investing the association funds are ____, _____, and _____. A. liquidity / safety /return B. return / safety / liquidity C. safety / return /liquidity D. safety / liquidity / return {Ans: D. safety / liquidity / return When investing the association's funds, the board must be aware at all times that they have a fiduciary duty to the members of the association. They must keep in mind the three basic requirements for investing the association's money, SAFETY, LIQUIDITY, and RETURN in that order.}57. The members of the Surf and Sand Condominium successfully petitioned the board to reconsider the annual budget. Within how many days of receiving the petition does the board have to call a special meeting of the membership to reconsider? A. 10 days B. 14 days C. 21 days D. 60 days {Ans: D. 60 days If the budget exceeds 115% of the previous year's assessments, excluding reasonable reserves for repair or replacement, anticipated expenses which the Board does not expect to be incurred on a regular/annual basis, or betterments to the property, 10% of the voting members may petition the board to reconsider