GOLD COAST CAM LICENSE EXAM ACTUAL

GOLD COAST CAM LICENSE EXAM (ACTUAL

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How many days does the DBPR have to confirm if your application is complete or not? - <<<>>>30 days

CAM and CAB licensure is required only for.... - <<<>>>Management of residential community associations

Managers for commercial property, such as a shopping center, rental apartment building, office building, or professional building does not usually hold a CAM license. Instead, what license may they need? - <<<>>>Also abbreviated as CAM (Certified Apartment Manager) The developer must file all required legal documents with appropriate entities prior to...? - <<<>>>Offering units for sale

Once a developer has filed all required legal documents to offer units for sale, what do those legal documents address? - <<<>>>Use of the land and administration, maintenance, and operation of property and association

Legal documents that are made by a developer are referred to as what? - <<<>>>The documents or Formal documents

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GOLD COAST CAM LICENSE EXAM (ACTUAL

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If there is a prospective buyer or lessee interested in a unit the developer is required.... - <<<>>>To provide copies of the documents to the prospect buyer or the interested lessee

What is a prospectus or public offering statement? - <<<>>>This is a formal offering document that summarizes the terms and conditions of sale, escrow requirements, use restrictions (rules), assessment and charges and other pertinent information.

In essence, the prospectus condenses important points that are made in the sales contract, statutes and documents into a single summary pamphlet.

Most importantly, the prospectus must include statutory disclosures.

If disclosures and any other documents that are required by statute are not provided... - <<<>>>The buyer can cancel the contract without penalty

What is the rescission period for Condo/Co-ops? -

<<<>>>New: 15 calendar days

Resale: 3 calendar days

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GOLD COAST CAM LICENSE EXAM (ACTUAL

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What is the rescission period for HOA? -

<<<>>>New: 3 calendar days

Resale: 3 calendar days

What is the rescission period for Timeshare? -

<<<>>>New: 10 calendar days

Resale: 10 calendar days

What determines which type of community association is created? - <<<>>>The developer

What is not needed regarding the creation of a community association? - <<<>>>The developer does not need to create a prospectus.

What is the purpose of the documents offered by the prospectus? - <<<>>>The purpose of the prospectus is to condense important points that are made in the sales contract, statutes and documents into a single summary pamphlet

When did Florida Legislature require community associations to be structured as corporations? - <<<>>>January

1, 1977

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GOLD COAST CAM LICENSE EXAM (ACTUAL

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Florida Not for Profit Corporation Act (F.S. 617): -

<<<>>>Provides laws that govern the not for profit corporations. This was created to provide a means by which an organized entity could benefit from corporate safeguards and centralized administration but without the intention of making a profit.

Florida Business Corporation Act (F.S. 607): -

<<<>>>Provides laws that govern for profit corporation

What must every corporation do every year?

How much is the annual fee for profit and not for profit?

When is it due? - <<<>>>File and Annual Corporate Report

For profit is $150 Not For Profit is $61.25

The report is due by May 1st

The articles of incorporation or the bylaws of a corporation include, directly or indirectly, all the powers of F.S. 617

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