Page Layout ⇒ My page breaks are being ignored!

[meho_r]

Ok, that works (changing the floats to just a centered figure). I have no idea why my floats were causing problems, though... I had never had this happen before. Could it be related to the image file?

Thanks everyone for all your help!!

I don't believe that this issue is related to the image file. You may try to do the troubleshooting by eliminating packages and parts of your document one by one to see which one is causing the problem (which is not an easy task, I know). You may also ask about the issue on comp.text.tex or even contact the author of exam document class, since it is possible that the class has issues with floating figures.