CAM COMMUNITY ASSOCIATION MANAGER COMPREHENSIVE EXAM |
QUESTIONS AND ANSWERS | VERIFIED ANSWERS | LATEST EXAM UPDATE
◉ GREC. - CORRECT ANSWER - Georgia Real Estate Commission;
holds 6 members. 1 of which is not RE (real estate) licensed
◉ GREC's Authority. - CORRECT ANSWER - Can Issue or Deny RE
(real estate) Licenses, Can discipline by revoking, suspending, warning, or
fining, Can set rules and regs, and Establishes fees
◉ The Year 1996. - CORRECT ANSWER - CAM Created in GA
◉ Licensee. - CORRECT ANSWER - a salesperson, associate broker,
broker, or community association manager
◉ Broker. - CORRECT ANSWER - any person who or entity that collects
assessments or performs community association management services; AKA
Top Dog of RE Ladder
◉ Community Association. - CORRECT ANSWER - an organization in
which common area property is owned or managed by an association in which
membership is mandatory as an incident of ownership within the community
◉ CAM (community association manager). - CORRECT ANSWER -
providing management or admin services to the operation of affairs of a
,community association which includes collecting, controlling, or disbursing the
funds, obtaining insurance, arranging/coordinating
maintenance and overseeing the day-to-day operations of the association
◉ Who can provide CAM services WITHOUT a license?. - CORRECT
ANSWER - 1. Developer
2. Anyone that works FULLTIME directly for the developer
3. Anyone hired on a FULLTIME basis by the HOA
4. A member of the community association that works for that specific CA
ONLY (doesn't matter if full or part-time)
5. Anyone performing maintenance on the property
6. A CPA (certified public accountant)
7. A licensed practicing attorney
◉ Can I hold a license, but provide CAM services directly to my own
community that I am a member of?. - CORRECT ANSWER - NO! Either
surrender the license or find a broker that will hire you.
◉ CAM is to Broker as Agent is to. - CORRECT ANSWER - Principal
◉ Community Association is to Broker as Principal is to. - CORRECT
ANSWER - Agent
◉ When hired by a brokerage, do I need to notify the GREC?. -
CORRECT ANSWER - Yes.
,◉ Does a salesperson and CAM have no authority without a broker?. -
CORRECT ANSWER - Yes. They are the ones to assign your role and duties.
◉ CAM & Salesperson Requirement for Age. - CORRECT ANSWER - 18
◉ CAM, Salesperson, & Broker Requirement for Education. - CORRECT
ANSWER - High School Diploma or Equivalent
◉ CAM Course Requirement. - CORRECT ANSWER - 25-Hour
Commission Approved Course and Test
◉ GREC Qualifying Broker Requirements. - CORRECT ANSWER - 1.
Must be a human being
2. Must be an officer or top title holder of company (i.e. partner, manager,
owner, etc)
3. Authority to bind the brokerage company (able to sign contracts with
CA's)
4. A signatory on all trust accounts held by the brokerage
◉ As a broker, can I solicit business from another brokerage?. - CORRECT
ANSWER - NO! You must have written approval from the current brokerage of
the CA prior to trying to poach them.
, ◉ Do brokers need permission to sell RE in a community they also
manage?. - CORRECT ANSWER - Yes. It is normally in the management
contract, however if the broker thinks far enough ahead.
◉ Can I, as a CAM, sell my house without notifying anyone?. - CORRECT
ANSWER - No! You must disclose to your RE agent that you are licensed.
Also, you MUST FIRST check with your broker prior to going into contract
with another brokerage company because this could be lost revenue to your
broker's business.
◉ How long does the broker have to return documents after termination of
contract?. - CORRECT ANSWER - 30 days. Must return complete and
accurate records of all financials, funds, and any documents or records received
on the Associations behalf
◉ Severability. - CORRECT ANSWER - cancelling the whole or part of a
contract
◉ Term of a Contract. - CORRECT ANSWER - Length of time it is valid;
REQUIRED on ALL contracts
◉ When is Fidelity Insurance Required?. - CORRECT ANSWER -
Required when a broker has access to more than $60,000 in funds to be covered
by a bond (insurance)
◉ How much should fidelity insurance cover?. - CORRECT ANSWER - It
should cover the maximum amount of funds that the broker has access to, but
QUESTIONS AND ANSWERS | VERIFIED ANSWERS | LATEST EXAM UPDATE
◉ GREC. - CORRECT ANSWER - Georgia Real Estate Commission;
holds 6 members. 1 of which is not RE (real estate) licensed
◉ GREC's Authority. - CORRECT ANSWER - Can Issue or Deny RE
(real estate) Licenses, Can discipline by revoking, suspending, warning, or
fining, Can set rules and regs, and Establishes fees
◉ The Year 1996. - CORRECT ANSWER - CAM Created in GA
◉ Licensee. - CORRECT ANSWER - a salesperson, associate broker,
broker, or community association manager
◉ Broker. - CORRECT ANSWER - any person who or entity that collects
assessments or performs community association management services; AKA
Top Dog of RE Ladder
◉ Community Association. - CORRECT ANSWER - an organization in
which common area property is owned or managed by an association in which
membership is mandatory as an incident of ownership within the community
◉ CAM (community association manager). - CORRECT ANSWER -
providing management or admin services to the operation of affairs of a
,community association which includes collecting, controlling, or disbursing the
funds, obtaining insurance, arranging/coordinating
maintenance and overseeing the day-to-day operations of the association
◉ Who can provide CAM services WITHOUT a license?. - CORRECT
ANSWER - 1. Developer
2. Anyone that works FULLTIME directly for the developer
3. Anyone hired on a FULLTIME basis by the HOA
4. A member of the community association that works for that specific CA
ONLY (doesn't matter if full or part-time)
5. Anyone performing maintenance on the property
6. A CPA (certified public accountant)
7. A licensed practicing attorney
◉ Can I hold a license, but provide CAM services directly to my own
community that I am a member of?. - CORRECT ANSWER - NO! Either
surrender the license or find a broker that will hire you.
◉ CAM is to Broker as Agent is to. - CORRECT ANSWER - Principal
◉ Community Association is to Broker as Principal is to. - CORRECT
ANSWER - Agent
◉ When hired by a brokerage, do I need to notify the GREC?. -
CORRECT ANSWER - Yes.
,◉ Does a salesperson and CAM have no authority without a broker?. -
CORRECT ANSWER - Yes. They are the ones to assign your role and duties.
◉ CAM & Salesperson Requirement for Age. - CORRECT ANSWER - 18
◉ CAM, Salesperson, & Broker Requirement for Education. - CORRECT
ANSWER - High School Diploma or Equivalent
◉ CAM Course Requirement. - CORRECT ANSWER - 25-Hour
Commission Approved Course and Test
◉ GREC Qualifying Broker Requirements. - CORRECT ANSWER - 1.
Must be a human being
2. Must be an officer or top title holder of company (i.e. partner, manager,
owner, etc)
3. Authority to bind the brokerage company (able to sign contracts with
CA's)
4. A signatory on all trust accounts held by the brokerage
◉ As a broker, can I solicit business from another brokerage?. - CORRECT
ANSWER - NO! You must have written approval from the current brokerage of
the CA prior to trying to poach them.
, ◉ Do brokers need permission to sell RE in a community they also
manage?. - CORRECT ANSWER - Yes. It is normally in the management
contract, however if the broker thinks far enough ahead.
◉ Can I, as a CAM, sell my house without notifying anyone?. - CORRECT
ANSWER - No! You must disclose to your RE agent that you are licensed.
Also, you MUST FIRST check with your broker prior to going into contract
with another brokerage company because this could be lost revenue to your
broker's business.
◉ How long does the broker have to return documents after termination of
contract?. - CORRECT ANSWER - 30 days. Must return complete and
accurate records of all financials, funds, and any documents or records received
on the Associations behalf
◉ Severability. - CORRECT ANSWER - cancelling the whole or part of a
contract
◉ Term of a Contract. - CORRECT ANSWER - Length of time it is valid;
REQUIRED on ALL contracts
◉ When is Fidelity Insurance Required?. - CORRECT ANSWER -
Required when a broker has access to more than $60,000 in funds to be covered
by a bond (insurance)
◉ How much should fidelity insurance cover?. - CORRECT ANSWER - It
should cover the maximum amount of funds that the broker has access to, but
