COMMUNITY ASSOCIATION MANAGER
(CAM) EXAM STUDY GUIDE 2026/2027
ACCURATE QUESTIONS WITH
CORRECT DETAILED ANSWERS ||
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1. Community Association (Definition) - ANSWER ✔ a residential
homeowners' association in which membership is a condition of ownership
(mandatory) of a unit in a planned unit development, or of a lot for a home
or a mobile home, or of a townhouse, villa, condominium, cooperative, or
other residential unit which is part of a residential development scheme and
which is authorized to impose a fee (assessment) which may become a lien
on the parcel.
2. Assessment - ANSWER ✔ The amount of money a unit or parcel owner
pays for their share of the expenses of the community association. The
statute allows association to file an assessment lien against the unit or parcel
if unpaid.
3. Condominium - ANSWER ✔ that form of ownership of real property
created pursuant to this chapter (Section 718), which is comprised entirely of
units that may be owned by one or more persons, and in which there is,
appurtenant to each unit, an undivided share in common elements
4. What does a condo association own? What is deeded in the association's
name? - ANSWER ✔ Nothing. NOTHING. The association is responsible
for the insurance and maintenance, but it has no deed in its name.
5. Who owns the common elements in a condominium association? -
ANSWER ✔ All the owners own common elements jointly.
,6. Cooperative (definition) - ANSWER ✔ that form of ownership of real
property wherein legal title is vested in a corporation or other entity and the
beneficial use is evidenced by an ownership interest in the association and a
lease or other muniment of title or possession granted by the association as
the owner of all the cooperative property.
7. In a cooperative, how many deeds are there? - ANSWER ✔ There is one
deed. Title to all the real estate is owned by the corporation. Each
shareholder receives a Shareholder's Certificate as evidence of their capital
contribution to the corporation.
8. In what type of community association would an owner have a shareholder's
certificate? - ANSWER ✔ Cooperative. Owner has a shareholder's
certificate if they are part of the cooperative.
9. How is a Notice of Intent to Lien to be delivered? - ANSWER ✔ NOI to
Lien must be mailed to the owner TWO WAYS:
If the owner lives within the U.S., deliver to last known address:
-Certified Mail, return receipt to last known address
-First Class mail to last known address
If the owner lives outside U.S., deliver to last known address:
-First Class mail to the unit address
-First class mail to last known address
10.How long is an assessment lien effective for Condos and Coops? -
ANSWER ✔ 1 year from date of recording
11.How much notice is required when foreclosing on a Claim of Lien? -
ANSWER ✔ 30 days notice
12.Contest of Lien Notice (definition) - ANSWER ✔ This forces an
association to proceed to foreclosure on its recorded Claim of Lien within 90
days. The owner can do this to require the association to take action or void
the lien. If the association doesn't take action, the lien is voided.
13.Before an HOA can lien, what steps must be taken? - ANSWER ✔ A 45-
day written demand has to be sent and then...
,a 45-day Notice of Intent to Lien
14.Qualifying Offer (definition) - ANSWER ✔ an owner can file a Qualifying
Offer to stay the lien foreclosure proceeding for 60 days
15.How long is a lien effective in an HOA? - ANSWER ✔ 5 years
16.How long is a lien effective in a Timeshare? - ANSWER ✔ 5 years
17.Money Judgment - ANSWER ✔ Association can pursue a suit to recover a
money judgment for unpaid rents and assessments without waiving the lien
securing them.
18.Certificate of Assessment (AKA Estoppel Certificate) (definition) -
ANSWER ✔ Form delivered by the association upon request of a closing
agent in connection with the sale of a unit, share, or parcel. Contains
assessment information to prorate the assessment as of the date of closing
and charge appropriate portions to the buyer and seller.
19.Certificate of Assessment timeline - ANSWER ✔ -Must be delivered
within 10 business days of written request
-Is good for 30 days if hand delivered, 35 days if sent by mail
-Association/mgmt can charge up to $250/certificate
-Association/mgmt can charge additional fee up to $150 if additional
information is requested
20.active listening means that you are doing what? - ANSWER ✔ asking
questions for clarification
21.a leasehold common interest community - ANSWER ✔ terminate entirely
or partially upon expiration of the lease
22.what is a type of common interest Community (CIC) - ANSWER ✔ a
condominium, a planned community, and a cooperative
23.according to NRS 116. 31152(2) a CIC need not use a registered Reserve
study specialist if? - ANSWER ✔ the common interest Community has
, fewer than 20 units and is located in a county with a population of less than
50,000 people
24.a Master Association - ANSWER ✔ includes one or more common interest
community, may also be an association as described in NRS 116. 3101, and
must annually file form 620 with the ombudsman
25.the annual replacement of a pool filter is typically - ANSWER ✔ an
operating expense
26.NRS 116. 1113 requires what? - ANSWER ✔ good faith in the
performance or enforcement of any contract or Duty
27.what could potentially pose a risk that can be mitigated - ANSWER ✔ an
uneven sidewalk, a low hanging tree branch, and or loose roof tiles
28.the members of the CICCH are appointed by whom - ANSWER ✔ the
governor
29.the Fair Debt collections Practices Act does what? - ANSWER ✔
eliminates abusive practices
30.the balance sheet includes - ANSWER ✔ assets, liabilities, and equity
31.the general ledger contains what? - ANSWER ✔ a listing of all accounting
transactions
32.NRS 116 requires what kind of accounting? - ANSWER ✔ accrual and
fund accounting for associations
33.annual assessments fund - ANSWER ✔ the operating budget and
contribute to the reserves
34.special assessments may be assessed for - ANSWER ✔ judgments, damage
caused by an owner tenant or invitee, and Capital Improvements
35.budgeting that estimate the amount something should cost without
examining historical cost is called what? - ANSWER ✔ 0 line budgeting
(CAM) EXAM STUDY GUIDE 2026/2027
ACCURATE QUESTIONS WITH
CORRECT DETAILED ANSWERS ||
100% GUARANTEED PASS
<NEWEST VERSION>
1. Community Association (Definition) - ANSWER ✔ a residential
homeowners' association in which membership is a condition of ownership
(mandatory) of a unit in a planned unit development, or of a lot for a home
or a mobile home, or of a townhouse, villa, condominium, cooperative, or
other residential unit which is part of a residential development scheme and
which is authorized to impose a fee (assessment) which may become a lien
on the parcel.
2. Assessment - ANSWER ✔ The amount of money a unit or parcel owner
pays for their share of the expenses of the community association. The
statute allows association to file an assessment lien against the unit or parcel
if unpaid.
3. Condominium - ANSWER ✔ that form of ownership of real property
created pursuant to this chapter (Section 718), which is comprised entirely of
units that may be owned by one or more persons, and in which there is,
appurtenant to each unit, an undivided share in common elements
4. What does a condo association own? What is deeded in the association's
name? - ANSWER ✔ Nothing. NOTHING. The association is responsible
for the insurance and maintenance, but it has no deed in its name.
5. Who owns the common elements in a condominium association? -
ANSWER ✔ All the owners own common elements jointly.
,6. Cooperative (definition) - ANSWER ✔ that form of ownership of real
property wherein legal title is vested in a corporation or other entity and the
beneficial use is evidenced by an ownership interest in the association and a
lease or other muniment of title or possession granted by the association as
the owner of all the cooperative property.
7. In a cooperative, how many deeds are there? - ANSWER ✔ There is one
deed. Title to all the real estate is owned by the corporation. Each
shareholder receives a Shareholder's Certificate as evidence of their capital
contribution to the corporation.
8. In what type of community association would an owner have a shareholder's
certificate? - ANSWER ✔ Cooperative. Owner has a shareholder's
certificate if they are part of the cooperative.
9. How is a Notice of Intent to Lien to be delivered? - ANSWER ✔ NOI to
Lien must be mailed to the owner TWO WAYS:
If the owner lives within the U.S., deliver to last known address:
-Certified Mail, return receipt to last known address
-First Class mail to last known address
If the owner lives outside U.S., deliver to last known address:
-First Class mail to the unit address
-First class mail to last known address
10.How long is an assessment lien effective for Condos and Coops? -
ANSWER ✔ 1 year from date of recording
11.How much notice is required when foreclosing on a Claim of Lien? -
ANSWER ✔ 30 days notice
12.Contest of Lien Notice (definition) - ANSWER ✔ This forces an
association to proceed to foreclosure on its recorded Claim of Lien within 90
days. The owner can do this to require the association to take action or void
the lien. If the association doesn't take action, the lien is voided.
13.Before an HOA can lien, what steps must be taken? - ANSWER ✔ A 45-
day written demand has to be sent and then...
,a 45-day Notice of Intent to Lien
14.Qualifying Offer (definition) - ANSWER ✔ an owner can file a Qualifying
Offer to stay the lien foreclosure proceeding for 60 days
15.How long is a lien effective in an HOA? - ANSWER ✔ 5 years
16.How long is a lien effective in a Timeshare? - ANSWER ✔ 5 years
17.Money Judgment - ANSWER ✔ Association can pursue a suit to recover a
money judgment for unpaid rents and assessments without waiving the lien
securing them.
18.Certificate of Assessment (AKA Estoppel Certificate) (definition) -
ANSWER ✔ Form delivered by the association upon request of a closing
agent in connection with the sale of a unit, share, or parcel. Contains
assessment information to prorate the assessment as of the date of closing
and charge appropriate portions to the buyer and seller.
19.Certificate of Assessment timeline - ANSWER ✔ -Must be delivered
within 10 business days of written request
-Is good for 30 days if hand delivered, 35 days if sent by mail
-Association/mgmt can charge up to $250/certificate
-Association/mgmt can charge additional fee up to $150 if additional
information is requested
20.active listening means that you are doing what? - ANSWER ✔ asking
questions for clarification
21.a leasehold common interest community - ANSWER ✔ terminate entirely
or partially upon expiration of the lease
22.what is a type of common interest Community (CIC) - ANSWER ✔ a
condominium, a planned community, and a cooperative
23.according to NRS 116. 31152(2) a CIC need not use a registered Reserve
study specialist if? - ANSWER ✔ the common interest Community has
, fewer than 20 units and is located in a county with a population of less than
50,000 people
24.a Master Association - ANSWER ✔ includes one or more common interest
community, may also be an association as described in NRS 116. 3101, and
must annually file form 620 with the ombudsman
25.the annual replacement of a pool filter is typically - ANSWER ✔ an
operating expense
26.NRS 116. 1113 requires what? - ANSWER ✔ good faith in the
performance or enforcement of any contract or Duty
27.what could potentially pose a risk that can be mitigated - ANSWER ✔ an
uneven sidewalk, a low hanging tree branch, and or loose roof tiles
28.the members of the CICCH are appointed by whom - ANSWER ✔ the
governor
29.the Fair Debt collections Practices Act does what? - ANSWER ✔
eliminates abusive practices
30.the balance sheet includes - ANSWER ✔ assets, liabilities, and equity
31.the general ledger contains what? - ANSWER ✔ a listing of all accounting
transactions
32.NRS 116 requires what kind of accounting? - ANSWER ✔ accrual and
fund accounting for associations
33.annual assessments fund - ANSWER ✔ the operating budget and
contribute to the reserves
34.special assessments may be assessed for - ANSWER ✔ judgments, damage
caused by an owner tenant or invitee, and Capital Improvements
35.budgeting that estimate the amount something should cost without
examining historical cost is called what? - ANSWER ✔ 0 line budgeting
