CAM - Community Association Manager License GA
NEWEST EXAM 2026-2027 COMPLETE 250
QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) ALREADY
GRADED A+ BRAND NEW!!
1099 Form - CORRECT ANSWER: - Used to report various types of income paid to others that
would not be reported on a W-2
- Required for unincorporated payees receiving $600 or more during any calendar year
- Must be filed with IRS by the end of February for previous calendar year (copies must be sent
to the payee by the end of January)
Accrual Basis Accounting - CORRECT ANSWER: Recognizes income when it is scheduled to
paid and expenses when they are invoiced
After receipt of request to inspect and copy records, The board should: - CORRECT ANSWER: -
Review the request and confirm that it is proper
-Notify the owner about the review. Notice should include
a. date, time, and location for review
b. statement about costs that may be charged to member - reasonable charges for labor, materials
and copies
-Confirm that someone can attend review with the member for the entire time
-Inspect all records before the member and redact (if necessary) any confidential information
Annual meetings of the owners - CORRECT ANSWER: Board is required to send notice and try
to call this type of meeting. Association legal documents might outline the agenda for meeting,
but most give officer reports, elect directors, and review/discuss budget for upcoming year
Articles of Incorporation list: - CORRECT ANSWER: Initial directors, the official address of the
corporation, the registered agent, and the name of the incorporator
,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.
As long as a quorum is present, how many votes are required by the board according to the
NPCC to pass a vote? - CORRECT ANSWER: The affirmative vote of a majority of directors
present when a vote is taken is the act and shall pass. If an equal number, then the majority
present is half plus 1.
Association Foreclosing on Delinquent Owner in a GCA and POAA - CORRECT ANSWER: -
Association must provide 30 day notice to delinquent owner prior to filing lawsuit seeking an
order of foreclosure
-If the owner does not pay or work out payment plan during 30-day period AND if association's
lien is AT LEAST $2,000, then the association can file lawsuit for money judgement against
owner and foreclosure of lien
*RESULTS*
-Best result- third party purchases property at foreclosure sale for price high enough to pay off
amounts owed to association by the delinquent owner
-Alternative Result- association buys property at foreclosure sale and becomes legal title holder,
no money received by association but delinquent owner gone
-Worst result- no one buys property at foreclosure sale and the pre-foreclosure status quo remains
Association Turnover Checklist - CORRECT ANSWER: -Association Documents (declaration,
bylaws and all properly adopted amendments, articles of incorporation, minute books, rules and
regs, copy of all deeds of properties owned by the association)
-Financial Documents (annual state and federal tax returns, budget, certified audit from inception
to date of transfer of control by independent CPA, set of financial books, ledgers, bills, all
association funds and control of them)
-Maintenance (as-builts, plats, warranties, inventories, manufacturers list, construction
subcontractors and their principals)
-Assurances (city compliances, statements and confirmations)
,-Miscellaneous (public reports, complete list of owners and mortgage companies, copies of
contracts, tangible association property listed, all insurance policies of unit owners, directors,
association, or officers)
Benefit of having a reserve account? - CORRECT ANSWER: Saving money in this type of
account spreads out costs over time by "saving" each year so special assessments might not be
necessary to pay for these expenses when the works needs to be done in the future
Broker - CORRECT ANSWER: any person who or entity that collects assessments or performs
community association management services; AKA Top Dog of RE Ladder
Bylaws typically contain provisions about how the corporation should operate and specifics
about: - CORRECT ANSWER: -Annual, special, and board meetings
-Notice, quorum, proxy, and voting requirements for meetings
-Number, terms, election, and authority of board members and officers
-Books and records that need to be maintained by the corporation
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
CAM & Salesperson Requirement for Age - CORRECT ANSWER: 18
CAM Course Requirement - CORRECT ANSWER: 25-Hour Commission Approved Course and
Test
CAM is to Agent as Association is to - CORRECT ANSWER: Principal; same for Brokerage.
CAM is to Broker as Agent is to - CORRECT ANSWER: Principal
, CAM, Salesperson, & Broker Requirement for Education - CORRECT ANSWER: High School
Diploma or Equivalent
Can a board member be present at a meeting if they can not be simultaneously heard by all other
board members? - CORRECT ANSWER: No. They are only considered present by telephone,
video conference, in person, or other electronic means as long as they can be heard.
Can a GCA be any type of architectural style? - CORRECT ANSWER: Yes.
Can a POA or HOA be created in a high rise building? - CORRECT ANSWER: No!
Can a POAA and HOA charge more than $5,000 in a deductible to lot owners? - CORRECT
ANSWER: Yes, they can, unlike a GCA.
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.
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.
Cash Basis Accounting - CORRECT ANSWER: Reporting income when the cash is received
and expenses when the cash is paid.
Chapter 7 - Liquidation - CORRECT ANSWER: Complete relief from personal obligation of
pre-petition debits - lenders typically foreclosure after owner surrenders property
NEWEST EXAM 2026-2027 COMPLETE 250
QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) ALREADY
GRADED A+ BRAND NEW!!
1099 Form - CORRECT ANSWER: - Used to report various types of income paid to others that
would not be reported on a W-2
- Required for unincorporated payees receiving $600 or more during any calendar year
- Must be filed with IRS by the end of February for previous calendar year (copies must be sent
to the payee by the end of January)
Accrual Basis Accounting - CORRECT ANSWER: Recognizes income when it is scheduled to
paid and expenses when they are invoiced
After receipt of request to inspect and copy records, The board should: - CORRECT ANSWER: -
Review the request and confirm that it is proper
-Notify the owner about the review. Notice should include
a. date, time, and location for review
b. statement about costs that may be charged to member - reasonable charges for labor, materials
and copies
-Confirm that someone can attend review with the member for the entire time
-Inspect all records before the member and redact (if necessary) any confidential information
Annual meetings of the owners - CORRECT ANSWER: Board is required to send notice and try
to call this type of meeting. Association legal documents might outline the agenda for meeting,
but most give officer reports, elect directors, and review/discuss budget for upcoming year
Articles of Incorporation list: - CORRECT ANSWER: Initial directors, the official address of the
corporation, the registered agent, and the name of the incorporator
,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.
As long as a quorum is present, how many votes are required by the board according to the
NPCC to pass a vote? - CORRECT ANSWER: The affirmative vote of a majority of directors
present when a vote is taken is the act and shall pass. If an equal number, then the majority
present is half plus 1.
Association Foreclosing on Delinquent Owner in a GCA and POAA - CORRECT ANSWER: -
Association must provide 30 day notice to delinquent owner prior to filing lawsuit seeking an
order of foreclosure
-If the owner does not pay or work out payment plan during 30-day period AND if association's
lien is AT LEAST $2,000, then the association can file lawsuit for money judgement against
owner and foreclosure of lien
*RESULTS*
-Best result- third party purchases property at foreclosure sale for price high enough to pay off
amounts owed to association by the delinquent owner
-Alternative Result- association buys property at foreclosure sale and becomes legal title holder,
no money received by association but delinquent owner gone
-Worst result- no one buys property at foreclosure sale and the pre-foreclosure status quo remains
Association Turnover Checklist - CORRECT ANSWER: -Association Documents (declaration,
bylaws and all properly adopted amendments, articles of incorporation, minute books, rules and
regs, copy of all deeds of properties owned by the association)
-Financial Documents (annual state and federal tax returns, budget, certified audit from inception
to date of transfer of control by independent CPA, set of financial books, ledgers, bills, all
association funds and control of them)
-Maintenance (as-builts, plats, warranties, inventories, manufacturers list, construction
subcontractors and their principals)
-Assurances (city compliances, statements and confirmations)
,-Miscellaneous (public reports, complete list of owners and mortgage companies, copies of
contracts, tangible association property listed, all insurance policies of unit owners, directors,
association, or officers)
Benefit of having a reserve account? - CORRECT ANSWER: Saving money in this type of
account spreads out costs over time by "saving" each year so special assessments might not be
necessary to pay for these expenses when the works needs to be done in the future
Broker - CORRECT ANSWER: any person who or entity that collects assessments or performs
community association management services; AKA Top Dog of RE Ladder
Bylaws typically contain provisions about how the corporation should operate and specifics
about: - CORRECT ANSWER: -Annual, special, and board meetings
-Notice, quorum, proxy, and voting requirements for meetings
-Number, terms, election, and authority of board members and officers
-Books and records that need to be maintained by the corporation
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
CAM & Salesperson Requirement for Age - CORRECT ANSWER: 18
CAM Course Requirement - CORRECT ANSWER: 25-Hour Commission Approved Course and
Test
CAM is to Agent as Association is to - CORRECT ANSWER: Principal; same for Brokerage.
CAM is to Broker as Agent is to - CORRECT ANSWER: Principal
, CAM, Salesperson, & Broker Requirement for Education - CORRECT ANSWER: High School
Diploma or Equivalent
Can a board member be present at a meeting if they can not be simultaneously heard by all other
board members? - CORRECT ANSWER: No. They are only considered present by telephone,
video conference, in person, or other electronic means as long as they can be heard.
Can a GCA be any type of architectural style? - CORRECT ANSWER: Yes.
Can a POA or HOA be created in a high rise building? - CORRECT ANSWER: No!
Can a POAA and HOA charge more than $5,000 in a deductible to lot owners? - CORRECT
ANSWER: Yes, they can, unlike a GCA.
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.
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.
Cash Basis Accounting - CORRECT ANSWER: Reporting income when the cash is received
and expenses when the cash is paid.
Chapter 7 - Liquidation - CORRECT ANSWER: Complete relief from personal obligation of
pre-petition debits - lenders typically foreclosure after owner surrenders property
