Community Association Management Questions And Answers Latest Top Score.

Community Association Management Questions And Answers Latest Top Score. - correct answer. Does a condo owner who manages his own community on a part-time basis need a real estate license? - correct answer. No Does a CPA who collects association assessments need a real estate license? - correct answer. No Does a person working for a management company and managing only one association need a real estate license? - correct answer. Yes Does a developer's employee who manages all of the developer's communities until turnover need a real estate license? - correct answer. No Does a homeowner hired by two communities nearby the homeowner's community need a real estate license? - correct answer. Yes Does a condominium owner who manages his own community on a full-time basis need a real estate license? - correct answer. No Does a person hired by a Broker to manage numerous mandatory associations need a real estate license? - correct answer. Yes Does a CPA who writes checks to association vendors and professionals need a real estate license? - correct answer. No Does a non-owner hired by a Broker to manage one community on-site on a full-time basis need a real estate license? - correct answer. Yes Does a maintenance man working for the management company need a real estate license? - correct answer. No Does a CPA who does association tax returns need a real estate license? - correct answer. No Does a person working for a Broker managing numerous voluntary associations need a real estate license? - correct answer. Yes Name 5 requirements of a qualifying Broker. - correct answer. Owner/officer/partner of company, Active license for 3 yrs., Signatory on all trust accounts held by company, 21 years old, able to bind company, HS graduate or equivalent, liable for all affiliated licensees, passed 60 hour broker class exam, passed state broker's exam Agreements between licensed management companies and community associations must contain a: - correct answer. Term (length) clause A Management Company must be covered by a fidelity bond when? - correct answer. The broker collects, maintains, controls, has access to, or disburses community association funds totaling more than $60,000. A fidelity bond insures against all of these except: Theft, Fraud, Dishonesty or Unsecured Assets - correct answer. Unsecured Assets (i.e.: Mutual Funds) The minimum amount of the fidelity bond required by Georgia Law? - correct answer. Three times the monthly assessments plus the amount in reserves. Can a licensed CAM let a perspective tenant into a unit while the owner is at work? - correct answer. No. All brokers must create a trust account for their clients? - correct answer. False. Brokers only must create According to GA Law, who must be covered by the fidelity bond? - correct answer. The brokerage company and every member of the brokerage company who has access to the Association's funds. The Association also must be an additional insured.