CAM - Community Association Manager
License GA Questions Solved 100% Correct
As a broker, can I solicit business from another brokerage? - ✔✔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? - ✔✔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? - ✔✔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? - ✔✔30
days. Must return complete and accurate records of all financials, funds, and any documents or
records received on the Associations behalf
Severability - ✔✔cancelling the whole or part of a contract
Term of a Contract - ✔✔Length of time it is valid; REQUIRED on ALL contracts
When is Fidelity Insurance Required? - ✔✔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? - ✔✔It should cover the maximum amount of
funds that the broker has access to, but should never be less than the sum of 3 month
assessments due from all members of the association and the reserve funds combined
,Exclusive management agreement with community associations must contain a: - ✔✔Term
Clause
Who determines the duties of a licensed CAM? - ✔✔The qualifying broker
What are the two types of property? - ✔✔Real and Personal
Personal Property - ✔✔All property which is movable in nature (i.e. furniture, crops, cut
timber)
Real Property - ✔✔All things permanently attached to the land or to the buildings (i.e. soil,
concrete bed the house is on, house walls)
To Sell Personal Property, What type of Document is Needed? - ✔✔Bill of Sale
To Sell Real Property, What type of document is needed? - ✔✔Deed
What is required on a deed to sell real property in GA? - ✔✔1. Name and signature of
grantor
2. Name of grantee
3. Legal description of property
4. Sentence or two explaining the value/consideration being received by the grantor to grantee
5. Sentence explaining what the grantor is conveying/rights given to the grantee (example:
allowing them to purchase air rights, tree rights?)
Grantor - ✔✔The seller or Giver of the property
Grantee - ✔✔Receiver of the property
,How is a deed valid or enforcable? - ✔✔As soon as it is signed by the grantor! However, for
the public to know, one must Record the deed in the county land records with the following:
1. One unofficial witness
2. One Official witness (usually a notary public)
3. Attestation of witnesses that it was signed in their presence
4. name and address of the grantee for the official document to be returned to once
documented
What are the three types of Legal Descriptions? - ✔✔1. Short Form Legal
2. Long Form Legal
3. Condominium Legal
Short Form Legal Description Requirements - ✔✔State and county where property is located
Land lot, district and section
Subdivision/project name
Lot numbner and Block
Plat book and page number where the plat is recorded in the county land records
Long Form Legal Description Requirements - ✔✔Known as Metes and Bounds (aka, a set
point of earth as described and the perimeter which includes degrees, minutes, seconds, and
compass bearings)
Condominium Legal Description Requirements - ✔✔Condominium unit number
Name and recording information for the Declaration of Condominium
Reference to recording info for the plat and floor plans
, Warranty Deed - ✔✔Grantor is warranting/promising to the grantee that there has never
been anything wrong with the ownership interests in the chain of title of the property
Limited Warranty Deed - ✔✔Grantor is limiting the warranties given to the grantee; Only
promising that nothing went wrong while grantor owned the property; doesn't cover any
owners in chain of title
Quit Claim Deed - ✔✔BUYER BEWARE! Grantor warrants Nothing about his/her rights or
rights of the owners in the chain of title of the property (i.e. I'm selling the Brooklyn Bridge to
You on a Quit Claim Deed. I can't be held liable because of this deed, even though I didn't own
the bridge.)
JTROS - ✔✔Joint Tenants Right of Survivorship. If Joint tenant dies, the share will be Evenly
distributed between survivors.
Joint Tenants Sign... - ✔✔At the Same Time!
Joint Tenants Own... - ✔✔Equal Shares!
Tenants in Common can Sign at - ✔✔different times
What are the four rights that an owner holds? - ✔✔1. Right to Enjoy the property
2. Right to control the property
3. Right to Dispose/holds disposition rights of property
4. Right to Possession of the property
Eminent Domain - ✔✔Power of a government to take private property for public use.
Police power - ✔✔state power to enact and impose legal restrictions and regulations
License GA Questions Solved 100% Correct
As a broker, can I solicit business from another brokerage? - ✔✔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? - ✔✔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? - ✔✔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? - ✔✔30
days. Must return complete and accurate records of all financials, funds, and any documents or
records received on the Associations behalf
Severability - ✔✔cancelling the whole or part of a contract
Term of a Contract - ✔✔Length of time it is valid; REQUIRED on ALL contracts
When is Fidelity Insurance Required? - ✔✔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? - ✔✔It should cover the maximum amount of
funds that the broker has access to, but should never be less than the sum of 3 month
assessments due from all members of the association and the reserve funds combined
,Exclusive management agreement with community associations must contain a: - ✔✔Term
Clause
Who determines the duties of a licensed CAM? - ✔✔The qualifying broker
What are the two types of property? - ✔✔Real and Personal
Personal Property - ✔✔All property which is movable in nature (i.e. furniture, crops, cut
timber)
Real Property - ✔✔All things permanently attached to the land or to the buildings (i.e. soil,
concrete bed the house is on, house walls)
To Sell Personal Property, What type of Document is Needed? - ✔✔Bill of Sale
To Sell Real Property, What type of document is needed? - ✔✔Deed
What is required on a deed to sell real property in GA? - ✔✔1. Name and signature of
grantor
2. Name of grantee
3. Legal description of property
4. Sentence or two explaining the value/consideration being received by the grantor to grantee
5. Sentence explaining what the grantor is conveying/rights given to the grantee (example:
allowing them to purchase air rights, tree rights?)
Grantor - ✔✔The seller or Giver of the property
Grantee - ✔✔Receiver of the property
,How is a deed valid or enforcable? - ✔✔As soon as it is signed by the grantor! However, for
the public to know, one must Record the deed in the county land records with the following:
1. One unofficial witness
2. One Official witness (usually a notary public)
3. Attestation of witnesses that it was signed in their presence
4. name and address of the grantee for the official document to be returned to once
documented
What are the three types of Legal Descriptions? - ✔✔1. Short Form Legal
2. Long Form Legal
3. Condominium Legal
Short Form Legal Description Requirements - ✔✔State and county where property is located
Land lot, district and section
Subdivision/project name
Lot numbner and Block
Plat book and page number where the plat is recorded in the county land records
Long Form Legal Description Requirements - ✔✔Known as Metes and Bounds (aka, a set
point of earth as described and the perimeter which includes degrees, minutes, seconds, and
compass bearings)
Condominium Legal Description Requirements - ✔✔Condominium unit number
Name and recording information for the Declaration of Condominium
Reference to recording info for the plat and floor plans
, Warranty Deed - ✔✔Grantor is warranting/promising to the grantee that there has never
been anything wrong with the ownership interests in the chain of title of the property
Limited Warranty Deed - ✔✔Grantor is limiting the warranties given to the grantee; Only
promising that nothing went wrong while grantor owned the property; doesn't cover any
owners in chain of title
Quit Claim Deed - ✔✔BUYER BEWARE! Grantor warrants Nothing about his/her rights or
rights of the owners in the chain of title of the property (i.e. I'm selling the Brooklyn Bridge to
You on a Quit Claim Deed. I can't be held liable because of this deed, even though I didn't own
the bridge.)
JTROS - ✔✔Joint Tenants Right of Survivorship. If Joint tenant dies, the share will be Evenly
distributed between survivors.
Joint Tenants Sign... - ✔✔At the Same Time!
Joint Tenants Own... - ✔✔Equal Shares!
Tenants in Common can Sign at - ✔✔different times
What are the four rights that an owner holds? - ✔✔1. Right to Enjoy the property
2. Right to control the property
3. Right to Dispose/holds disposition rights of property
4. Right to Possession of the property
Eminent Domain - ✔✔Power of a government to take private property for public use.
Police power - ✔✔state power to enact and impose legal restrictions and regulations
