Community Association Management Test
Questions with 100% Correct Answers
According to GA Law, who must be covered by the fidelity bond? - ✔✔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.
All brokers must create a trust account for their clients. - ✔✔False. Brokers
only must create a trust account IF the Broker is holding money on behalf of the
clients.
A broker's license will be in jeopardy if a broker puts trust funds in which type of
account? - ✔✔Mutual funds, because it is composed of stocks and is not
federally insured.
Who/what determines the duties of a licensed community association manager? -
✔✔State law dictates you can only perform CAM services, but your broker
authorizes you to do your day-to-day duties and determines what they will be.
Can a licensed CAM list his own property for sale with a broker from a different
company? - ✔✔Yes.
Can a licensed CAM adopt architectural control committee guidelines for an
association? - ✔✔No.
, Can a licensed CAM send a bid to a managed association w/o anything in writing?
- ✔✔No.
Can a licensed CAM approve the budget for an association? - ✔✔No.
Can a licensed CAM be the agent for a qualifying broker? - ✔✔Yes.
Can a licensed CAM represent more than one association at a time? - ✔✔Yes.
Can a licensed CAM answer a unit owner's question about how to remove board
members? - ✔✔No.
Can a licensed CAM coordinate insurance bids for the association? - ✔✔Yes.
Can a licensed CAM sell her own property without mentioning her CAM license? -
✔✔No.
Can a licensed CAM use association funds to pay for repairs to an individual
home? - ✔✔No.
Can a licensed CAM take minutes of a membership or board meeting? -
✔✔Yes.
Can a licensed CAM give out business cards at a trade show? - ✔✔Yes.
Questions with 100% Correct Answers
According to GA Law, who must be covered by the fidelity bond? - ✔✔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.
All brokers must create a trust account for their clients. - ✔✔False. Brokers
only must create a trust account IF the Broker is holding money on behalf of the
clients.
A broker's license will be in jeopardy if a broker puts trust funds in which type of
account? - ✔✔Mutual funds, because it is composed of stocks and is not
federally insured.
Who/what determines the duties of a licensed community association manager? -
✔✔State law dictates you can only perform CAM services, but your broker
authorizes you to do your day-to-day duties and determines what they will be.
Can a licensed CAM list his own property for sale with a broker from a different
company? - ✔✔Yes.
Can a licensed CAM adopt architectural control committee guidelines for an
association? - ✔✔No.
, Can a licensed CAM send a bid to a managed association w/o anything in writing?
- ✔✔No.
Can a licensed CAM approve the budget for an association? - ✔✔No.
Can a licensed CAM be the agent for a qualifying broker? - ✔✔Yes.
Can a licensed CAM represent more than one association at a time? - ✔✔Yes.
Can a licensed CAM answer a unit owner's question about how to remove board
members? - ✔✔No.
Can a licensed CAM coordinate insurance bids for the association? - ✔✔Yes.
Can a licensed CAM sell her own property without mentioning her CAM license? -
✔✔No.
Can a licensed CAM use association funds to pay for repairs to an individual
home? - ✔✔No.
Can a licensed CAM take minutes of a membership or board meeting? -
✔✔Yes.
Can a licensed CAM give out business cards at a trade show? - ✔✔Yes.
