CAM - Community Association Manager License GA
Exam Questions With 100% Verified Solutions
When is Fidelity Insurance Required? - ANSWER -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? - ANSWER -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: -
ANSWER -Term Clause
Who determines the duties of a licensed CAM? - ANSWER -The qualifying
broker
What are the two types of property? - ANSWER -Real and Personal
Personal Property - ANSWER -All property which is movable in nature (i.e.
furniture, crops, cut timber)
Real Property - ANSWER -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? - ANSWER -Bill
of Sale
To Sell Real Property, What type of document is needed? - ANSWER -Deed
What is required on a deed to sell real property in GA? - ANSWER -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 - ANSWER -The seller or Giver of the property
Grantee - ANSWER -Receiver of the property
How is a deed valid or enforcable? - ANSWER -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? - ANSWER -1. Short Form Legal
2. Long Form Legal
3. Condominium Legal
Short Form Legal Description Requirements - ANSWER -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 - ANSWER -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 - ANSWER -Condominium unit
number
Name and recording information for the Declaration of Condominium
Reference to recording info for the plat and floor plans
Warranty Deed - ANSWER -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 - ANSWER -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 - ANSWER -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 - ANSWER -Joint Tenants Right of Survivorship. If Joint tenant dies, the
share will be Evenly distributed between survivors.
Joint Tenants Sign... - ANSWER -At the Same Time!
Joint Tenants Own... - ANSWER -Equal Shares!
Tenants in Common can Sign at - ANSWER -different times
What are the four rights that an owner holds? - ANSWER -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 - ANSWER -Power of a government to take private property for
public use.
Police power - ANSWER -state power to enact and impose legal restrictions and
regulations
Escheat - ANSWER -The state takes property upon an owners death if there is no
will & no heirs exist.
Public Encumbrances - ANSWER -The governmental powers limiting our
property rights. Including property taxes, police power, escheat, and eminent
domain
Private Encumbrances - ANSWER -anything that affects the title, fees, or use of
land that inhibits on Owner's Four Rights
Includes: Liens, easements, Encroachments, private restrictions
Lien - ANSWER -a right to collect/possess property/money belonging to another
person until a debt owed by that person is discharged.
, encroachment - ANSWER -illegal intrusions to a property
Easments - ANSWER -allows someone to use or enjoy all or a portion of someone
else's property
Recorded Deed records are housed in the - ANSWER -Superior Court of the
county where the property is located
Can a POA or HOA be created in a high rise building? - ANSWER -No!
Condominium Property - ANSWER -Any type of property can be created as a
condominium; it is the relationship owners have to the land and each other;
therefore, what is owned (common elements, property lines and boundaries, and
surrounding land/air) and its relationship to the other owners.
Common Elements - ANSWER -If an area is not part of a unit, then it is
automatically apart of the common elements (whether limited or regular common);
this includes any stairwells, elevators, parking spaces, clubhouse, lobbies, ramps,
front yards in townhomes or regular homes, etc.
Limited Common Elements - ANSWER -Limitations on common elements to
allow just a certain individual(s) that are assigned to utilize them (i.e. assigned
parking spaces, balconies, storage spaces)
Do owners in GCA's own Undivided or Divided interests in the common elements
with other unit owners? - ANSWER -Undivided. This is because if it was divided
then it would be a joint tenancy with equal shares.
Does the condominium corporation own any of the common elements? -
ANSWER -No! The common elements are owned by all of the unit owners as
tenants-in-common (undividedly)
Does the AOA exist in the printed laws of the State of Georgia? - ANSWER -No.
As of July 1st, 1975, new condominiums had to be created according to the GCA
(Georgia Condominium Act).
GCA (Georgia Condominium Act) - ANSWER -Created July 1st, 1975, declared
any condominiums created must create and file three documents in the Superior
Court land records of every county where the property is located. The declarant
Exam Questions With 100% Verified Solutions
When is Fidelity Insurance Required? - ANSWER -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? - ANSWER -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: -
ANSWER -Term Clause
Who determines the duties of a licensed CAM? - ANSWER -The qualifying
broker
What are the two types of property? - ANSWER -Real and Personal
Personal Property - ANSWER -All property which is movable in nature (i.e.
furniture, crops, cut timber)
Real Property - ANSWER -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? - ANSWER -Bill
of Sale
To Sell Real Property, What type of document is needed? - ANSWER -Deed
What is required on a deed to sell real property in GA? - ANSWER -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 - ANSWER -The seller or Giver of the property
Grantee - ANSWER -Receiver of the property
How is a deed valid or enforcable? - ANSWER -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? - ANSWER -1. Short Form Legal
2. Long Form Legal
3. Condominium Legal
Short Form Legal Description Requirements - ANSWER -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 - ANSWER -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 - ANSWER -Condominium unit
number
Name and recording information for the Declaration of Condominium
Reference to recording info for the plat and floor plans
Warranty Deed - ANSWER -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 - ANSWER -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 - ANSWER -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 - ANSWER -Joint Tenants Right of Survivorship. If Joint tenant dies, the
share will be Evenly distributed between survivors.
Joint Tenants Sign... - ANSWER -At the Same Time!
Joint Tenants Own... - ANSWER -Equal Shares!
Tenants in Common can Sign at - ANSWER -different times
What are the four rights that an owner holds? - ANSWER -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 - ANSWER -Power of a government to take private property for
public use.
Police power - ANSWER -state power to enact and impose legal restrictions and
regulations
Escheat - ANSWER -The state takes property upon an owners death if there is no
will & no heirs exist.
Public Encumbrances - ANSWER -The governmental powers limiting our
property rights. Including property taxes, police power, escheat, and eminent
domain
Private Encumbrances - ANSWER -anything that affects the title, fees, or use of
land that inhibits on Owner's Four Rights
Includes: Liens, easements, Encroachments, private restrictions
Lien - ANSWER -a right to collect/possess property/money belonging to another
person until a debt owed by that person is discharged.
, encroachment - ANSWER -illegal intrusions to a property
Easments - ANSWER -allows someone to use or enjoy all or a portion of someone
else's property
Recorded Deed records are housed in the - ANSWER -Superior Court of the
county where the property is located
Can a POA or HOA be created in a high rise building? - ANSWER -No!
Condominium Property - ANSWER -Any type of property can be created as a
condominium; it is the relationship owners have to the land and each other;
therefore, what is owned (common elements, property lines and boundaries, and
surrounding land/air) and its relationship to the other owners.
Common Elements - ANSWER -If an area is not part of a unit, then it is
automatically apart of the common elements (whether limited or regular common);
this includes any stairwells, elevators, parking spaces, clubhouse, lobbies, ramps,
front yards in townhomes or regular homes, etc.
Limited Common Elements - ANSWER -Limitations on common elements to
allow just a certain individual(s) that are assigned to utilize them (i.e. assigned
parking spaces, balconies, storage spaces)
Do owners in GCA's own Undivided or Divided interests in the common elements
with other unit owners? - ANSWER -Undivided. This is because if it was divided
then it would be a joint tenancy with equal shares.
Does the condominium corporation own any of the common elements? -
ANSWER -No! The common elements are owned by all of the unit owners as
tenants-in-common (undividedly)
Does the AOA exist in the printed laws of the State of Georgia? - ANSWER -No.
As of July 1st, 1975, new condominiums had to be created according to the GCA
(Georgia Condominium Act).
GCA (Georgia Condominium Act) - ANSWER -Created July 1st, 1975, declared
any condominiums created must create and file three documents in the Superior
Court land records of every county where the property is located. The declarant
