Latest Capitus CAM Course Guide 100% Correct Q&A

Latest Capitus CAM Course Guide 100% Correct Q&A Which person needs to hold a license? A. A condo owner who manages his own community on a part-time basis. B. A CPA who collects assessments and pays vendors and professionals. C. A person working for a broker and managing only one association on site. D. A developer's employee who manages all of their properties until turnover. *Ans* C. A person working for a broker and managing only one association on site. Why: any non-exempt person or entity who provides "community association management services" (as that term is defined by the License Law) is required to obtain a license issued by the Georgia Real Estate Commission. The License Law requires qualifying brokers to meet which of the following requirements: A. The qualifying broker must be an officer of the corporation. B. The qualifying broker must be 18 years old. C. The qualifying broker must have an active real estate license for at least 5 years. D. The qualifying broker must have a college degree. *Ans* A. The qualifying broker must be an officer of the corporation. Why: Brokers must be 21, have an active license for 3 of out the last 5 years and have a high school diploma Exclusive management agreements with community associations must contain a: A. Termination clause. B. Severability clause. C. Confidentiality clause. D. Term (length) clause. *Ans* D. Term (length) clause. Why: Management agreements must include the Brokerage number, GREC number,and the Term of the contract According to Georgia law, who must be covered by the fidelity bond? A. A manager who has access to more than $25,000.00 of the association's fund. B. A manager who has access to the association's operating account. C. A broker holding the association's money in a trust account. D. A broker who has access to more than $60,000 of the association's funds. *Ans* D. A broker who has access to more than $60,000 of the association's funds. Why: License law requires brokers who collect, maintain, control, have access to, or disburse community association funds totaling more than $60,000.00 to be covered by a fidelity bond or fidelity insurance