CAM COMMUNITY ASSOCIATION MANAGER
COMPREHENSIVE EXAM SHEET QUESTIONS AND
SOLUTIONS GRADED A+TIP
✔✔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
✔✔Escheat - ✔✔The state takes property upon an owners death if there is no will & no
heirs exist.
✔✔Public Encumbrances - ✔✔The governmental powers limiting our property rights.
Including property taxes, police power, escheat, and eminent domain
✔✔Private Encumbrances - ✔✔anything that affects the title, fees, or use of land that
inhibits on Owner's Four Rights
Includes: Liens, easements, Encroachments, private restrictions
COMPREHENSIVE EXAM SHEET QUESTIONS AND
SOLUTIONS GRADED A+TIP
✔✔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
✔✔Escheat - ✔✔The state takes property upon an owners death if there is no will & no
heirs exist.
✔✔Public Encumbrances - ✔✔The governmental powers limiting our property rights.
Including property taxes, police power, escheat, and eminent domain
✔✔Private Encumbrances - ✔✔anything that affects the title, fees, or use of land that
inhibits on Owner's Four Rights
Includes: Liens, easements, Encroachments, private restrictions
