CAM - COMMUNITY LATEST
ASSOCIATION
MANAGER LICENSE GA
EXAM
ANSWER ALL QUESTIONS IN THIS SECTION
QUESTION 1
True or False: A new director can be elected to fill a vacancy on the board by a
vote of the members of the corporation or a vote of a majority of the remaining
board of directors (even if less than a quorum of the board). - ANSWERS-True!
Even though there isn't a quorum met, if a majority is reached, then they can elect a
new director.
QUESTION 2
Do the members (owners) elect the directors? - ANSWERS-Yes, even though
members have a small role to play, they do get to elect the directors (and the
directors then assign officers).
QUESTION 3
What typically is the role of the members (owners)? - ANSWERS--Elect and vote
for their directors
END OF
PAGE
1
, CAM - COMMUNITY LATEST
ASSOCIATION
MANAGER LICENSE GA
EXAM
-Approve a budget or veto a board approved budget
-Vote to adopt changes to the legal documents of the corporation
-Sometimes the board allows final decision making to rest with the committee of
owners. This is because the more input the owners have, the less tension and
friction there is between the owners and the board
QUESTION 4
Common Tasks Delegated to Community Association Managers - ANSWERS--
Collecting assessments through lockboxes, ACH, and other means
-Depositing assessments into association's operating account
-Keeping accounting records for association
-Paying association bill
-Preparing draft of budget to present to board for review, revision, and approval
-Identifying vendors for association projects and handling bidding process
-Sending notices for all meetings
-Attending all meetings
-Obtaining insurance bids
END OF
PAGE
2
, CAM - COMMUNITY LATEST
ASSOCIATION
MANAGER LICENSE GA
EXAM
-Identifying covenant violations and sending initial violation notices
-Maintaining and repairing common property/common elements
-Maintaining association website
-Maintaining current membership list
-All requirements will be listed in management contract, READ IT!
CAM is to Agent as Association is to - ANSWERS-Principal; same for Brokerage.
QUESTION 5
What if there is conflict between what the broker and the association authorize? -
ANSWERS-The broker trumps the association.
QUESTION 6
Association Turnover Checklist - ANSWERS--Association Documents
(declaration, bylaws and all properly adopted amendments, articles of
incorporation, minute books, rules and regs, copy of all deeds of properties owned
by the association)
END OF
PAGE
3
, CAM - COMMUNITY LATEST
ASSOCIATION
MANAGER LICENSE GA
EXAM
-Financial Documents (annual state and federal tax returns, budget, certified audit
from inception to date of transfer of control by independent CPA, set of financial
books, ledgers, bills, all association funds and control of them)
-Maintenance (as-builts, plats, warranties, inventories, manufacturers list,
construction subcontractors and their principals)
-Assurances (city compliances, statements and confirmations)
-Miscellaneous (public reports, complete list of owners and mortgage companies,
copies of contracts, tangible association property listed, all insurance policies of
unit owners, directors, association, or officers)
QUESTION 7
True or False: For a single phase condominium, the Declarant can appoint and
remove directors and officers until 80% of the units are sold. - ANSWERS-False.
It is until 80% of the common elements are sold.
QUESTION 8
END OF
PAGE
4
ASSOCIATION
MANAGER LICENSE GA
EXAM
ANSWER ALL QUESTIONS IN THIS SECTION
QUESTION 1
True or False: A new director can be elected to fill a vacancy on the board by a
vote of the members of the corporation or a vote of a majority of the remaining
board of directors (even if less than a quorum of the board). - ANSWERS-True!
Even though there isn't a quorum met, if a majority is reached, then they can elect a
new director.
QUESTION 2
Do the members (owners) elect the directors? - ANSWERS-Yes, even though
members have a small role to play, they do get to elect the directors (and the
directors then assign officers).
QUESTION 3
What typically is the role of the members (owners)? - ANSWERS--Elect and vote
for their directors
END OF
PAGE
1
, CAM - COMMUNITY LATEST
ASSOCIATION
MANAGER LICENSE GA
EXAM
-Approve a budget or veto a board approved budget
-Vote to adopt changes to the legal documents of the corporation
-Sometimes the board allows final decision making to rest with the committee of
owners. This is because the more input the owners have, the less tension and
friction there is between the owners and the board
QUESTION 4
Common Tasks Delegated to Community Association Managers - ANSWERS--
Collecting assessments through lockboxes, ACH, and other means
-Depositing assessments into association's operating account
-Keeping accounting records for association
-Paying association bill
-Preparing draft of budget to present to board for review, revision, and approval
-Identifying vendors for association projects and handling bidding process
-Sending notices for all meetings
-Attending all meetings
-Obtaining insurance bids
END OF
PAGE
2
, CAM - COMMUNITY LATEST
ASSOCIATION
MANAGER LICENSE GA
EXAM
-Identifying covenant violations and sending initial violation notices
-Maintaining and repairing common property/common elements
-Maintaining association website
-Maintaining current membership list
-All requirements will be listed in management contract, READ IT!
CAM is to Agent as Association is to - ANSWERS-Principal; same for Brokerage.
QUESTION 5
What if there is conflict between what the broker and the association authorize? -
ANSWERS-The broker trumps the association.
QUESTION 6
Association Turnover Checklist - ANSWERS--Association Documents
(declaration, bylaws and all properly adopted amendments, articles of
incorporation, minute books, rules and regs, copy of all deeds of properties owned
by the association)
END OF
PAGE
3
, CAM - COMMUNITY LATEST
ASSOCIATION
MANAGER LICENSE GA
EXAM
-Financial Documents (annual state and federal tax returns, budget, certified audit
from inception to date of transfer of control by independent CPA, set of financial
books, ledgers, bills, all association funds and control of them)
-Maintenance (as-builts, plats, warranties, inventories, manufacturers list,
construction subcontractors and their principals)
-Assurances (city compliances, statements and confirmations)
-Miscellaneous (public reports, complete list of owners and mortgage companies,
copies of contracts, tangible association property listed, all insurance policies of
unit owners, directors, association, or officers)
QUESTION 7
True or False: For a single phase condominium, the Declarant can appoint and
remove directors and officers until 80% of the units are sold. - ANSWERS-False.
It is until 80% of the common elements are sold.
QUESTION 8
END OF
PAGE
4
