CAM - Community Association Manager License GA
Exam Questions And Answers Verified 100% Correct
CAM is to Broker as Agent is to - ANSWER -Principal
Community Association is to Broker as Principal is to - ANSWER -Agent
When hired by a brokerage, do I need to notify the GREC? - ANSWER -Yes.
Does a salesperson and CAM have no authority without a broker? - ANSWER -
Yes. They are the ones to assign your role and duties.
CAM & Salesperson Requirement for Age - ANSWER -18
CAM, Salesperson, & Broker Requirement for Education - ANSWER -High
School Diploma or Equivalent
CAM Course Requirement - ANSWER -25-Hour Commission Approved Course
and Test
GREC Qualifying Broker Requirements - ANSWER -1. Must be a human being
2. Must be an officer or top title holder of company (i.e. partner, manager, owner,
etc)
3. Authority to bind the brokerage company (able to sign contracts with CA's)
4. A signatory on all trust accounts held by the brokerage
As a broker, can I solicit business from another brokerage? - ANSWER -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? -
ANSWER -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? - ANSWER -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?
- ANSWER -30 days. Must return complete and accurate records of all financials,
funds, and any documents or records received on the Associations behalf
Severability - ANSWER -cancelling the whole or part of a contract
Term of a Contract - ANSWER -Length of time it is valid; REQUIRED on ALL
contracts
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
Exam Questions And Answers Verified 100% Correct
CAM is to Broker as Agent is to - ANSWER -Principal
Community Association is to Broker as Principal is to - ANSWER -Agent
When hired by a brokerage, do I need to notify the GREC? - ANSWER -Yes.
Does a salesperson and CAM have no authority without a broker? - ANSWER -
Yes. They are the ones to assign your role and duties.
CAM & Salesperson Requirement for Age - ANSWER -18
CAM, Salesperson, & Broker Requirement for Education - ANSWER -High
School Diploma or Equivalent
CAM Course Requirement - ANSWER -25-Hour Commission Approved Course
and Test
GREC Qualifying Broker Requirements - ANSWER -1. Must be a human being
2. Must be an officer or top title holder of company (i.e. partner, manager, owner,
etc)
3. Authority to bind the brokerage company (able to sign contracts with CA's)
4. A signatory on all trust accounts held by the brokerage
As a broker, can I solicit business from another brokerage? - ANSWER -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? -
ANSWER -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? - ANSWER -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?
- ANSWER -30 days. Must return complete and accurate records of all financials,
funds, and any documents or records received on the Associations behalf
Severability - ANSWER -cancelling the whole or part of a contract
Term of a Contract - ANSWER -Length of time it is valid; REQUIRED on ALL
contracts
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
