Social Science Economics
CAM - Community Association Manager
License GA
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Agec 110 exam 1 Humber Real Estate - Course 1, Mod... Chapter 1 D089 -
Teacher 20 terms 50 terms 7 terms Teacher
Denis_Muriithi26 Preview kiarie86 Preview Kaysha_Sakwa Preview DA
License Law enacted and the GREC (Georgia Real Estate Commission) was created
The Year 1925
to protect from harmful acts of Real Estate brokers.
Georgia Real Estate Commission; holds 6 members. 1 of which is not RE (real estate)
GREC
licensed
Can Issue or Deny RE (real estate) Licenses, Can discipline by revoking, suspending,
GREC's Authority
warning, or fining, Can set rules and regs, and Establishes fees
The Year 1996 CAM Created in GA
Licensee a salesperson, associate broker, broker, or community association manager
any person who or entity that collects assessments or performs community
Broker
association management services; AKA Top Dog of RE Ladder
an organization in which common area property is owned or managed by an
Community Association association in which membership is mandatory as an incident of ownership within the
community
providing management or admin services to the operation of affairs of a community
association which includes collecting, controlling, or disbursing the funds, obtaining
CAM (community association manager)
insurance, arranging/coordinating maintenance and overseeing the day-to-day
operations of the association
1. Developer
2. Anyone that works FULLTIME directly for the developer
3. Anyone hired on a FULLTIME basis by the HOA
Who can provide CAM services WITHOUT 4. A member of the community association that works for that specific CA ONLY
a license? (doesn't matter if full or part-time)
5. Anyone performing maintenance on the property
6. A CPA (certified public accountant)
7. A licensed practicing attorney
, Can I hold a license, but provide CAM NO! Either surrender the license or find a broker that will hire you.
services directly to my own community that
I am a member of?
CAM is to Broker as Agent is to Principal
Community Association is to Broker as Agent
Principal is to
When hired by a brokerage, do I need to Yes.
notify the GREC?
Does a salesperson and CAM have no Yes. They are the ones to assign your role and duties.
authority without a broker?
CAM & Salesperson Requirement for Age 18
CAM, Salesperson, & Broker Requirement High School Diploma or Equivalent
for Education
CAM Course Requirement 25-Hour Commission Approved Course and Test
1. Must be a human being
2. Must be an officer or top title holder of company (i.e. partner, manager, owner,
GREC Qualifying Broker Requirements 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 NO! You must have written approval from the current brokerage of the CA prior to
another brokerage? trying to poach them.
Do brokers need permission to sell RE in a Yes. It is normally in the management contract, however if the broker thinks far
community they also manage? enough ahead.
No! You must disclose to your RE agent that you are licensed. Also, you MUST FIRST
Can I, as a CAM, sell my house without
check with your broker prior to going into contract with another brokerage company
notifying anyone?
because this could be lost revenue to your broker's business.
How long does the broker have to return 30 days. Must return complete and accurate records of all financials, funds, and any
documents after termination of contract? 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
Required when a broker has access to more than $60,000 in funds to be covered by
When is Fidelity Insurance Required?
a bond (insurance)
It should cover the maximum amount of funds that the broker has access to, but
How much should fidelity insurance cover? 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 Term Clause
community associations must contain a:
Who determines the duties of a licensed The qualifying broker
CAM?
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)
All things permanently attached to the land or to the buildings (i.e. soil, concrete bed
Real Property
the house is on, house walls)
To Sell Personal Property, What type of Bill of Sale
Document is Needed?
CAM - Community Association Manager
License GA
Save
Students also studied
Flashcard sets Study guides Practice tests
Agec 110 exam 1 Humber Real Estate - Course 1, Mod... Chapter 1 D089 -
Teacher 20 terms 50 terms 7 terms Teacher
Denis_Muriithi26 Preview kiarie86 Preview Kaysha_Sakwa Preview DA
License Law enacted and the GREC (Georgia Real Estate Commission) was created
The Year 1925
to protect from harmful acts of Real Estate brokers.
Georgia Real Estate Commission; holds 6 members. 1 of which is not RE (real estate)
GREC
licensed
Can Issue or Deny RE (real estate) Licenses, Can discipline by revoking, suspending,
GREC's Authority
warning, or fining, Can set rules and regs, and Establishes fees
The Year 1996 CAM Created in GA
Licensee a salesperson, associate broker, broker, or community association manager
any person who or entity that collects assessments or performs community
Broker
association management services; AKA Top Dog of RE Ladder
an organization in which common area property is owned or managed by an
Community Association association in which membership is mandatory as an incident of ownership within the
community
providing management or admin services to the operation of affairs of a community
association which includes collecting, controlling, or disbursing the funds, obtaining
CAM (community association manager)
insurance, arranging/coordinating maintenance and overseeing the day-to-day
operations of the association
1. Developer
2. Anyone that works FULLTIME directly for the developer
3. Anyone hired on a FULLTIME basis by the HOA
Who can provide CAM services WITHOUT 4. A member of the community association that works for that specific CA ONLY
a license? (doesn't matter if full or part-time)
5. Anyone performing maintenance on the property
6. A CPA (certified public accountant)
7. A licensed practicing attorney
, Can I hold a license, but provide CAM NO! Either surrender the license or find a broker that will hire you.
services directly to my own community that
I am a member of?
CAM is to Broker as Agent is to Principal
Community Association is to Broker as Agent
Principal is to
When hired by a brokerage, do I need to Yes.
notify the GREC?
Does a salesperson and CAM have no Yes. They are the ones to assign your role and duties.
authority without a broker?
CAM & Salesperson Requirement for Age 18
CAM, Salesperson, & Broker Requirement High School Diploma or Equivalent
for Education
CAM Course Requirement 25-Hour Commission Approved Course and Test
1. Must be a human being
2. Must be an officer or top title holder of company (i.e. partner, manager, owner,
GREC Qualifying Broker Requirements 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 NO! You must have written approval from the current brokerage of the CA prior to
another brokerage? trying to poach them.
Do brokers need permission to sell RE in a Yes. It is normally in the management contract, however if the broker thinks far
community they also manage? enough ahead.
No! You must disclose to your RE agent that you are licensed. Also, you MUST FIRST
Can I, as a CAM, sell my house without
check with your broker prior to going into contract with another brokerage company
notifying anyone?
because this could be lost revenue to your broker's business.
How long does the broker have to return 30 days. Must return complete and accurate records of all financials, funds, and any
documents after termination of contract? 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
Required when a broker has access to more than $60,000 in funds to be covered by
When is Fidelity Insurance Required?
a bond (insurance)
It should cover the maximum amount of funds that the broker has access to, but
How much should fidelity insurance cover? 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 Term Clause
community associations must contain a:
Who determines the duties of a licensed The qualifying broker
CAM?
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)
All things permanently attached to the land or to the buildings (i.e. soil, concrete bed
Real Property
the house is on, house walls)
To Sell Personal Property, What type of Bill of Sale
Document is Needed?
