CAM - Community Association Manager License GA UPDATED ACTUAL Exam Questions and CORRECT Answers
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Course
CAM
Institution
CAM
CAM - Community Association Manager
License GA UPDATED ACTUAL Exam
Questions and CORRECT Answers
The Year 1925 - CORRECT ANSWER- License Law enacted and the GREC (Georgia
Real Estate Commission) was created to protect from harmful acts of Real Estate brokers.
GREC - CORRECT ANSWER- Georgia ...
CAM - Community Association Manager
License GA UPDATED ACTUAL Exam
Questions and CORRECT Answers
The Year 1925 - CORRECT ANSWER✔✔- License Law enacted and the GREC (Georgia
Real Estate Commission) was created to protect from harmful acts of Real Estate brokers.
GREC - CORRECT ANSWER✔✔- Georgia Real Estate Commission; holds 6 members. 1 of
which is not RE (real estate) licensed
GREC's Authority - CORRECT ANSWER✔✔- Can Issue or Deny RE (real estate) Licenses,
Can discipline by revoking, suspending, warning, or fining, Can set rules and regs, and
Establishes fees
The Year 1996 - CORRECT ANSWER✔✔- CAM Created in GA
Licensee - CORRECT ANSWER✔✔- a salesperson, associate broker, broker, or community
association manager
Broker - CORRECT ANSWER✔✔- any person who or entity that collects assessments or
performs community association management services; AKA Top Dog of RE Ladder
Community Association - CORRECT ANSWER✔✔- an organization in which common area
property is owned or managed by an association in which membership is mandatory as an
incident of ownership within the community
CAM (community association manager) - CORRECT ANSWER✔✔- providing management
or admin services to the operation of affairs of a community association which includes
collecting, controlling, or disbursing the funds, obtaining insurance, arranging/coordinating
maintenance and overseeing the day-to-day operations of the association
Who can provide CAM services WITHOUT a license? - CORRECT ANSWER✔✔- 1.
Developer
,2. Anyone that works FULLTIME directly for the developer
3. Anyone hired on a FULLTIME basis by the HOA
4. A member of the community association that works for that specific CA ONLY (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 services directly to my own community that I am a
member of? - CORRECT ANSWER✔✔- NO! Either surrender the license or find a broker
that will hire you.
CAM is to Broker as Agent is to - CORRECT ANSWER✔✔- Principal
Community Association is to Broker as Principal is to - CORRECT ANSWER✔✔- Agent
When hired by a brokerage, do I need to notify the GREC? - CORRECT ANSWER✔✔- Yes.
Does a salesperson and CAM have no authority without a broker? - CORRECT
ANSWER✔✔- Yes. They are the ones to assign your role and duties.
CAM & Salesperson Requirement for Age - CORRECT ANSWER✔✔- 18
CAM, Salesperson, & Broker Requirement for Education - CORRECT ANSWER✔✔- High
School Diploma or Equivalent
CAM Course Requirement - CORRECT ANSWER✔✔- 25-Hour Commission Approved
Course and Test
GREC Qualifying Broker Requirements - CORRECT 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? - CORRECT 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? - CORRECT
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? - CORRECT 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? -
CORRECT ANSWER✔✔- 30 days. Must return complete and accurate records of all
financials, funds, and any documents or records received on the Associations behalf
Severability - CORRECT ANSWER✔✔- cancelling the whole or part of a contract
Term of a Contract - CORRECT ANSWER✔✔- Length of time it is valid; REQUIRED on
ALL contracts
When is Fidelity Insurance Required? - CORRECT 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? - CORRECT 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: - CORRECT
ANSWER✔✔- Term Clause
, Who determines the duties of a licensed CAM? - CORRECT ANSWER✔✔- The qualifying
broker
What are the two types of property? - CORRECT ANSWER✔✔- Real and Personal
Personal Property - CORRECT ANSWER✔✔- All property which is movable in nature (i.e.
furniture, crops, cut timber)
Real Property - CORRECT 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? - CORRECT ANSWER✔✔-
Bill of Sale
To Sell Real Property, What type of document is needed? - CORRECT ANSWER✔✔- Deed
What is required on a deed to sell real property in GA? - CORRECT 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 - CORRECT ANSWER✔✔- The seller or Giver of the property
Grantee - CORRECT ANSWER✔✔- Receiver of the property
How is a deed valid or enforcable? - CORRECT 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:
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