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CAM - Community Association Manager License GA Exam Study Guide Solutions The Year 1925 - ANSWER-License Law enacted and the GREC (Georgia Real Estate Commission) was created to protect from harmful acts of Real Estate brokers. GREC - ANSWER-Georgia Real Estate Commission; holds 6 members. 1 o...

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  • November 18, 2024
  • 51
  • 2024/2025
  • Exam (elaborations)
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  • cam community association manager license ga exa

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CAM - Community Association
Manager License GA Exam Study
Guide Solutions

The Year 1925 - ANSWER✔✔-License Law enacted and the GREC (Georgia Real Estate

Commission) was created to protect from harmful acts of Real Estate brokers.


GREC - ANSWER✔✔-Georgia Real Estate Commission; holds 6 members. 1 of which is

not RE (real estate) licensed


GREC's Authority - 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 - ANSWER✔✔-CAM Created in GA


Licensee - ANSWER✔✔-a salesperson, associate broker, broker, or community

association manager


Broker - ANSWER✔✔-any person who or entity that collects assessments or performs

community association management services; AKA Top Dog of RE Ladder




Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 1/51

,Community Association - 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) - 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? - 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? - ANSWER✔✔-NO! Either surrender the license or find a broker that

will hire you.


Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 2/51

,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.




Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 3/51

, 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



Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 4/51

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