Community Association Management – Study Guide (Key Concepts, Regulations
& Practice Questions with Answers)
No - ANS ✔✔Does a condo owner who manages his own community on a part-time basis need
a real estate license?
No - ANS ✔✔Does a CPA who collects association assessments need a real estate license?
Yes - ANS ✔✔Does a person working for a management company and managing only one
association need a real estate license?
No - ANS ✔✔Does a developer's employee who manages all of the developer's communities
until turnover need a real estate license?
Yes - ANS ✔✔Does a homeowner hired by two communities nearby the homeowner's
community need a real estate license?
No - ANS ✔✔Does a condominium owner who manages his own community on a full-time basis
need a real estate license?
Yes - ANS ✔✔Does a person hired by a Broker to manage numerous mandatory associations
need a real estate license?
No - ANS ✔✔Does a CPA who writes checks to association vendors and professionals need a
real estate license?
Yes - ANS ✔✔Does a non-owner hired by a Broker to manage one community on-site on a full-
time basis need a real estate license?
, No - ANS ✔✔Does a maintenance man working for the management company need a real
estate license?
No - ANS ✔✔Does a CPA who does association tax returns need a real estate license?
Yes - ANS ✔✔Does a person working for a Broker managing numerous voluntary associations
need a real estate license?
Owner/officer/partner of company, Active license for 3 yrs., Signatory on all trust accounts held
by company, 21 years old, able to bind company, HS graduate or equivalent, liable for all
affiliated licensees, passed 60 hour broker class exam, passed state broker's exam - ANS
✔✔Name 5 requirements of a qualifying Broker.
Term (length) clause - ANS ✔✔Agreements between licensed management companies and
community associations must contain a:
The broker collects, maintains, controls, has access to, or disburses community association
funds totaling more than $60,000. - ANS ✔✔A Management Company must be covered by a
fidelity bond when?
Unsecured Assets (i.e.: Mutual Funds) - ANS ✔✔A fidelity bond insures against all of these
except: Theft, Fraud, Dishonesty or Unsecured Assets
Three times the monthly assessments plus the amount in reserves. - ANS ✔✔The minimum
amount of the fidelity bond required by Georgia Law?
No. - ANS ✔✔Can a licensed CAM let a perspective tenant into a unit while the owner is at
work?
& Practice Questions with Answers)
No - ANS ✔✔Does a condo owner who manages his own community on a part-time basis need
a real estate license?
No - ANS ✔✔Does a CPA who collects association assessments need a real estate license?
Yes - ANS ✔✔Does a person working for a management company and managing only one
association need a real estate license?
No - ANS ✔✔Does a developer's employee who manages all of the developer's communities
until turnover need a real estate license?
Yes - ANS ✔✔Does a homeowner hired by two communities nearby the homeowner's
community need a real estate license?
No - ANS ✔✔Does a condominium owner who manages his own community on a full-time basis
need a real estate license?
Yes - ANS ✔✔Does a person hired by a Broker to manage numerous mandatory associations
need a real estate license?
No - ANS ✔✔Does a CPA who writes checks to association vendors and professionals need a
real estate license?
Yes - ANS ✔✔Does a non-owner hired by a Broker to manage one community on-site on a full-
time basis need a real estate license?
, No - ANS ✔✔Does a maintenance man working for the management company need a real
estate license?
No - ANS ✔✔Does a CPA who does association tax returns need a real estate license?
Yes - ANS ✔✔Does a person working for a Broker managing numerous voluntary associations
need a real estate license?
Owner/officer/partner of company, Active license for 3 yrs., Signatory on all trust accounts held
by company, 21 years old, able to bind company, HS graduate or equivalent, liable for all
affiliated licensees, passed 60 hour broker class exam, passed state broker's exam - ANS
✔✔Name 5 requirements of a qualifying Broker.
Term (length) clause - ANS ✔✔Agreements between licensed management companies and
community associations must contain a:
The broker collects, maintains, controls, has access to, or disburses community association
funds totaling more than $60,000. - ANS ✔✔A Management Company must be covered by a
fidelity bond when?
Unsecured Assets (i.e.: Mutual Funds) - ANS ✔✔A fidelity bond insures against all of these
except: Theft, Fraud, Dishonesty or Unsecured Assets
Three times the monthly assessments plus the amount in reserves. - ANS ✔✔The minimum
amount of the fidelity bond required by Georgia Law?
No. - ANS ✔✔Can a licensed CAM let a perspective tenant into a unit while the owner is at
work?
