Community Association Management – HOA Governance, Financial Management and Operations Study Guide

Community Association Management – HOA Governance, Financial Management and
Operations Study Guide



Does a condo owner who manages his own community on a part-time basis need a real estate
license? - ANS ✔✔No



Does a CPA who collects association assessments need a real estate license? - ANS ✔✔No



Does a person working for a management company and managing only one association need a
real estate license? - ANS ✔✔Yes



Does a developer's employee who manages all of the developer's communities until turnover
need a real estate license? - ANS ✔✔No



Does a homeowner hired by two communities nearby the homeowner's community need a real
estate license? - ANS ✔✔Yes



Does a condominium owner who manages his own community on a full-time basis need a real
estate license? - ANS ✔✔No



Does a person hired by a Broker to manage numerous mandatory associations need a real
estate license? - ANS ✔✔Yes



Does a CPA who writes checks to association vendors and professionals need a real estate
license? - ANS ✔✔No



Does a non-owner hired by a Broker to manage one community on-site on a full-time basis need
a real estate license? - ANS ✔✔Yes

, Does a maintenance man working for the management company need a real estate license? -
ANS ✔✔No



Does a CPA who does association tax returns need a real estate license? - ANS ✔✔No



Does a person working for a Broker managing numerous voluntary associations need a real
estate license? - ANS ✔✔Yes



Name 5 requirements of a qualifying Broker. - ANS ✔✔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



Agreements between licensed management companies and community associations must
contain a: - ANS ✔✔Term (length) clause



A Management Company must be covered by a fidelity bond when? - ANS ✔✔The broker
collects, maintains, controls, has access to, or disburses community association funds totaling
more than $60,000.



A fidelity bond insures against all of these except: Theft, Fraud, Dishonesty or Unsecured Assets
- ANS ✔✔Unsecured Assets (i.e.: Mutual Funds)



The minimum amount of the fidelity bond required by Georgia Law? - ANS ✔✔Three times the
monthly assessments plus the amount in reserves.



Can a licensed CAM let a perspective tenant into a unit while the owner is at work? - ANS
✔✔No.