Georgia Community Association Manager (CAM) Examination

Key Concepts

Georgia licensing, qualification and examination - A CAM applicant who is at least 18 and a high school graduate must furnish evidence of at least 25 instructional hours in an approved community association manager's course of study (O.C.G.A. § 43-40-8(a)); 60 hours is the broker prelicense course and 75 hours the salesperson course. - An "instructional hour" is a period of at least fifty minutes of instruction or other learning activity (Rule 520-1-.02(2)(o)). - After passing the exam: apply within three months, or pay a fee equal to twice the original application fee; failure to activate within twelve months from the exam date means retaking the exam (Rule 520-1-.04(5)(a)). - A certified criminal history report must be obtained no more than 60 days prior to making application (Rule 520-1-.04(7)). A reportable conviction requires certified copies of the citation, accusation, information, or indictment and of the sentence (Rule 520-1-.04(8)). - Waiting periods: five years after satisfying all terms of the sentence for the last of multiple convictions; two years where there is a single conviction (O.C.G.A. § 43-40-15(b)). - If a denied applicant does not request a formal hearing in time, the application lapses and the qualifying exam must be stood and passed again with fees paid (Rule 520-1-.04(12)).

Maintenance, renewal, reinstatement - Active renewal requires 36 instructional hours of CE in the renewal period (Rule 520-1-.05(1)(d)), of which at least three must be license law (Rule 520-1-.05(1)(e)). - Surrendered or revoked licenses: re-apply as an original applicant; wall certificate and pocket card forwarded to the Commission at once; no refund of fees (Rule 520-1-.03(3)). A broker also forwards all other licensees' wall certificates and pocket cards in the broker's possession or office. - A license lapsed longer than five years for nonpayment of fees requires re-qualifying as an original applicant (Rule 520-1-.05(4)(h)). - Record certification covers the five years immediately preceding the request; disciplinary sanctions are certified regardless of date (Rule 520-1-.03(1)). - Out-of-state affiliation requires written permission of the Georgia broker, delineating duties and stating no brokerage activity on Georgia property except on behalf of the Georgia broker (Rule 520-1-.05(2)(a)). - Conviction notice to the Commission: within ten days of the conviction; the 60-day figure is the period to request a hearing (O.C.G.A. § 43-40-15(i)).

Key Concepts

Contract law and classification (Modern Real Estate Practice, 22nd ed., Unit 11) - A contract is a voluntary agreement between legally competent parties, supported by lawful consideration, for a legal act. Essential elements: offer and acceptance, consideration, legally competent parties, consent, legal purpose. - Executory vs. executed: a sales contract is executory from signing until closing; at closing it becomes executed (Unit 11 – Executed and executory contracts). - Bilateral vs. unilateral: a sales contract is bilateral (two promises). A developer's offer of a 1% bonus plus 2.5% commission to any broker producing a buyer within 30 days is unilateral — accepted by performance (Unit 11 – Bilateral and unilateral contracts). - Consent: mistake of fact or law, misrepresentation, fraud, undue influence, or duress makes a contract voidable by the injured party (Unit 11 – Consent). - A contract signed by someone not of sound mind who is later declared competent before completion is voidable at their discretion (Unit 11 – Validity of a contract). - An oral agreement to sell real estate is unenforceable under the statute of frauds — not void, not voidable (Unit 11 – Validity of a Contract). - Offer and acceptance: the offeror may revoke at any time before acceptance, even within a stated acceptance window; revocation must be communicated. Offers terminate by rejection, revocation, counteroffer, or expiration — silence is neither acceptance nor rejection. A contract forms only when the buyer is notified of acceptance (Unit 11 – Offer and acceptance; Acceptance). - Equitable title arises when the seller accepts the offer and the contract is executed, before deed delivery (Unit 11 – Equitable title). - Novation is substitution of a new contract for an existing one, discharging the old obligation (Unit 11 – Novation). - Assignment: the original party remains liable unless specifically released (Unit 11 – Assignment; Unit 17). - Contingency clauses must state the action required, the time frame, and the party responsible for any costs (Unit 11 – Contingencies). A seller may insist on an escape (kick-out) clause to keep marketing until contingencies are satisfied. - Liquidated damages: if the earnest money is the seller's sole remedy, the seller keeps the deposit and may not sue for more (Unit 11 – Liquidated damages). - Earnest money: a single escrow/trust account may hold all deposits, but must be kept separate from the broker's business or personal accounts (*Unit…