A CAM license is narrow on purpose
Running an association is not brokerage, so Georgia licenses community association managers separately. O.C.G.A. 43-40-1 limits a CAM to providing only community association management services, and O.C.G.A. 43-40-25(b)(31) makes it an unfair trade practice to attempt acts authorized only for a broker, associate broker or salesperson while licensed as a CAM.
So a CAM asked by an owner to list a unit may do nothing. Managing the community does not extend into brokerage. The board's oral approval fails on scope, and because 43-40-25(b)(32) requires the express written consent of the association even to sell or lease a member's property while providing CAM services. Paying the commission to the association changes the payee without curing the unlicensed act.
Twenty-five hours to qualify
O.C.G.A. 43-40-8 requires a CAM applicant to complete at least 25 instructional hours in a community association manager's course, or qualifying college hours, and to pass the CAM examination.
Keep the numbers apart: 75 hours is the salesperson prelicense course, 60 hours the broker prelicense course, and 36 hours the continuing education requirement per four-year renewal period.
The fidelity bond formula
Rule 520-1-.06(3) sets minimum coverage at the maximum funds handled at any time, and never less than three months' assessments due from all members plus required reserves.
An association has 120 members paying $250 a month and holds $40,000 in required reserves.
- Monthly: 120 × $250 = $30,000
- Three months: $30,000 × 3 = $90,000
- Plus reserves: $90,000 + $40,000 = $130,000
Stopping at $30,000 uses one month; $90,000 omits the reserves; $40,000 counts only reserves.
The only exemption
A broker who collects, controls, has access to or disburses association funds must be covered at all times unless the broker at no time handles association funds totaling more than $60,000. Nothing else works. A board vote cannot waive a protection that is not the board's. General liability insurance covers liability, not dishonesty. A federally insured trust account meets the separate trust account requirement and is no substitute for a fidelity bond.