Term
| What are the four types of Insurance policies Associations carry? |
|
Definition
D & O
Fidelity
Liability
Property |
|
|
Term
| Define Directors and Officers Insurance..or D & O |
|
Definition
protects officers from liability resulting from their actions or inaction where claim is not a result of bodily injury...
Covers wrongful acts on part of officer
Covers when someone sues the Association |
|
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Term
| D & O Insurance is for what? |
|
Definition
Protects officers from liability.
Covers wrongful acts on part of officer
Covers volunteer committees when someone sues the association. |
|
|
Term
| What four insurance policies are carried by Associations? |
|
Definition
D & O - protects officers from actions or inactions - covers wrongful acts.
Fidelity - ptotects assoc from loss of money or securities or inventory
Liability - Commercial General Liability covers bodily injury or damage occur9ing on common property
-
Property - Hazard and Casualty insurance that protects actual physical property |
|
|
Term
| Fidelity Insurance - define |
|
Definition
protects assoc from loss of money, security, inventory (alege employee dishonesty, fraud, embezellent)
Not required by law to have but most docs require it. |
|
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Term
| What does GCA require with Fidelity insurance? Must carry what? |
|
Definition
| Equal to at least 3 months of assessments and reserves |
|
|
Term
| Define Property Insurance |
|
Definition
| Hazard or casualty that protects actual physical property or equipment against loss from theft, fire or peril |
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Term
| Do HOA/POA need Property insurance? |
|
Definition
| No GA law but most docs will require full replacement coverage for common area damage (fire, windstorm, hail) |
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Term
| Are condos required to have property insurance? |
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Definition
| GCA requires assoc to carry hazard/casualty insurance for full replacement value/ |
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Term
| What needs to be on a Proxy, it should include two things for HOA |
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Definition
| State name of proxy giver and name of person authorized |
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|
Term
| Articles of Incorporation |
|
Definition
Filed with the State
Create non profit corporation'
List who will manage and operate community
Part of GA NPCC |
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Term
| Things included in Annual Meeting Notice |
|
Definition
|
|
Term
| Annual Meeting Notices for GCA and POA need how many days notice |
|
Definition
| At least 21 days in advance or regular or Annual meeting |
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Term
| Annual Meeting Notices for HOA or NPCC - described in by laws but if silent |
|
Definition
| No fewer than 10 and no more than 60 |
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Term
|
Definition
|
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Term
| Voting outside a meeting must be done in what way? |
|
Definition
| Majority of Directors must sigh same document or majority consent to action in writing |
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|
Term
| Can a Board member vote by Proxy? |
|
Definition
| No voting by proxy at a board meeting |
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|
Term
| How does an HOA establish quorum? |
|
Definition
Unless bylaws state otherwise:
Majority of FIXED number of directors present when meeting begins |
|
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Term
| How does the GCA POA establish quorom? |
|
Definition
| presence of persons entitled to cast 1/2 votes of the board of directors constitutes a quorom. |
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Term
|
Definition
| Minimum number of people that must be present at a meeting to call the meeting to order and conduct business. |
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|
Term
|
Definition
| Directors and Officers must discharge duties in a manner they believe is in best interest of the Corporation - with care an ordinary person would exercise |
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|
Term
| What two duties does a board member or officer owe the Corporation? |
|
Definition
Duty of Care
Duty of Loyalty |
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|
Term
|
Definition
| Put interests of Assoc above personal interests, protect assoc money and assets, avoid undisclosed conflicts of interest, avoid personal gain. |
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Term
|
Definition
| Used by courts to evaluate decisions of Board. If followed Board cannot be held personally responsible. |
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Term
|
Definition
Owners own shares in the Corporation
No GA Law regulates |
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|
Term
|
Definition
Members own no real property in the co op
Co op Assoc owns all propety including the buildings and all units within
Corporation owns everything but the personal property |
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|
Term
| Talk about section 44-5-60 |
|
Definition
Walker Case
Adopting the POA will avoid this
In POA this does not apply |
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Term
| Why would an HOA convert to a POA> |
|
Definition
Automatic Statutory lein
Automatic lein for unpaid assessments
Judicial foreclosure
Joint and Several Liability
Can charge late fees and interest of 10% or $10, whichever is greater
Attorneys fees and collections costs
Fines and suspensions
Perpetual Duration, 20 year limitation does not apply |
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|
Term
| What laws regulate the POA? |
|
Definition
Ga Property Owners Assoc Act 44-3-220
Most developers will not submit to the POA. |
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|
Term
|
Definition
Membership is mandatory.
Own property in POA and Condo you automatically are a member of Association. |
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|
Term
| Why upgrade from HOA to POA? |
|
Definition
| Increased collections powers...can file lien and foreclose on a property, rights are expanded. |
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|
Term
|
Definition
Owner has title to dirt and airspace
Not req to be residential housing, could be office park, townhome or retail center
NO POA if properties are stacked |
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Term
|
Definition
| Covenants are married to the Corporation - anyone who owns property in the community is subject to be a member |
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Term
| What do you need to create an HOA> |
|
Definition
File Covenants
File Plat
Must also CREATE CORPORATION subject ot the GA Non profit Code with Articles and by laws |
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Term
| What must be recorded in land records to create an HOA> |
|
Definition
Developer must record Covenants to id what property is subject to through the Covenants.
File a plat in County land records |
|
|
Term
| What laws regulate the HOA? |
|
Definition
No specific group.
If there is a Corporation, then GNPC applies |
|
|
Term
|
Definition
NO STACKED
Owner has title to the dirt and airspace |
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|
Term
|
Definition
Needed to create corporation.
Not filed with Secry of State
Not used often
Outline Annual Board, special meetings notice, quorom,
Terms, elections and authority of the Board |
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|
Term
| Articles of Incorporation: |
|
Definition
Filed with Secry of State
List Directors, addresses, registered agent, and name of incorporation.
Generally never used beyond this. |
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Term
| Under Ga Non Profit Code, you must do what to create a Corporation: |
|
Definition
File Articles of Incorporation and Adopt By laws.
File Articles with Secretary of State |
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|
Term
| Under Ga Non Profit Code, you must do what to create a Corporation: |
|
Definition
File Articles of Incorporation and Adopt By laws.
File Articles with Secretary of State |
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|
Term
| How do you create a Condo? |
|
Definition
| to create and operate, the Declarant must incorporate an entity to operate the condo |
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|
Term
| Condo Declarations include: |
|
Definition
*private encumbrances (lein rights, easements, covenants)
* Legal boundries
* List of limited and common and assignments of these
* Percentages of common element ownership |
|
|
Term
| GCA - to create a condo declarant must create and file three documents: |
|
Definition
* Declaration
* Floor Plan
* Plat
In every County where the property is located |
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|
Term
| AOA regulates condos created before: |
|
Definition
July 1 1975
After this time, condos had to be created according to the Condo Act |
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Term
| What law regulates condo projects in GA? |
|
Definition
AOA Ga Apt Ownership Act
GCA GA Condo Act |
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|
Term
| What two things describe the unit boundries? Legal description |
|
Definition
| Legal description and documents identify the unit borders. |
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|
Term
| Does a Condo Corporation own anything? |
|
Definition
| NO - it does not own anything, it manages and operates the community and common elements. |
|
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Term
| What does a Condo owner own? |
|
Definition
He owns his or her unit separately
Owns a portion of the common elements as tenants in common with others |
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|
Term
| Define Limited Common Element: |
|
Definition
An area of a common element reserved for use and enjoyment of of one or more owners but less than all unit owners.
Could be balconies, storage space, assigned parking |
|
|
Term
|
Definition
Everything except the unit.
If not part of the unit then it is automatically part of the common element. |
|
|
Term
|
Definition
| Defined portion of space owned separately from all other condo owners |
|
|
Term
| A condo defines the legal relationship that owners have with the land and each other. |
|
Definition
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|
Term
|
Definition
Must be an officer of the Brokerage Corp/partner/member or manager
Authority to bind brokerage entity
Must be a human being
Signatory on all trust accounts held by brokerage entity
Responsible for acts of entire company and licenees |
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|
Term
In GA, a management company must be a licensed brokerage company and registered with the GREC
Management company must have separate from broker, a separate brokerage company number |
|
Definition
|
|
Term
| Who can provide CAM services WITHOUT a license? EXEMPT |
|
Definition
Employed F/T by an owner of a property - employee of a declarant company
Employed F/T by a community Assoc - direct employee
Member of a community and provides management services to only one community assoc that they are a member of - need not be full time
any person who performs maintenance
a licenses CPA
Licenses practicing attorney
Owner of management company also owns company and hires person to manage it, |
|
|
Term
| You cannot hold a license and be exempt. You must surrender your license if you want to be exempt. |
|
Definition
|
|
Term
| If paid by a broker, you must hold a license. |
|
Definition
|
|
Term
| CAM License requirements: |
|
Definition
18 years
HS Grad
25 hrs commission approed course
Pass commissions cam exam
Appl for license
sub criminal history
submit secure and viable doc for id purposes
License issues in active or inactive status |
|
|
Term
|
Definition
18 years
HS grad or equivalent
75 hr commission approved course
Pass Commission test
Appl for license
Submit criminal history rpt
submit secure and verifyable doc for id
License can be issues active or inactive
25 hour post licesne course and exam the first year of licensure |
|
|
Term
|
Definition
21 years
HS or equivalent
Brokers 60 hour course
Addl 75 hrs of commission coursework if going from a CAM to a Broker
Pass commission brokers test
Actively licenses as a salesperson for three years within five years preceeding filing for application for brokers license |
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|
Term
| License Law changed in what year? Before this CAM not regulated |
|
Definition
|
|
Term
|
Definition
24 credit hours during 4 year renewal periods
No exam to obtain CE credit |
|
|
Term
|
Definition
Written request to move to inactive must be sent to the Commission
Inactive Licensee must still pay renewal fee every 4 years of license lapses |
|
|
Term
| Disclosure by licensee... |
|
Definition
| Required to disclose personal real estate transactions to sponsoring broker AND disclose their license status number and interest in the property to all parties in a real estate transaction |
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|
Term
| Fidelity Insurance/Fidelity Bond |
|
Definition
| License Law requires brokers who collect, maintain, control ahce access to community assoc funds totaling more than 60,000 to be covered by fidelity bond or insurance...coverage must be at least three months assessments and amount in reserves, community names as addl insured. |
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Term
|
Definition
| If broker holds money for other people in the Brokers bank account, the bank account must be identified as a trust account |
|
|
Term
| What is the purpose of the trust account? |
|
Definition
| To keep other peoples money completely separated from the brokers funds. Co mingling is a direct violation of the law. |
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|
Term
| The Broker can put personal funds in a trust account or three reasons: |
|
Definition
minimum balance
service charge
commissions or management fees |
|
|
Term
| 5 Requirements for qualifying broker: |
|
Definition
Owner/Officer/Partner of company
Acive licensee for three years
Signatory on trust accoutns
21 years
able to bind company
HS grad or equiv
Liable for all affiliated licenees
passed 60 hours broker class exam
Passed state exam |
|
|
Term
|
Definition
| Public encumbrance..government permitted to take private property |
|
|
Term
|
Definition
| rights of government authority to restrict owners enjoyment... |
|
|
Term
| Real Estate License Law enacted and GA Real Estate Commission created in what year |
|
Definition
|
|
Term
|
Definition
6 members appointed by the Governor
5 residents of GA for five years and actively licenses for 5 years
1 member in consumer affairs and protection with no connection to the industry. |
|
|
Term
|
Definition
| 1972 License Law allowed Commissioner to hire a CEO - a full time employee with no voting rights and no interest in real estate company or business - license inactive if any. |
|
|
Term
Commissions Authority:
4 areas |
|
Definition
Issuing or denying licenses
Discipline
Rules and Regulations
Establishing fees -1977 |
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|
Term
| What year was the license law amended to add Community Association Management> |
|
Definition
|
|
Term
| 1996 the term Broker was changed to include any person who or entity that collects assessments or performs community association management services |
|
Definition
|
|
Term
| In 1996 the term community association was added and defined as: |
|
Definition
| an organization in which common area property is owned or managed by an assoc whose membership is mandatory as an incident to ownership within the community. |
|
|
Term
| Who can provide services without a license? |
|
Definition
1. Owner of management company also owns property and hires person to manage it.
2. Employed on a Full time basis by owner of property to provide comm management services (declarant)
3. employed on full time basis by a community association to provide management services (direct employee)
4. member of community and provide management services to only one community.
5. Any person performing maintenance, license CPA and Licenses attorney. |
|
|
Term
| Can you have a license and be exempt? |
|
Definition
| No, you cannot hold any kind of real estate license and be exempt. |
|
|
Term
| Termination of management contracts: |
|
Definition
| Broker has 30 days to turn over all records, |
|
|
Term
| All real estate contracts must have a termination date. |
|
Definition
|
|
Term
| Fidelity Insurance/Fidelity Bond: |
|
Definition
License Law requires brokers who collect or have access to asso funds totaling more than $60,000 to be covered by Fideltiy bond or insurance.
This must be equal to three months assessments and amount of reserve funds. |
|
|
Term
|
Definition
| Law states that if the Broker holds money in the Brokers bank account, the bank account must be identified as a trust account. |
|
|
Term
| Purpose of a trust account: |
|
Definition
| To keep other peoples money completely separate from the brokers funds. Property owned an maintained trust accounts cannot be seized for brokers debts. |
|
|
Term
|
Definition
| All property that is movable in nature, has inherent value and is not otherwise defined as Realty |
|
|
Term
| To convey personal property: |
|
Definition
| Simply exchange money for it or you can have a bill of sale which identifies the property and the amount. |
|
|
Term
|
Definition
1. All lands and the buildings thereon
2. all things permanently attached to the land or buildings
3. Any interest existing in or issuing out of the land or buildings. |
|
|
Term
| Property rights of owner of real estate extent downward indefinitely and upward indefinitely. |
|
Definition
| Own mineral rights, air rights and percolating water rights. |
|
|
Term
| What distinguishes personal and real property is mobility. |
|
Definition
|
|
Term
| How do you convey real property? |
|
Definition
| Grantor must be mentally competent, |
|
|
Term
| How do you convey real property> |
|
Definition
Person giving the property must be competent.
Sign a deed
And deliver the signed deed
The grantee must accept the signed deed. |
|
|
Term
| What information is required to property convey property? |
|
Definition
Name and signature of grantor
Name of grantee
Legal description of the property
Sentence explaining the value/consideration being received by the grantor from the grantee
Sentence stating what is being conveyed
Acceptance and Acknowledgement |
|
|
Term
| A deed is VALID and ENFORCEAMBLe as soon as it is signed by the grantor and delivered and accepted by the grantee. However, for anyone else to have knowledge, deed must also be put into the chain of title - recorded in the land records. |
|
Definition
|
|
Term
| A deed is VALID and ENFORCEAMBLe as soon as it is signed by the grantor and delivered and accepted by the grantee. However, for anyone else to have knowledge, deed must also be put into the chain of title - recorded in the land records. |
|
Definition
|
|
Term
| For a deed to be recorded, you must have both a witness and a notary. |
|
Definition
|
|
Term
| To be recorded in the County land records, a deed must meet these addl recording requirements: |
|
Definition
one unofficial witness
One official witness (notary)
Attestation by witness that the document was signed in their presence
Name and address to whom the deed must be returned. |
|
|
Term
| Typical deeds used in GA - three |
|
Definition
Warranty deed
Limited Warranty deed
Quit Claim Deed |
|
|
Term
|
Definition
| Grantor warrants that there has never been anything wrong with the chain of title. Chain of title is clean! |
|
|
Term
|
Definition
Grantor is limiting the warrenties given the grantee. Says nothing went wrong with the chain of title during the period of time the grantor owned the property. (but not before)
Used most often with builders and developers. |
|
|
Term
|
Definition
|
|
Term
|
Definition
| When the Grantor wants to warrant or guarantee absolutely nothing. |
|
|
Term
| Deed on lieu of foreclosure: |
|
Definition
| Used by the owner to convey property to his/her lender instead of making the lender go through the foreclosure process to obtain ownership. |
|
|
Term
| Short Form Legal Description: |
|
Definition
|
|
Term
| Short Form Legal Description: |
|
Definition
| Using the property location as depicted on a plat recorded in the county land records. Just based on plat. |
|
|
Term
| What is included in the short form legal description: |
|
Definition
Plat
State and county location
Land lot, district and location
Subdivision/project name
Lot number and block
Plat book and page number where the plat is recorded in County land records. |
|
|
Term
| Long Form Legal Description: |
|
Definition
Uses Metes and Bounds.
Starts at a set point on earth and describes the perimeter of a property with compass bearings. Survey. |
|
|
Term
| What are the two types of Concurrent ownership? |
|
Definition
Tenants in common
Joint Tenants |
|
|
Term
|
Definition
| created only of grantees take title at the same time with exact same granting deed and deed of conveyance must affirmatively state that the grantees are joint tenants. |
|
|
Term
| Joint tenants also own property in equal shares. Tenants in common can own unequal percentages. |
|
Definition
|
|
Term
| Joint Tenant dies, his shares are divided evenly among the surviving joint tenants. |
|
Definition
|
|
Term
| If tenant in common dies, the shares are divided up based on will or to the heirs based on law. |
|
Definition
|
|
Term
Ownership Rights (4 rights)
Remember: Owners Enjoy Controlling and Disposing of Possessions ECDP |
|
Definition
1. Right to enjoy property
2. Owner has control over propery
3. Disposition Rights..decides how to dispose of the property...what to sell or keep
4. Owner has possession of the property - can decide how to use the property. |
|
|
Term
|
Definition
| Things that affect the owners ability to exercise their rights. |
|
|
Term
|
Definition
Right of government authority to restrict owners. For example taxes, zoning ordinance, noise ordinance
Also Eminent Domain: government permitted to take private property. |
|
|
Term
|
Definition
| Not government but on private land. |
|
|
Term
| Examples of Private encumberances: |
|
Definition
| Lien, encroachement, Easement |
|
|
Term
|
Definition
| non owner of a property to claim a financial interest in a piece of real estate. |
|
|
Term
|
Definition
| Contractor provided goods and services and was not paid. Create lien against the property. |
|
|
Term
| Automatic Statutory Lien: |
|
Definition
| Used by POA and Condos - when money is owed to association. |
|
|
Term
|
Definition
| Contractor provided goods and services and was not paid. Create lien against the property. |
|
|
Term
|
Definition
| Illegal intrusions to a property. Could be an improvement, building, or other attachment onto a neighboring land or into neighboring airspace. |
|
|
Term
| Encroachments are objects trespassing on another persons property. |
|
Definition
|
|
Term
|
Definition
| Encroachment for an extended period of time with no permission granted a neighbor may argue that he or she has gained a prescriptive easement. |
|
|
Term
|
Definition
| Allows someone to use or enjoy all or a portion of someone else's property. |
|
|
Term
| Most common way to grant an easement is through a grant, agreement or reservation. Granting to another person certain rights. |
|
Definition
|
|
Term
|
Definition
| Needs to be in writing, listing grantor, grantee, legal description of the property and what rights are being granted. |
|
|
Term
| Reservation of an easement: |
|
Definition
| Owner conveys property to someone else and reserves a right on the property. Might be done by developer or builder to lay pipes or lines later. |
|
|
Term
| How do you prove a prescriptive easement: |
|
Definition
1. Use of property was public (open visible, noticeable)
2. Use was continuous and uninterrupted
3. Use of property was exclusive
4. Use of the property was adverse - without permission. |
|
|
Term
|
Definition
| Being responsible for knowing about and complying with recorded docs that a property owner has never seen is called constructive notice. |
|
|
Term
| Name five documents that must be filed to form a condo: |
|
Definition
Declaration GCA Superior court
Plat GCA Superior court
Floor Plan GCA Superior court
Articles of Incorporation NPCC Secy of State
By Laws NPCC No where |
|
|
Term
| Mandatory HOA and POA cannot be stacked units. Only a condo can be stacked. |
|
Definition
|
|
Term
| In a condo, the Declaration is recorded in the land records. For HOA and POA it is the Covenants |
|
Definition
|
|
Term
| In a mandatory HOA, use restrictions recorded prior to 1993 expire 20 years after recording. |
|
Definition
|
|
Term
| In GCA and POA, use restrictions are perpetual |
|
Definition
|
|
Term
| In GCA and POA, use restrictions are perpetual |
|
Definition
|
|
Term
| With Turnover, no specific laws for HOA and POA but Condos there is. Declarant loses right to appoint or remove directors on the earlier of: date that 80% of undivided interest in common elements have been sold. |
|
Definition
|
|
Term
| Turnover in one phase condo: |
|
Definition
Date that 80% undivided interest in common elements is sold OR
3 years after recording declaration OR
Date the declarant voluntarily surrenders right |
|
|
Term
| Expandable condo Turnover: |
|
Definition
Date that 80% of undivided interest in common elements are sold unless declarant has right to unilaterally add property OR
7 years after recording declarations Or
Date the Declarant voluntarily surrenders |
|
|
Term
| Use restrictions are related to what GA Code? |
|
Definition
44-5-60
with HOA only
Recorded after July 1993
Walker Case |
|
|
Term
|
Definition
* Any type of property can be a condo
* No Ga Law regulates
* Buyer must be approved by Co-op board
* Corporation owns everything, all the real property
* Owners own shares in stocks in Corp
* Blanket mortgage on entire property
*Carrying fees cover mortgage, taxes, maintenance expenses and all other financial obligations
* can approve or reject potential buyers
*can terminate someones membership if delinquent so long a not a protected class |
|
|
Term
| Notice for an Annual Meeting: |
|
Definition
GCA and POA at least 21 days notice
HOA NPCC at least 10 not more than 60 |
|
|
Term
| Notice for Special Meeting: |
|
Definition
HOA or NPCC at least 10 not more than 60
GCA or POA at least 7 days
Imp must state what meeting is about and cannot vote on anything but that. |
|
|
Term
| Who can send special meeting notices? |
|
Definition
GCA after 1990 can call a meeting with written request of 15% of unit owners
HOA or NPCC on call of Board, or 5% voting power of Corporation signature |
|
|
Term
|
Definition
Required number specified in documents
GCA/POA persons entitled to cast more than 1/3 of the votes and present at beginning of meeting.
HOA NPCC |
|
|
Term
|
Definition
Minutes of membership meetings
Articles of Incorp
By laws
Resolutions
Records of actions approved by members
All communications to members
List of names and addresses of Directors and officers
Annual Report |
|
|
Term
|
Definition
Board Member Minutes
Executed consents of of members without a meeting
Appropriate accounting records
Membership list |
|
|
Term
|
Definition
| The necessity and amount of each line item is looked at each year. The way we did it at HOA. |
|
|
Term
|
Definition
| Each line item in previous budget updated each year, no evaluation. |
|
|
Term
| GA Law does not require any type of reserve funding. |
|
Definition
|
|
Term
| GCA states that as long as the condo legal instruments allow the board can impose a special assessment of not more than $200 per unit per year without a vote of assoc members. |
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| A charge back to a unit that would be inequitable to charge to all. |
|
|
Term
| Magistrate court used when the amount is less than 15k, easier and anything can go to Magistrate. |
|
Definition
|
|
Term
| Superior court when you want something more than just money, when you need some action. Foreclosure for example must be done at Superior. |
|
Definition
|
|
Term
| Collections can be broken down into 5 steps: |
|
Definition
Lien
Lawsuit
FiFa
Assoc Foreclosure
Finding Assets |
|
|
Term
| Lien - file if HOA, lapses after 4 years and cannot sue after that time. |
|
Definition
|
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Term
HOA liens - First in time, first in line.
Must file in county land records
Interest per docs but not more than 18% |
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Definition
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Term
| Debt collection - Fair Debt Collection Practices, Debt collectors must give how many days notice to dispute the debt before it is filed> |
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Definition
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Term
| FIFA - Writ of Fieri Facias |
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Definition
| A Judgement lien filed in the County;s General Execution Docket - not land records. Enforecable for 7 years from date of judgment. If not renewed after 7 years they become dormant. Can be revived 3 years after becoming dormant. |
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Term
| With GCA you can suspend utilities but must have a judgments totaling $750 against the owner and must send suspension notice |
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Definition
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Term
| Association Foreclosure - GCA/POAA |
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Definition
| Assoc must provide 30 days notice to delinquent owner prior to filing lawsuit seeking order of foreclosure and lien must be at least $2000 |
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Term
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Definition
Assessment income is excluded from income taxes
Assoc prohibited from carrying over losses |
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Term
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Definition
Corporation can carry over losses
Corporation pays taxes on all income including assessment |
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