Question

Which of these statements about condominium management is correct?

a) Chapter 514-B requires that condominium projects have a managing agent.
b) Managing agents are independent contractors and therefore don't have to be licensed.
c) Resident managers collect association fees and other moneys and therefore must be licensed.
d) The managing agent has a copy of the project's governing documents.

Answer 1

Resident managers collect association fees and other moneys and therefore must be licensed. Option C

Step-by-step explanation:

The correct statement about condominium management is that resident managers collect association fees and other moneys, so they must be licensed. Resident managers are responsible for collecting fees from condominium owners and ensuring that the funds are used for the maintenance and management of the condominium property.

Licensing helps ensure that resident managers have the necessary knowledge and skills to handle the financial aspects of condominium management and protect the interests of the condominium owners. Option C