Professional Manager Ethics and Education
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Questions and Answers

What is the Manager's responsibility regarding insurance coverage?

  • To refuse to provide insurance coverage to the client
  • To decide the amount of insurance coverage without consulting the client
  • To purchase insurance on behalf of the client without their knowledge
  • To disclose the extent of fidelity or other contractually required insurance carried and any subsequent changes (correct)
  • Who is responsible for the ethical behavior of employees, including AMS, LSM, or PCAM designees?

  • The Supervising PCAM member
  • The affiliated Designees
  • The management program
  • The AAMC member (correct)
  • What should the Manager do with funds held for the client?

  • Donate them to charity
  • Keep them in separate accounts and return them to the client at the end of the engagement (correct)
  • Use them for personal investments
  • Mix them with the Manager's own funds
  • What happens when there are complaints against the AAMC member or its affiliated Designees?

    <p>The Supervising PCAM member is advised</p> Signup and view all the answers

    What is the purpose of providing financial reports to the client?

    <p>To comply with the terms of the management agreement</p> Signup and view all the answers

    How are reviews and inquiries conducted when the AAMC member and its affiliated Designees are involved?

    <p>Simultaneously to the extent possible</p> Signup and view all the answers

    Who owns the original records, files, and books held by the Manager?

    <p>The client</p> Signup and view all the answers

    What is considered when determining sanctions for violations?

    <p>Both the degree of violation and responsibility of the party involved</p> Signup and view all the answers

    Who may be subject to sanctions for violations of affiliated staff members?

    <p>Only the AAMC member</p> Signup and view all the answers

    What is expected of Managers in their professional relationships?

    <p>To maintain a professional relationship with peers and industry professionals</p> Signup and view all the answers

    What principles are considered when making determinations regarding sanctions?

    <p>Established legal principles of responsibility and liability</p> Signup and view all the answers

    What is a key aspect of a Manager's professional conduct?

    <p>To conduct themselves in a professional manner at all times</p> Signup and view all the answers

    Why may sanctions vary against those involved in a violation?

    <p>Because of their degree of violation and responsibility</p> Signup and view all the answers

    What is prohibited in the Manager's professional practice?

    <p>Engaging in price fixing, anti-trust, or anti-competition</p> Signup and view all the answers

    What is the Manager's duty regarding client confidentiality?

    <p>To maintain confidentiality with all current and former clients</p> Signup and view all the answers

    What is the purpose of the review and inquiry process?

    <p>To determine the facts and make a fair decision</p> Signup and view all the answers

    What is the primary obligation of a Professional Manager in terms of compliance?

    <p>To comply with current bylaws, standards, and practices established by CAI</p> Signup and view all the answers

    What is the purpose of a Professional Manager's continuous education?

    <p>To stay updated with the latest industry trends and best practices</p> Signup and view all the answers

    What should a Professional Manager refrain from making?

    <p>Inaccurate or misleading representations or statements</p> Signup and view all the answers

    What should a Professional Manager undertake?

    <p>Only engagements that they can reasonably expect to perform with professional competence</p> Signup and view all the answers

    What should a Professional Manager exercise during the vendor selection process?

    <p>Due care and planning to avoid any perception of impropriety</p> Signup and view all the answers

    What type of disclosure must a Professional Manager provide to clients?

    <p>Written disclosure of any compensation, gratuity or other form of remuneration</p> Signup and view all the answers

    What is the primary responsibility of a Professional Manager in terms of client communication?

    <p>To provide timely notice to clients as required by state statutes or legal documents</p> Signup and view all the answers

    What is the purpose of a Professional Manager's disclosure of conflicts of interest?

    <p>To avoid any perception of impropriety or favoritism</p> Signup and view all the answers

    Study Notes

    Professional Manager Code of Ethics

    • A professional manager must comply with current bylaws, standards, and practices established by Community Associations Institute (CAI), and federal, state, and local laws, ordinances, and regulations.

    Continuing Education and Professional Competence

    • A professional manager must participate in continuing professional education through CAI and other industry-related organizations.
    • The manager must only undertake engagements that they can reasonably expect to perform with professional competence.

    Client Interest and Disclosure

    • A professional manager must act in the best interests of the client and refrain from making inaccurate or misleading representations or statements.
    • The manager must disclose all relationships in writing to the client regarding any actual, potential, or perceived conflict of interest between the manager and other vendors.
    • The manager must disclose any compensation, gratuity, or other form of remuneration from individuals or companies who act or may act on behalf of the client.

    Financial Management and Reporting

    • A professional manager must ensure that homeowners receive timely notice as required by state statutes or legal documents and protect their right of appeal.
    • The manager must disclose to the client the extent of fidelity or other contractually required insurance carried on behalf of the manager and/or client.
    • The manager must maintain separate accounts for client funds, not misappropriate them, and return them to the client at the end of the manager's engagement.
    • The manager must prepare and furnish accurate and timely financial reports to the client in accordance with the management agreement, job description, or duly adopted Board policies.

    Confidentiality and Records

    • A professional manager must recognize that client records, files, and books are the property of the client and must be returned to the client at the end of the manager's engagement.
    • The manager must maintain the duty of confidentiality to all current and former clients.

    Professional Conduct

    • A professional manager must refrain from criticizing competitors or their business practices.
    • The manager must act in the best interests of their employers and maintain a professional relationship with peers and industry-related professionals.
    • The manager must conduct themselves in a professional manner at all times when acting in the scope of their employment.

    Business Practices

    • A professional manager must not engage in any form of price fixing, anti-trust, or anti-competition.

    Responsibility and Accountability

    • The AAMC member is responsible for the ethical behavior of all employees, including any AMS, LSM, or PCAM designees under their direction.
    • The AAMC member is subject to sanctions for violations of any of its affiliated staff members.

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    Description

    This quiz covers the code of ethics and continuing education requirements for professional managers, including compliance with laws and regulations, and participation in ongoing education through organizations like CAI.

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