What is the minimum amount over which a broker providing community association management services must have fidelity bond or insurance?

A broker providing community association management services is required to maintain a fidelity bond or insurance for a minimum amount of $60,000. This requirement ensures that adequate protection is in place to safeguard the funds of the community associations managed by the broker. The fidelity bond or insurance acts as a safeguard against potential losses due to fraud, dishonesty, or other related risks that may arise in the handling of funds. This level of coverage reflects the importance of financial accountability and the necessity for protection in a profession that deals with managing substantial financial assets belonging to community associations.

Understanding this requirement is crucial for brokers in ensuring compliance with Georgia real estate license laws, as well as instilling trust in the communities they serve by demonstrating a commitment to proper financial management and protection of association funds.