As I mentioned in a blog posting last week, the Division of Real Estate has determined that common interest communities who directly employ a community association manager are not required to hold an "entity" license as a community association management company, are not required to carry E&O insurance or name an individual as a "designated manager." However, any manager who is employed by and receives a W-2 from a common interest community will still have to be licensed by the Division as a community association manager.
The Division is currently working on updating Section 5 of their License Application to provide a category for community association managers who are employed directly by a common interest community. For those managers who fall into this category, the updated License Application should be posted to the Division’s website by Wednesday. Hang tight everyone – you’re almost there!