What Act regulates managers of community associations and sets standards for professional conduct?

The correct answer is the Community Association Manager Licensing and Disciplinary Act, which establishes regulations specifically for managers of community associations. This act was created to ensure that community association managers adhere to professional standards and conduct, thereby protecting the interests of the residents and maintaining the integrity of community management.

This act outlines the licensing requirements, continuing education mandates, and standards of professional behavior for community association managers. It serves to formalize the practice, ensuring that those who manage these associations are qualified and understand the legal and ethical responsibilities involved in their roles. By enforcing these standards, the act helps to promote transparency, accountability, and professionalism within the community association management industry.

In contrast, the Community Reinvestment Act focuses on encouraging financial institutions to meet the credit needs of the communities in which they operate, primarily related to housing and urban development. Common law of agency pertains to the legal principles governing the relationship between agents and principals, which can be too broad in scope. Comparative market analysis is a technique used to determine property values by analyzing similar properties, which does not relate to the regulatory aspects of community association management.