Georgia Community Association Manager (CAM) License Practice Exam

The statement is accurate because in community associations, a declarant—often the developer or builder of the community—can indeed be exempt from paying assessments for a limited time under certain circumstances. If the declaration of covenants permits this exemption, it can last for the first 24 months of the declarant's ownership.

However, this exemption is contingent on the declarant covering the difference in assessments. This means that while the declarant may initially be exempt from assessments that homeowners are responsible for, they must pay an amount equivalent to the difference between what other owners are assessed and the actual common expenses incurred by the association. This provision is designed to ensure that the community’s financial needs are met during the crucial early period of development, while still allowing the declarant some financial relief to encourage development and transition of the community to homeowners.

Thus, the answer is true, as the exemption and the necessary conditions are indeed permissible and designed to maintain the financial viability of the community while it is being established.