What must be obtained before a Limited Licensee can spend over $500 on behalf of a client?

Before a Limited Licensee can spend over $500 on behalf of a client, obtaining contract approval is essential. This requirement safeguards both the licensee and the client by ensuring that any significant financial commitment is properly authorized. Contract approval typically involves a formal agreement that outlines the scope of work, associated costs, and any specific conditions of service. This process is designed to maintain transparency and accountability in condominium management practices, as expenditures beyond a set threshold can impact the financial stability and strategic planning for the condominium corporation.

While client agreements, board approvals, and financial disclosures are important components of the overall management framework, they do not specifically address the authorization for expenditures over $500. Therefore, contract approval is the critical step that ensures such spending has been vetted and agreed upon, minimizing the risk of unauthorized financial decisions.