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Hello, I'm Jason.I will do my best to answer your question quickly and accurately using the information you have provided.
Yes, that's a fairly common failure area. The camshaft adjuster takes up slack on the timing chain that connects the exhaust camshaft to the intake camshaft. This component is on the front side of the left (driver's side) cylinder head and the back side of the right head. Right now, your engine isn't operating at optimal efficiency, since this adjuster also varies camshaft timing slightly while you're driving, depending on engine RPM and load. Yes, the car will continue to operate *mostly* normally, unless the adjuster completely collapses, which is pretty rare, since not only does it use oil pressure to keep tension, but there's also a spring in there. So, if you're planning on selling within the next couple of months, you can get away with not replacing it. However, the check engine light will continue to illuminate.
Please let me know if I can help further.
Ok, so it's related to the LF (driver's) side adjuster. Here is a closeup of one I have in the shop right now:
The upper terminal is 12v+ and the lower is grounded through the ECU. Perform the "shock" by grounding the lower with a jumper wire, and using another jumper wire off of the battery to briefly touch the upper terminal a few times. You should hear an electrical solenoid.
I hope it works.