with Answers & Detailed Rationales, GREC Regulations, Brokerage
Operations, Contracts, Finance, Appraisal, Fair Housing, Real Estate
Math & Property Management
SECTION 1: GEORGIA LICENSE LAW & GREC REGULATIONS
Question 1
A candidate for a Georgia broker's license has completed the 60-hour broker prelicense
course and meets the experience requirement. How many years of active licensure as a real
estate licensee must the applicant have completed?
A. One year
B. Two years
C. Three years
D. Five years
Correct Answer: C
Explanation: Georgia law requires three years of active licensure to qualify for a broker's
license.
Question 2
A Georgia broker moves from another state and holds an active broker's license in good
standing with no disciplinary actions. To obtain a Georgia broker's license without further
examination or education, what must the broker submit?
A. A letter of recommendation from a Georgia broker
,B. An original certification from the other state's licensing body issued no more than twelve
months prior
C. Proof of five years of continuous licensure
D. A completed FBI criminal background check
Correct Answer: B
Explanation: The GREC requires original certification from the other state issued within
twelve months showing good standing.
Question 3
A Georgia associate broker is supervising a salesperson who submits a contract with a
factual error regarding the earnest money receipt date. Under GREC rules, who is ultimately
responsible for the accuracy of contracts prepared by affiliated licensees?
A. The salesperson who prepared the contract
B. The qualifying broker who reviewed and approved the contract
C. The client who signed the contract
D. The closing attorney who receives the contract
Correct Answer: B
Explanation: GREC holds the qualifying broker responsible for reviewing all contracts and
ensuring compliance with license laws.
Question 4
,A Georgia broker is advertising a property for sale. The broker's firm license number must
appear on all advertising. Within how many days must an approved school issue a Course
Code before advertising a course for license credit?
A. The school may not advertise until the course appears in the GREC database or receives
written authorization
B. Within 30 days of application
C. Within 10 days of the first class session
D. No Course Code is required for continuing education
Correct Answer: A
Explanation: Schools cannot advertise courses for license credit until the Course Code is
issued or posted on the GREC electronic database.
Question 5
A Georgia licensee is selling property he owns personally and has listed with another
brokerage firm. What written notification must the licensee provide?
A. Written notice to the GREC within 10 days
B. Written notice to his own broker of the intention to sell and list with another firm
C. Written consent from the buyer acknowledging the licensee's status
D. No notification is required for personally owned property
Correct Answer: B
Explanation: An active licensee must notify his broker in writing when listing personally
owned property with another brokerage.
, Question 6
An applicant for a Georgia community association manager's license must complete how
many hours of prelicensing education?
A. 25 hours
B. 50 hours
C. 75 hours
D. 100 hours
Correct Answer: A
Explanation: The GREC requires 25 hours of approved prelicensing education for community
association manager applicants.
Question 7
A broker's trust account must be separate from the broker's operating account. Which of the
following funds is NOT required to be deposited into a broker's trust account?
A. Earnest money on a sales contract
B. Tenant security deposits managed by the broker
C. The broker's commission on a completed transaction
D. Funds collected on a wraparound mortgage
Correct Answer: C
Explanation: Commissions earned by the broker belong to the broker and may be deposited
into the operating account.