Colibri Real Estate (Real Estate Express) Final Exam Review 2023

Colibri Real Estate (Real Estate Express) Final Exam Review 2023 Broker Jane has been accused of a law violation regarding commissions. Which of the following might result in her being found guilty? A) Jane paid a commission to her licensed personal assistant. B) Jane paid a commission to the wife of one of her licensees who was recently killed in an auto accident. The deceased licensee had earned the commission prior to his death. C) Jane paid a commission plus a bonus to one of her licensees. D) Jane paid a commission to a Florida licensee who is not licen D) Jane paid a commission to a Florida licensee who is not licensed in Georgia for licensing activity in Georgia. Any salesperson can legally receive her share of the commission on a sale from A) her employing broker only. B) any cooperating broker with whom she completes a sale. C) a builder she represents in a sale D) the purchaser of the home in a successful sale. A) her employing broker only. Which of the following is NOT a protected class under Georgia fair housing law? A) Sexual preference B) Familial status C) Religion D) Race A) Sexual preference Syed is an inactive licensee. He just moved to a new home across town. What must he do? A) Call the Commission and give it his new address. B) Report the address change when he's ready to reactivate his license. C) Send a written notice to the Commission within 30 days. D) Notify the post office to send a change of address notice to the Commission. C) Send a written notice to the Commission within 30 days. How many hours of continuing education must a licensee complete for each year of licensure? A) 8 hours B) 9 hours C) 5 hours D) 4 hours B) 9 hours Glenda is the office manager for a local real estate firm. She is responsible for coordinating the paperwork flow through the office, preparing ads and supervising the clerical staff. Glenda is A) required to have a salesperson's license. B) violating license law. C) required to have a broker license. D) exempt from the license law. D) exempt from the license law. Haru is working with his buyers to draw up a written offer on a property they want to purchase. Which of the following items is not required in the offer? A) The property description B) The mortgage lender C) The method of payment D) Special stipulations the offer requires B) The mortgage lender Kezia just bought and closed on a new home that cost $195,000. her mortgage amount is $165,500. how much is the intangible recording tax on Kezia's property? A) $585 B) $195 C) $165.50 D) $496.50 D) $496.50 *An intangible recording tax is due and payable on each instrument securing one or more long-term notes at the rate of $1.50 per each $500 $165,500 ÷ $500 = 331 331 x $1.50 = $496.50 Salesperson Gordon refuse to accept an offer to purchase his home from buyer Juan Valdez of Columbia because Gordon feels the earnest money of $100 is not enough. Which of the following statements about Gordon's refusal is correct? A) Gordon is in violation of fair housing law because he discriminated on the basis of national origin. B) Since Gordon refused on the basis of the earnest money, he is not in violation of fair housing law. C) Gordon is in violation of civil rights law because he dis B) Since Gordon refused on the basis of the earnest money, he is not in violation of fair housing law. Jada is a community association manager. Which of the following would be one of her duties? A) Advising an owner about his legal liability for a visitor's injury on his property. B) Following the instructions of all the owners in the community association. C) Lending $1,000 to the community association. D) Sending a monthly newsletter to the owners. D) Sending a monthly newsletter to the owners. Which of the following does NOT need to be included in a property management agreement? A) A specific description of the property B) The names of the owners C) The names of the tenants D) The terms of the management fee C) The names of the tenants Gary got his license in May of 2021. His birthday is September 28. When will his license expire? A) May 31, 2025 B) September 1, 2025 C) September 30, 2025 D) May 1, 2009 C) September 30, 2025 *Real estate licenses expire on the last day of the licensee's birth month, every 4 years. A seller's agent must disclose any adverse physical conditions in the immediate neighborhood within _______ of a property. A) 1 mile B) 2 miles C) 5 miles D) 10 miles A) 1 mile Jadarius has had his license suspended. By law, Jadarius's name will b e published on the Georgia Real Estate Commission website if the licenses has been suspended for how long? A) 15 days B) 30 days C) 60 days D) 90 days C) 60 days Why was the Real Estate Education, Research and Recovery Fund established? A) To educate the public about real estate B) To fund courses for real estate agents C) To compensate consumers damaged by licensees' practices D) To conduct real estate research projects C) To compensate consumers damaged by licensees' practices Which of these persons would require a real estate license? A) Suresh is a full-time employee of a utility company. He negotiates and acquires leases for the company. B) Greta is an attorney who conveys real estate under a power of attorney. C) Jack refers clients to his licensed broker brother and receives a fee from the parties he refers. D) A partnership sells a building owned by the partners. C) Jack refers clients to his licensed broker brother and receives a fee from the parties he refers. Broker Larry received an earnest money check from a buyer for $3,000. He needed the money, so he cashed the check. At closing, he gave the seller a check for $3,180, the amount of the original check plus 6% interest. Which statement is true? A) Larry should have deposited the earnest money in a federally-insured account with other escrow funds. B) It was okay that Larry cashed the check, but he should not have given the interest to the seller. C) Larry should have deposited the check into his p A) Larry should have deposited the earnest money in a federally-insured account with other escrow funds. Which of the following is true of Georgia support personnel? A) They must be licensed. B) They may insert factual information into form contracts under the supervision of the employing broker. C) They may independently host open houses. D) They must always be unlicensed. B) They may insert factual information into form contracts under the supervision of the employing broker. Jake and Hal are partners in a real estate firm. Jake, the qualifying broker, dies unexpectedly. Which of the following statements is FALSE? A) Hal may temporarily saves as qualifying broker if the qualifying criteria are met. B) The designated partner can sign all documents that must filed with the Commission. C) Only Hal has the authority to disburse trust funds from the designated accounts. D) The firm has 60 days to secure a new qualifying broker. C) Only Hal has the authority to disburse trust funds from the designated accounts. Jim is a community association manager and Dick is a property manager. Which of the following statements is NOT true? A) Jim deals with multiple owners. B) Dick has a single client. C) Jim interacts with his owner frequently. D) Dick must have day-to-day contact with his client. D) Dick must have day-to-day contact with his client. Ben is a broker who is selling his own home. When advertising his home for sale, all of the following is true about the ad EXCEPT that it A) must use the firm's name. B) must be honest. C) must clearly indicate that Ben is a licensed broker. D) may use Ben's own name. A) must use the firm's name The Department can revoke salesperson Tobias's license if he does which of the following actions? A) Sells his home without using his employing broker. B) Represents a buyer in a real estate transaction. C) Persuades a seller to list with him in an exclusive agency arrangement. D) Deposits an earnest money check in his personal account. D) Deposits an earnest money check in his personal account. Which of the following situations is NOT a proper situation for earnest money disbursal? A) Seller rejects the purchase offer. B) Buyer withdraws a purchase offer two days after acceptance. C) All parties to the transaction sign a written agreement allowing the disbursal. D) The transaction closes. B) Buyer withdraws a purchase offer two days after acceptance. Sarah wants to sell her own home. Which statement is true? A) She does not need a license to sell her own home. B) Sarah must have a real estate salesperson's license. C) She can get a temporary license from the Commission to sell her home. D) Sarah may sell her ;home without a license as long as she is an attorney. A) She does not need a license to sell her own home. Salesperson Martha has signed a brokerage engagement with tenant Gale to find her an apartment to rent. Martha doesn't charge her tenant clients a fee because she gets her commission from the landlords. Martha tells one of the landlords that Gale can pay more rent than what the landlord is asking for. Which statement is true? A) It's okay that Martha told that to the landlord, since he will be paying the commission. B) Martha violated her duty of confidentiality to her client, Gale. C) It was w B) Martha violated her duty of confidentiality to her client, Gale. Melinda lives in South Carolina. She wants to get a Georgia real estate salesperson's license. Which of the following is NOT a requirement for Melinda? A) She must be at least 18 years old. B) Melinda must furnish proof of completion of 75 hours of approved real estate courses. C) She must establish residency in Georgia. D) Melinda must take and pass the Georgia real estate exam. C) She must establish residency in Georgia. Mike, a partner in a partnership, has a widely known reputation of being a liar and untrustworthy. Which of the following is true? A) Mike cannot apply for a license. B) The Commission can deny the partnership a license based on his bad reputation. C) The Commission cannot deny him a license based on reputation alone. D) Mike can apply for a salesperson license but not a broker license. B) The Commission can deny the partnership a license based on his bad reputation. *The Commission may deny a license to a partnership if a partner who owns more Thant 20% interest in the firm does not have a good reputation for honesty, trustworthiness and integrity. The term imputed knowledge could mean what an agent A) knows and must disclose about a property. B) should have known about a property because her broker knew it. C) knows but is not obligated to disclose. D) discovers by performing her own inspection. B) should have known about a property because her broker knew it. The phrase "engaging in the real estate business" means acting for another in exchange for a fee in all but which of the following situations? A) Building a home for another B) Reselling a mobile home C) Auctioning real estate D) Performing property management services A) Building a home for another Which type of agency is NOT recognized in Georgia? A) Single agency B) Undisclosed dual agency C) Designated agency D) Buyer's agency B) Undisclosed dual agency Broker Philippe has been found guilty of committing ten discriminatory housing practices over the past five years. The court may fine him up to A) $10,000 B) $25,000 C) $50,000 D) $100,000 C) $50,000 Theresa wants to apply for a CAM license. She must meet all BUT which one of the following requirements? A) She must pass the written real estate exam with a score of 70% or higher. B) She must have completed at least 25 hours of a community association manager course. C) She must be 18 years old. D) She must have a high school diploma or equivalency certificate. A) She must pass the written real estate exam with a score of 70% or higher. Broker Tara has an offer to purchase a home listed with her firm. After the buyers sign all the paperwork and Tara accepts their earnest money, what must she do? A) Deposit the earnest money in her personal account for safekeeping. B) Fill out a special earnest money form for the buyers to give to their lender. C) Hold the offer until she receives at least one more before presenting to the seller. D) Give the buyers a copy of the agreement right away. D) Give the buyers a copy of the agreement right away. What is true about brokerage engagements in Georgia? A) A brokerage engagement can only be drawn up by an attorney. B) A promise of compensation automatically creates a brokerage engagement. C) They must be on specially-designed and approved forms. D) They must be in writing to be enforceable. D) They must be in writing to be enforceable. Salesperson Mona is selling her own home. Which of the following is always true? A) Mona must list the property with her employing broker. B) The Commission will require that Mona list the property with a licensed broker. C) The employing broker must grant permission for Mona to sell her property. D) Mona's ownership of the property and licensed status must be disclosed to all parties to the transaction. D) Mona's ownership of the property and licensed status must be disclosed to all parties to the transaction. What happens to the wall license and pocket card when they are issued? A) They are mailed to the licensee's home address