Top Mark Questions and Correct Verified Answers
GA REAL ESTATE FINAL EXAM
Questions and Correct Verified Answers
Anti-Trust
✓ An area of law concerned with maintaining competition in private markets by
prohibiting any restraint on trade.
Georgia Real Estate Commission
✓ Pass rules and regulations that govern real estate licensees
Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)
✓ A federal law enacted by Congress in 1980 to create a tax on the chemical and
petroleum industries and provided broad authority to respond directly to
releases or threatened releases of hazardous substances that may endanger
public health or the environment. Also known as Superfund.
Home Rule
✓ In Georgia, this rule allows a county or municipality legislative power to adopt
reasonable ordinances and regulations including, but not limited to, property
affairs, and local government for which no provision is in place.
Georgia Uniform Deceptive Trade Practices Act (UDTPA)
✓ A real estate anti-trust law focused on price fixing and collusion between
brokers
Homestead Exemption
Top Mark !!!
, Top Mark Questions and Correct Verified Answers
✓ refers to a property tax reduction available to a homeowner/occupant who files
for the deduction within the tax jurisdiction's specified time limit.
Georgia Fair Housing
✓ Law that guards against a licensee, either by direct response or by implication,
suggesting that information regarding protected classes is ever used by a broker
or salesperson to search for property or to evaluate the demographics of an
area.
License law in Georgia requires brokers to deposit transactional funds into a trust
account:
✓ Promptly unless the contract states otherwise
A real estate license would automatically be revoked under which of the following
circumstances?
✓ Once any money is paid out from the Recovery Fund as the result of a licensee's
actions, the real estate license will be AUTOMATICALLY revoked.
All Georgia real estate offices must:
✓ License law requires brokers to keep transactional records for at least three
years
The statute of frauds...
✓ must be in writing to avoid fraud and misunderstanding.
Regarding trust accounts and real estate brokerage offices in Georgia, all of the
following statements are true EXCEPT:
Top Mark !!!
, Top Mark Questions and Correct Verified Answers
✓ Only brokerage offices that choose to handle trust funds need open these
accounts.
As an inducement to acquire listings, a broker advertises that he will buy any property
he lists if that property does not sell in 120 days. Would this type of promise be a
violation of license law in Georgia?
✓ The plan is not a violation of real estate law in Georgia as long as two contracts
are created at the same time: one, a purchase and sale commitment from the
broker for a specific price on a specific date; and two, a listing contract between
seller and broker.
The statute of limitations...
✓ Puts a time limit on filing real estate actions.
Which of the following is NOT true regarding Georgia's Fair Business Practice Act
(FBPA)?
✓ The FBPA involves real estate anti-trust violations and may be invoked only if a
specific transaction has taken place. This act primarily involves a narrow focus of
deceptive advertising.
Before being granted an active salespersons license, an applicant must
✓ Georgia Real Estate Exam after completing the required course and have a
broker to work for.
A real estate listing is an agreement between
✓ The broker and the Owner. The owner is the client of the broker who is the
agent.
Top Mark !!!
GA REAL ESTATE FINAL EXAM
Questions and Correct Verified Answers
Anti-Trust
✓ An area of law concerned with maintaining competition in private markets by
prohibiting any restraint on trade.
Georgia Real Estate Commission
✓ Pass rules and regulations that govern real estate licensees
Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)
✓ A federal law enacted by Congress in 1980 to create a tax on the chemical and
petroleum industries and provided broad authority to respond directly to
releases or threatened releases of hazardous substances that may endanger
public health or the environment. Also known as Superfund.
Home Rule
✓ In Georgia, this rule allows a county or municipality legislative power to adopt
reasonable ordinances and regulations including, but not limited to, property
affairs, and local government for which no provision is in place.
Georgia Uniform Deceptive Trade Practices Act (UDTPA)
✓ A real estate anti-trust law focused on price fixing and collusion between
brokers
Homestead Exemption
Top Mark !!!
, Top Mark Questions and Correct Verified Answers
✓ refers to a property tax reduction available to a homeowner/occupant who files
for the deduction within the tax jurisdiction's specified time limit.
Georgia Fair Housing
✓ Law that guards against a licensee, either by direct response or by implication,
suggesting that information regarding protected classes is ever used by a broker
or salesperson to search for property or to evaluate the demographics of an
area.
License law in Georgia requires brokers to deposit transactional funds into a trust
account:
✓ Promptly unless the contract states otherwise
A real estate license would automatically be revoked under which of the following
circumstances?
✓ Once any money is paid out from the Recovery Fund as the result of a licensee's
actions, the real estate license will be AUTOMATICALLY revoked.
All Georgia real estate offices must:
✓ License law requires brokers to keep transactional records for at least three
years
The statute of frauds...
✓ must be in writing to avoid fraud and misunderstanding.
Regarding trust accounts and real estate brokerage offices in Georgia, all of the
following statements are true EXCEPT:
Top Mark !!!
, Top Mark Questions and Correct Verified Answers
✓ Only brokerage offices that choose to handle trust funds need open these
accounts.
As an inducement to acquire listings, a broker advertises that he will buy any property
he lists if that property does not sell in 120 days. Would this type of promise be a
violation of license law in Georgia?
✓ The plan is not a violation of real estate law in Georgia as long as two contracts
are created at the same time: one, a purchase and sale commitment from the
broker for a specific price on a specific date; and two, a listing contract between
seller and broker.
The statute of limitations...
✓ Puts a time limit on filing real estate actions.
Which of the following is NOT true regarding Georgia's Fair Business Practice Act
(FBPA)?
✓ The FBPA involves real estate anti-trust violations and may be invoked only if a
specific transaction has taken place. This act primarily involves a narrow focus of
deceptive advertising.
Before being granted an active salespersons license, an applicant must
✓ Georgia Real Estate Exam after completing the required course and have a
broker to work for.
A real estate listing is an agreement between
✓ The broker and the Owner. The owner is the client of the broker who is the
agent.
Top Mark !!!
