FINAL EXAM-COLIBRI REAL ESTATE
QUESTIONS & ANSWERS(RATED A+)
1. All six members of the Georgia Real Estate Commission are appointed by -
ANSWERThe Governor of Georgia
How many commission members must be licensed - ANSWERFive of the six
members of the Georgia Real Estate can have licenses One must be an unlicensed
member of the " general public 3. EARLNOTES
What must happen with all funds in a sale - ANSWERAll money that belongs to
clients or customers must be deposited in the brokerage trust fund as soon as
possible ASAP after receipt .
What is the procedure for license expiration - ANSWERWhen a license has been
lapsed for more than two years but less than five years the former licensee may
request reinstatement and retake a 75 - hour pre - license course . After ten years
the former licensee must follow the procedure for new applicants .
Which descrihes dual agency - ANSWERWhen a broker appoints one of his agents
to serve the seller and one to serve the buyer , they are called designated agents
and the broker will serve as a dual agent .
What happens when someone recieves mistreatment from a real estate licensee -
ANSWERWhen a consumer or client ( not another licensee or a relative of the
accused licensee ) is financially damaged by the actions of a licensee , he or she
can file , through the court a claim against the Georgia Real Estate Education ,
Research and Recovery Fund for reimbursement up to $ 25,000 per transaction .
For a brokerage or any licensee under a managing broker to be considered a Dual
Agent , he / she must - ANSWERobtain written permission from both the seller and
the buyer before acting on behalf of either party . BIRTH MONTHS
When are renewal deadlines for licensees - ANSWERAll renewal deadlines for
licenses are set for the last day of the licensee's birth month every four full years .
( The licensee's first renewal period may be longer , depending on when the license
was obtained . It starts the last day of the birth month that arrives after the license is
obtained ) .
What is the training hours required for licensees - ANSWERAssuming a licensee has
competed the 25 - hour GA Post License Course during the first year of licensure ) ,
he will receive credit for 9 hours of Continuing education and will only need to
complete 27 hours of CE during the rest of the licensee's first licensure period . For
the second four - year period and each renewal thereafter . the requirement is 36
hours of CE.
, If a buyer client wishes to withdraw from a contract and get h his earnest money
returned the salesperson must - ANSWERREFER the issue to the EMPLOYING or
managing BROKER for a decision
When every original license fee is received , of the funds received _____from each
license fee is allocated to fund the RE Education , Research and Recovery Fund -
ANSWER20$
The clause in an agency agreement used to safeguard the broker from unscrupulous
buyers or sellers , who would take the broker's generated leads , but then buy or sell
the property once the listing agreement has expired in order to avoid paying the
commission to the licensee is known as - ANSWERThe Safety or Carryover
Extender Clause .
Under GA Law , a listing broker - ANSWERdoes not have to share his sales
commission with the selling broker who has procured the ultimate buyer, this is legal
and not against GA real estate law.
Every brokerage must maintain - ANSWERan accounting system to detail all
receipts and deposits received from others that are under the control of the
brokerage.
When two people want to simply exchange one property for for another , the person
who handles the details for a fee must have - ANSWEReither a real estate license or
a law license
Members of the Georgia Real Estate Commission serve - ANSWER5 year terms
Whenever a property owner engages a licensee to list list property for sale where the
commission is not a pre set percentage or simple dollar value but will be all funds
than remain after the owner receives a certain amount the arrangement is called a -
ANSWERNET LISTING and is illegal .
In order to change from one brokerage to another the licensee needs to -
ANSWERget the current managing broker to to sign a release form and send it to the
commission
A Managing broker must have all licensed and unlicensed staff , whether employees
or independent contractors - ANSWERsign a written employment agreement setting
forth the relationship , the duties , and the compensation
In order to be in compliance with license law any listing contract , buyer agency
agreement , or property management agreement must have - ANSWERa definite
termination date and no provision for an automatic renewal
Any Any applicant for a license who have a criminal history must must provide the
Commission with the appropriate data so the Commission's investigator can get an -
ANSWERFBI Report
QUESTIONS & ANSWERS(RATED A+)
1. All six members of the Georgia Real Estate Commission are appointed by -
ANSWERThe Governor of Georgia
How many commission members must be licensed - ANSWERFive of the six
members of the Georgia Real Estate can have licenses One must be an unlicensed
member of the " general public 3. EARLNOTES
What must happen with all funds in a sale - ANSWERAll money that belongs to
clients or customers must be deposited in the brokerage trust fund as soon as
possible ASAP after receipt .
What is the procedure for license expiration - ANSWERWhen a license has been
lapsed for more than two years but less than five years the former licensee may
request reinstatement and retake a 75 - hour pre - license course . After ten years
the former licensee must follow the procedure for new applicants .
Which descrihes dual agency - ANSWERWhen a broker appoints one of his agents
to serve the seller and one to serve the buyer , they are called designated agents
and the broker will serve as a dual agent .
What happens when someone recieves mistreatment from a real estate licensee -
ANSWERWhen a consumer or client ( not another licensee or a relative of the
accused licensee ) is financially damaged by the actions of a licensee , he or she
can file , through the court a claim against the Georgia Real Estate Education ,
Research and Recovery Fund for reimbursement up to $ 25,000 per transaction .
For a brokerage or any licensee under a managing broker to be considered a Dual
Agent , he / she must - ANSWERobtain written permission from both the seller and
the buyer before acting on behalf of either party . BIRTH MONTHS
When are renewal deadlines for licensees - ANSWERAll renewal deadlines for
licenses are set for the last day of the licensee's birth month every four full years .
( The licensee's first renewal period may be longer , depending on when the license
was obtained . It starts the last day of the birth month that arrives after the license is
obtained ) .
What is the training hours required for licensees - ANSWERAssuming a licensee has
competed the 25 - hour GA Post License Course during the first year of licensure ) ,
he will receive credit for 9 hours of Continuing education and will only need to
complete 27 hours of CE during the rest of the licensee's first licensure period . For
the second four - year period and each renewal thereafter . the requirement is 36
hours of CE.
, If a buyer client wishes to withdraw from a contract and get h his earnest money
returned the salesperson must - ANSWERREFER the issue to the EMPLOYING or
managing BROKER for a decision
When every original license fee is received , of the funds received _____from each
license fee is allocated to fund the RE Education , Research and Recovery Fund -
ANSWER20$
The clause in an agency agreement used to safeguard the broker from unscrupulous
buyers or sellers , who would take the broker's generated leads , but then buy or sell
the property once the listing agreement has expired in order to avoid paying the
commission to the licensee is known as - ANSWERThe Safety or Carryover
Extender Clause .
Under GA Law , a listing broker - ANSWERdoes not have to share his sales
commission with the selling broker who has procured the ultimate buyer, this is legal
and not against GA real estate law.
Every brokerage must maintain - ANSWERan accounting system to detail all
receipts and deposits received from others that are under the control of the
brokerage.
When two people want to simply exchange one property for for another , the person
who handles the details for a fee must have - ANSWEReither a real estate license or
a law license
Members of the Georgia Real Estate Commission serve - ANSWER5 year terms
Whenever a property owner engages a licensee to list list property for sale where the
commission is not a pre set percentage or simple dollar value but will be all funds
than remain after the owner receives a certain amount the arrangement is called a -
ANSWERNET LISTING and is illegal .
In order to change from one brokerage to another the licensee needs to -
ANSWERget the current managing broker to to sign a release form and send it to the
commission
A Managing broker must have all licensed and unlicensed staff , whether employees
or independent contractors - ANSWERsign a written employment agreement setting
forth the relationship , the duties , and the compensation
In order to be in compliance with license law any listing contract , buyer agency
agreement , or property management agreement must have - ANSWERa definite
termination date and no provision for an automatic renewal
Any Any applicant for a license who have a criminal history must must provide the
Commission with the appropriate data so the Commission's investigator can get an -
ANSWERFBI Report
