POST LICENSE QUESTIONS AND ANSWERS
What is the mix of licensed and unlicensed members of the GA Real Estate
Commission? - Answers :5 Licensed & 1 unlicensed
How many members are in the GA Real Estate Commission? - Answers :6 members
How are the members of the GA Real Estate Commission selected? - Answers
:Appointed by the governor
True or False: the members of the GA real estate commission are elected by the public.
- Answers :False
What fines are imposed by the GA RE Commission? - Answers :Suspension,
Revocation of License or Extra Exucation.
Not allowed to imprison violators or charge $1,000 for single violation or $5,000 for
multiple violations
What is the the innkeepers exemption? - Answers :License exemption in GA for
someone who operated motel/ hotel as long as they don't have THREE suites available
for long term lease.
What's the Innkeepers Qualifications? - Answers :The security deposit given must not
exceed the cost of the rental required for the minimum rental period.
What is the license requirement for 90-Day Rentals? - Answers :If a person is managing
rental property that is leased & occupied for more than 90 days, they must have a RE
License.
What RE Documents must be kept for minimum of 3 years? - Answers :Listings, Buyer
agency contracts, sales contracts, and settlement statements.
Applications for loans DO NOT have to be retained for 3 years.
Does unlicensed support person need a written policy contract with broker? - Answers
:No, just need broker's full knowledge and permission.
Property manger vs Resident Manager - Answers :Resident manager lives on property
while property manager doesn't.
What is the purpose of the GA RE Education, Research, and Recovery Fund? -
Answers :Provide resources to investigate complaints against licensees and provide
reimbursement for damages caused by licensee misrepresentation of value.
, What qualifications are needed to change from Community Association Manager to
Broker? - Answers :Additional 75 Hours of RE Course Work
When is a CAM License required? - Answers :When a person is hired by community
association to collect & disburse associates dues
CAM duties upon termination - Answers :When a community association manager
resigned was terminated they have 60 days to return all records to the community
association
Sherman antitrust violations - Answers :By leading the Sherman antitrust act may result
in serious monetary fines brew not result in a five-year prison term
Dan and Sally purchased their first home for $95,000. They put 10% down and got a
90% mortgage. How much is it intangible recording tax on their new home? - Answers
:$256.50
When calculating intangible taxes, divide the new debt by 500 round up the fraction then
multiply result by $1.50.
$85,000 / $500 = 171 x 1.50 = $256.50
How is Georgia transfer tax calculated? - Answers :Multiply the sales price by .001
The Civil rights act of 1866 - Answers :Race
The 1896 Supreme Court case Plessy VS Ferguson in 1896 - Answers :Establish the
ruling that separate but equal was OK
The civil rights act of 1968 (Fair Housing Act) - Answers :prohibited discrimination
related to the sale, rental, and financing of housing based on race, religion, national
origin and sex.
What is the agency responsible for the enforcement of the fair housing act? - Answers
:HUD: department of housing and urban development
Familial Status - Answers :One of the protected classes under Fair Housing referring to
families with children under 18.
How many protected classes does the federal level have? - Answers :7
What is Redlining? - Answers :The practice of a lender to refuse to lend in a specific
area, often based on the minority makeup of the area
How is the Georgia transfer tax collected? - Answers :Multiply the sales price by .001
What is the mix of licensed and unlicensed members of the GA Real Estate
Commission? - Answers :5 Licensed & 1 unlicensed
How many members are in the GA Real Estate Commission? - Answers :6 members
How are the members of the GA Real Estate Commission selected? - Answers
:Appointed by the governor
True or False: the members of the GA real estate commission are elected by the public.
- Answers :False
What fines are imposed by the GA RE Commission? - Answers :Suspension,
Revocation of License or Extra Exucation.
Not allowed to imprison violators or charge $1,000 for single violation or $5,000 for
multiple violations
What is the the innkeepers exemption? - Answers :License exemption in GA for
someone who operated motel/ hotel as long as they don't have THREE suites available
for long term lease.
What's the Innkeepers Qualifications? - Answers :The security deposit given must not
exceed the cost of the rental required for the minimum rental period.
What is the license requirement for 90-Day Rentals? - Answers :If a person is managing
rental property that is leased & occupied for more than 90 days, they must have a RE
License.
What RE Documents must be kept for minimum of 3 years? - Answers :Listings, Buyer
agency contracts, sales contracts, and settlement statements.
Applications for loans DO NOT have to be retained for 3 years.
Does unlicensed support person need a written policy contract with broker? - Answers
:No, just need broker's full knowledge and permission.
Property manger vs Resident Manager - Answers :Resident manager lives on property
while property manager doesn't.
What is the purpose of the GA RE Education, Research, and Recovery Fund? -
Answers :Provide resources to investigate complaints against licensees and provide
reimbursement for damages caused by licensee misrepresentation of value.
, What qualifications are needed to change from Community Association Manager to
Broker? - Answers :Additional 75 Hours of RE Course Work
When is a CAM License required? - Answers :When a person is hired by community
association to collect & disburse associates dues
CAM duties upon termination - Answers :When a community association manager
resigned was terminated they have 60 days to return all records to the community
association
Sherman antitrust violations - Answers :By leading the Sherman antitrust act may result
in serious monetary fines brew not result in a five-year prison term
Dan and Sally purchased their first home for $95,000. They put 10% down and got a
90% mortgage. How much is it intangible recording tax on their new home? - Answers
:$256.50
When calculating intangible taxes, divide the new debt by 500 round up the fraction then
multiply result by $1.50.
$85,000 / $500 = 171 x 1.50 = $256.50
How is Georgia transfer tax calculated? - Answers :Multiply the sales price by .001
The Civil rights act of 1866 - Answers :Race
The 1896 Supreme Court case Plessy VS Ferguson in 1896 - Answers :Establish the
ruling that separate but equal was OK
The civil rights act of 1968 (Fair Housing Act) - Answers :prohibited discrimination
related to the sale, rental, and financing of housing based on race, religion, national
origin and sex.
What is the agency responsible for the enforcement of the fair housing act? - Answers
:HUD: department of housing and urban development
Familial Status - Answers :One of the protected classes under Fair Housing referring to
families with children under 18.
How many protected classes does the federal level have? - Answers :7
What is Redlining? - Answers :The practice of a lender to refuse to lend in a specific
area, often based on the minority makeup of the area
How is the Georgia transfer tax collected? - Answers :Multiply the sales price by .001
