Barney Fletcher Real Estate
Training Program
⫸ A broker started a real estate company wanting to use the name ABC
Realty. What is true regarding this situation? Answer: The broker must
file a request with the secretary of state
⫸ A citizen phoned the GREC with a complaint on a licensee. The
GREC sent him a form to fill out. However, he never followed up the
complaint in writing. What would the GREC do? Answer: Even though
he did not put it in writing, the GREC may investigate anyway at their
own discretion
⫸ A handicap person wants to rent a home that has steps to the front
door. What best describes the situation? Answer: The tenant can, at their
expense, install the ramp and must remove it at the end of the lease
⫸ Which of the following does a broker NOT have to keep for the
GREC auditors?
a. Listings
b. Contracts
c. Advertising copy
d. Closing statements. Answer: Advertising copy
,⫸ Which of the following items could the GREC require of a person
before issuing a license?'
a. A driver's license
b. The person must be a resident of Georgia
c. Georgia Crime Information Center report
d. U.S. citizenship. Answer: Georgia Crime Information Center report
⫸ A salesperson was involved in a transaction that consisted of a 6
month lease and an option to purchase. Which of the following
statements best describes how the salesperson should handle the
documents?
a. Fill in the lease but not the option
b. Send the documents to an attorney and have the attorney prepare the
forms
c. Fill in the option but not the lease as the lease was for 6 months or less
d. Fill in both the lease and the option on standard forms and take to the
broker for review. Answer: Fill in both the lease and the option on
standard forms and take to the broker for review
⫸ A secretary of a real estate company has passed the state exam but
not yet received her license. Which of the following activities could she
do?
a. Give out information on listings to the public
,b. Pass out business cards with her name on it
c. Give another agent in the office an address of a listing
d. List but not show property. Answer: Give another agent in the office
an address of a listing
⫸ Broker Carr had a 90 day exclusive listing. One month after the
listing began, Broker Dole contacted the seller and told him he had a
buyer moving in one month after the listing terminates and asked the
seller to sign an agreement to take effect after the listing expires. This
is:. Answer: a violation of state law
⫸ To supervise a branch office, you must be:. Answer: a Broker or
Associate Broker
To supervise in Georgia one must have some type of broker's license,
such as an Associate Broker or Qualifying Broker.
⫸ Which of the following is not found in a property management
agreement?. Answer: The property manager conducting an appraisal on
the property once a year
⫸ A borrower applied for a VA first mortgage for $100,000. However,
the property appraised for $80,000. If the buyer still wished to buy the
property, which could happen?
a. The veteran could not get the VA loan because the price was higher
than the appraisal.
, b. VA would require the veteran to get a second mortgage for the
difference.
c. VA could allow the veteran to make up the difference in cash.
d. The broker could write up a different contract for a different sales
price to take to the lender.. Answer: VA could allow the veteran to make
up the difference in cash.
⫸ Interest that is calculated every month based on the remaining loan
balance is best referred to as?. Answer: Simple Interest
⫸ Sam sold a property to Emma for $225,000. Sam's loan balance was
$44,500 with an interest rate of 7%. Emma's conventional loan was at
8% with a 90% loan to value ratio. The taxes for the year were $1250
and the home owner's insurance was $495. Closing took place on
October 30th. Based on this information, answer the following question.
What was the amount of the property tax proration?. Answer: $212.33
(Closing after July 1st, paid in full. Seller credited 62 days - October
31st-December 31st)
$ 1,250 (annual tax) / 365 (days in year) = $ 3.4246 per day x 62 days =
$ 212. 3287 = $ 212.33
⫸ Sam sold a property to Emma for $225,000. Sam's loan balance was
$44,500 with an interest rate of 7%. Emma's conventional loan was at
8% with a 90% loan to value ratio. The taxes for the year were $1250
and the home owner's insurance was $495. Closing took place on
Training Program
⫸ A broker started a real estate company wanting to use the name ABC
Realty. What is true regarding this situation? Answer: The broker must
file a request with the secretary of state
⫸ A citizen phoned the GREC with a complaint on a licensee. The
GREC sent him a form to fill out. However, he never followed up the
complaint in writing. What would the GREC do? Answer: Even though
he did not put it in writing, the GREC may investigate anyway at their
own discretion
⫸ A handicap person wants to rent a home that has steps to the front
door. What best describes the situation? Answer: The tenant can, at their
expense, install the ramp and must remove it at the end of the lease
⫸ Which of the following does a broker NOT have to keep for the
GREC auditors?
a. Listings
b. Contracts
c. Advertising copy
d. Closing statements. Answer: Advertising copy
,⫸ Which of the following items could the GREC require of a person
before issuing a license?'
a. A driver's license
b. The person must be a resident of Georgia
c. Georgia Crime Information Center report
d. U.S. citizenship. Answer: Georgia Crime Information Center report
⫸ A salesperson was involved in a transaction that consisted of a 6
month lease and an option to purchase. Which of the following
statements best describes how the salesperson should handle the
documents?
a. Fill in the lease but not the option
b. Send the documents to an attorney and have the attorney prepare the
forms
c. Fill in the option but not the lease as the lease was for 6 months or less
d. Fill in both the lease and the option on standard forms and take to the
broker for review. Answer: Fill in both the lease and the option on
standard forms and take to the broker for review
⫸ A secretary of a real estate company has passed the state exam but
not yet received her license. Which of the following activities could she
do?
a. Give out information on listings to the public
,b. Pass out business cards with her name on it
c. Give another agent in the office an address of a listing
d. List but not show property. Answer: Give another agent in the office
an address of a listing
⫸ Broker Carr had a 90 day exclusive listing. One month after the
listing began, Broker Dole contacted the seller and told him he had a
buyer moving in one month after the listing terminates and asked the
seller to sign an agreement to take effect after the listing expires. This
is:. Answer: a violation of state law
⫸ To supervise a branch office, you must be:. Answer: a Broker or
Associate Broker
To supervise in Georgia one must have some type of broker's license,
such as an Associate Broker or Qualifying Broker.
⫸ Which of the following is not found in a property management
agreement?. Answer: The property manager conducting an appraisal on
the property once a year
⫸ A borrower applied for a VA first mortgage for $100,000. However,
the property appraised for $80,000. If the buyer still wished to buy the
property, which could happen?
a. The veteran could not get the VA loan because the price was higher
than the appraisal.
, b. VA would require the veteran to get a second mortgage for the
difference.
c. VA could allow the veteran to make up the difference in cash.
d. The broker could write up a different contract for a different sales
price to take to the lender.. Answer: VA could allow the veteran to make
up the difference in cash.
⫸ Interest that is calculated every month based on the remaining loan
balance is best referred to as?. Answer: Simple Interest
⫸ Sam sold a property to Emma for $225,000. Sam's loan balance was
$44,500 with an interest rate of 7%. Emma's conventional loan was at
8% with a 90% loan to value ratio. The taxes for the year were $1250
and the home owner's insurance was $495. Closing took place on
October 30th. Based on this information, answer the following question.
What was the amount of the property tax proration?. Answer: $212.33
(Closing after July 1st, paid in full. Seller credited 62 days - October
31st-December 31st)
$ 1,250 (annual tax) / 365 (days in year) = $ 3.4246 per day x 62 days =
$ 212. 3287 = $ 212.33
⫸ Sam sold a property to Emma for $225,000. Sam's loan balance was
$44,500 with an interest rate of 7%. Emma's conventional loan was at
8% with a 90% loan to value ratio. The taxes for the year were $1250
and the home owner's insurance was $495. Closing took place on
