BARNEY FLETCHER REAL ESTATE ESSENTIAL
STUDY QUESTIONS AND ANSWERS
◉ 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?
STUDY QUESTIONS AND ANSWERS
◉ 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?
