Final Exam-Colibri Real Estate Questions and Answers 100% Pass

Final Exam-Colibri Real Estate Questions and Answers 100% Pass 1. All six members of the Georgia Real Estate Commission are appointed by - Answer- The Governor of Georgia How many commission members must be licensed - Answer- Five 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 - Answer- All 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 - Answer- When 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 - Answer- When 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 - Answer- When 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 - Answer- obtain written permission from both the seller and the buyer before acting on behalf of either party . BIRTH MONTHS When are renewal deadlines for licensees - Answer- All 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 - Answer- Assuming 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 - Answer- REFER 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 - Answer- 20$