Georgia Real Estate Test Questions and Answers

A real estate licensee who is representing a tenant in a commercial rental wants to share part of her commission with the tenant. Can she do this legally? Real estate licensees may share their commission with a party to a lease agreement, provided it is disclosed to all interested parties In the government survey system of legal description, a "check" is subdivided into "townships" that measure: 6 Miles Square Listing agreements do not have which requirement? Written Form - Listing Agreements MUST Have: Definite Expiration Date Description of the Property Fee Commission Charged A real estate co employs a secretary. A buyer walks into the office and hands her an earnest money deposit on Weds (no legal holiday involved). Which Statement applies? A. The broker must deposit the check into the escrow account no later than the end of the business day on Monday B. The receptionist could be fined and jailed for practicing real estate without a license C. The broker must deposit the check no later than the EOD on Friday D. Only a licensed real estate associate is allowed to accept an earnest money deposit on behalf of the broker A. The broker must deposit the check into the escrow account no later than the end of the business day on Monday A developer wishes to sell several parcels of vacant land that are encumbered by a blanket mortgage. A broker lists the parcels for $25,000 per lot. A buyer enters into a contract to purchase one of the lots for $24,000. After contacting the lender, the broker learns that in order to release the lot from the blanket mortgage, the lender requires payment of $30,000. What can be said about the brokers part in this transaction? It is fraudulent and dishonest dealing by trick, scheme, or device for a licensee to knowingly sell or offer for sale any property covered by a mortgage that also covers other property sold, unless the particular property offered for sale may be released from the mortgage any time before foreclosure sale on payment of an amount less than the remaining amount due from the purchase after the sale.