Georgia state exam
A dual agency agreement must contain all the following EXCEPT a: Correct
answers statement that the client must consent to dual agency.
Trust funds must be deposited in the broker's trust account: Correct
answers as promptly as is practicably possible.
In addition to suspending and revoking licenses, the Commission is also
empowered to Correct answers issue a cease and desist order prohibiting a
non-licensee from practicing without a license.
Regarding net listings, which of the following is true? Correct answers net
listings are illegal in Georgia.
In which of the following situations could a broker distribute earnest money
in compliance with the real estate Commission requirements? Correct
answers When the transaction has closed
Which of these disciplinary actions CANNOT be imposed by the
Commission? Correct answers Fines of up to $10,000 per violation.
The maximum fines that may be imposed by the Commission are $1,000
for a single violation and $5,000 for multiple violation.
Which of these statements about cooperative ownership is most accurate?
Correct answers A cooperative is owned by a corporation and residents
occupy their units by buying stock
What is the purpose of the Real Estate Education and Recovery Fund? Correct
answers The purpose is to compensate individuals who have suffered
financial loss due to licensees' violations of license law.
Regarding the business relationship of the broker and salesperson, Correct
answers the real estate salesperson may be either an independent
contractor or employee.
Which of the following statements is TRUE regarding the relationship
between a broker and affiliated licensees? Correct answers A broker might
choose an employee relationship if he or she wishes to control a licensee's
work schedule, office hours, floor duty time and general procedures.
, A source, compiler, or supplier of information regarding real estate for
sale or lease includes... Correct answers MLS
Which of the following is true regarding the salesperson 25-hour post-license
course? Correct answers If not completed within one year and licensee
enrolled and paid for the course within one year, license is lapsed and
licensee has an additional six months to comply.
A county or municipal authority generally gives a certificate of
occupancy for new construction only after: Correct answers the
construction conforms with applicable building codes.
Which of these statements could a broker legally make under the Sherman
Anti-Trust laws? Correct answers "A 7% commission is my company's
policy."
What term describes the illegal mixing of client funds with a firm or a
broker's funds. Correct answers Commingling
Salesperson Bob wants to have a trust account in his name. Is this
permissible? Correct answers Yes, if Bob's broker approves and provides the
Commission with Bob's name and the bank account information
Any licensee who violates the provisions of the real estate license law
Correct answers is subject to license suspension, revocation, censure or
reprimand by the Commission.
Teddy Post signs a contract with Janet Copadna, a real estate broker. The
contract says that Teddy "promises to pay the broker a valuable
consideration or agree that the broker may receive a valuable consideration
from another in consideration for the broker producing a buyer, seller,
tenant or landlord ready, able and willing to buy or rent a property in
question." With this language, what kind of contract would this be? Correct
answers A brokerage agreement.
In Georgia, a broker must notify the Commission of the bank, account
name and number within of opening the account? Correct
answers thirty days
Under BRRETA rules, when must a broker present offers to his or her
seller client? Correct answers In a timely manner.
What is the term that describes every relationship in which a real estate
broker, with written authority, acts for or represents another as a client in
a real property transaction? Correct answers Agency.
All of the following are broker's disclosure obligations under BRRETA, when
working on behalf of a buyer as a buyers agent, except: Correct answers
that the property is, or was, occupied by a person who was infected with
AIDS.
A dual agency agreement must contain all the following EXCEPT a: Correct
answers statement that the client must consent to dual agency.
Trust funds must be deposited in the broker's trust account: Correct
answers as promptly as is practicably possible.
In addition to suspending and revoking licenses, the Commission is also
empowered to Correct answers issue a cease and desist order prohibiting a
non-licensee from practicing without a license.
Regarding net listings, which of the following is true? Correct answers net
listings are illegal in Georgia.
In which of the following situations could a broker distribute earnest money
in compliance with the real estate Commission requirements? Correct
answers When the transaction has closed
Which of these disciplinary actions CANNOT be imposed by the
Commission? Correct answers Fines of up to $10,000 per violation.
The maximum fines that may be imposed by the Commission are $1,000
for a single violation and $5,000 for multiple violation.
Which of these statements about cooperative ownership is most accurate?
Correct answers A cooperative is owned by a corporation and residents
occupy their units by buying stock
What is the purpose of the Real Estate Education and Recovery Fund? Correct
answers The purpose is to compensate individuals who have suffered
financial loss due to licensees' violations of license law.
Regarding the business relationship of the broker and salesperson, Correct
answers the real estate salesperson may be either an independent
contractor or employee.
Which of the following statements is TRUE regarding the relationship
between a broker and affiliated licensees? Correct answers A broker might
choose an employee relationship if he or she wishes to control a licensee's
work schedule, office hours, floor duty time and general procedures.
, A source, compiler, or supplier of information regarding real estate for
sale or lease includes... Correct answers MLS
Which of the following is true regarding the salesperson 25-hour post-license
course? Correct answers If not completed within one year and licensee
enrolled and paid for the course within one year, license is lapsed and
licensee has an additional six months to comply.
A county or municipal authority generally gives a certificate of
occupancy for new construction only after: Correct answers the
construction conforms with applicable building codes.
Which of these statements could a broker legally make under the Sherman
Anti-Trust laws? Correct answers "A 7% commission is my company's
policy."
What term describes the illegal mixing of client funds with a firm or a
broker's funds. Correct answers Commingling
Salesperson Bob wants to have a trust account in his name. Is this
permissible? Correct answers Yes, if Bob's broker approves and provides the
Commission with Bob's name and the bank account information
Any licensee who violates the provisions of the real estate license law
Correct answers is subject to license suspension, revocation, censure or
reprimand by the Commission.
Teddy Post signs a contract with Janet Copadna, a real estate broker. The
contract says that Teddy "promises to pay the broker a valuable
consideration or agree that the broker may receive a valuable consideration
from another in consideration for the broker producing a buyer, seller,
tenant or landlord ready, able and willing to buy or rent a property in
question." With this language, what kind of contract would this be? Correct
answers A brokerage agreement.
In Georgia, a broker must notify the Commission of the bank, account
name and number within of opening the account? Correct
answers thirty days
Under BRRETA rules, when must a broker present offers to his or her
seller client? Correct answers In a timely manner.
What is the term that describes every relationship in which a real estate
broker, with written authority, acts for or represents another as a client in
a real property transaction? Correct answers Agency.
All of the following are broker's disclosure obligations under BRRETA, when
working on behalf of a buyer as a buyers agent, except: Correct answers
that the property is, or was, occupied by a person who was infected with
AIDS.
