Georgia-State Exam Practice
Which clause in the sales contract says that all dates in the contract are
strictly enforceable? Correct answers The Time Is of the Essence clause
renders all dates stated in the contract strictly enforceable.
Where are option contracts on multiple properties commonly seen?
Correct answers Commercial Properties
Which is NOT a violation for which the real estate education, research,
and recovery fund may compensate claimants in Georgia? Correct
answers Failure to disclose a criminal conviction
In situations where a leased property is sold and the tenants' security
deposits will be refunded, who's responsible for refunding those security
deposits? Correct answers The Original Owner
Evan signed a buyer agency agreement with licensee Lydia to help him find
a condo in Buckhead. Evan is now Lydia's client, which is best described as
. Correct
answers Any person who is represented by an agent
Why is the recording of a deed so vital? Correct answers It protects new
owners from former sellers claiming they still own the property.
Acknowledgment and recording of a deed are vital in protecting new
owners from former sellers claiming they still own the property.
What does the acronym GAFLA stand for? Correct answers Georgia Fair
Lending Act
Athens licensee Lucius is representing both the seller and the buyer in
the same transaction, with both clients' consent. That makes him a dual
agent, which Georgia license law defines as . Correct answers One
licensee representing both the buyer and the seller in a single transaction
Which of these would fulfill the educational requirement for a Georgia
community association manager (CAM) license? Correct answers Complete a
25-hour Community Association Manager pre-licensing course.
What does the Warranty of Title (aka Warranty) in a real estate sales
contract say? Correct answers The seller is legally able to deliver good
and marketable title to the buyer at closing.
, Genevieve has just passed her broker's exam and completed the
requirements for licensure. She wants to operate under her own name in
Georgia. What must happen first? Correct answers She must receive her
license and post it on her office wall.
While new business cards are in order, Genevieve must have her license and
it must be posted before she can operate under her own name.
What's the reason for using employee and independent contractor
agreements? Correct answers To define the terms of the broker and worker's
professional relationship
What do unfair trade practice laws in Georgia prohibit? Correct answers
Unfair and deceptive business acts or practices
Which of these statements is NOT true regarding a licensee who wants to
transfer to another broker? Correct answers Both the original broker and
the new broker may charge the licensee a $50 fee to cover administrative
costs of the transfer.
Neither broker may charge the licensee a fee to transfer brokerage firms.
Jaqueline is the qualifying broker for a bustling firm in Avondale Estates, and
she has many salespeople to oversee. The firm's licensees' advertisements
must be done under her name as it appears on her license. What else is
required? Correct answers Her supervision and approval
All advertising done by a brokerage firm's licensees must be done under
the qualifying broker's name and under that broker's direct supervision and
approval.
What must a licensee do when he wants to purchase a home listed by the
brokerage where he's affiliated? Correct answers Notify his broker in
writing and disclose his intentions to the seller.
Sub-agency is a legal form of agency in Georgia, . Correct answers But
it's rarely used
Sub-agency is a legal form of agency in Georgia, but it's rarely used. Some
firms forbid their licensees from practicing sub-agency, which is almost
extinct because of presumed buyer's agency. In the absence of a contract
to the contrary, such as a listing agreement, it's assumed that a licensee
assisting a buyer represents that buyer.
Which Georgia agency houses the Fair Housing Division? Correct answers
Georgia Commission on Equal Opportunity
Savannah licensee Andrei wants to make certain to stay on the right side
of Georgia's fair housing laws. Which of these is a good option for him?
Correct answers Ask his broker to review his client qualification process.
Which clause in the sales contract says that all dates in the contract are
strictly enforceable? Correct answers The Time Is of the Essence clause
renders all dates stated in the contract strictly enforceable.
Where are option contracts on multiple properties commonly seen?
Correct answers Commercial Properties
Which is NOT a violation for which the real estate education, research,
and recovery fund may compensate claimants in Georgia? Correct
answers Failure to disclose a criminal conviction
In situations where a leased property is sold and the tenants' security
deposits will be refunded, who's responsible for refunding those security
deposits? Correct answers The Original Owner
Evan signed a buyer agency agreement with licensee Lydia to help him find
a condo in Buckhead. Evan is now Lydia's client, which is best described as
. Correct
answers Any person who is represented by an agent
Why is the recording of a deed so vital? Correct answers It protects new
owners from former sellers claiming they still own the property.
Acknowledgment and recording of a deed are vital in protecting new
owners from former sellers claiming they still own the property.
What does the acronym GAFLA stand for? Correct answers Georgia Fair
Lending Act
Athens licensee Lucius is representing both the seller and the buyer in
the same transaction, with both clients' consent. That makes him a dual
agent, which Georgia license law defines as . Correct answers One
licensee representing both the buyer and the seller in a single transaction
Which of these would fulfill the educational requirement for a Georgia
community association manager (CAM) license? Correct answers Complete a
25-hour Community Association Manager pre-licensing course.
What does the Warranty of Title (aka Warranty) in a real estate sales
contract say? Correct answers The seller is legally able to deliver good
and marketable title to the buyer at closing.
, Genevieve has just passed her broker's exam and completed the
requirements for licensure. She wants to operate under her own name in
Georgia. What must happen first? Correct answers She must receive her
license and post it on her office wall.
While new business cards are in order, Genevieve must have her license and
it must be posted before she can operate under her own name.
What's the reason for using employee and independent contractor
agreements? Correct answers To define the terms of the broker and worker's
professional relationship
What do unfair trade practice laws in Georgia prohibit? Correct answers
Unfair and deceptive business acts or practices
Which of these statements is NOT true regarding a licensee who wants to
transfer to another broker? Correct answers Both the original broker and
the new broker may charge the licensee a $50 fee to cover administrative
costs of the transfer.
Neither broker may charge the licensee a fee to transfer brokerage firms.
Jaqueline is the qualifying broker for a bustling firm in Avondale Estates, and
she has many salespeople to oversee. The firm's licensees' advertisements
must be done under her name as it appears on her license. What else is
required? Correct answers Her supervision and approval
All advertising done by a brokerage firm's licensees must be done under
the qualifying broker's name and under that broker's direct supervision and
approval.
What must a licensee do when he wants to purchase a home listed by the
brokerage where he's affiliated? Correct answers Notify his broker in
writing and disclose his intentions to the seller.
Sub-agency is a legal form of agency in Georgia, . Correct answers But
it's rarely used
Sub-agency is a legal form of agency in Georgia, but it's rarely used. Some
firms forbid their licensees from practicing sub-agency, which is almost
extinct because of presumed buyer's agency. In the absence of a contract
to the contrary, such as a listing agreement, it's assumed that a licensee
assisting a buyer represents that buyer.
Which Georgia agency houses the Fair Housing Division? Correct answers
Georgia Commission on Equal Opportunity
Savannah licensee Andrei wants to make certain to stay on the right side
of Georgia's fair housing laws. Which of these is a good option for him?
Correct answers Ask his broker to review his client qualification process.
