COLIBRI REAL ESTATE FINAL EXAM- b b bb b
2024/2025
b b
1. All six members of the Georgia Real Estate Commission are appointed b
b b b b b b b b b b b b
y - Precise Answer ✔✔The Governor of Georgia
b b b b b b b
How many commission members must be licensed -
b b b b b b b
Precise Answer ✔✔Five of the six members of the Georgia Real Estate can
b b b b b b b b b b b b b
have licenses One must be an unlicensed member of the " general public 3.
b b b b b b b b b b b b b b b
EARLNOTES
What must happen with all funds in a sale -
b b b b b b b b b
Precise Answer ✔✔All money that belongs to clients or customers must be
b b b b b b b b b b b b
deposited in the brokerage trust fund as soon as possible ASAP after receip
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t. b
What is the procedure for license expiration -
b b b b b b b
Precise Answer ✔✔When a license has been lapsed for more than two year
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s but less than five years the former licensee may request reinstatement and
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retake a 75 - hour pre - b b b b b b
license course . After ten years the former licensee must follow the proced
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ure for new applicants .
b b b b
Which descrihes dual agency - b b b b
Precise Answer ✔✔When a broker appoints one of his agents to serve the s
b b b b b b b b b b b b b b
,eller and one to serve the buyer , they are called designated agents and the b
b b b b b b b b b b b b b b b
roker will serve as a dual agent .
b b b b b b b
What happens when someone recieves mistreatment from a real estate lice
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nsee - b
Precise Answer ✔✔When a consumer or client ( not another licensee or a r
b b b b b b b b b b b b b b
elative of the accused licensee ) is financially damaged by the actions of a li
b b b b b b b b b b b b b b
censee , he or she can file , through the court a claim against the Georgia Re
b b b b b b b b b b b b b b b b
al Estate Education , Research and Recovery Fund for reimbursement up to
b b b b b b b b b b b
$ 25,000 per transaction .
b b b b b
For a brokerage or any licensee under a managing broker to be considered a
b b b b b b b b b b b b b
Dual Agent , he / she must -
b b b b b b b b
Precise Answer ✔✔obtain written permission from both the seller and the
b b b b b b b b b b b b
buyer before acting on behalf of either party . BIRTH MONTHS
b b b b b b b b b b
When are renewal deadlines for licensees -
b b b b b b
Precise Answer ✔✔All renewal deadlines for licenses are set for the last da
b b b b b b b b b b b b b
y of the licensee's birth month every four full years . ( The licensee's first re
b b b b b b b b b b b b b b b
newal period may be longer , depending on when the license was obtained .
b b b b b b b b b b b b b b
It starts the last day of the birth month that arrives after the license is obtain
b b b b b b b b b b b b b b b
ed ) . b b
What is the training hours required for licensees -
b b b b b b b b
bPrecise Answer ✔✔Assuming a licensee has competed the 25 -
b b b b b b b b b
bhour GA Post License Course during the first year of licensure ) , he will re
b b b b b b b b b b b b b b b
ceive credit for 9 hours of Continuing education and will only need to comp
b b b b b b b b b b b b b
lete 27 hours of CE during the rest of the licensee's first licensure period . F
b b b b b b b b b b b b b b b
, or the second four -
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byear period and each renewal thereafter . the requirement is 36 hours of CE
b b b b b b b b b b b b b
.
If a buyer client wishes to withdraw from a contract and get h his earnest m
b b b b b b b b b b b b b b b
oney returned the salesperson must -
b b b b b
Precise Answer ✔✔REFER the issue to the EMPLOYING or managing B
b b b b b b b b b b b
ROKER for a decision b b b
When every original license fee is received , of the funds received _____fro
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m each license fee is allocated to fund the RE Education , Research and Rec
b b b b b b b b b b b b b b
overy Fund - Precise Answer ✔✔20$
b b b b b
The clause in an agency agreement used to safeguard the broker from unscr
b b b b b b b b b b b b
upulous buyers or sellers , who would take the broker's generated leads , bu
b b b b b b b b b b b b b
t then buy or sell the property once the listing agreement has expired in orde
b b b b b b b b b b b b b b
r to avoid paying the commission to the licensee is known as -
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bPrecise Answer ✔✔The Safety or Carryover Extender Clause .
b b b b b b b b
Under GA Law , a listing broker -
b b b b b b b
Precise Answer ✔✔does not have to share his sales commission with the s
b b b b b b b b b b b b b
elling broker who has procured the ultimate buyer, this is legal and not agai
b b b b b b b b b b b b b
nst GA real estate law.
b b b b
Every brokerage must maintain - b b b b
Precise Answer ✔✔an accounting system to detail all receipts and deposit
b b b b b b b b b b b
s received from others that are under the control of the brokerage.
b b b b b b b b b b b
2024/2025
b b
1. All six members of the Georgia Real Estate Commission are appointed b
b b b b b b b b b b b b
y - Precise Answer ✔✔The Governor of Georgia
b b b b b b b
How many commission members must be licensed -
b b b b b b b
Precise Answer ✔✔Five of the six members of the Georgia Real Estate can
b b b b b b b b b b b b b
have licenses One must be an unlicensed member of the " general public 3.
b b b b b b b b b b b b b b b
EARLNOTES
What must happen with all funds in a sale -
b b b b b b b b b
Precise Answer ✔✔All money that belongs to clients or customers must be
b b b b b b b b b b b b
deposited in the brokerage trust fund as soon as possible ASAP after receip
b b b b b b b b b b b b b
t. b
What is the procedure for license expiration -
b b b b b b b
Precise Answer ✔✔When a license has been lapsed for more than two year
b b b b b b b b b b b b b
s but less than five years the former licensee may request reinstatement and
b b b b b b b b b b b b b
retake a 75 - hour pre - b b b b b b
license course . After ten years the former licensee must follow the proced
b b b b b b b b b b b b b
ure for new applicants .
b b b b
Which descrihes dual agency - b b b b
Precise Answer ✔✔When a broker appoints one of his agents to serve the s
b b b b b b b b b b b b b b
,eller and one to serve the buyer , they are called designated agents and the b
b b b b b b b b b b b b b b b
roker will serve as a dual agent .
b b b b b b b
What happens when someone recieves mistreatment from a real estate lice
b b b b b b b b b b
nsee - b
Precise Answer ✔✔When a consumer or client ( not another licensee or a r
b b b b b b b b b b b b b b
elative of the accused licensee ) is financially damaged by the actions of a li
b b b b b b b b b b b b b b
censee , he or she can file , through the court a claim against the Georgia Re
b b b b b b b b b b b b b b b b
al Estate Education , Research and Recovery Fund for reimbursement up to
b b b b b b b b b b b
$ 25,000 per transaction .
b b b b b
For a brokerage or any licensee under a managing broker to be considered a
b b b b b b b b b b b b b
Dual Agent , he / she must -
b b b b b b b b
Precise Answer ✔✔obtain written permission from both the seller and the
b b b b b b b b b b b b
buyer before acting on behalf of either party . BIRTH MONTHS
b b b b b b b b b b
When are renewal deadlines for licensees -
b b b b b b
Precise Answer ✔✔All renewal deadlines for licenses are set for the last da
b b b b b b b b b b b b b
y of the licensee's birth month every four full years . ( The licensee's first re
b b b b b b b b b b b b b b b
newal period may be longer , depending on when the license was obtained .
b b b b b b b b b b b b b b
It starts the last day of the birth month that arrives after the license is obtain
b b b b b b b b b b b b b b b
ed ) . b b
What is the training hours required for licensees -
b b b b b b b b
bPrecise Answer ✔✔Assuming a licensee has competed the 25 -
b b b b b b b b b
bhour GA Post License Course during the first year of licensure ) , he will re
b b b b b b b b b b b b b b b
ceive credit for 9 hours of Continuing education and will only need to comp
b b b b b b b b b b b b b
lete 27 hours of CE during the rest of the licensee's first licensure period . F
b b b b b b b b b b b b b b b
, or the second four -
b b b b
byear period and each renewal thereafter . the requirement is 36 hours of CE
b b b b b b b b b b b b b
.
If a buyer client wishes to withdraw from a contract and get h his earnest m
b b b b b b b b b b b b b b b
oney returned the salesperson must -
b b b b b
Precise Answer ✔✔REFER the issue to the EMPLOYING or managing B
b b b b b b b b b b b
ROKER for a decision b b b
When every original license fee is received , of the funds received _____fro
b b b b b b b b b b b b
m each license fee is allocated to fund the RE Education , Research and Rec
b b b b b b b b b b b b b b
overy Fund - Precise Answer ✔✔20$
b b b b b
The clause in an agency agreement used to safeguard the broker from unscr
b b b b b b b b b b b b
upulous buyers or sellers , who would take the broker's generated leads , bu
b b b b b b b b b b b b b
t then buy or sell the property once the listing agreement has expired in orde
b b b b b b b b b b b b b b
r to avoid paying the commission to the licensee is known as -
b b b b b b b b b b b b
bPrecise Answer ✔✔The Safety or Carryover Extender Clause .
b b b b b b b b
Under GA Law , a listing broker -
b b b b b b b
Precise Answer ✔✔does not have to share his sales commission with the s
b b b b b b b b b b b b b
elling broker who has procured the ultimate buyer, this is legal and not agai
b b b b b b b b b b b b b
nst GA real estate law.
b b b b
Every brokerage must maintain - b b b b
Precise Answer ✔✔an accounting system to detail all receipts and deposit
b b b b b b b b b b b
s received from others that are under the control of the brokerage.
b b b b b b b b b b b
