GA Exam Prep: Licensing UPDATED
ACTUAL Exam Questions and CORRECT
Answers
GREC - CORRECT ANSWER - Georgia Real Estate Commission
Injunction - CORRECT ANSWER - Temporary or permanent halt of activities that may
constitute a violation of real estate law
Net brokerage engagement - CORRECT ANSWER - A seller agrees to pay the broker
everything earned over the property's list price; Illegal in Georgia
Sanction - CORRECT ANSWER - Penalty for violating real estate law (more severe than
a citation)
Citation - CORRECT ANSWER - Penalty for violating real estate law (less severe than a
sanction; often involves a fine and additional education)
When is a license required? - CORRECT ANSWER - When performing real estate
services for others, for a fee
How many hours of post-licensing education are required in a Georgia licensee's first year of
licensing? - CORRECT ANSWER - 25
What's the continuing education requirement for Georgia licensees? - CORRECT
ANSWER - 36 hours every four years prior to renewal
When do Georgia real estate licenses expire? - CORRECT ANSWER - Every four years
on the last day of the licensee's birth month
, Broker - CORRECT ANSWER - A person who, for a commission or other valuable
consideration, performs specific real estate-related acts for another person. These acts include,
but are not limited to, helping someone in the selling, exchanging, buying, leasing, auctioning,
and/or listing of real estate.
Sales agent - CORRECT ANSWER - A person who is associated with a licensed broker
for the purpose of performing an act for which a real estate license is required.
Party - CORRECT ANSWER - A prospective buyer, seller, landlord, or tenant, or the
authorized representative of any of those parties in a real estate agreement. This does not include
a license holder representing a party to the transaction.
Third party - CORRECT ANSWER - A purchaser, seller, tenant, or landlord who is not
subject to a representation relationship with a real estate licensee
Agency - CORRECT ANSWER - A relationship in which one party (the principal)
authorizes another party (the agent) to act as the principal's representative in dealing with third
parties.
Fiduciary duties - CORRECT ANSWER - Care, obedience, loyalty, disclosure,
accounting, confidentiality, honesty, integrity
Brokerage engagement - CORRECT ANSWER - A written contract, required in Georgia,
in which the seller or buyer becomes the broker's client and promises to pay the broker a
valuable consideration or agrees that the broker may receive a valuable consideration from
another for producing a ready, able, and willing prospective buyer or seller, or performing other
brokerage services. Also called brokerage agreement.
Cooperating broker - CORRECT ANSWER - A real estate broker who finds a buyer for a
property that another broker has listed
Subagent - CORRECT ANSWER - A licensee from another firm who assists the buyer but
represents the listing agent and the seller
ACTUAL Exam Questions and CORRECT
Answers
GREC - CORRECT ANSWER - Georgia Real Estate Commission
Injunction - CORRECT ANSWER - Temporary or permanent halt of activities that may
constitute a violation of real estate law
Net brokerage engagement - CORRECT ANSWER - A seller agrees to pay the broker
everything earned over the property's list price; Illegal in Georgia
Sanction - CORRECT ANSWER - Penalty for violating real estate law (more severe than
a citation)
Citation - CORRECT ANSWER - Penalty for violating real estate law (less severe than a
sanction; often involves a fine and additional education)
When is a license required? - CORRECT ANSWER - When performing real estate
services for others, for a fee
How many hours of post-licensing education are required in a Georgia licensee's first year of
licensing? - CORRECT ANSWER - 25
What's the continuing education requirement for Georgia licensees? - CORRECT
ANSWER - 36 hours every four years prior to renewal
When do Georgia real estate licenses expire? - CORRECT ANSWER - Every four years
on the last day of the licensee's birth month
, Broker - CORRECT ANSWER - A person who, for a commission or other valuable
consideration, performs specific real estate-related acts for another person. These acts include,
but are not limited to, helping someone in the selling, exchanging, buying, leasing, auctioning,
and/or listing of real estate.
Sales agent - CORRECT ANSWER - A person who is associated with a licensed broker
for the purpose of performing an act for which a real estate license is required.
Party - CORRECT ANSWER - A prospective buyer, seller, landlord, or tenant, or the
authorized representative of any of those parties in a real estate agreement. This does not include
a license holder representing a party to the transaction.
Third party - CORRECT ANSWER - A purchaser, seller, tenant, or landlord who is not
subject to a representation relationship with a real estate licensee
Agency - CORRECT ANSWER - A relationship in which one party (the principal)
authorizes another party (the agent) to act as the principal's representative in dealing with third
parties.
Fiduciary duties - CORRECT ANSWER - Care, obedience, loyalty, disclosure,
accounting, confidentiality, honesty, integrity
Brokerage engagement - CORRECT ANSWER - A written contract, required in Georgia,
in which the seller or buyer becomes the broker's client and promises to pay the broker a
valuable consideration or agrees that the broker may receive a valuable consideration from
another for producing a ready, able, and willing prospective buyer or seller, or performing other
brokerage services. Also called brokerage agreement.
Cooperating broker - CORRECT ANSWER - A real estate broker who finds a buyer for a
property that another broker has listed
Subagent - CORRECT ANSWER - A licensee from another firm who assists the buyer but
represents the listing agent and the seller
