Exam (elaborations)
Georgia MLS Practice Class exam questions and answers
- Course
- Institution
Georgia MLS Practice Class exam questions and answers
[Show more]
Content preview
Georgia MLS Practice Class exam questionsand answers
When should a licensee disclose to the parties whom their firm intends to
represent in a transaction? - Disclosure should be made verbally and in writing to
all parties as soon as possible.
A selling broker desires to represent a purchaser in a real estate transaction while
at the same time act as a subagent of the listing broker and seller. Could the
broker perform both of these functions in the same transaction? - No, when a
broker working with a buyer acts as a subagent of the listing broker and seller,
that broker working with a buyer must represent the seller and treat the buyer as
a customer
Whether or not a real estate sales affiliate in GA may act as a buyer's agent will be
determined by: - the company policy and procedures manual issued to all sales
affiliates by the broker
Under what circumstances might a broker who is working with a prospective
buyer receive compensation/commission from a listing broker? - Only if there is a
cooperating agreement between the two brokers.
You are a salesperson representing the seller. What are your duties when working
with a buyer/customer? - You must deal with them honestly
,Georgia MLS Practice Class exam questions
and answers
A brokerage engagement in GA creates an employment agreement between: -
Broker and client
Regarding the Brokerage Relationship in Real Estate Transaction ACT (BRRETA),
how are agency relationships created? - Agency relationships may be created only
through written brokerage engagements
Under a listing agreement, the primary agency relationship involves: - the seller as
the principal, and the broker as the agent
A property is listed for $200,000. The sellers owe $100,000 on their current loan
and have agreed to pay $2000 towards closing costs for the sale of the property.
The sellers also agree to pay the listing broker a 6% commission should a ready,
willing and able buyer be secured to purchase the property. If the property sells
for full price, what will be the net proceeds for the sellers? - $86,000
According to BRRETA, a listing agent must voluntarily disclose to a buyer
customer: - known latent defects
,Georgia MLS Practice Class exam questions
and answers
Instructed by a client not to present any offers substantially below the listing
price, an agent decides not to inform the seller of a prospective buyer's "low ball"
written offer. Would real estate agency law find the licensee's decision
acceptable? - No, the agent must present all offers to the seller client
You have agreed with your broker to split commissions 60% to you and 40% to
your broker. Your listing was just sold by another company for $139,000. Your
broker has agreed to pay the selling broker 50% of any commission. If the
commission on this sale was 6% what was your share of the commission? - $2502
A broker who has a brokerage relationship with both seller and buyer or both
landlord and tenant in the same transaction is considered a - dual agent
As a representative of an employing broker, a real estate salesperson in GA must
act in the best interest of a client as well as in accordance with all applicable laws.
With regard to these duties and responsibilities, the obligations of a real estate
salesperson might best be stated as follows: - A salesperson's highest obligation is
to any applicable laws, next to the broker, and then to the client
, Georgia MLS Practice Class exam questions
and answers
You are working as an agent for the broker. In this relationship the broker dictates
office hours, work schedules, withholds federal and state taxes, and pays FICA
contributions. This relationship would be considered: - employer/employee
As an independent contractor for a brokerage firm, a licensee - must have a
written employment agreement/contract with the broker
In a real estate transaction involving a broker and a broker's salesperson, there are
2 agency relationships established. These agency relationships are between the -
broker and principal, and broker and salesperson
If the salesperson is an agent for the broker, can the salesperson sign brokerage
engagements? - Yes, the authority to sign brokerage engagements is typically
provided to the salesperson in the broker affiliation agreement
A seller enters into an exclusive brokerage engagement with the agreement that if
the owner sells the property personally, no commission will be paid to the agent.
This engagement is called - an Exclusive agency agreement
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Waynee. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80796 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now