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GEORGIA MLS PRACTICE EXAM QUESTIONS WITH CORRECT DETAILED SOLUTIONS LATEST ACTUAL EXAM
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GEORGIA MLS PRACTICE EXAM QUESTIONS WITH CORRECT DETAILED SOLUTIONS LATEST ACTUAL EXAM
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Page 1 of 43GEORGIA MLS PRACTICE EXAM QUESTIONS WITH
CORRECT DETAILED SOLUTIONS LATEST ACTUAL EXAM
2024-2025
When should a licensee disclose to the parties whom their firm intends to
represent in a transaction? - CORRECT ANSWER✔✔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? - CORRECT
ANSWER✔✔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
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Whether or not a real estate sales affiliate in GA may act as a buyer's agent will be
determined by: - CORRECT ANSWER✔✔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? - CORRECT
ANSWER✔✔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? - CORRECT ANSWER✔✔You must deal with them
honestly
A brokerage engagement in GA creates an employment agreement between: -
CORRECT ANSWER✔✔Broker and client
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Regarding the Brokerage Relationship in Real Estate Transaction ACT (BRRETA),
how are agency relationships created? - CORRECT ANSWER✔✔Agency
relationships may be created only through written brokerage engagements
Under a listing agreement, the primary agency relationship involves: - CORRECT
ANSWER✔✔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? - CORRECT
ANSWER✔✔$86,000
According to BRRETA, a listing agent must voluntarily disclose to a buyer
customer: - CORRECT ANSWER✔✔known latent defects
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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? - CORRECT ANSWER✔✔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? -
CORRECT ANSWER✔✔$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 - CORRECT
ANSWER✔✔dual agent
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