©THEBRIGHT EXAM STUDY SOLUTIONS 8/26/2024 11:32 AM
CE Shop Unit Quiz Questions And Correct
Answers
Seller is the client
buyer is the customer
in this type of single agent relationship - answer✔✔As a seller's agent, you have a relationship
with both the seller and the buyer, but in what capacity?
General - answer✔✔Which type of partner shares full personal liability for the partnership's
debts and obligations?
An exception to the real estate licensing requirement - answer✔✔A person performing real
estate activities under the judgment or order of a court, such as a trustee in a bankruptcy, is
______.
No, you're inactive. - answer✔✔Let's say you're a Georgia real estate licensee, and you miss
your renewal deadline. Can you practice real estate?
Partnership - answer✔✔Which type of legal structure may be either general or limited in type?
Corporation
A corporation is a legal entity. Most likely, this is a close corporation. - answer✔✔Mike and Ike
set up a real estate company. Mike, Ike, and Spike each own a portion of the stock. Mike & Ike
Realty is a legal entity of its own. Mike is involved in a ______.
General C corporation
A C corporation usually has centralized management where elected officers govern company
affairs, while the designated licensed broker is directly responsible for the real estate
transactions. - answer✔✔In this type of corporation, a centralized management group of elected
, ©THEBRIGHT EXAM STUDY SOLUTIONS 8/26/2024 11:32 AM
officers governs the company's affairs, while the designated licensed broker is directly
responsible for the real estate transactions.
Jessie is searching for a new home for a friend moving into town, who will compensate her 2%
of the sale price for her time and effort. - answer✔✔In which of these scenarios would the
consumer need a real estate license?
While associated with and supervised by a broker - answer✔✔A salesperson or associate broker
may perform real estate brokerage activities under what circumstances?
Yes. He must have at least three years' experience as a Georgia salesperson before he qualifies to
take the broker's exam. - answer✔✔John is 18, and he wants to be a real estate broker in
Georgia. If he completes 135 hours of required real estate licensing coursework—75 in pre-
licensing and 60 for the broker license—is there anything that might prevent him from taking the
broker's license exam?
Take the state portion of the Georgia licensing exam - answer✔✔A licensee from Florida is
seeking a non-resident license in Georgia. What does the commission require of this applicant?
A non-resident license - answer✔✔Jack is a licensee who lives in Alabama. If he wants to
provide real estate services in Georgia, what must he obtain?
None - answer✔✔Jim would like to sell his own home. What is the minimum real estate license
he must possess?
Florida
A resident licensee from Florida will be required to take the state portion of the licensing exam
when seeking a non-resident license in Georgia. - answer✔✔A licensee from which neighboring
state is required to take the state portion of the licensing exam in order to obtain a non-resident
license in Georgia?
72% - answer✔✔In order to successfully pass the licensing exam, a salesperson applicant needs
a minimum score of ______.
A person or an entity
A broker's license can be held by a person or an entity, such as a corporation or partnership. -
answer✔✔Which of the following can hold a broker's license?
Inform his broker and stop practicing real estate.
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Only licensees who hold an active license may practice real estate. - answer✔✔Chip, a real
estate licensee, just noticed that he missed his renewal deadline, and he's in the middle of a real
estate transaction. In fact, his clients close in three days. What can he do?
Enter into a written agreement with a Georgia broker
Jacob must have a written agreement in place with a Georgia broker before he can be involved in
a real estate transaction. - answer✔✔Jacob, a broker and Tennessee resident, would like to do
business in Georgia, but doesn't want to obtain a non-resident license. What's another option for
him?
Broker - answer✔✔Consuela is a real estate licensee, and she has three other licensees working
under her supervision. What type of license does Consuela hold?
He can search real estate sites and resources to find available homes in the area. -
answer✔✔Tom is an unlicensed individual helping his sister, Katie, find a new house, in return
for a trip to Europe. Which of the following activities can Tom legally perform?
Doesn't need a real estate license
Remember that compensation is one factor in the requirement for licensure. - answer✔✔Amanda
helps her neighbor sell his home by assisting with negotiations. She receives no compensation
for her assistance. Based on this one transaction, Amanda ______.
Real estate salesperson - answer✔✔In the real estate business, which professional's primary role
is to provide brokerage services to clients while under a broker's supervision?
Real Estate Counselor - answer✔✔In the real estate business, which professional's primary role
is to provide clients with the information they need to make informed decisions about their own
specific real estate interests?
Mortgage and equity - answer✔✔What are the two types of Real Estate Investment Trusts?
Real estate syndicate - answer✔✔What type of real estate investment may meet the definition of
being a security and must adhere to the rules and regulations of the Securities and Exchange
Commission?
Real estate debt
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Mortgage REITs don't buy properties, but instead invest in real estate debt, primarily commercial
and residential mortgage-backed securities. - answer✔✔What does a mortgage Real Estate
Investment Trust invest in?
Office buildings - answer✔✔Which type of real estate property can be divided into classes A, B,
and C?
A syndicate - answer✔✔What does the following define: "An organization with many members
who jointly participate in a real estate investment"?
When it's intended to make a profit solely derived from the management effort of others -
answer✔✔When is an investment a security?
Real estate educator - answer✔✔In the real estate business, which professional's primary role is
to provide training to individuals who want to obtain their real estate license or who need to keep
their license current?
Real estate mortgage investment conduit - answer✔✔What type of real estate investment is
similar to collateralized mortgage obligations (CMOs)?
Real Estate Salesperson - answer✔✔In the real estate business, which professional's primary role
is to provide brokerage services to clients while under a broker's supervision?
Industrial - answer✔✔Because these types of properties have both specific physical and complex
operational requirements, they are usually handled by more experienced real estate professionals.
Traditional Lenders - answer✔✔In the real estate business, which professional's primary role is
to finance mortgage loans, while also funding development/construction projects if the risk is not
too great?
Investor - answer✔✔In the real estate business, which professional's primary role is to fund high
risk land development/construction projects?
Leisure - answer✔✔Hotels, motels, golf courses, resorts, and sporting arenas belong to which of
these property categories?
An analyst determines investment potential; an appraiser determines value. - answer✔✔What's
the difference between a real estate analyst and a real estate appraiser?
Residential - answer✔✔Single-family, multi-family (duplex, triplex, etc.), apartment buildings,
condominiums, and cooperatives are part of what property category?
Real Estate Counselor - answer✔✔In the real estate business, which professional's primary role
is to provide clients with the information they need to make informed decisions about their own
specific real estate interests?
