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Real Estate Express Post-License Final Exam Study Questions and answers.
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Real Estate Express Post-License Final Exam Study Questions and answers.
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Real Estate Express Post-License Final Exam Study
Questions and answers
What is the mix of the licensed and unlicensed members of the real
estate commission? - answer 5 licensed and 1 unlicensed
How many members are there in the real estate commission? -
answer 6
How are the Georgia Real Estate Commission (GREC) members
selected? - answer All members are appointed by the governor.
What fines can be imposed by the commission? - answer The GA RE
Commission has the authority to take disciplinary action for a
violation of the license law such as suspension or revocation of a
license, or extra education. The Commission does NOT have the
authority to imprison violators or issue fines greater than $1,000 for
a single violation or $5,000 for multiple violations.
What is the the innkeepers exemption? - answer a license
exemption in Georgia for someone who operates a motel/hotel so
long as he or she does not have THREE suites available for longer-
term leases.
What is the qualification for an innkeeper's exemption? - answer
The security deposit given must not exceed the cost of the rental
required for the minimum rental period.
What is the license requirement for 90 day rentals? - answer If a
person is managing rental property that is leased and occupied for
more than 90-days he must have a real estate license.
,What must be proven in order for a salesperson to reinstate a
lapsed license? - answer Any salesperson whose license lapses for
failure to complete the post-license course may reinstate the license
by completing the course within six months of the lapsing of the
license, if ALL of the following conditions are true
(1) The licensee enrolled in the post-license course within one year
of the issuance of an original license
(2) He or she paid all required fees for the course
(3) The licensee failed to complete the class requirements, can
produce a medical doctor's certificate explaining the incapacitation
which caused the failure to complete the course OR shows proof
that the failure was due to cancellation of the course by the
approved school.
When must licenses be renewed? - answer The licensee renews the
license every 4 years by the last day of the applicant's birth month
by showing proof of completion of all continuing education
requirements and paying the renewal fee.
Can a Georgia licensee move out of state and still practice real
estate in GA? - answer Yes, as long as he or she does not obtain a
license in the new state of residence.
How long does it have to be, after a conviction, for the commission
to grant a real estate license? - answer 10 years
Is there a "standard" fixed commission rate? - answer There is no
rule or law to set or fix commissions. Brokerages who agree on
amounts to charge are guilty of violating the Sherman Anti-Trust
Act.
What are the penalties for embezzlement or other violations? -
answer A citation issued by the Commission might include any of
the following actions (1) A reprimand or censure in the case of
, minor offenses (2) Periodic reports from an independent accountant
on a designated trust account (3) Required attendance at an
applicable educational program or programs (4) Fines of up to
$1,000 for a single violation (5) Fines of up to $5,000 for multiple
violations.
*your license will NOT be suspended for 30 days
Would you have to pay the same amount if you renew your license
online? - answer Renewing a license on-line will result in a
discounted fee to the licensee.
How much does the Real Estate Education, Research, and Recovery
Fund get when an approved real estate school activates its original
license? - answer $20
Does the State Treasury deposit money into the Real Estate
Education, Research and Recovery Fund? - answer No, All money
deposited in the Recovery Fund is derived from license fees
collected from licensees or from income derived from investing the
funds. No money is given to the state treasury or is received from
the state treasury.
What must a broker do when a licensee leaves and goes to work for
a different broker? - answer the former broker must sign a release
form and send it to the Commission.
What is the difference between a transaction broker and a real
estate agent? - answer The transaction broker CANNOT disclose
confidential information, suggest an offering price or terms, or
participate in the negotiation process in any way other than carry
the offers back and forth.
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