Georgia MLS Practice Class Questions and Correct Answers | Latest Update
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Course
Georgia MLS
Institution
Georgia MLS
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
ti...
Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
Georgia MLS Practice Class Questions and
Correct Answers | Latest Update
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.
~ 1 ~ for inquiry mail me @ supergrades12@gmail.com
, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
You are a salesperson representing the seller. What are your duties when working with a
buyer/customer?
You must deal with them honestly
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?
~ 1 ~ for inquiry mail me @ supergrades12@gmail.com
, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
$86,000
According to BRRETA, a listing agent must voluntarily disclose to a buyer customer:
known latent defects
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
~ 1 ~ for inquiry mail me @ supergrades12@gmail.com
, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
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
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?
~ 1 ~ for inquiry mail me @ supergrades12@gmail.com
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