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Georgia MLS Practice Class Exam Questions with Answers
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Georgia MLS Practice Class Exam Questions with Answers
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Georgia MLS Practice ClassExam Questions with 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
-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
-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
-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
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