Exam (elaborations)
GA Real Estate Practice Exam/997 Questions With Complete Solutions
- Course
- Institution
GA Real Estate Practice Exam/997 Questions With Complete Solutions
[Show more]
Seller
Follow
Victorious23
Reviews received
Content preview
GA Real Estate Practice Exam/997Questions With Complete Solutions
What fines may be imposed by the Commission for rules violations? - -A
maximum of $1,000 for a single offence or $5,000 for multiple violations
-Charging advance brokerage fees is - -a duty of a broker.
-Agency can best be described as - -a written representation agreement
between broker and client.
-Which is true concerning the Commission Chairperson? - -He is appointed
by the Commission members annually.
-The Georgia Real Estate Commission is - -comprised of 6 members
appointed by the governor and confirmed by the Senate.
-Which of the following best describes a brokerage agreement? - -A written
compensatory agreement between broker and seller
-The Commission's disciplinary authority includes - -requiring periodic
accounting reports related to trust violations.
-One of the responsibilities of Commission members is to - -monitor the
availability of licensure to the public.
-Brokerage related activities not requiring the exercise of the licensee's own
judgment best describe - -ministerial acts.
-The license period in Georgia is - -4 years for both salesperson and
brokers.
-Which of the following describes the property management licensing
exemption? - -When any individual employed by a broker assists in property
management services on residential property
-Concerning the Georgia licensing exam, which of the following is true? - -A
passing grade of 75% or higher is required.
-The "innkeeper's" exemption is characterized by - -a written agreement
with owner involving occupancy not exceeding 90 days.
-Which is true concerning a lapsed license? - -The license must be
immediately surrendered to the Commission.
, -Once a salesperson has been issued his original license, he or she must
satisfactorily complete a mandatory ______ course of post-license study. - -
25-hour
-Signing a Consent to Jurisdiction form relates to - -qualifying for non-
resident licensure in another state.
-qualifying for non-resident licensure in another state. - -Both brokers and
associate brokers may serve as the qualifying broker with multiple licensed
firms.
-Which is true concerning a non-resident licensee applying for a Georgia
license. - -Must submit proof of current licensure from the applicant's state
of residence
-If a broker applicant does not apply for a license within one year of passing
the exam, the applicant must - -retake the licensing exam.
-Which of the following is true concerning Georgia business licenses? - -One
broker is designated as the company's qualifying broker.
-One broker is designated as the company's qualifying broker. - -a lapsed
license requiring reinstatement and renewal fees.
-A licensee on inactive status who changes his or her address must notify
the Commission of the new address - -within 30 days.
-Which is correct concerning an original license activation? - -Individual and
firm applicants must pay an activation fee and renewal fee.
-If a licensee transfers from his or her current broker to a new broker, what
must the current broker do? - -Sign a transfer and send the licensee's wall
certificate to the Commission.
-Which of the following may be filed online? - -Renewing licenses
-Under which condition might the Commission choose to extend a renewal
without the licensee having to pay the required fees? - -A licensee living in a
designated disaster area suffers uninsured damage to his home.
-Which of the following is true concerning the qualifying broker's death? - -
The entity must secure a new qualifying broker within 60 days.
, -Which of the following is true concerning a transferring licensee? - -The
licensee may continue written brokerage engagements if specifically
authorized by the existing broker.
-A salesperson can begin working as a real estate licensee - -once the
employing broker receives her wall license.
-In terms of its investigative functions - -Commission may hire qualified
outside help only for needed special expertise or circumstances.
-A dual agency agreement must contain which of the following? - -
Disclosure of any material relationships existing between clients
-Under BRRETA, a broker who performs services for a client owes that client
or customer - -only the duties and obligations within this law, unless the
parties expressly agree otherwise in writing and signed by the parties.
-Which of the following are BRRETA facts that apply to the liability of brokers
engaged by landlords? - -A broker does not have a duty to discover any
potential adverse facts affecting either the neighborhood or subject property.
-Under BRRETA, a buyer's broker must disclose to the prospective seller
material facts known by the broker involving - -a buyer's financial ability to
perform to the terms of the sale.
-Which of the following is true regarding ministerial acts performed by the
seller's broker for the buyer? - -Performing ministerial acts for the buyer
cannot be construed to form a brokerage engagement with the buyer.
-Agency confidentiality may terminate when - -specific information present
within the current relationship becomes public record.
-Under BRRETA, a tenant's broker must disclose to a prospective landlord - -
all material facts in a timely manner.
-BRRETA requires the broker to disclose which of the following to a
prospective tenant? - -All material facts within one mile of the subject
property
-Examples of readily available public records for review by prospective
renter would include - -plat maps, zoning ordinances, and flood maps.
-Which statement is correct concerning responsibility for discovering and
divulging adverse material facts? - -Obtaining information about the physical
condition of the property rests with the broker, landlord, and tenant.
, -Which is true concerning the broker-tenant relationship? - -May assist the
landlord in ministerial acts
-According to BRRETA, a broker engaged by a seller has the duty to present
all offers to and from the seller - -in a timely manner.
-Which of the following is true regarding client confidentiality versus
conveying false customer information? - -The broker's duty to not give out
false customer information must always prevail.
-What is the name of the Georgia law that governs the agency relationships
of brokers with sellers, buyers, landlords and tenants of rights and interests
in real property? - -BRRETA
-Which of the following is true concerning dual agency? - -It must be by
written consent by all parties to a transaction.
-Which of the following is true pertaining to possible trust account
violations? - -Which of the following is true pertaining to possible trust
account violations?
-Which of the following is true regarding earnest money accounts? - -
Earnest money may be deposited into interest bearing accounts if the
contract so stipulates.
-A broker may allow commissions due the broker that are being paid from
funds of others held in the broker's designated trust or escrow account to
remain in the account under certain conditions. One condition is that the
broker removes from the account the broker's funds that exceed the
minimum necessary to comply with bank regulations. These must be
removed - -every month.
-If an associate licensee owns rental property, which of the following is
applicable according to Georgia law? - -Must deposit any security or trust
funds into a broker designated trust account
-Concerning abandoned trust funds disbursal, which of the following is true?
- -A licensee may disburse funds if in compliance with the Disposition of
Unclaimed Property Act.
-The illegal act of mixing the client's monies with the broker's or firm's funds
is known as - -commingling.
-A broker's paid commission is considered in compliance with the
Commission's trust account laws under which circumstances? - -When the
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Victorious23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $30.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now