Final Exam-Colibri Real Estate Questions and Answers 2024/2025
7 views 0 purchase
Course
Colibri Real Estate
Institution
Colibri Real Estate
All six members of the Georgia Real Estate Commission are appointed by
→ The Governor of Georgia
How many commission members must be licensed
→ Five of the six members of the Georgia Real Estate can have licenses One must be an
unlicensed member of the " general public 3. EARLNOTES
What m...
Final Exam-Colibri Real Estate Questions
and Answers 2024/2025
1. All six members of the Georgia Real Estate Commission are appointed by
→ The Governor of Georgia
How many commission members must be licensed
→ Five of the six members of the Georgia Real Estate can have licenses One must be an
unlicensed member of the " general public 3. EARLNOTES
What must happen with all funds in a sale
→ All money that belongs to clients or customers must be deposited in the brokerage trust
fund as soon as possible ASAP after receipt .
What is the procedure for license expiration
→ When a license has been lapsed for more than two years but less than five years the
former licensee may request reinstatement and retake a 75 - hour pre - license course
. After ten years the former licensee must follow the procedure for new applicants .
Which descrihes dual agency
→ When a broker appoints one of his agents to serve the seller and one to serve the
buyer , they are called designated agents and the broker will serve as a dual agent .
What happens when someone recieves mistreatment from a real estate licensee
→ When a consumer or client ( not another licensee or a relative of the accused licensee )
is financially damaged by the actions of a licensee , he or she can file , through the
court a claim against the Georgia Real Estate Education , Research and Recovery Fund
for reimbursement up to $ 25,000 per transaction .
For a brokerage or any licensee under a managing broker to be considered a Dual Agent ,
he / she must
→ obtain written permission from both the seller and the buyer before acting on behalf
of either party . BIRTH MONTHS
When are renewal deadlines for licensees
→ All renewal deadlines for licenses are set for the last day of the licensee's birth month
every four full years . ( The licensee's first renewal period may be longer , depending
on when the license was obtained . It starts the last day of the birth month that arrives
after the license is obtained ) .
What is the training hours required for licensees
→ Assuming a licensee has competed the 25 - hour GA Post License Course during the
first year of licensure ) , he will receive credit for 9 hours of Continuing education and
will only need to complete 27 hours of CE during the rest of the licensee's first licensure
period . For the second four - year period and each renewal thereafter . the
requirement is 36 hours of CE.
If a buyer client wishes to withdraw from a contract and get h his earnest money returned the
salesperson must
→ REFER the issue to the EMPLOYING or managing BROKER for a decision
When every original license fee is received , of the funds received _____from each license
fee is allocated to fund the RE Education , Research and Recovery Fund
→ 20$
The clause in an agency agreement used to safeguard the broker from unscrupulous buyers or
sellers , who would take the broker's generated leads , but then buy or sell the property once
the listing agreement has expired in order to avoid paying the commission to the licensee is
→ does not have to share his sales commission with the selling broker who has procured
the ultimate buyer, this is legal and not against GA real estate law.
Every brokerage must maintain
→ an accounting system to detail all receipts and deposits received from others that are
under the control of the brokerage.
When two people want to simply exchange one property for for another , the person who
handles the details for a fee must have
→ either a real estate license or a law license
Members of the Georgia Real Estate Commission serve
→ 5 year terms
Whenever a property owner engages a licensee to list list property for sale where the
commission is not a pre set percentage or simple dollar value but will be all funds than remain
after the owner receives a certain amount the arrangement is called a
→ NET LISTING and is illegal .
In order to change from one brokerage to another the licensee needs to
→ get the current managing broker to to sign a release form and send it to the
commission
1|Page| GradeA+ | 2 0 0 2 5
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 TestTrackers. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
