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Final Exam-Colibri Real Estate|118 Questions and answers
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Final Exam-Colibri Real Estate|118Questions and answers
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 known as - -The
Safety or Carryover Extender Clause .
- Under GA Law , a listing broker - -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
- A Managing broker must have all licensed and unlicensed staff , whether
employees or independent contractors - -sign a written employment
agreement setting forth the relationship , the duties , and the compensation
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