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Final Exam Review(Latest 2024)
Broker Jane has been accused of a law violation regarding commissions. Which of the following might result in her being found guilty? A) Jane paid a commission to her licensed personal assistant. B) Jane paid a commission to the wife of one of her licensees who was recently killed in an auto accident. The deceased licensee had earned the commission prior to his death. C) Jane paid a commission plus a bonus to one of her licensees. D) Jane paid a commission to a Florida licensee who is not licensed in Georgia for licensing activity in Georgia. - correct answers✅D) Jane paid a commission to a Florida licensee who is not licensed in Georgia for licensing activity in Georgia. Any salesperson can legally receive her share of the commission on a sale from A) her employing broker only. B) any cooperating broker with whom she completes a sale. C) a builder she represents in a sale
Final Exam Review(Latest 2024)
D) the purchaser of the home in a successful sale. - correct answers✅A) her employing broker only. Which of the following is NOT a protected class under Georgia fair housing law? A) Sexual preference B) Familial status C) Religion D) Race - correct answers✅A) Sexual preference Syed is an inactive licensee. He just moved to a new home across town. What must he do? A) Call the Commission and give it his new address. B) Report the address change when he's ready to reactivate his license. C) Send a written notice to the Commission within 30 days. D) Notify the post office to send a change of address notice to the Commission. - correct answers✅C) Send a written notice to the Commission within 30 days.
Final Exam Review(Latest 2024)
A) The property description B) The mortgage lender C) The method of payment D) Special stipulations the offer requires - correct answers✅B) The mortgage lender Kezia just bought and closed on a new home that cost $195,000. her mortgage amount is $165,500. how much is the intangible recording tax on Kezia's property? A) $ B) $ C) $165. D) $496.50 - correct answers✅D) $496. *An intangible recording tax is due and payable on each instrument securing one or more long-term notes at the rate of $1.50 per each $ $165,500 ÷ $500 = 331 331 x $1.50 = $496.
Final Exam Review(Latest 2024)
Salesperson Gordon refuse to accept an offer to purchase his home from buyer Juan Valdez of Columbia because Gordon feels the earnest money of $100 is not enough. Which of the following statements about Gordon's refusal is correct? A) Gordon is in violation of fair housing law because he discriminated on the basis of national origin. B) Since Gordon refused on the basis of the earnest money, he is not in violation of fair housing law. C) Gordon is in violation of civil rights law because he discriminated on the basis of race. D) Gordon is guilty of redlining - correct answers✅B) Since Gordon refused on the basis of the earnest money, he is not in violation of fair housing law. Jada is a community association manager. Which of the following would be one of her duties? A) Advising an owner about his legal liability for a visitor's injury on his property. B) Following the instructions of all the owners in the community association. C) Lending $1,000 to the community association.
Final Exam Review(Latest 2024)
A seller's agent must disclose any adverse physical conditions in the immediate neighborhood within _______ of a property. A) 1 mile B) 2 miles C) 5 miles D) 10 miles - correct answers✅A) 1 mile Jadarius has had his license suspended. By law, Jadarius's name will b e published on the Georgia Real Estate Commission website if the licenses has been suspended for how long? A) 15 days B) 30 days C) 60 days D) 90 days - correct answers✅C) 60 days Why was the Real Estate Education, Research and Recovery Fund established? A) To educate the public about real estate
Final Exam Review(Latest 2024)
B) To fund courses for real estate agents C) To compensate consumers damaged by licensees' practices D) To conduct real estate research projects - correct answers✅C) To compensate consumers damaged by licensees' practices Which of these persons would require a real estate license? A) Suresh is a full-time employee of a utility company. He negotiates and acquires leases for the company. B) Greta is an attorney who conveys real estate under a power of attorney. C) Jack refers clients to his licensed broker brother and receives a fee from the parties he refers. D) A partnership sells a building owned by the partners. - correct answers✅C) Jack refers clients to his licensed broker brother and receives a fee from the parties he refers. Broker Larry received an earnest money check from a buyer for $3,000. He needed the money, so he cashed the check. At closing, he gave the seller a check for
Final Exam Review(Latest 2024)
Jake and Hal are partners in a real estate firm. Jake, the qualifying broker, dies unexpectedly. Which of the following statements is FALSE? A) Hal may temporarily saves as qualifying broker if the qualifying criteria are met. B) The designated partner can sign all documents that must filed with the Commission. C) Only Hal has the authority to disburse trust funds from the designated accounts. D) The firm has 60 days to secure a new qualifying broker. - correct answers✅C) Only Hal has the authority to disburse trust funds from the designated accounts. Jim is a community association manager and Dick is a property manager. Which of the following statements is NOT true? A) Jim deals with multiple owners. B) Dick has a single client. C) Jim interacts with his owner frequently.
Final Exam Review(Latest 2024)
D) Dick must have day-to-day contact with his client. - correct answers✅D) Dick must have day-to-day contact with his client. Ben is a broker who is selling his own home. When advertising his home for sale, all of the following is true about the ad EXCEPT that it A) must use the firm's name. B) must be honest. C) must clearly indicate that Ben is a licensed broker. D) may use Ben's own name. - correct answers✅A) must use the firm's name The Department can revoke salesperson Tobias's license if he does which of the following actions? A) Sells his home without using his employing broker. B) Represents a buyer in a real estate transaction. C) Persuades a seller to list with him in an exclusive agency arrangement. D) Deposits an earnest money check in his personal account. - correct answers✅D) Deposits an earnest money check in his personal account.
Final Exam Review(Latest 2024)
Salesperson Martha has signed a brokerage engagement with tenant Gale to find her an apartment to rent. Martha doesn't charge her tenant clients a fee because she gets her commission from the landlords. Martha tells one of the landlords that Gale can pay more rent than what the landlord is asking for. Which statement is true? A) It's okay that Martha told that to the landlord, since he will be paying the commission. B) Martha violated her duty of confidentiality to her client, Gale. C) It was wise of Martha to disclose this information to the landlord. D) It's against the law for Martha to get her fee from landlords; she should be getting it from the tenants. - correct answers✅B) Martha violated her duty of confidentiality to her client, Gale. Melinda lives in South Carolina. She wants to get a Georgia real estate salesperson's license. Which of the following is NOT a requirement for Melinda? A) She must be at least 18 years old. B) Melinda must furnish proof of completion of 75 hours of approved real estate courses.
Final Exam Review(Latest 2024)
C) She must establish residency in Georgia. D) Melinda must take and pass the Georgia real estate exam. - correct answers✅C) She must establish residency in Georgia. Mike, a partner in a partnership, has a widely known reputation of being a liar and untrustworthy. Which of the following is true? A) Mike cannot apply for a license. B) The Commission can deny the partnership a license based on his bad reputation. C) The Commission cannot deny him a license based on reputation alone. D) Mike can apply for a salesperson license but not a broker license. - correct answers✅B) The Commission can deny the partnership a license based on his bad reputation. *The Commission may deny a license to a partnership if a partner who owns more Thant 20% interest in the firm does not have a good reputation for honesty, trustworthiness and integrity. The term imputed knowledge could mean what an agent
Final Exam Review(Latest 2024)
C) Designated agency D) Buyer's agency - correct answers✅B) Undisclosed dual agency Broker Philippe has been found guilty of committing ten discriminatory housing practices over the past five years. The court may fine him up to A) $10, B) $25, C) $50, D) $100,000 - correct answers✅C) $50, Theresa wants to apply for a CAM license. She must meet all BUT which one of the following requirements? A) She must pass the written real estate exam with a score of 70% or higher. B) She must have completed at least 25 hours of a community association manager course. C) She must be 18 years old. D) She must have a high school diploma or equivalency certificate. - correct answers✅A) She must pass the written real estate exam with a score of 70% or higher.
Final Exam Review(Latest 2024)
Broker Tara has an offer to purchase a home listed with her firm. After the buyers sign all the paperwork and Tara accepts their earnest money, what must she do? A) Deposit the earnest money in her personal account for safekeeping. B) Fill out a special earnest money form for the buyers to give to their lender. C) Hold the offer until she receives at least one more before presenting to the seller. D) Give the buyers a copy of the agreement right away. - correct answers✅D) Give the buyers a copy of the agreement right away. What is true about brokerage engagements in Georgia? A) A brokerage engagement can only be drawn up by an attorney. B) A promise of compensation automatically creates a brokerage engagement. C) They must be on specially-designed and approved forms.
Final Exam Review(Latest 2024)
C) The license is mailed to the broker and the pocket card is mailed to the licensee. D) They are mailed to the employing broker's home address. - correct answers✅B) They are issued to the employing broker's business address. According to the Sherman Antitrust Act, which of the following statements is legal? A) "Our company pays 3% of the sales price to subagents." B) "You can't sell properties on this side of town because your office is in another county." C) "We don't cooperate with Branson Realty because they discount their commissions." D) "Everyone charges the same, so you might as well list your property with me." - correct answers✅A) "Our company pays 3% of the sales price to subagents." Broker Jackson has given salesperson Anantha permission to hold trust funds in a designated trust account that she owns. Jackson is obligated to give all of the following information the Commission EXCEPT A) Anantha's name.
Final Exam Review(Latest 2024)
B) The account number of Anantha's trust account. C) A quarterly reconciliation statement on the account. D) The name of the bank where Anantha maintains the account. - correct answers✅C) A quarterly reconciliation statement on the account. Broker Chelsea falsified proof of completion of continuing education to renew her license. The Commission can do any of the following EXCEPT A) refuse to renew her license. B) convict her of a crime. C) suspend her license. D) revoke her license. - correct answers✅B) convict her of a crime. Commission members must be Georgia residents for at least how long before they are eligible for appointment? A) 2 years B) 5 years C) 8 years D) 10 years - correct answers✅B) 5 years
