GEORGIA MLS PRACTICE EXAM QUESTIONS WITH

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GEORGIA MLS PRACTICE EXAM QUESTIONS WITH

CORRECT DETAILED SOLUTIONS LATEST ACTUAL EXAM

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When should a licensee disclose to the parties whom their firm intends to represent in a transaction? - CORRECT ANSWER✔✔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? - CORRECT ANSWER✔✔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

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2 Whether or not a real estate sales affiliate in GA may act as a buyer's agent will be

determined by: - CORRECT ANSWER✔✔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? - CORRECT ANSWER✔✔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? - CORRECT ANSWER✔✔You must deal with them honestly

A brokerage engagement in GA creates an employment agreement between: -

CORRECT ANSWER✔✔Broker and client

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3 Regarding the Brokerage Relationship in Real Estate Transaction ACT (BRRETA), how are agency relationships created? - CORRECT ANSWER✔✔Agency relationships may be created only through written brokerage engagements

Under a listing agreement, the primary agency relationship involves: - CORRECT

ANSWER✔✔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? - CORRECT

ANSWER✔✔$86,000

According to BRRETA, a listing agent must voluntarily disclose to a buyer customer: - CORRECT ANSWER✔✔known latent defects 3 / 4

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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? - CORRECT ANSWER✔✔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? -

CORRECT ANSWER✔✔$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 - CORRECT ANSWER✔✔dual agent

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