Colibri Real Estate Final Exam Part One Flashcards

Colibri Real Estate Final Exam Part One Flashcards At the end of the year , what tax form will an independent contractor receive to document their income

1099 - MISC

If a broker supervises the real estate activities of an associated licensee , that licensee CANNOT be considered an independent contractor .False Seller Mark knew he had a leak in the attic . He hired a roofing company to replace the shingles and didn't notice any more moisture in the attic . Two weeks after buying Mark's house , Ann sees a new damp stain on an upstairs ceiling and sues Mark . Do you think Mark was obligated to disclose the leak ?No The Commission rules and regulations may be adopted under what circumstances?They must fall under the umbrella of the license law.Commission-approved instructors and schools are prohibited from accepting any exam content information from licensees.During a family gathering , your brother - in - law mentions a desire to see a property that you personally have listed .You make arrangements to show him the property . Which statement is FALSE ?Since you listed the property before your brother - in - law asked about it , you cannot represent him as it's too late to disclose the family relationship ."The brokerage will provide the owner with a list of names of all persons, with whom the brokerage or any other person negotiated concerning the above described property during the period of this listing no later than 14 days, subsequent to the termination date of the listing agreement. If the property is sold to any person name in the list prior to the real listing of the property, without the services of another brokerage, and within 90 days of the termination date of this contract, seller agrees to pay the brokerage a commission of 6.5%. " this is an example of a/an Extender or broker protection clause Terry is applying for an associate broker license. Which of the following factors would be most likely to bar him for licensure?Current noncompliance with a child support order Alonso's license has been lapsed for six months. What must he do to reinstate it?Pay the reinstatement fee of $100, plus an additional fee of $50 and the total of any outstanding late charges and renewal fees According to Georgia Code, what character traits are necessary for licensure?Honesty, trustworthiness, integrity, competence 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

An individual securing leases for a private utility company is an example of exempted licensure status.If listing agent Keith tells a potential buyer about Shirley's suicide , and the buyer consequently withdraws the offer , do you think that the executor of Shirley's estate has any recourse against Keith ?Yes Which of the following are required for license renewal?3 hours of continuing education in Georgia license law Which is correct concerning an original license activation?Individual and firm applicants must pay an activation fee and renewal fee.If a licensee cannot be located, which of the following people serve as the licensee's agent in the hearing?The Commissioner Signing a consent to jurisdiction form relates to qualifying for nonresident licensure in another state.For a real estate licensee , which is NOT a characteristic that indicates they are an independent contractor ?The licensee must be paid for hours spent in the brokerage office Which of the following is not a possible disciplinary action of the Commission?Imposing a fine of $20,000 for multiple violations What is the purpose of the Commission's rules and regulations?To clarify sections of the law In conducting an investigation, which of the following is true?A hearing is held whether or not the licensee attends.Sally lists her property for sale with broker. Al learns that the property is about to be rezoned to a higher use. He tells Sally he would like to purchase the property himself . She agrees , and the sale closes. Six months later Al resells the property for a significant profit . This is legal as long as before Sally agreed to the sale , Al informed her of the upcoming zoning change and what it would do to the property's value .Broker Jonathan commits a single minor offense. What disciplinary action will he most likely receive from the Commission?censure No one is permitted to bring about or maintain any action in the courts following an alleged violation, unless they can prove that the person was a licensed broker in Georgia at the time the alleged cause of action arose.The Commission is holding a hearing on a violation that salesperson Sean has committed. Unfortunately, the hearing is scheduled on a day that Sean has to go to work, and he risks losing his job if he doesn't clock in. He decides he cannot go to the hearing. Which of the following are true?The hearing will take place whether or not Sean chooses to attend.The Commission must hold a hearing before issuing any sanctions, citations, or disciplinary action, regardless of the severity of the violation.False Which agreement limits the buyer to representation by a single brokerage, and the broker is payed the negotiates fee only if the broker finds the property that the buyer eventually purchases?Exclusive agency buyer agency agreement One of the responsibilities of Commission members is tomonitor the availability of licensure to the public.

Kevin is looking for a house and calls broker Guy about a listing he saw on a yard sign . At this point , Kevin just wants to learn a little bit about the house. Which question would most likely trigger the need to present agency disclosure?How quickly might the owner want to close ?The value of a property will NOT be affected by title insurance.Of these , which is a duty that a real estate licensee owes to the client and the customer?disclosure Inducing any person to alter, modify, or change another licensee's fee or commission for real estate brokerage services without that licensee's prior written consent is a violation of Georgia License law.Partnerships, corporations, and limited liability companies must each have how many broker licenses?Two Gus wants to purchase a 45,000 SF rectangular parcel of land. He knows that the side of the lot facing the road is 125 feet wide The parcel of land is 300 feet in length .False. When you know the area , you can divide by the

length to find the width : 45,000 / 125 = 360 feet in length

Which of these do you think would LEAST LIKELY be considered a material fact ?loud neighbors As the supply of homes in the area rises, what would you expect to happen to home prices in the short term Home prices will fall slightly from their high points.Phil, a real estate licensee, considers going to work for JJ realty. Broker Jana James offers him a 60%-40% split on commission. If JJ realty takes in $5,000 total commission on Phil's first sale, what is Phil's split

$3,000

Lisa wants to sell her house, so she sounds an exclusive right to sell agreement with broker Lori of Lakeside real estate. Lisa promises to pay Lakeside a commission when the house sells. This is an example of a bilateral contract.True or false True According to reciprocity,a nonresident licensee may have to meet Georgia exam requirements if her home state's exam requirements are not comparable to Georgia's A parcel of land is 500 feet wide and 135 yards long .What's the age property ?First , you need to convert the length of 135 yards to feet ( 135 x 3405 ) . Then , multiply the length by the width to find the square footage ( 405 x 500=202,500 ) What is the name of the 1996 federal law that requires states to develop a procedure to notify community residents of sexual offenders living in the area?Megan's law The Commission's efforts towards impartiality relates best to not using registration laws in settling private disputes.While searching for a new qualifying broker, a limited liability company must designate a member to disburse trust funds.The signing of what document creates an agency relationship with a potential seller ?Listing agreement

A real estate licensee is more likely to be an employee od his broker. True or False?False Each of these are social factors that may affect the real estate market EXCEPT scarcity What fines may be imposed by the Commission for rules violations?A maximum of $1,000 for a single offense or $5,000 for multiple violations Listing agent Jay is aware that the the house has some mold damage that is hidden from view. He notes that the seller included this information on the property disclosure form and Jay includes it in the MLS but makes no further mention of it to prospective buyers. Do you think that Jay has done all that he needs to do to disclose this information?Yes Under Georgia license law, a licensee must remove any sign placed on a property offering it for sale within how many days of the expiration of the listing?10 days Do you think that it's necessary for a real estate broker to have a listing on a property in order to advertise it?No If a licensee fails to meet the terms of the written transfer agreement, the broker must sign the release but may file a complaint with the Commission.A licensee can begin working oncethe employing broker receives the licensee's wall license Jana provides property management services for a property that is available for occupancy by guests for up to 60 days. Which of the following is true?She does not need a property management license, as the property is available for fewer than 90 days.What can be considered is the most important factor in determining supply in the real estate market?economic base of an area Which of the following is true about ministerial acts?A license is not required to perform them June , a small business owner , is moving out of state and needs to sell her home as well as her store property .Broker Harold tells seller June that he will take a lower commission on the sale of her house if she lists her commercial property with him , too . Do you think Harold must disclose his arrangement to the bu June's house ?No A buyer is looking at a house in a neighborhood with newly installed sidewalks, and the buyer ask about taxes, the seller assures them that the home isn't subject to any special assessments. The buyers agent should?Advise the buyer that the property may be subject to special assessments and recommend at the buyer look into it If a seller has knowledge of a sexual offender next door , he must disclose it .False. Sellers typically are required to disclose this information only if a prospective buyer asks directly .True or false, Real estate cycles tend to lag somewhat behind general business cycles in response to supply and demand .True The sellers agent knows that the seller intentionally failed to disclose on the property disclosure statement that the basement leaks during heavy rains. The sellers agent