Colibri Real Estate Real Estate Express Final Exam Review

Colibri Real Estate (Real Estate Express) Final Exam Review Flashcards Broker James has a listing based on net price. Which statement is true?A) This will be a more profitable listing for James.B) This listing is illegal in GeorgiaC) This listing is legal if the seller agreed to do it.D) James must get permission from the Commission to have this listing

• This listing is illegal in Georgia

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.

• Jane paid a commission to a Florida licensee who is not

licensed in Georgia for licensing activity in Georgia.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."

• "Our company pays 3% of the sales price to subagents."

Kim is the title officer handling the transfer of Greg and Ashley's house to buyers Alex and Amanda. As they gather at the settlement table, Kim has stacks of documents that need to be signed in order to complete the transaction.Who signs the deed?A) Alex and AmandaB) Greg and AshleyC) Greg, Ashley, Alex and AmandaD) Greg, Ashley and Kim

• Greg and Ashley

Broker Chelsea falsified proof of completion of continuing education to renew her license. The Commission can do any of the following EXCEPTA) refuse to renew her license.B) convict her of a crime.C) suspend her license.D) revoke her license.

• convict her of a crime.

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.D) They must be in

writing to be enforceable.

• They must be in writing to be enforceable.

Which statement about lead paint is FALSE?A) Issues arise when lead-based paint begins to chip or flake.B) Lead paint disclosure must be made when selling a house built prior to 1982.C) Lead poisoning occurs via the nose and

mouth; it must be breathed in or ingested.D) Lead present in water is colorless, odorless, and tasteless.

• Lead paint disclosure must be made when selling a

house built prior to 1982.Cathy bought a house for $285,000. She made a $60,000 down payment. After 5 years the balance of the loan was

$150,000. Assuming no depreciation in the property, how much equity does Cathy have?A) $225,000B) $135,000C)

$160,000D) $182,000

B) $135,000