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Georgia Real Estate Practice 52 questions Flashcards In Georgia the amount a broker may charge for a
commission is:a. 6.00%b. Up to 6%c. Up to 7%d.
Negotiable in the listing contract D.If a broker changes the address of their place of business, how many days does the broker have to notify the Georgia Real Estate Commission?a. 7b. 30c. 60d. 120 B.If the Georgia Real Estate Commission decides to revoke a salesperson's license, state law gives the licensee the right
to:a. Counter sue the commission for misappropriation of
valor.b. Counter sue the commission for negligence.c.Appeal the decision for judicial review.d. Practice real estate for another month.C.The Georgia Real Estate Commission established and maintains a real estate education, research, and recovery fund. What is one of the primary purposes of the fund?a.For sellers to recover lost money on sales agreements.b.For widows to gain money if their spouses passed away.c.For people to get recourse of uncollected judgement against licensees.d. For sellers to recover escrow money that banks have handled improperly.C.What does GCA stand for?a. The Georgia Contract Actb.The Georgia Condominium Actc. The Georgia Community Property Actd. The Georgia Condominium and Commons Act B.According to Georgia Law, are condominiums referred to as "Real Estate"?a. Yes.b. No.c. No, unless voted on by the applicable county.d. No, unless the owner declares "Association by Land" via A.G.G.A.A.How many hours of continuing education are required for Georgia real estate salespersons?a. 14b. 15c. 36d. 45 C.
Under agency law in Georgia dual agency is:a. illegal.b.
legal with the consent of one party.c. legal with the consent of the broker.d. legal with the consent of all parties.D.The law in all states that provides contracts for the sale of real estate or an interest in real estate are unenforceable
unless they are in writing and signed by the parties:a.
Statute of fraudsb. Statute of transferc. Statute of real estated. Statute of transgression A.In Georgia, which of the following is exempt from continuing education?a. Noneb. Agentsc. Brokersd.Brokers who have tenure (15+ years as broker) A.
Ideally, the Georgia Real Estate Education, Research, and
Recovery Fund should be at:a. $200,000.00b.
$250,000.00c. $500,000.00d. $1,000,000.00 D.Is Georgia a Community Property state?a. Nob. Yes, since 1983.c. Yes, as long as there is written consent from the homeowners.d. Yes, as long as there is written consent from the applicable brokers.A.Which of the following may receive compensation from the Georgia Real Estate Education, Research, and Recovery Fund?a. A nanny who is robbed by a group of teenagers.b.A broker who is let go from his firm because he is an atheist.c. A buyer who is robbed because he was on his way to view a house.d. A seller who pays a commission to a broker under false pretenses.D.Most states, including Georgia have abolished which of the following?a. Dower and Curtesy Lawb. The Fair Housing Actc. The Fourteenth Amendmentd. The Comprehensive Environmental Response, Compensation, and Liability Act A.Georgia law requires; anyone who lists, sells, leases, or deals in real estate transactions toa. live in Georgia.b. hold an active driver's license.c. hold an active real estate license.d. hold an active commissioner approved dealing license.C.According to license law in Georgia when must a broker deposit transactional funds into a trust account?a. After 3 business days.b. After 5 business days.c. As soon as possible unless the contract states otherwise.d. After the signature of all parties are received and the broker sends the paperwork to the commission.C.What is TRUE about an Associate Broker in Georgia?a. An Associate Broker is the same as a salesperson.b. An Associate Broker typically makes less than other real estate agents.c. An Associate Broker has to be commissioned directly by the acting commissioner.d. An Associate Broker may perform any real estate brokerage act that requires a license.D.Any application for compensation from the Georgia Real Estate Education, Research, and Recovery Fund must be brought within ____ days from the final determination of, or expiration of appeal rights concerning, any judgment.a. 7b.30c. 60d. 120 B.Should the commission pay from the real estate education, research, and recovery fund any amount in settlement of a claim or toward satisfaction of a judgment against a licensee, the license of such licensee shall be
automatically:a. Revokedb. Suspendedc. Terminatedd.
Cancelled A.
All real estate records in Georgia are maintained by the:a.
The Commissionb. The Commissionerc. The Clerk of Superior Courtd. The Van Bueren Company in Association
with the Georgia State Government C.
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