Real Estate Express- GA Final Exam Flashcards

Real Estate Express- GA Final Exam Flashcards Signing a Consent to Jurisdiction form relates to...-establishing licensure reciprocity between Georgia and another state.-transferring educational records to another state for licensure qualification.-qualifying for non-residential status between state jurisdictions.-qualifying for non-resident licensure in another state.qualifying for non-resident licensure in another state.In dual agency, an agent's actual knowledge pertains to-both what information an agent knows and what he/she should know.-only the specific information provided to the agent by the respective participants.-express information of facts about a property or client's circumstances.-actual or imputed knowledge based on an agent's role and expertise as a licensee.express information of facts about a property or client's circumstances.BRRETA requires the broker to disclose which of the following to a prospective tenant?-All material facts within the defined neighborhood boundary-All material facts within one mile of the subject property-Only those facts which are available through an inspection of public records-All public records which are not available for inspection by the prospective tenant All material facts within one mile of the subject property When surrendering a license, the licensee must forward the wall license and pocket card to the Commission...-within 10 business days.-within 10 business after securing a new brokerage office.-20 days after requested by the Commission.-immediately.immediately.Which of the statements is true concerning a designated agency?-Neither the broker nor a broker's agent act as a dual agent.-A broker may designate one agent to represent both buyer and seller.-Designated agency is virtually synonymous with dual agency in terms of client relations.-Two designated agents may not be involved in the same transaction.Neither the broker nor a broker's agent act as a dual agent.Failure to submit a renewal application in a timely manner will result in...-immediate license suspension with associated reinstatement fines.-a lapsed license requiring reinstatement and renewal fees.-1 year in which to reinstate the license with corresponding reinstatement fees.-license revocation requiring the licensee to start from scratch.a lapsed license requiring reinstatement and renewal fees.If a nonresident licensee terminates the affiliation with a Georgia broker, what occurs with the license?-The license

will automatically be considered inactive.-The license will automatically be terminated.-The license will remain active for 30 days and then go to inactive status.-The licensee may file an extension request form with the Commission.The license will automatically be terminated.

Which of the following is true regarding ministerial acts performed by the seller's broker for the buyer?-It is not permissible for a broker engaged by a seller to show alternative properties to prospective buyers.-Performing ministerial acts for the buyer cannot be construed to form a brokerage engagement with the buyer.-Performing ministerial acts for the buyer forms a brokerage engagement with the buyer.-Performing ministerial acts is a violation of the brokerage engagement with the seller.Performing ministerial acts for the buyer cannot be construed to form a brokerage engagement with the buyer.Practicing real estate without a license the Commission has the authority to...-fine the offender up to a maximum of $10,000.-issue a cease and desist order plus a $5,000 maximum fine.-issue a cease and desist order plus a $1,000/day fine.-issue a writ of non-compliance plus $2,000/day fine.issue a cease and desist order plus a $1,000/day fine.Which is true concerning a lapsed license?-The license is revoked by the Commission after 6 months.-The licensee must reinstate the license within 1 year after it lapses.-The license must be immediately surrendered to the Commission.-The licensee may request from the Commission a "reinstatement wavier of exception".The license must be immediately surrendered to the Commission.The "innkeeper's" exemption is characterized by-a written or oral agreement with owner involving rental units not exceeding 60 days.-a written or oral agreement with owner involving occupancy not exceeding 120 days.-a written agreement with owner involving rental units not exceeding 30 days.-a written agreement with owner involving occupancy not exceeding 90 days.a written agreement with owner involving occupancy not exceeding 90 days.Under BRRETA, listings will terminate under which of the following conditions?-Completion received for performance of the task and duties to the client-Assuming no expiration date, one year after the initial engagement date-The broker ends the relationship at any time by written notice.-Assuming no expiration date, two years after the initial engagement date Assuming no expiration date, one year after the initial engagement date Which of the following are qualifications for salesperson licensure?-21 years old, US citizen, high school graduate, 60 hour pre-license course, 80% or higher on exam-18 years old, Georgia resident or resident of another state, 75 hour pre-license course, 75% or higher on state exam-21 years old, Georgia resident, high school graduate, 90 hour pre-license course, 75% on state test-18 years old, US citizen, high school graduate, 70 hour pre-license course, 75% or higher on exam 18 years old, Georgia resident or resident of another state, 75 hour pre-license course, 75% or higher on state exam

Georgia law defines a transaction broker by which of the following?-A broker who performs ministerial acts for one of the parties to a transaction-A broker who performs ministerial acts for one or more of the parties to a transaction-A broker who has entered a relationship with one of the parties to a transaction and is paid only by that party-A broker who is representing one or more of the parties and is paid by one or more of the parties of the transaction A broker who performs ministerial acts for one or more of the parties to a transaction In order to establish agency, the broker must...-establish either an oral or written fiduciary relationship with a prospective client.-establish a written fiduciary relationship with a prospective client.-establish proof of an existing brokerage engagement through a compensation agreement with a client.-tell the client of available options in order make an informed decision.tell the client of available options in order make an informed decision.If a licensee lets his or her license laps for 6 months, how much will the reinstatement fee be?$100$150$25$125 $150 The Commission rules and regulations may be adopted under what circumstances?-They must pass by a majority vote of the commission members.-They must be approved by the legislative Real Estate Oversight Committee.-They must fall under the required "umbrella" of fair and reasonable practices.-They must fall under the "umbrella" of the license law.They must fall under the "umbrella" of the license law.Which of the following is true concerning Georgia business licenses?-A sales licensee cannot participate in the company's ownership.-One broker is designated as the company's qualifying broker.-They may not be issued to sole proprietorships.-Salespeople and associate brokers are not allowed to incorporate themselves within the company.One broker is designated as the company's qualifying broker.A licensee on inactive status who changes his or her address must notify the Commission of the new address-within 30 days.-within 60 days.-within 45 days.-as soon as the new address is established.within 30 days.Which is true concerning the Commission Chairperson?-He is appointed by the governor every 5 years.-He is appointed by the Commission at the beginning of each new term.-He must have served on the Commission for a minimum of 3 years.-He is appointed by the Commission members annually.He is appointed by the Commission members annually.Which of the following is true concerning a broker engaged by a tenant?-Is considered a conflict with the landlord relationship and is not allowed under Georgia law-Present