unit27 Rules Flashcards

unit27 Rules Flashcards After a listing expires, a broker must remove any sign offering a property for sale within 10 days after the expiration of the listing. All licensees must have written permission to place a sign on any property offering it for sale or lease, and must remove any sign within ten days after the expiration of a listing.John Amos is selling his neighbor Jane Ashton's house for $385,000. John and Jane are unrelated and John is not licensed as a real estate agent. In Georgia John is practicing real estate without a license and guilty of a misdemeanor and subject to a fine of up to $1,000 per each day of the violation.The Commission can issue a cease and desist order that becomes final after issuance unless the party requests a hearing.When the Real Estate Commission denies a candidate's application for licensure in Georgia, the applicant is granted a legal process of appeal authorized under the Georgia Administrative Procedures Act.This statute provides that when a license is denied, the applicant is entitled to a hearing and can appeal for a judicial review if not satisfied with the findings of hearing.The real estate commission's business is conducted by the real estate commissioner who is a full time government employee who conducts the day to day activities of the department. The commissioner has no voting interests and can hire support staff.Commission Rules prohibit a licensed broker in Georgia from refusing to process an affiliate's request for a license transfer as soon as practically possible Should an agent's license be surrendered to the Real Estate Commission the licensee must return the wall certificate and pocket card to the Commission The Commission may deny a real estate license to an applicant if that applicant has a disciplinary sanction imposed by any occupational licensing body in Georgia or any other state.An agent with a license from another state can obtain a Georgia real estate license through a reciprocity agreement.Reciprocity agreements have been established with states whose education requirements are similar to Georgia's requirements. Georgia may exempt a nonresident licensee from Georgia's requirements.A broker's advertisement includes only the trade name of her franchise, her name, and her personal cell phone number. The trade name is not the firm's name as registered with the Commission. Has the broker complied with the Commission's advertising regulations No, as the advertisement must include the name of the firm as registered with the Commission Standard requirements for a Broker's license in Georgia would include evidence that in three of the five years immediately prior to making application has held an active real estate license Broker James leaves his firm to work with another company. He has a transaction underway with his current firm. Which is true regarding James' situation?Broker James' qualifying broker at his old firm must sign transfer documents and return James' license to the Commission.An applicant that has served in the military who does not pass a licensing examination can get five points applied to his or her license exam score if the veteran has a minimum of one year's service of which 90 days were in a period of an armed conflict. If discharged due to injury or illness with at least 10% disability the veteran may receive a 10 point credit on the exam.

An applicant for a Georgia salesperson license discloses that his license as a pest control operator in another state was revoked one year prior to his Georgia application.Georgia law permits the Commission to deny the salesperson license The investigative process carried out by the Commission which entitles the accused licensee to a formal hearing as well as an appeal right if that party is dissatisfied with the hearing's outcome derives its legal basis from the Georgia Administrative Procedures Act, a statute separate from License Law and Commission Rules.With regard to the organization and operation of the Georgia Real Estate Commission, which of the following is TRUE?Five of the six Commission members must have active real estate licenses for at least five years.License Law and Commission Rules allow a broker to disburse trust account funds under which of the following circumstances upon a broker's reasonable interpretation of the contract, with written notification to all parties Which of the following would a broker NOT have to prove in order to be excused from assuming shared liability with a licensee affiliate who violates a Law or Rule is the broker was unaware of the violation.The following activities are considered a matter of practice for a real estate broker in Georgia except provides legal advice in the preparation of a residential purchase agreement.Brokers are not allowed to practice law by providing legal advice to clients, customers or parties in a transactional brokerage situation.The Real Estate Commission operates as a budget unit of Georgia assigned to the office of the Secretary of State, and as such the costs to conduct the Commission's operations must be equal to those fees the Commission charges to and receives from licensees With regard to the procedures the Georgia Real Estate Commission must follow when responding to an alleged violation of a licensee Commission may impose sanctions against the offending licensee, but may not issue an injunction to prevent any further violations by the licensee The liability of the Real Estate Education, Research, and Recovery Fund for the actions of one licensee would be terminated after the Fund pays out how much money on behalf of that individual

$75,000

A Georgia real estate broker rents a storage unit to keep the files from all of the brokerage firm's closings. The storage unit was getting full, so the broker disposed of the files that were four or more years old. In another action later than week, the broker received an earnest money check from a buyer for a home that had been listed by the broker. As the sales contract did not indicate who would receive the interest paid by the brokerage firm's designated escrow account, the broker collected that interest sum.Under the circumstances described in this narrative, have any Unfair Practices occurred?Yes, the broker's actions on the interest bearing escrow/trust account represents an Unfair Practice The Real Estate Commission may impose disciplinary actions against a licensee for which of the following practices paying an unlicensed assistant a percentage of the licensee's commission split with the broker

When a candidate for a salesperson licensure passes the qualifying state exam the candidate may make a formal license application within three months of the exam date, pay regular license fees, and then place the license on active or inactive status The following actions are unfair trade practices under the License Law except telling a prospective purchaser that a property is under contract and not available to be shown. When a property is under contract it is off the market and typically unavailable for showing. The other actions are defined as unfair practices by the License Law Brokers may place the firm's operating funds in a trust account provided that the money is used to satisfy the bank's minimum balance as well to cover any other account maintenance fees required..When managing property, a broker may maintain a trust account separate from the escrow account required for security deposits, but that account may not be funded by the brokerage firm's own money.The Commission may impose a sanction on a licenseeafter any appeal has been concluded for a conviction of a violation of a federal fair housing law.The Commission will not act on an accusation or conviction of a fair housing law until an appeal of a conviction has been concluded. Such a conviction may in itself be sufficient ground for the imposition of any sanction permitted by law.The Commission's Rules and RegulationsA)carry the force of law and may be used as grounds for discipline by the Commission.The county in which a real estate brokerage firm maintains a primary or branch office may assess the brokerage firm only a business license fee for maintaining an office in the county.Only a county or municipality outside of any county where the brokerage firm operates primary or branch offices may impose a gross receipt sales tax on properties sold by a broker in that county.Rules and Regulations require that the Real Estate Commission maintain certifications of a licensee's history as well as investigative files relating to such history under what schedules?investigative files on a licensee's record in which the Commission imposes formal disciplinary action must be maintained for 40 years Which of the following statements would be accurate with regard to an individual residing in another state, who holds a broker's license in that state, and who wishes to acquire a broker's license in Georgia that individual may acquire a nonresident license in Georgia through a reciprocity agreement that exempts the applicant from educational and exam requirements.Paul is hired by Broker Garcia, whose firm manages a small apartment complex in Georgia. Under the direct supervision of Garcia, Paul collects rent, receives rental applications, and executes leases with perspectives tenants. Under these circumstances, Paul need not have a real estate license A candidate for a real estate license must provide documentation to the Real Estate Commission. One of the required documents that outlines any criminal history is the GCIC report

Upon the death, resignation or termination of a qualifying broker the firm has 60 days to name a replacement qualifying broker.According to Commission rules a firm will have 60 days to name a replacement qualifying broker. A broker may serve as the qualifying broker for more than one firm.When a licensee advertises on the internet, any viewable web page must disclose the name and telephone number of the licensee's firm. The internet ad may include the licensee's name, and the firm's address, as long as the name and telephone number of the licensee's firm is displayed on any viewable page.A broker's website advertising properties for sale includes information that has been outdated for 40 days. Is the broker in violation of Commission rules Yes, because the broker must remove or update outdated information within 30 days The Real Estate Commission would issue a brokerage license to a firm under the condition that if the firm is set up as a sole proprietorship, the qualifying broker must be the owner of the entire company.With regard to maintaining a brokerage trust account, which of the following statements is true broker must authorize any reasonable request by the Commission to examine the firm's trust account. A broker is not required to maintain a separate trust account.Escrow/trust accounts remain free from seizure or garnishment. A broker must notify the Commission within 30 days of the bank and account number of any new trust accounts opened.Rita works with ABC Real Estate as an unlicensed assistant. In her position she can perform a significant number of tasks. She can do all of the following except show a property to a prospect. This is not a ministerial act.During the course of a showing Rita may be asked questions requiring her to make a professional judgement; giving such advice violates Commission rules.In its capacity to administer the License Law as created by Georgia statute, the Real Estate Commission may only pass rules and regulations based on License Law A license may lapse for nonpayment of fees or failure to complete certain educational requirements within the time allowed by the Laws and Rules. Under these circumstances, which of the following statements is accurate?is a lapsed license may be reinstated, if within two years, the licensee pays the reinstatement fee and all other fees due, as long as all CE requirements have been met In its advertisement of a company listing, a brokerage firm misrepresents the actual terms of this property offering.Aside from violating the Laws and Rules in its fraudulent advertising, the real estate firm would also be in violation of what other Georgia statute?Fair Business Practice Act A Georgia homeowner obtains a judgment for $25,000 against a real estate agent for damages incurred while represented by that licensee in a transaction. In this circumstance, under what conditions might the homeowner receive compensation from the Real Estate Education, Research, and Recovery Fund?Only if the court is satisfied that the homeowner has exhausted through a writ of possession all legal means to recover the $25,000 damages In order to renew a salesperson license after the first four-year license renewal period, a salesperson must satisfy what education requirements?27 hours of continuing education plus the 25-hour post-license course required by the end of the first year of licensure