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REAL ESTATE CRAM COURSE 11/2020 > Agency/BRRETA > Flashcards

Agency/BRRETA Flashcards

1
Q

Licensee

A

Anyone with a Real Estate license

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2
Q

Are Inactive Licensees an agent?

A

Are NOT and can NOT be an agent. May remain inactive as long as they pay renewal.

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3
Q

How do you activate your inactive license?

A

Take 9 hours C.E. classes for EACH YEAR the license was inactive.

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4
Q

How many Brokers per firm?

A

Only one

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5
Q

Can a Broker serve at more than one firm?

A

Yes and still be Associate Broker at one firm with permission of qualifying Broker.

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6
Q

Qualifications of BROKER

A
  1. 21 years old
  2. Resident of GA
  3. High School diploma/GED
  4. Actively licensed of 3/5 past years
  5. Attend and Pass a 60 hour course
  6. Be of good and honest character (GCIC) Affidavit of lawful presence
  7. Apply for license with in one year or retake state exam.
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7
Q

What are the Broker responsibilities?

A

Ultimately responsible for the firm and actions of all affiliates. active license status of all affiliates, give affiliates legal advice, review all affiliate trust accounts, provide training for law, rule or policy change, provide written policy and procedure manual, make sure trust fund payments are made, supervise all advertising and offers with in 30 days.

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8
Q

What is an Associate Broker?

A

Agent to the Broker. May perform salesperson acts.PLUS sign release forms, Passed Broker test. Same education as Broker but diff responsibilities.

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9
Q

What is a Salesperson License?

A
  1. Agent to the Broker.
  2. 18 yrs old
  3. Resident
  4. HSD or GED
  5. Attend and Pass 75hr course
  6. Pass STate Exam
  7. Good and Honest 8.Character(GCIC)
  8. Apply for license with in one year of passing STATE exam.(or retake and fee double after 3 months)
  9. Complete 25 hour post license course with in 1 year of getting license.
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10
Q

How many hours does the 25 hour post license course count for in C.E. hours needed?

A

9 hours

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11
Q

How many C.E. ours are needed for renewal of License and how often?

A

36 hours of C.E. every 4 years.

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12
Q

What is a CAM?

A

Community Association Manager - Agent to the Broker. Assists the Broker who manages HOA.

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13
Q

Can the CAM list or sell or lease?

A

NO

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14
Q

What are the CAM requirements?

A
  1. 25 hour course
  2. HSD/GED
  3. 18 y old
    GCIC
    Lawful Presence
    Requires 125 hours of education to become a Broker
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15
Q

What is Affiliate/Associate?

A

CAM, Salesperson, Assoc Broker, Licensed under ONE GA Broker.

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16
Q

Can an Affiliate or Associate work full time under a private entity?

A

Yes BUT will have to surrender license (active or inactive)

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17
Q

Affiliate Responsibilities

A

familiar with all laws, rules, co. policy

consult Broker when needed

Must notify BROKER IN WRITING of all personal real estate activities

Broker must approve all advertising and trust accounts

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18
Q

Should licensees disclose their status in all advertising and contracts?

A

Yes it is part of their responsibility INCLUDING license number.

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19
Q

Where do all the licensees trust funds go?

A

In the Broker Account if one is involved OR in an APPROVED trust account by Broker or GRECif no Broker

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20
Q

Are agents held responsible for false info?

A

No id they can disclose where the info came form “from the builder”

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21
Q

When can an agent be held liable for false information>

A

If they do not disclose known material facts about a false assumption.

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22
Q

Should agents give legal advice?

A

No, agents need to refer out advice out of their education to a professional. Taxes, construction

23
Q

Can Agents give legal advice to clients/customers?

A

Never. Seek out experts

24
Q

Who’s name is on the Broker Firm?

A

The owner who is a qualified Broker.

25
Q

Should the owner name and the company name be the same?

A

Yes

26
Q

What happens when he owner dies?

A

the company dies

27
Q

IN a partnership in a Broker Firm what title should the partner be?

A

General Partner

28
Q

What name does the Broker conduct business under?

A

Must do it in The name on the license.

29
Q

What happens when the firm loses their Broker?

A

60 days to secure a new one

30
Q

What does the Office Brokerage Policy include in GA?

A

Disclose PRIOR to Agency Agreement:

agencies offered and not offered, compensation, conflicts of interest, and confidentiality requirements/

31
Q

Can Personal assistants perform agent duties?

A

Yes IF licensed.

32
Q

What can unlicensed assistants do?

A

Ministerial acts only - no open houses, explaining documents, showing houses, taking money

33
Q

Who are assistants compensated by?

A

The affiliate NOT the broker

34
Q

How many agreements must be signed that have the duties of the assistant?

A

3 btw affiliate, assistant and broker

35
Q

What is the difference between a CLIENT and a CUSTOMER?

A

Customer- Potential client(non-agency) Nothing signed. “Working with the agent” Agent performs ministerial acts NO advice.

CLIENT- signed contract with Broker. Agent owes duties to CLIENT

36
Q

What are client duties?

A

Care, Obedience (follow legal instruction), Accounting,Loyalty, Disclosure,Confidentiality, According to BRRETA duties to client are by law and expressed in agency agreement

37
Q

What are customer and client duties?

A

Honest, Fair, Ministerial Acts, Disclosure, do not with hold known latent material facts with in one mile. Conflicts of interest

38
Q

What is a Special Agent?

A

Represents one function. Broker to Seller or Buyer. or Salesperson to seller or buyer

39
Q

What is a General Agent?

A

Represent is several areas on going basis. Affiliate to Broker, Broker to apartment owner or HOA

40
Q

What is an Attorney-in-Fact?

A

Represents through agreement. (Power of Attorney)

41
Q

What is a Universal Agent?

A

Represents for all the business all the time.

42
Q

What are the types of Agency?

A

Single Agency, Sub-Agency, Dual Agency and designated agency.

43
Q

What is Single Agency?

A

ONE broker represents ONE client. Usually includes a COOP,agency agreements and MLS agreement.

44
Q

What is Sub-Agency

A

Both the listing broker and the selling broker represent the seller. The selling broker is an agent to the listing broker and a sub agent to the seller. The buyer is always a customer. Selling broker must have permission of the listing broker to represent the seller. Legal in GA. Rarely done, Mostly commercial.

45
Q

Dual Agency -

A

Performed through company policy only. ONE Broker typically through ONE affiliate represents the buyer and the seller in the same transaction. It’s a conflict of interest and must have INFORMED CONSENT FORM.

46
Q

What is on the informed consent form needed by dual agency arrangement?

A
  1. Serving clients whose interest are adverse
  2. Full disclosure
  3. Client does not have to consent
47
Q

What is Designated Agency

A

One broker represents both seller and buyer but designates two separate affiliates Confidentiality is a mist, can only share info with the Broker.

48
Q

What is Transaction Brokerage?

A

No-agency. All customers. A contract to perform ministerial acts for compensation. No advice, no skill. ie providing contracts, acting as a scribe, locating inspectors

49
Q

When is commission earned?

A

When agents produce a willing and able buyer meeting the seller’s terms (procuring cause).

50
Q

When do agents get paid?

A

at closing

51
Q

Who can conduct a closing?

A

Only a licensed Attorney in GA

52
Q

Who is responsible for clear title at closing?

A

Seller

53
Q

What do affiliates do at closing?

A

Represent the Broker and are their to observe.

REAL ESTATE CRAM COURSE 11/2020 (2 decks)

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