chapter 18 quiz Flashcards
the maximum period a license may be placed on inactive status is for:
no time limit
chap 18-6
VII - INACTIVE LICENSES
43-40-12g and h
Anyone who has a real estate license but who does not wish to conduct business at this time may return the license to the commission and go on inactive status. There is no time limit to how long the license can stay inactive. Renewal fees must be paid. The inactive licensee cannot do any real estate business except in connection with personally owned property
a broker shall not be entitled to any part of the earnest money or other money paid to him/her in connection with any real estate transaction as part or all of his/her commission until the transaction has been:
consummated or terminated
chap 18-10
X. TRUST ACCOUNTS
43-40-20 and 21
… The broker is not entitled to any money from the trust account until the deal is closed or terminated.
to become a licensed broker in the state of Georgia, an applicant must have been actively licensed:
any 3 of the 5 years
a broker may collect a commission from both the seller and the purchaser, if:
both the seller and purchaser agree in writing.
chap 18-11,12 and 13
XIII VIOLATIONS
43-40-25 Unfair Practices
22. Acting as a dual agent without expressed, written consent
31. Failure to disclose and agency relationship
broker Betty is placing her real estate license on inactive status. which of the following statements is true?
Betty will still be able to lease or sell her own property
VII - INACTIVE LICENSES
43-40-12g and h
…The inactive licensee cannot do any real estate business except in connection with personally owned property
salesperson Roberts plans to purchase a piece of property he has listed for sale. Before presenting the offer, he must:
Furnish his broker with written notice of his intent to purchase and state in the contract that he is a licensed real estate salesperson
chap 18-11,12 and 13
XIII VIOLATIONS
43-40-25 Unfair Practices
9. Acting as an agent and also an undisclosed principal in a transaction. (It is not illegal for a licensee to represent himself in the sale of his property as long as there is written disclosure of this fact and the broker has given written permission.)
which of the following is exempt from the licensing requirement?
Persons operating under a duly executed power of attorney to convey property.
chap 18-15
XV EXCEPTIONS TO LICENSE LAW
43-40-29
4. A person acting with court authority as a receiver, trustee, executor or guardian.
Licensing fees are set by the:
Real estate commission
chap 18-1,2 and 3 The Georgia Real Estate commission as the authority over all real estate licenses. The commission is empowered to: * Issue licenses * set fees * pass rules and regulations; and * take disciplinary actions.
before suspending or revoking a license, the commission shall:
provide a hearing for the licensee
chap 18-14
XIV INVESTIGATION AND HEARING
43-40-26 through 28
Before a license is censured, suspended or revoked, the licensee is entitled to a hearing under the Administrative Procedures Act. The hearing will take place whether or not the licensee chooses to appear. If licensee is dissatisfied with the process, he/she can appeal to the courts.
salesperson Wilson shows a prospective purchaser a home on Wednesday afternoon. That evening Wilson obtains an offer and an earnest money deposit. the offer is to remain effective until Saturday at 6pm, but it is accepted Friday. When should Wilson turn over the earnest money to the broker?
Probably Thursday
chap 18-13
Unfair Practices
23. Failure to submit trust funds to the broker as soon as possible.
the License Law gives the Commission the power to:
revoke or suspend Licenses.
which of the following is true about the qualifying broker of a corporation?
The qualifying broker must be an officer of the corporation.
what will a broker first be required to prove in court before he/she can recover a commission?
he/she was property licensed at the time of the cause of the action.
which of the following does not represent grounds for a disciplinary action against the licensee?
A broker accepts a referral fee from an out-of-state broker
if a licensee does not renew his/her license within the time period required by law:
he/she may renew within 2yrs of the date of its lapsing by paying all renewal fees and late charges which could have been due, plus a reinstatement fee.
