chapter 19 quiz Flashcards
rules passed by the Real Estate Commission:
are based upon some provision in the License Law
Chap 19-1
Rules and regulations, adopted by the Real Estate Commission under the power given to them in the License Law, serve to expand and explain in more detail, the Law itself and how it will be administered. The rules must fall within the scope of the law.
the Real Estate Commission…….the used of net Listings in Georgia
Prohibits
Chap 19-9
Regulation 520.1-06
Net Brokerage engagements are prohibited
Once licensed, a salesperson must satisfactorily complete a post license course or the license will lapse. This course must be for a minimum of this many hours and completed within this time frame:
25 hrs. and one year
A salesperson may advertise personal real estate for sale or lease, without using the broker’s name, provided:
the ad states that the “owner is a licensed real estate agent.”
Chap 19-19
C: Advertising as Principals
All ads run by the licensees must be run in the name of the broker. However, when advertising their own property, the licensee can run their own ads provided:
* the broker has been notified
* the ad identifies the principal as a licensed real estate agent
* The broker has given permission in writing, and has approved the ad.
A broker may maintain a separate trust account for each office location, provided:
the Commission is advised of the name of the bank and the name of the account within one month of opening the account.
Chap 19 - 13
Reg 520.1 - 08
A: The trust account
Brokers may have more than one trust account, and must notify the Commission of each account’s name and number within one month of opening the account.
an applicant passing the salesperson’s licensing examination has 3 months to apply for their license (without paying double fees) from the dates:
the applicant took the examination.
Chap 19 -5
E: Application deadlines
Those who have completed the required course and passed the state examination must apply for the Community Association Manager’s or Salesperson’s license within one year of the examination date; those who do not apply within the first three months must pay double the fee. Those who do not apply within one year period stipulated must retake the exam.
Upon notice if revocation of his/her license, the broker shall:
A. immediately forward to the Commission the license and pocket card.
C. immediately forwards to the Commission all licenses and pocket cards in their possession.
Brokers may have their own funds in the trust account:
A. if the bank requires a minimum balance, and the funds are clearly identified.
C. when he/she is maintaining enough money to cover bank charges.
when salesperson sell their own property, they:
may deposit the earnest money into their own trust account, as long as it is approved by their broker and properly registered with the Commission.
earnest money checks received by a salesperson:
should be placed in the broker’s custody, as soon after receipt as is practicably possible
an unlicensed assistant may perform all of the following duties with the exception of:
hosting an open house.
if a sale does not close, and the broker wishes to disburse the earnest money, which of the following might be a violation?
transferring the funds to the broker’s operating account
Chap 19 - 15
C: Disbursements
Brokers who disburse money from a trust account improperly are considered incompetent.
All of the following are acceptable disbursement situations:
* Upon rejection of an offer
* Upon withdrawal of an offer which has not yet been accepted
* At the closing (credit to the buyer)
* Upon written agreement, signed by all parties
* Upon court decision in an interpleader case
* Upon court order
* Upon a broker’s reasonable interpretation of the contract (with the notification in writing to all parties)
“blind Ads” are prohibited by the Commission, because they:
Blind Ad is defined as an adverstisement which does not indicate the party offering to buy or offering to sell is licensed by the commission. Such ads are prohibited. Every ad or sign must contain the name of the brokerage firm as registered with the commission.
fail to state the advertiser is a real estate licensee
Chap 19-19
C: Advertising as principals
Ads written by licensee acting as principals must identify the writer as a licensee.
All ads run by the licensee must run in the name of the broker. However, when advertising their own property, the licensee can run their own ads, provided:
* the broker has been notified
* the ad identifies the principal as a licensee or includes the license number
* the broker has given written permission, and has approved the advertisement.
when advertising a specified property either for sale in a publication or with signs on the property, the broker is required to:
show the name of the brokerage firm as registered with the Commission
Chap 19 -17
IX. ADVERTISING
Regulation 520.1-09
F. Trade names and franchise names
Any firm using a trade name or franchise name must include the firm name as it appears on the license on all signs, cards, documents, etc. in a way that will attract attention
G: Firm names and telephone numbers
All advertising must include the name of the firm as shown on the license and a telephone number must be in equal or greater size, frequency and prominence than any other name and number on the ad. The phone number must be one at which the broker or manager can be reached without contacting a salesperson.
A broker may disperse the earnest money to the buyer:
upon a signed written agreement by all parties.
