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GA Real Estate Sales License > GA State Related Questions > Flashcards

GA State Related Questions Flashcards

1
Q

What has become the legal controlling method of describing real property in GA, regardless of how irregular the land parcel may be shaped?

A

metes-and-bounds property description

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2
Q

GA also recognizes a second form of real property description known by any one of the following names:

A

lot-and-block,
recorded plat and
short form legal description

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3
Q

In it’s capacity to administer the License Law as created by Georgia statute, The Real Estate Commission may…
3 key points

A

1) Pass rules and regulations to administer the Law.
2) The Commission issues real estate licenses, fees, and takes disciplinary action against licensees who violate the Laws and Rules.
3) The Commission does NOT intervene in the settlement of disputes between real estate licensees.

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4
Q

Share information in regard to the organization and operation of the Georgia Real Estate Commissions…

A

1) Comprised of 6 persons appointed by the GOVERNOR and confirmed by the GA SENATE.
2) 5 members must be actively licensed and GA residents for the 5 years prior to being appointed members.
3) The 6th member may have no connection to the real estate industry, serves as a consumer advocate.
4) If a vacancy on the the Commission occurs the GOVERNOR fills the unexpired term.
5) The GOVNOR has the power to remove Commission members.
6) Commission member meet monthly, $25 stipends are given during meetings (meals?)

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5
Q

Who’s the…
Commission?
Commissioner?

A

Commission: The GA Real Estate Commission

Commissioner: The CEO of that government entity, Hired by Commission members. Conducts day to day department operations. Cannot hold an active real estate license. Must be placed on inactive status.

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6
Q

The Real Estate Commission operates as a budget unit of GA and is assigned to the Secretary of State. Tell me more about the budget…

A

1) License Law requires a minimum of $1 million be maintained in the fund.
2) Commission may require all licenses to contribute $30/yr at the time of license renewal is the funds amount drops.
3) R.E. agents license is automatically revoked if the Commission pays any settlement with the funds, Agent must pay back that amount to receive a new license.

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7
Q

How long will the Commission maintain records?

A

The Commission will maintain records on every licensee for 5 years. If disciplinary actions have been taken against a licensee, records may be available for the prior 15 years. If formal disciplinary actions has been IMPOSED including payments made to the recovery fund, records for this licensee will be kept for 40 years.

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8
Q

Whenever an agents license is surrendered, revoked, or suspended….

A

The licensee must return the wall certificate and pocket license card to the Commission.If the licensee is a broker affiliates, the licenses of those affiliates must be returned to the Commission as well.

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9
Q

Declaratory Ruling

A

The Commission issues this ruling as to whether some component of a Law or Rule applies to a particular situation.

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10
Q

Acting Without a License

A

The Real Estate Commission can issue a CEASE ANS DESIST ORDER that becomes final 10 days after issuance unless the party charged requests a hearing. A fine may be imposed up to $1000 for each day the violation continues.

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11
Q

License Categories and Requirements:
A Broker may perform and real estate brokerage act that requires a real estate license in GA. The Broker may act independently as a….

A

Sole Proprietorship or as a qualifying broker of a firm that contracts with license affiliates. The RE Commission will…
1) Issue a brokers license in the name of the firm as well as one in the name of the qualifying broker.

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12
Q

Broker & Associate Broker Requirements

A

1) 21 yrs old, or 20 and wait until 21 to become active
2) Resident of GA, or qualify for nonresident status
3) H.S. graduate or equivalent
4) Pass criminal background (GCIC)
5) Active R.E. License for the past 3 yrs.
6) Complete 60 hrs of class
7) Pass the R.E. Brokers Exam

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13
Q

Military Service Hookup

A

1) Veterans with a minimum of 1 year served, 90 days of which were during an armed conflict get 5 points.
2) If discharged due to injury or illness, with at least 10% disability, you get 10 points

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14
Q

Brokers who passed the exam and have been active for 3 yrs must apply for the license within….

A

1 year of the exam date. Failure to do so would require the applicant to RETAKE the exam.

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15
Q

Lawful Presence Notarized Affidavit

A

Verifies the applicant’s legal presence in the US.

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16
Q

Post License Education

A

1) In the first-year of licensure as a salesperson you must complete 25 course hours to avoid paying penalties later.
2) 36 course hours of completed continuing education for each 4 year renewal period. For us first timers, our 25hr post licensing course will count as 9 hours toward our 36 hours.

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17
Q

Broker Affiliations-GA Rules

A

Active GA associate brokers, salespersons, and community association managers must be affiliated with ONE active GA broker at a time, unless the other Broker is out of state; in which case you need written permission by both brokers.

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18
Q

Inactive Licensure

A

After returning your license to the Commission you are officially inactive. If you want to become active you must complete 6 hrs of education for each year you were inactive.

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19
Q

Surrender the license means…

A

The license may not be reinstated, and to become licensed again, that person must re-qualify as an original candidate.

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20
Q

FIRM MANAGEMENT

A

The two important pints to remember:

1) All licensee affiliates are given a written POLICY and PROCEDURES MANUAL
2) All licensee affiliates have written AFFILIATION AGREEMENTS with the firm identifying compensation earned for work.

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21
Q

Within the business organization of a brokerage firm:

Sole Proprietor
Partnership
Corporation
LLC

A

1) a sole proprietorship must be entirely owned by the qualifying broker
2) a partnership must be run by a qualifying broker who is a general partner
3) a corporation requires a qualifying broker be an officer but not a stockholder
4) In a LLC, the broker must be a member or manager of the LLC

Upon the death of a qualifying broker, the firm has 60 days to name a new one.

Brokers and associate brokers may work for more then one firm at a time.

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22
Q

Brokerage Trust Accounts

A

Any broker or affiliated licensee who accepts down payments, earnest money deposits, security deposits, rent, association fees or other trust funds MUST maintain a separate federally insured bank checking acct in GA designated as a trust or escrow account for the deposit of these funds.

Commission requires the name and account number of this acct within 1 month of its establishment.

Money that is clearly designated as belonging to the brokerage firm may be deposited into a trust acct only to cover bank service charges or to maintain a required minimum balance.

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23
Q

Earnest Money Holdings

A

A Licensee affiliate is prohibited from holding monies or anything of value belonging to others. These sums must be handed over to the broker as soon as practically possible.

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24
Q

Trust Funds Examination

A

the Commission may examine a brokerage firm’s or licensee affiliates trust acct at any time with reasonable cause.

Brokers are required to maintain records for at least 3 years for all trust accts.

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25
Q

Licensees as Principals

A

1) If a licensee (broker) with the purpose of acquiring a brokerage engagement to list, buy or sell, promises to buy a property from the principal, the promise must be in writing PRIOR to any such binding agreement.
2) When wanting to purchase a sellers property, the licensee must enter into a written agreement to purchase BEFORE entering into a broker listing agreement with the seller/owner.
3) When offering to buy a buyers property to so the buyer can buy another property, a written agreement must be made BEFORE the buyer enters into a contract to purchase the new property.

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26
Q

Unfair Trade Practices means…

A

Don’t discriminate!! Because of…

race, color, religion, sex, disability, familial status, or national origin.

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27
Q

Sanction

A

For more serious offenses of law, that would become part of the holder’s public record.

28
Q

Citation

A

For minor infractions, only found on the Commissions records.

29
Q

The R. E Commission operates as a budget unit of GA assigned to the office of the Secretary of State, and as such, the cost to conduct the Commissions operations must be….

A

equal to those fees the Commission charges to and receives from licensees.

30
Q

When a candidate for a sales person licensure passes the qualifying state exam…

A

the candidate may make a formal license application within 3 months of the exam date, pay regular license fees, and then place the license on active or inactive status.

31
Q

Paul is hired by Broker Garcia, whose firm manages a small apartment complex in GA. Under the direct supervision of Garcia, Paul collects rent, receives rental apps, and executes leases. Under these circumstances Paul….

A

Need not have a R.E. license. They are allowed to perform ministerial duties which includes receiving, recording and depositing monies (earnest, deposits advanced rents).

32
Q

If, as an owner occupant, a licensee affiliate decides to sell his or her home, the commission would require the affiliates broker to….

A

Advertise the property only in the brokers name.

33
Q

License Law and Commission Rules allow a broker to disburse trust acct funds under which of the following circumstances….

A

Upon a brokers reasonable interpretation of the contract, with written notification to all parties.

A purchasers offer is rejected

Upon withdrawal of the offer not yet accepted

At settlement

Upon written agreement, signed by all parties

Upon court decision on a interpleader action

Upon court order of a legal action

34
Q

The Commission prohibits ‘blind ads’ in the marketing of real property for sale as these advertisements…

A

fail to disclose the real estate licensure of the advertiser.

35
Q

The R.E. Commission may impose disciplinary actions against a license for which of the following practices….

A

paying an unlicensed assistant a percentage of a brokers compensation

36
Q

For license which of the following actions would be considered an Unfair Practice under License Law?

A

Indicating that the competitive market analysis done for a client is an appraisal estimation.

37
Q

With regard to handling of trust funds, a broker engaging in property management must ensure that…

A

security deposits held in escrow accounts must always reflect a balance equal to the total of all such deposits.

38
Q

Under Commission Rules, which of the following disclosures is a licensee required to make to both buyer and seller at the time of a contract offer?

A

Disclose who the licensee represents in the transaction and from whom the licensee will be compensated.

39
Q

The Commission has determined a broker to be guilty of commingling trust account funds as well as failing to keep copies of trust fund accounting records for 3 years. The Commission has the authority to…

A

Fine the broker up to $5k and issue a salespersons license in place of that persons existing broker license.

40
Q

True or False
In the Georgia Residential Mortgage Fraud Act, Georgia law defines mortgage fraud as a racketeering activity by the parties involved

A

TRUE

41
Q

True or False
Under the GA foreclosure laws, the sale of a defaulted borrowers property may result in the defaulted borrower receiving funds from the proceeds of the sale.

A

TRUE

42
Q

The closing attorney will sometimes have a party sign a quitclaim deed before or at the closing. A common use of such deed in GA may include….

A

relinquishing a spouse’s interest in a property when the seller’s divorce is pending.

43
Q

The GA Legislature enacted BRRETA primarily to…

A

prevent harmful misunderstandings and misrepresentation between brokers and clients or customers.

44
Q

In addition to requiring that all brokerage engagements be in writing and more precisely identifying both duties and disclosures for real estate licensees, the 2000 revision of BRRETA limited liability for___

A

real estate brokers and their affiliated licensees

45
Q

In its enactment of BRRETA, the GA General Assembly intended for the law to….

A

uphold common law requirements regarding proof of fraud in claims of misrepresentation.

46
Q

BRRETA requires that a broker make agency disclosures….

A

when first entering into a brokerage engagement

47
Q

A specific duty of disclosure that the brokers owe to both clients and customers under BRRETA involves disclosing….

A

adverse material facts known by the broker

48
Q

BRRETA allows transaction brokers to….

A

be compensated by either party in a transaction.

49
Q

BRRETA allows a single agent in a real estate transaction to…

A

receive compensation from a client or customer in a transaction.

50
Q

If Licensee affiliate Stan is acting as a buyers agent to Susan, and Susan discloses that she was to tear down the home she is about to buy. Stan…

A

may disclose this information to the Broker but not to any other licensed affiliates or designated agents. They don’t own confidentiality to buyers.

51
Q

Adverse material facts that brokers disclose to customers as identified in BRRETA will…

A

vary in content, depending on whether the broker is disclosing to sellers and landlord customers or buyer and tenant customers.

52
Q

What would a transactional broker be for a party in a transaction?

A

A ministerial job,

fill out an offer to purchase form for a buyer who provides all the necessary details.

53
Q

The 2000 revision of BRRETA identified which of the following brokerage relationships as separate from dual agency?

A

Designated agency

54
Q

Best explain why important broker disclosures might be found at the beginning of agency-engagement contract forms….

A

Inserting disclosures at the beginning of the contract form for prospective clients to read more effectively ensures an ‘informed consent’ on their part before committing to engagement.

55
Q

True or False
About the agency relationship established by the brokerage engagement contract, the relationship is one of limited agency between the broker and the client.

A

TRUE

56
Q

TRUE or FALSE

Not informing a seller client that a prospective buyer-customer is a straw buyer for the true purchaser.

A

TRUE

57
Q

When the phrase “time is of the essence” is used in a purchase and sale contract form,, it is important that all parties understand what factor?

A

That the term has considerable impact on contract default.

58
Q

In disputes between landlords and tenants in GA, resolutions for the enforcement of either party’s rights most likely come…

A

from judicial interpretations of case law and statutory code.

59
Q

TRUE or FALSE
With regard to tenants security deposit for a residential lease in GA, any security deposit held by a escrow agent must be placed in a trust acct.

A

TRUE

60
Q

TRUE or FALSE
Dispossessory actions taken by a landlord in GA with regard to residential leases are regulated by GA’s landlord and tenant law.

A

TRUE

61
Q

In GA, right of possession granted by the landlord to the tenant on the day the lease terms begins…

A

does not guarantee actual possession for the tenant on that day but may offer a prorated rent reduction on a daily basis until possession is received.

62
Q

Info in a brokerage engagement that is not communicated by the preprinted contractual language and that may change or even eliminate preprinted language in the contract should be….

A

inserted as a special stipulation to the agreement.

63
Q

TRUE or FALSE

The earnest money may be distributed to the buyer if the contract is not accepted or is not in dispute.

A

TRUE

64
Q

Under the GA law, an enforceable real estate contract for purchase and sale must include…

A

at minimum a method to calculate a definite purchase price.

65
Q

How do contract forms for the rental of residential property in GA generally address renewal of the lease?

A

The lease may be renewed automatically at the end of the current term, either on a month to month or for a designated period identified in the lease.

GA Real Estate Sales License (37 decks)

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