Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

REAL ESTATE NOTES -CE SHOP - NATIONAL PART > Georgia Exam Prep: State Laws and Rules > Flashcards

Georgia Exam Prep: State Laws and Rules Flashcards

1
Q

How old must a broker be in Georgia?

A

At least 21

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Who or which entity has the authority to bring injunctive action against a real estate licensee on the behalf of the commission?

A

The Georgia attorney general

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What legal agreement is required when a licensee guarantees the sale of a property?

A

A purchase agreement written at the same time as the listing agreement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Which of the following is a requirement to obtain a Georgia broker’s license?

A

An applicant for a broker’s license will need to complete an additional 60 hours of broker-specific coursework, plus 15 quarter hours or nine semester hours of college coursework eligible for a major in real estate, and pass an exam prior to obtaining a broker’s license.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What must Georgia’s governor do in order to remove a commission member from GREC?

A

Give notice and a hearing opportunity to the member.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Susan is a real estate salesperson in Americus. How does Georgia license law define her status?

A

One who holds a salesperson’s license

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

How many hours of post-licensing education and continuing education (nine hour credit of post-licensing deducted) must a licensee complete after license issuance, and before the four-year license renewal in Georgia?

A

Licensees must complete 25 hours of post-licensing education within their first year, and an additional 36 hours prior to their four-year license renewal. Nine of the 25 hour post-licensing hours count towards the 36 hours of continuing education. 25 + 36 - 9 =52.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

If you’re a licensee who’s been brought up for a disciplinary hearing, what is the lesser penalty?

A

Citation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

it addresses price fixing and other deceptive practices that restrict free trade competition.

A

The Georgia Uniform Deceptive Trade Practices Act (UDTPA)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

what are the 7 protected classes?

A

race, color, religion, sex, disability, familial status, and national origin

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Jaqueline is the qualifying broker for a bustling firm in Avondale Estates, and she has many salespeople to oversee. The firm’s licensees’ advertisements must be done under her name as it appears on her license. What else is required?

A

Her supervision and approval

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

The Real Estate Education, Research, and Recovery Fund should maintain a balance of at least what amount?

A

$1 million

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

For how long does broker need to keep records?

A

3 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is contractual interference?

A

when a licensee actively attempts to encourage another licensee’s client to break that agreement to sign a new one

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Brokers who perform community association management services and are responsible for more than _—————– must obtain a fidelity bond or fidelity insurance from a company that’s authorized to write such policies in Georgia.

A

$60,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Which of these statements is NOT true regarding a licensee who wants to transfer to another broker?

A

Both the original broker and the new broker may charge the licensee a $50 fee to cover administrative costs of the transfer.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Who, or which entity, appoints the members of the Georgia Real Estate Commission?

A

The Georgia governor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

GREC won’t investigate a complaint unless the incident prompting the complaint occurred within the past ______.

A

Three years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

When the Georgia attorney general’s office finds that the investigation’s evidence has legal grounds, the office will either propose a consent settlement for the commission to review and approve or ______.

A

File a notice of hearing with the Office of State Administrative Hearings

20
Q

Robert, the qualifying broker of a firm, was convicted of fraud and embezzlement. What will happen to the brokerage as a result?

A

The commission will revoke the brokerage firm’s broker’s license.

21
Q

The court will order GREC to make a payment out of the Real Estate Education, Research, and Recovery Fund when applicable. What’s the maximum dollar amount one claim can be, including all fees and claimants attached to the transaction?

A

$25,000

22
Q

In general, exceptions to real estate license law ______.

A

Only apply under very specific circumstances

23
Q

Athens licensee Lucius is representing both the seller and the buyer in the same transaction, with both clients’ consent. That makes him a dual agent, which Georgia license law defines as ______.

A

One licensee representing both the buyer and the seller in a single transaction

24
Q

What may happen to Georgia licensees who haven’t paid back disbursements made on their behalf from the real estate education, research, and recovery fund?

A

Their license will be suspended until they pay back disbursements and interest

25
Q

GREC may

A

grant, sanction, suspend, revoke, or deny individual or firm licenses.

26
Q

If a licensee wanted to plan ahead and divide the required continuing education hours over the period that a license is valid, how many hours of continuing education would the licensee have to complete each year?

A

A licensee wanting to plan ahead could complete nine hours of CE per year in order to complete the 36-hour requirement for a four-year renewal cycle. Three hours of CE must include the mandated Georgia law course.

27
Q

How long does it take to renew your license?

A

4 years

28
Q

Explain reinstating your license by years

A

2 years or less: pay fees and show CE education
2 years or more: pay fees plus take necessary education
5 years or more: start all over again

29
Q

based on criminal records, what will denied for a real estate sales license.

A
  1. Lie in the application
  2. fraud in another sector (nurse, accounting ect)
  3. back on child support
  4. default in student loans
30
Q

Multi-family homes with an elevator and at least four units that were constructed and ready for move-in after ___________ must be fully accessible to persons with disabilities.

A

March 13, 1991

31
Q

In 1973, Georgia’s Real Estate Education, Research, and Recovery Fund was established for the purpose of

A

compensating consumers who prevail in a complaint against a licensee but aren’t able to recover damages from the licensee.

32
Q

The deadline for filing claims against the fund is

A

two years after the cause of action.

33
Q

Payments may not exceed _—– per licensee. (Georgia’s Real Estate Education, Research, and Recovery Fund)

A

$75,000

34
Q

GREC doesn’t consider disputes regarding

A

earnest money, property repairs, commissions, or fees. These are contract law concerns.

35
Q

Eli, an unlicensed resident of South Carolina, may obtain a real estate license in Georgia under the same qualifications and requirements as a(n) ______.

A

Unlicensed Georgia resident

36
Q

New construction multifamily dwellings in Georgia must provide basic accessibility to people with disabilities. This applies to which of the following?

A

If the building has no elevator and four units and was ready for occupancy after March 13, 1991, disability requirements apply to ground floor units.

37
Q

GREC members serve five-year terms. If a member ends her term early, what will happen?

A

The governor will appoint another member to fill the vacancy.

38
Q

When advertising is placed on a property using the Internet and the information has changed, the ad must be updated or removed within how many days of being placed?

A

30 days

39
Q

Which Georgia agency houses the Fair Housing Division?

A

Georgia Commission on Equal Opportunity

40
Q

A consumer filed a complaint against Vivian for providing professional real estate services without a license. What initial action will GREC likely take against her?

A

Issue a cease and desist order.

41
Q

Alpharetta licensee Angie is designing her personal website. Where should she include required information?

A

On every page

42
Q

Broker engagement agreements must include all parties’ signatures. Anyone who signs the agreement must receive a photocopy. What else is required?

A

A definitive end to the brokerage engagement agreement

43
Q

Aside from your name, what else must be included on every page of your website, according to GREC’s rules?

A

License status and license number

44
Q

The Georgia attorney general serves as the legal counsel for all state agencies. Which entity does the attorney general represent in real estate license law matters?

A

GREC

45
Q

GREC will investigate a complaint if that complaint occurred within how many years?

A

Three years

46
Q

How many members of the six-member Georgia Real Estate Commission are licensed real estate brokers?

A

Five

REAL ESTATE NOTES -CE SHOP - NATIONAL PART (14 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions