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Real Estate > Georgia License Law > Flashcards

Georgia License Law Flashcards

1
Q

A person who acts on behalf of a real estate broker in performing any act authorized by this chapter to be performed by the broker

A

ASSOCIATE BROKER

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2
Q

An owner organization of a residential or mixed use common interest realty association in which membership is mandatory as an incident of ownership.

A

COMMUNITY ASSOCIATION

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3
Q

those acts related to real estate brokerage activities which a licensee or a licensee’s employee performs and which do not require discretion or the exercise of the licensee’s own judgment.

A

MINISTERIAL ACTS

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4
Q

The purpose of Georgia real estate law is to…

A

protect the public; specifically against dishonest/incompetent real estate agents. Also protects agents from unfair competition and lays out standards.

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5
Q

the GREC is comprised of how many members

A

6

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6
Q

The GREC members are appointed by______and then must be confirmed by_______.

A

the governor; the Georgia state senate

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7
Q

Five of the six commission members must be…(3 things)

A
  1. real estate licensees
  2. actively licensed for a min of 5 years
  3. residents of GA for at least 5 years
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8
Q

The sixth member of the commission must have…

A

an interest in consumer affairs but no interest in real estate

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9
Q

All members terms are…..(2 things)

A
  1. five years each

2. terms are staggered, and only one LICENSEE member’s term can expire each year

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10
Q

In the event of a vacancy in the commission who fills it?

A

the GOVERNOR

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11
Q

Governor can remove commission members from office for any of the following reasons…(4 things)

A
  1. incompetence
  2. dishonesty
  3. neglect of duties
  4. inability to perform the necessary duties
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12
Q

The CHAIRPERSON is appointed by_______and must have served________in order to be eligible

A

commission members; on the commission for a min of one year

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13
Q

Big myth about commission members is that…..

A

their role is to “represent the public” or to “represent the RE industry”. THIS IS A MYTH

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14
Q

TRUE PURPOSE OF THE REAL ESTATE COMMISSION IS TWO FOLD

A
  1. Protect the public from any harmful acts of people acting as real estate licensees by assuring licensees meet basic levels of competency. Includes intentional and unintentional acts.
  2. Create a regulatory environment for the RE industry that is reasonable and allows the licensee to attain economic success.
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15
Q

Five focal points of responsibility for commission members according to GA RE law are:

A
  1. developing a spirit of cooperation and unity among commission members
  2. evaluating staff operations
  3. establishing a fair qualifying process
  4. establishing a fair and unbiased hearing process
  5. communicating with the industry and public
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16
Q

The commission selects a__________to oversee the day to day activities of its staff.

A

Real estate commissioner

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17
Q

The real estate commissioner and the other staff members can only take actions….

A

consistent with the policies established by the commission.

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18
Q

The Real Estate Commissioner is/does….(3 things)

A
  1. NOT A MEMBER OF THE REAL ESTATE COMMISSION IN GEORGIA.
  2. hires and oversees staff
  3. CANNOT hold an active real estate license (nor can any other employee of the commission)
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19
Q

Commission members are only authorized to act to discipline a licensee within the procedures set forth in the________that governs all state agencies with regulatory authority.

A

ADMINISTRATIVE PROCEDURE ACT

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20
Q

In proposing a rule, commission members seek to determine…

A

whether a real need exists for the rule and what economic impact it will have.

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21
Q

If the implementation of a new rue will result in higher costs of operating business, the the commission..

A

does not seek to adopt such rules unless a compelling need for the rule exists.

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22
Q

If a need for a rule exists and it’s economically feasible, then the commission member must ask two further questions.

A
  1. is the proposed rule reasonable

2. is the rule within the limits of the legislative law

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23
Q

Proper communication on the part of the commission members requires…(2 things)

A
  1. informing licensees and the public of commission actions and changes in the law
  2. providing opportunities for licensees and the public to discuss matters of interest with a commission member (commission holds open forums)
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24
Q

The authority of the GREC is based upon..

A

STATUTORY LAW

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25
Q

A violation of a rule of the commission is considered the same as violating…

A

the license law itself and is subject to the same disciplinary action

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26
Q

The GREC supplies staff to the _______ board but has no authority over it.

A

Georgia Real Estate Appraisers Board

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27
Q

The GREC’s authority involves 4 separate categories:

A
  1. issuing licenses
  2. taking disciplinary action
  3. passing rules and regulations
  4. establishing fees
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28
Q

Commission has the authority to impose fines at a max of ______ for a single violation and _______ for multiple violations.

A

1000, 5000

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29
Q

In the case of a revocation, the person is not allowed to apply for a new license for a minimum of…..

A

10 years

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30
Q

Rules and regulations may only be adopted if they fall under the….

A

umbrella of license law in Georgia

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31
Q

If the commission discovers that a person is practicing without a license, they have the authority to issue a ________ and can impose a fine up to ________

A

cease and desist; 1000 per day

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32
Q

While commission doesn’t have authority to impose jail time for practicing without a license, the ________ does because it’s a misdemeanor and can impose a jail sentence for ________.

A

courts; 1 year or less

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33
Q

Any person who provides property management services on properties available for less than 90 days occupancy by guests or occupants and meets several conditions (read more) is exempt from license law and this is known as…

A

INKEEPERS EXEMPTION (ex: motels, vacation rentals, etc)

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34
Q

Information made available to the public with regards to licensees includes….

A 
licensee's name
license number and status
business name and address and phone number
type of license held 
term of license 
any disciplinary sanctions
35
Q

Community association manager license requirements

A
  1. 18 or older
  2. resident of Georgia (unless code 43-40-9, out of state)
  3. high school graduate
  4. 25 hours in specific coursework
  5. pass test with 75
36
Q

Salesperson license requirements:

A
  1. 18 or older
  2. resident of Georgia (unless code 43-40-9, out of state)
  3. high school graduate
  4. 75 hours in specific coursework or 6 college semester hours in RE classes
  5. pass test with 75
37
Q

Broker’s license requirements:

A
  1. 21 or older
  2. resident of Georgia (unless code 43-40-9, out of state)
  3. high school graduate
  4. served actively for at least 3 years as licensee
  5. 60 hours of specific coursework if coming from salesperson license; additional 75 hours if coming from community association manger license
  6. 75 or higher on test
38
Q

Georgia licensee may affiliate with broker in another sate if:….2 things

A
  1. other state’s laws allow it
  2. has written permission from their Georgia broker stating the activities the licensee may perform and stating that the licensee may not sell Georgia real estate except on behalf of the Georgia broker
39
Q

If one doesn’t complete the post licensing work within one year her license will_____.

A

Lapse

40
Q

After lapse from failure to complete the post license course, one can apply to reinstate within six months if……3 things

A
  1. they enrolled in the post work within one year of original license
  2. paid all required fees
  3. can produce doctors note or proof of course cancellation
41
Q

After the original license is issued, it is valid for____ and expires on_______________________.

A

4 years;

the last day of the applicant’s birth month

42
Q

Renewal after the 4 year period is done by….

A

showing proof of completing continuing education and paying the renewal fee.

43
Q

If lapse occurs from failure to renew at the end of a 4 year period, licensee has______ years in which they may reinstate by doing what (3 things)

A

2 years;

paying reinstatement fee, paying all renewal fees and other charges, submitting evidence of completion of CE

44
Q

Lapse for more than 2 years but less than 5, can reinstate by….

A

paying fees and taking the salesperson course again

45
Q

Lapse for more than 5 years….

A

must reapply as an original applicant

46
Q

Inactive status is offered to those who want temporary disinvolvement from RE. Must make request for this….

A

within 30 days of ceasing work.

47
Q

The commission has the authority to enter into written agreements with similar licensing authorities of other states. This is known as…

A

RECIPROCITY

48
Q

On an exam, honorably discharged vets who have served one or more years of service (90 days of which was spent in wartime) automatically receive…

A

a 5 point credit

49
Q

Vets discharged with injury with less than 10% disability will receive a ______ on the exam. With more than 10% disability they receive _____.

A

5 point credit; 10 point credit

50
Q

Applying for your salesperson or community association manager’s license after the exam is passed: Within 3 months have to ______. Between 3-12 months you have to ______. More than 12 months you have to _____.

A
  1. pay a fee
  2. pay double the fee
  3. retake the exam
51
Q

Applying for your brokers license after passing the exam. Have to apply within _______ years. After that ______ happens.

A

1 year;

retake the exam

52
Q

A license be granted to only those individuals who possess good reputations for honesty, trustworthiness integrity and competence to transact real estate business in a way that safeguards the public interest is what code?

A

Georgia Code Section 43=40-15

53
Q

an order of revocation is final ______ days after it is issued unless the licensee named in the order requests a hearing before the commission.

A

10

54
Q

Applications, renewals, transfers, and changes in status of licenses as well as change in the name of a firm must be on……

A

commission approved forms

55
Q

Changes in trust accounts, address changes, and individuals name changes must be submitted by…

A

letter

56
Q

Any applications requiring a fee must be filed with the commission and may be filed by…(3 things)

A

personal delivery, letter postmarked, private courier

57
Q

Any application that does not require a fee may be…

A

faxed

58
Q

Fee’s the commission charges are used to pay…

A

maintenance and operation of the commission office and enforcement of commission regulations

59
Q

Any funds collected by the commission but not used to pay expenses in the fiscal year will be…

A

deposited in the state treasury

60
Q

GREC is considered to be a ______ budgetary unit of the Georgia state gov’t.

A

seperate

61
Q

The current original licensure fee is ______ amount and _______ of this amount goes to the Real Estate Education, Research and Recovery Fund.

A

170; 20

62
Q

In addition to paying the required fees when renewing a license, a broker must complete a form prescribed by the commission regarding the status of their

A

trust accounts

63
Q

Any license that lapses solely because of not paying a renewal fee may be reinstated if it is within____years and provided they have satisfied the CE.

A

2

64
Q

Any licensee who wants to reinstate a surrendered license must….

A

do so as an original applicant

65
Q

If the qualifying broker surrenders their license, they must also…

A

surrender the licenses of the affiliated agents unless a new qualifying broker is named

66
Q

Georgia law allows a licensee retiring after at least ___ years of active licensure or the family of a deceased licensee to keep both the wall license and pocket card for nonbrokerage reasons via written request of the family.

A

20

67
Q

Whenever an applicant submits an original application on paper for licensure, the commission must maintain the paper record for…

A

15 years

68
Q

Investigative files for which the commission imposes formal disciplinary action or makes a payment from the recovery fund must be kept…

A

40 years

69
Q

A broker who has not entered into a client relationship with any of the parties to a particular real estate transaction. This broker performs only ministerial acts on behalf of the parties

A

Transaction broker

70
Q

Mixing the client’s money with the broker or firm’s funds is called

A

Commingling

71
Q

A trust account must be maintained by each broker who accepts any of the following in a real estate brokerage transaction…..(6 things)

A
  1. down payments
  2. earnest money deposits
  3. security deposits
  4. rents
  5. association fees
  6. other trust funds
72
Q

The broker’s ______ is the sum total of all deposits received, require by contract to deposit and being held by the broker at any point in time.

A

trust liability

73
Q

When renewing a broker’s license the broker must submit….(3 things)

A
  1. appropriate renewal fee
  2. renewal application
  3. summary of data on the broker’s trust accounts
74
Q

A licensee may not advertise any property without…

A

the written permission of the owner or the owner’s agent

75
Q

Any licensee who advertises property on the internet must remove such property ______ time after the listing has expired.

A

within 10 days

76
Q

When the commission is investigating lesser violations, it has the authority to….

A

issue citations and skip the normal hearing process

77
Q

If a license is revoke or suspended for more than 60 days…..

A

the licensee’s name is by law required to be published to the GREC website. This info is permitted to be shared with commissions in other states.

78
Q

Minimum balance in the recovery fund must be_________. If the balance drops below this amount the commission has the authority to assess a fee up to_____ per year for all licensees.

A

$1,000,000; $30 per year

79
Q

The fund cannot pay out more than ______ per transaction.

A

$25,000

80
Q

The liability of the fund for the acts of a single licensee is ______ regardless of haw many persons or transactions are involved.

A

$75,000

81
Q

The essential difference between property management vs. community association management is..

A

with property management there is one single owner (client) whereas in the latter there are multiple owners

82
Q

Commission requires that each broker who provides community association management services who collects, controls, has access to, or disburses community association funds must at all times provide or be covered by….

A

a fidelity bond or fidelity insurance coverage which protects the association against any loss or mishandling of the funds by the broker.

83
Q

The only brokers exempt from fidelity coverage are those who…..

A

NEVER handle more than 60K at a time

84
Q

Legal descriptions: A licensee can compose a ______. However, only surveyors, attorneys, and other qualified individuals are permitted to compose a ______________.

A

short form; metes and bounds description.

Real Estate (5 decks)

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