Brainscape's Knowledge GenomeTM

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


See full index

Real Estate Post License > Post License > Flashcards

Post License Flashcards

1
Q

A licensee who acts on behalf of a broker is a(n)

A

associate broker

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

Which of the following statements about the chairperson of the Real Estate Commission is TRUE?

A

Commission members appoint their own chair person every year

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

A Georgia broker may share a real estate commission with an out-of-state broker if

A

out-of-state broker is acting as a referral agent involving only the referral of one person to another.

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

Which of the following statements is TRUE concerning affiliation of a Georgia broker with an out of state licensee?

A

The licensee may sell Georgia real estate only on behalf of the Georgia broker.

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

A ministerial act is one that

A

may be performed by a licensee’s employee.

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

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

A person who auctions real estate is considered

A

a broker

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

Mae is a nonresident licensee affiliated with Georgia-licensed broker Mabel. What happens to Mae’s license if the affiliation with Mabel is terminated?

A

It terminates unless put on inactive status or Mae affiliates with another broker within 30 days.

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

A nonresident broker may conduct real estate brokerage business in Georgia without obtaining a Georgia license if

A

the nonresident broker has a written agreement with a Georgia broker for each transaction.

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

For how many firms may a broker serve as managing broker at any one time?

A

No limit

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

The Commission must retain paper or electronic licensing application records for a period of

A

15 years

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

If an application for a salesperson or community association manager license omits the signature of an employing broker,

A

An inactive license will be issued

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

Under which condition might the Commission choose to extend a renewal without the licensee having to pay the required fees?

A

A licensee living in a designated disaster area suffers uninsured damage to his home.

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

Which one of the following will result in a $100 fee by the Commission?

A

Submitting a check that is returned unpaid

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

If a license has been lapsed for longer than 10 years for nonpayment of a renewal fee, what must the licensee do to reinstate it?

A

Take the pre-license course and pass the license exam

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

If an applicant requests a hearing after the Commission has refused a license, where will the hearing be held?

A

In the county of domicile of the Commission.

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

If a licensee is convicted of an offense named in the license laws, what happens to the license?

A

It is automatically revoked after 60 days unless the licensee requests a hearing

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

Mary’s inactive license lapsed when she failed to pay a renewal fee. She can reinstate it to active status by paying required fees and completing continuing education courses if

A

the license has been on inactive status for less than two years.

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

An application for a Commission action regarding a license may be submitted by fax, provided

A

it does not require payment of a fee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

When must an applicant for licensure obtain a criminal history report?

A

Within 60 days of applying for a license

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

If an otherwise qualified broker applicant applies for the license eight months after completing the examination,

A

the license will be issued

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Unless the brokerage agreement contains instructions to the contrary, after presenting a letter of intent to lease, the landlord’s broker must

A

continue to present all offers to lease

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

A broker in Georgia has a fiduciary duty to

A

No one

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Those facts that a party does not know, could not reasonably discover, and would reasonably want to know, are known as:

A

Material facts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

What is the name of the Georgia law that governs the agency relationships of brokers with sellers, buyers, landlords and tenants of rights and interests in real property?

A

BRRETA

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

A buyer’s broker can NOT be held liable for revealing the buyer’s information if

A

the disclosure was required by law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

If a tenant client informs his broker that certain financial facts are confidential and then proceeds to reveal them to a landlord,

A

the broker has no further duty to keep the information confidential.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

A brokerage engagement must disclose all of the following EXCEPT

A

the broker’s marketing budget for the engagement.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Unless otherwise indicated in the contract, a brokerage engagement terminates

A

one year after the beginning date of the agreement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Which of the following will invalidate a brokerage engagement contract?

A

lack of an expiration date

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

A brokerage engagement includes

A

the client’s promise to pay the broker or allow payment to the broker.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

A transaction broker would be liable for failure to disclose

A

a known structural flaw that is not readily visible.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

A brokerage engagement includes

A

the client’s promise to pay the broker or allow payment to the broker.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

If a broker’s affiliated licensee reveals confidential client information to avoid giving false information to a customer,

A

neither broker nor affiliate is liable for any violation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

A broker is released from the duty to maintain client confidentiality in any of the following circumstances EXCEPT:

A

three years have passed since the termination of the brokerage engagement.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Which of the following is NOT a requirement of a brokerage engagement?

A

A declaration that the agent has no other clients

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

How is a dual agency created in Georgia?

A

A written agreement and written consent of all parties allow the broker to represent both sides in a transaction.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

A transaction broker

A

has no written agency agreement with any party to a transaction.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Because of the doctrine of actual vs. imputed knowledge,

A

designated agents are considered to possess only the knowledge they actually possess.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

At what times is the Real Estate Commission authorized to examine a broker’s designated trust accounts?

A

During each renewal period and whenever the Commission has reasonable cause.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

When is it permissible for a designated trust account to contain the broker’s personal funds?

A

When the funds are for a specific purpose such as maintaining a minimum balance and are identified as belonging to the broker.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

If funds designated as the broker’s are to be withdrawn from a trust account, the withdrawal must be made

A

by a check made payable to the broker

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

Brokers must notify the Commission of the name of the bank in which each trust account is maintained and each account’s name or number within how long of opening each account?

A

One month

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

If the Commission requests copies of a licensee’s trust records,

A

the licensee must provide them at a reasonable cost to the Commission.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

If the Commission finds, on investigating, evidence of a trust account violation, it must immediately

A

inform the Georgia Attorney General

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

The accounting system a licensee uses for trust fund operations must be

A

accessible to the Commission

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

A nonresident broker

A

may maintain trust funds in a bank in the state of residence if specifically permitted to do so.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

What must a salesperson do if a customer or client requests a refund of earnest money?

A

Refer the party to the employing broker

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

In a case of a trust account violation, a court-appointed receiver has the power to

A

liquidate the offender’s business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

If a broker’s designated trust account contains commission funds that are due the broker, they must be removed

A

monthly

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

A broker/property manager may keep security deposits in a designated rental account provided

A

the account balance is always equal to the total of the security deposits.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

The trust account requirements enabling a broker to claim earnest money as commission are met if

A

all parties to the transaction have signed a written agreement stating that the broker is entitled to a commission.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

Broker Beaufort refuses to allow an examiner sent by the Commission to look at his financial records. As a result, the Commission is likely to

A

inform the Attorney General that Beaufort’s trust account is in an “unsafe or unsound condition.”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

A broker who fails to disburse trust funds according to the terms of the contract creating the trust account will be

A

deemed by the Real Estate Commission to have demonstrated incompetence.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

If a broker refuses to submit trust account records for inspection,

A

the Commission must immediately report the situation to the Georgia Attorney General.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

In advertising a property for sale, the name of the licensed firm offering the property

A

must appear in a font at least as large as that used for any affiliated licensees or groups.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

The definition of discrimination in Georgia law includes

A

failing to provide accommodations for wheelchair users in a multifamily dwelling built after 1991.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
58
Q

$10,000 is the fine for which of the following?

A

A first-time conviction for a discriminatory housing practice.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
59
Q

A first-time conviction for committing a discriminatory housing practice may be punished with a fine of

A

$10,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
60
Q

Unlicensed support personnel

A

must comply with the license law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
61
Q

To allow an affiliated licensee to engage a support person, the brokerage firm must have

A

written authorization agreements with the licensee and the support person.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
62
Q

A property management contract in Georgia must contain all of the following EXCEPT

A

a certificate of the property’s initial condition

63
Q

In the case of an independent contractor, the broker can still be held liable unless certain rules are followed. One such rule says that the broker must review all contracts within how many days?

A

30 days

64
Q

A claimant against the Recovery Fund has to prove that

A

he or she is not a relative of the licensee named as debtor in the judgment.

65
Q

Before a licensee can legally refer a prospective client to another licensee for relocation services, the licensee must

A

obtain the prospective clients agreement

66
Q

All of the following are considered unfair trade practices EXCEPT

A

Depositing trust funds in a federally-insured checking account maintained by the broker.

67
Q

Every license applicant pays how much into the Real Estate Education, Research and Recovery Fund for a new license?

A

$20

68
Q

What happens if a licensee fails to appear at a hearing after proper notification by the Commission?

A

The Commission may conduct the hearing and take action as if the licensee were present.

69
Q

In the case of a fraudulently obtained license, the Commission has the right to take any of the following actions EXCEPT

A

revoke the licenses of everyone associated with the licensee.

70
Q

Once all the appropriate steps have been taken, the aggrieved party can apply to the court for an order directing the payment out of the Real Estate Education, Research, and Recovery fund of the amount unpaid upon the judgment, with how many days written notice to the Commission?

A

10

71
Q

Under Georgia license law, a licensee must remove any sign placed on a property, offering it for sale, within how many days of the expiration of the listing?

A

10 days

72
Q

The Commission has the authority to skip the hearing process when investigating

A

a minor violation license law

73
Q

Before an aggrieved person can receive a payment from the Real Estate Recovery fund,

A

a court must issue a judgment against the offending licensee.

74
Q

In ______________, the occupancy is by those prospects that subscribe to the purchase of stock and sign a proprietary lease on their individual units in the complex.

A

cooperative ownership

75
Q

Membership in a home owners association in a Georgia subdivision is

A

dependent on how the subdivision is organized

76
Q

To apply for a community association manager’s licenses, an individual must

A

have a high school degree or equivalent

77
Q

A proper community association management agreement should include

A

provisions for termination of the agreement.

78
Q

Associations of homeowners within certain subdivisions, townhouse developments, condominium complexes, cooperatives, or other planned developments are known as:

A

Community associations

79
Q

A person prosecuted under the Uniform Deceptive Practices Act may be punished with any of the following EXCEPT

A

jail

80
Q

Which of the following is NOT required to be in a sales contract?

A

evidence of title

81
Q

What period is covered by a title search in Georgia?

A

50 years

82
Q

What period is covered by a title search in Georgia?

A

50 years

83
Q

What kind of tax is a transfer tax?

A

excise

84
Q

A landlord may lawfully cut off the utilities to a tenant

A

only after the final disposition of eviction proceedings.

85
Q

Regulation Z requires a lender to

A

disclose to a borrower the true annual interest rate of a loan before closing.

86
Q

When is a real estate transfer tax paid?

A

Before recording a deed or security instrument

87
Q

Salesperson J.T. Land interferes with a consumer making a fair housing complaint against him. He has no prior fair housing violations. If convicted, what is the maximum penalty J.T. could faces?

A

Criminal charges

88
Q

What is the maximum penalty licensees face when they breach fair housing laws?

A

Criminal charges

89
Q

Each of these parties is included under the familial status class, except:

A

Married couples

90
Q

Which is false about the requirements for new housing under the federal Fair Housing Act as amended?

A

These requirements supersede state and local law, even when the state or local stipulation is more stringent.

91
Q

Which is true about the initial Fair Housing Act?

A

Any exemptions it provides never pertain to race.

92
Q

The Fair Housing Act protects seven classes on a national level. This is not one of them:

A

Marital status

93
Q

What is true about fair housing “testers”?

A

Violations are frequently proved through their testimony.

94
Q

Seller Anne Land believes her agent has breached fair housing laws. In terms of filing a complaint, which is false?

A

If her state has equivalent anti-discrimination judicial rights and remedies, she must first go through HUD.

95
Q

High-Rise Office Buildings are those structures which are more than:

A

Nine-stories tall

96
Q

A written or oral contract between a landlord and a tenant, through which the right to exclusive possession and use of the landlord’s property is transferred to the tenant for a specified period of time, and for a stated amount of rent, is known as:

A

A lease

97
Q

The transfer of a tenant’s remaining rental rights in a property to a third party is known as:

A

Assignment

98
Q

The transfer of all title, right and interest that a lessee possesses in certain real property is known as:

A

The assignment of a lease

99
Q

Many states now impose a burden on the ______ to discover any existing problems and to raise the red flags.

A

agent

100
Q

Your job is as which of the following in the realm of environmental issues?

A

An educator

101
Q

Radon-resistant construction techniques provide the homeowner with an average yearly energy savings of _____.

A

$65

102
Q

Which of the following is NOT true of radon?

A

It occurs only in certain geographical areas.

103
Q

The EPA and the Surgeon General recommend testing which of the following homes for radon?

A

All homes below the third floor

104
Q

Two simple methods of mitigating radon levels in a home include:

A

Installing a sub-slab depressurization system and sealing cracks and other openings in the floors and walls.

105
Q

In which year did Environmental Defense Fund attorney Robert Yuhnke first bring radon to national attention?

A

1985

106
Q

When radon gas moves up through the soil into the atmosphere, rather than into a building:

A

The radon is diluted and is of little concern.

107
Q

The amount of radon transferred from water to air depends on all of the following EXCEPT:

A

the soil saturation level

108
Q

EPA models say that radon kills one person every:

A

20 minutes

109
Q

Radon is created in the ground where ______ exist(s).

A

radium and uranium

110
Q

One way the Federal Reserve tries to boost the economy is by

A

lowering reserve requirements for banks.

111
Q

Deposits in savings associations are insured by FDIC up to the amount of

A

$250,000.00

112
Q

Which of the following groups was created in 1913?

A

The Federal Reserve System

113
Q

ECOA’s role in mortgage financing is to

A

Protect the public from discriminatory lending

114
Q

Which of the following is not a responsibility of HUD?

A

Regulating the Fannie Mae and Freddie Mac operations.

115
Q

In order to qualify for the reduced capital gains tax rate, an investment property must be held for a minimum of:

A

12 months

116
Q

The law enacted to keep credit information confidential is known as the

A

Fair Credit Reporting Act

117
Q

Owners who can sell or convey their equal or unequal property interest to third parties are most likely

A

tenants in common

118
Q

What is a “soft” second mortgage?

A

A second mortgage that requires no payments for a certain number of years or until the mortgaged property is sold.

119
Q

Which of the following is true regarding FNMA conforming loans?

A

There is a limit to the total amount of the loan

120
Q

A conventional nonconforming loan is a loan

A

Where underwriting standards are outside of FNMA standards

121
Q

The minimum down payment requirement for a conventional conforming loan is

A

3%

122
Q

Any loan that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac is called:

A

A jumbo loan

123
Q

The amount of a mortgage insurance premium is a function of

A

the size of the down payment

124
Q

The original conforming loan guidelines required the borrower to have the equivalent of two months’ PITI payment in reserve. This requirement has been since changed to which of the following?

A

This requirement has been eliminated in the majority of cases.

125
Q

What is true of a lease-purchase?

A

The tenant executes a sale contract at the beginning of the lease period

126
Q

The amount of entitlement shown on a Certificate of Eligibility for a VA-guaranteed loan is based on

A

time spent in the service

127
Q

Which of the following transactions is similar to an installment sale except that in the beginning the seller retains title to the property and the purchaser is in effect a tenant?

A

a lease-purchase

128
Q

The Economic Recovery Act of 2008 eliminated:

A

Seller-funded down payment assistance.

129
Q

The amount of the basic entitlement for a VA-guaranteed loan is

A

$36,000.00

130
Q

A veteran wishes to purchase a home in which the sales price exceeds the Certificate of Reasonable Value. In this case, the veteran

A

Must pay the difference between the two in cash

131
Q

The FHA loan program that covers loans on owner-occupied dwellings of one to four units is the

A

203(b)

132
Q

The maximum loan guarantee for a VA-guaranteed loan as of 2007 is

A

$104,250.00

133
Q

If the brokerage or agent receives a commission for the sale of a home warranty, the fact of the commission must be disclosed to the:

A

party paying for the warranty

134
Q

A good risk management policy regarding documentation does not include:

A

Only using standardized contracts as mandated by federal law.

135
Q

Salesperson Donna Lycensee tells her client that “my brokerage firm charges X%, which is the same rate as every other broker in the county.” Donna and her broker:

A

Face antitrust charges

136
Q

Although not required by state law, this transaction information should also be conveyed for the benefit of all parties:

A

Contact information of the loan processor and appraisers.

137
Q

Anne Howzer is a licensed real estate salesperson while her husband Ben sells homeowner’s insurance. Which of the following statements is false?

A

Under no circumstances can Anne and Ben deal with the same client at the same time because of the clear conflict of interest.

138
Q

Which is true about real estate documentation and paper trails?

A

When important transaction information is being conveyed verbally, real estate professionals should take detailed notes.

139
Q

Which is false regarding misrepresentation in the area of structure measuring?

A

Because most licensees know how to accurately calculate the square footage of a structure, these law suits mainly concern intentional misrepresentation.

140
Q

Errors and omissions insurance:

A

Transfers risk from the licensee to the insurer in the case of unintentional misrepresentation.

141
Q

Which licensee is measuring correctly?

A

Jeanne is rounding to the nearest 1/10 of a foot

142
Q

There will always be a client who suffers from an inability to make a decision and insists that the licensee select someone from the list of competent providers. In this situation, the real estate professional should:

A

Select several from the list with the highest customer recommendations.

143
Q

Salesperson Carl Howzer decides to provide a list of property inspectors for his client Ken Bier. In terms of risk management, Carl should:

A

Ask licensees and consumers who have dealt with the inspectors to rate their level of satisfaction with them.

144
Q

To avoid misrepresenting the dimensions of a structure, licensees should:

A

Obtain professional structure measurement training.

145
Q

The largest segment of today’s seniors is:

A

the silent generation

146
Q

According to the U.S. Census Bureau, how many children are currently being raised by or in the home of grandparents?

A

More than 1,000,000

147
Q

There is a great interest among which generation in obtaining a second home at the beach, in the mountains, or in a golfing community?

A

The baby boomers

148
Q

Men over the age of 55 are more likely than women in respective age groups to be in:

A

The civilian labor force

149
Q

With the changes provided by TRA ’97, there is an exemption from capital gains tax on profit from the sale of a personal residence of up to how much per couple?

A

Up to $500,000.00

150
Q

To establish basis, you may NOT include any of the following EXCEPT:

A

Abstract of title fees

151
Q

Which of the following is the trustee for a living trust empowered to do?

A

Authorize payments for medical treatment.

152
Q

Under which of the following accounts must the spouse must be named as beneficiary unless they choose to give up that right?

A

A 401(k) account

153
Q

Within many cultures, this group of people regards itself as the “right” culture, when in reality, this culture is only the majority.

A

The predominant culture

154
Q

As a group, white middle-class men still:

A

Significantly impact business attitudes and practices.

Real Estate Post License (1 decks)

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