Rules and regulations Flashcards
Rules and regulations are passed to clarify and further explain sections of License Law that may be misunderstood or misinterpreted by licensees or the public. Who passes these rules and regulations?
The R.E. Commission
If there is a matter that is not in the best interest of the public; would the commission be allowed to pass any rules or regulations?
Yes
The commission can pass rules based on what provision?
License Law Provision
Real Estate Rules and regulations have the same force and effect as the law; true or false?
True
Is anyone allowed to appear at a Real Estate commission meeting? And if so, are there any steps to take?
Yes, show up with a written and notarized letter
With a written and notarized petition, anyone can request that the Commission passes, amends, or repeals a rule. How long will it take for the commission to respond with a denial or to just institute the rule-making procedure?
Within 30 days
If the written and notarized petition of someone is requesting for a declaratory ruling as to whether some aspects of License Law or the rule applies to a specific situation. How long will the commission take to respond if the petition is not intended for the Atty General?
They will respond within 60 days
What is the person who hires a broker to find them a buyer; or the person hiring a broker to find them a home called?
The client or the principal
Performing only ministerial acts with no written agreement for a person; What that person is called?
A customer
The shipment in which you instruct the U.S. mail or a private delivery company to deliver your package the next day with a return receipt is called?
Statutory overnight delivery
Formal discipline records where payment from the recovery fund was made are kept for how long?
40 years
All other records not including disciplinary actions against a licensee are held for how long?
15 years
Are you able to reinstate your license if it’s revoked or if you have surrendered it?
No, only if it lapses are you able to reinstate it?
How often do you have to renew your license?
Every 4 years by the end of my birthday month
What are the fees to pay at your 4 years renewal?
$45 activation fee and $125 renewal fee a total of $170
A percentage of the activation fee goes to the recovery fund. What is that amount?
$20
If you allow your license to lapse and decide to pay your reinstatement fee within 4 months. How much will that fee cost you?
$100
What is the reasonable fee one has to pay if they fail to notify the commission of any changes within 30 days?
$25
An out-of-state person wanting to get a broker’s license in GA may be able to move forward by providing what documents or following what steps?
By presenting an affidavit relating to previous transactions and prove they held a R.E. license for the last 5 years.
Veterans with at least 1 year of service, 90 days of that year in war or an armed conflict are credited points in their R.E exam. How many points under these circumstances are they credited?
5 points
Veterans who were discharged from duty due to an illness or an injury and at least a 10% disability, get what amount of credit in their R.E. exam?
10 points
Applications related to licenses are also held for 15 years; Any changes to your application that you may request via U.S mail will have an effective date as of?
The postmark’s date
How long do you have after passing your state exam to apply for your R.E. License?
Within the first year
When will the commission charge you double when applying for your R.E License?
If you don’t apply within the first 3 months of passing your exam
What is the outcome if you don’t apply for your R.E. License within the first year after passing the exam?
You have to retake the exam
How many licenses are required for a firm?
Two, one for the firm and one for the qualifying broker
What document is a corporation required to add to the application when applying for a license at the commission?
A corporate charter as registered with the Secretary of State
