Unit 2

Question 1

It is against the law to practice real estate without a license. If the Commission discovers that a person is practicing without a license, they have the authority to issue a _____ ___ _______ _____. In addition, the Commission can impose a fine of up to ______ per day for this violation.

Answer 1

Cease and Desist Order, $1000

Question 2

While the Commission does not have the authority to impose a jail sentence, the ______ do have this authority, as a violation of this law is a ___________. The imposed jail sentence can be for a period of one year or less.

Answer 2

Courts, Misdemeanor

Question 3

According to Georgia law, an individual is NOT required to have a real estate license if he/she is any of the following:

An _________ __ ____ under a duly executed power of attorney to convey real estate from the owner/lessor.

Answer 3

Attorney In Fact

Question 4

According to Georgia law, an individual is NOT required to have a real estate license if he/she is any of the following:

An ______ __ ___ acting solely as an incident to the practice of law.

Answer 4

attorney at law

Question 5

According to Georgia law, an individual is NOT required to have a real estate license if he/she is any of the following:

Any officer or employee of a __________ ______ in the conduct of official duties.

Answer 5

government agency

Question 6

According to Georgia law, an individual is NOT required to have a real estate license if he/she is any of the following:

Any person employed full-time by a ______ __ _______ _____ who performs any act with reference to property owned, leased, or to be acquired by the utility employing that person, where such acts are performed in the regular course of the management of such property and the investment therein.

Answer 6

public or private utility

Question 7

According to Georgia law, an individual is NOT required to have a real estate license if he/she is any of the following:

A ________ __ ________ properties if the contract has been approved by a federal agency.

Answer 7

manager of residential

Question 8

According to Georgia law, an individual is NOT required to have a real estate license if he/she is any of the following:

____-____ __________ of the property owner, who have been employed to provide property management services.

Answer 8

Full-time employees

Question 9

According to Georgia law, an individual is NOT required to have a real estate license if he/she is any of the following:

Any person acting as a _______ _______, who is not involved in the actual negotiations, execution of documents, etc.

Answer 9

referral agent

Question 10

License laws also do not apply to any individual employed by a ______ to assist in property management services on ________ property, provided that such individual’s activities are explicitly authorized by the broker in a _______ __________ between the broker and the employee AND provided that such activities are limited.

Answer 10

Broker, Residential, written agreement

Question 11

The ________ ___________ states that any person who provides property management services on properties available for less than 90 days’ occupancy by guests or occupants and meets certain conditions is exempt from license law.

Answer 11

innkeeper’s exemption

Question 12

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

Answer 12

Reciprocity

Question 13

The rules regarding nonresident brokers state that, in order to work in real estate transactions and earn a fee for such activities in Georgia, the nonresident broker may only do so under one of these three conditions:

The nonresident must have a _______ ___________ with a Georgia broker to conduct the real estate brokerage business in Georgia.
Georgia must have a written ________ _________ with the state in which the _______ has his or her license.
If the licensed broker of another state is acting as a _______ ______, involving only the mere referral of one person to another, the licensed broker in Georgia is permitted to divide a real estate commission with, or pay a referral fee to, the ___-__-_____ ______..

Answer 13

Written Agreement, reciprocity agreement, Broker, referral agent, out-of-state Broker

Question 14

It is within the Commission’s authority to ____ _ ______ to any corporation, limited liability company, or partnership if a stockholder, member, or partner of that firm does not have a good ________ for honesty, trustworthiness, and integrity; has been served a conviction or felony, or has been sanctioned by any legally constituted regulatory agency for violating a law regulating the sale of real estate.

Answer 14

deny a license, reputation

Question 15

Once a salesperson has been issued his original license he/she must
complete a __-hour approved course within _ ____ of licensure.

Answer 15

25, 1 year

Question 16

licensee name, business address, business phone number, and disciplinary record are all considered what type of information?

Answer 16

Public Information

Question 17

An applicant for a broker’s license must be __ or older, be a Georgia resident, be a high school graduate or equivalent, have been a licensee for _ years, have completed __ hours of coursework, and must have scored 75% or more in the broker’s exam.

Answer 17

21, 3, 60

Question 18

An applicant for a salesperson’s license must be __ or older, be a Georgia resident or resident of another state, be a high school graduate or equivalent, have completed __ hours of coursework, and must have scored 75% or more in the license exam.

Answer 18

18, 75

Question 19

If a broker applicant is licensed as a community association manager instead of a salesperson, he or she must provide evidence of completing an additional __ hours in Commission-approved courses.

Answer 19

75

Question 20

Approved instructors and schools are prohibited from; ________ information from licensees about the _______ of the exams, ________ any information about the exams except from the _________, _____ information received from the Commission in non-approved courses.

Answer 20

obtaining, content, accepting, Commission, using

Question 21

Signing a Consent to Jurisdiction form relates to qualifying for __-________ _______ in another state.

Answer 21

non-resident licensure

Question 22

Written agreements with similar licensing authorities of other states is known as
_____ _________.

Answer 22

state reciprocity.

Question 23

An application must include the signature of the applicant’s _______ _______; OR, if there isn’t an employing broker, the applicant may apply for an _______ ______.

Answer 23

employing broker, inactive license

Question 24

______ _____ is offered for those licensees who wish to temporarily discontinue active involvement in real estate.

Answer 24

inactive status

Question 25

In the event that a salesperson does NOT complete the course in a satisfactory and timely manner, his license will _____, and his wall certificate of licensure and pocket card must immediately be given to the __________.

Answer 25

lapse, Commission

Question 26

Any salesperson whose license lapses for failure to complete the post-license course may reinstate the license by completing the course within ___ months of the lapsing of the license, if certain conditions are met.

Answer 26

six

Question 27

Real estate licenses may be issued to the following entities in Georgia:

Answer 27

Sole proprietorships
Partnerships
Corporations
Limited liability companies (LLC)

Question 28

A ______, qualifying broker for a _______ firm, or ________ broker may serve as the broker or qualifying broker for one or more other _______ firms.

Answer 28

Broker, licensed firm, associate, licensed

Question 29

In order to renew an active license, every four years a licensee must complete at least __ instructional hours of continuing education in an approved course about Georgia License Law.

Answer 29

3