CRAM QUIZ / AGENCY

Under the *CAN-SPAM ACT* opt-out request must be handled within:

A) *10 business days.*

A licensee should search the *National Do Not Call Registry* on a regular basis and drop registered consumer phone numbers from their call lists. This should be done at least once every:

A) *31 days.*

In Georgia, two licensees affiliated with the same broker are assigned by the broker to represent the buyer and seller respectively in the same transaction. Under *BRRETTA* this would be considered:

A) *Designated Agency*

What type of agency relationship does a real estate sales associate usually have with their employing broker?

B) *General agency*

A property was listed at $260,000 and sold for $245,000. The closing costs were $2,800. The listing broker received a brokerage fee of $14,700. What was the rate of commission?

B) 6% (need formula)

A brokerage company recently had a listing expire. The seller is on the *Do-Not-Call list*. After the end of the transaction for how many months may the agents in the listing office call the seller?

C) *18 months*

A property sells for $195,000. The existing loan balance is $114,000 and the seller's closing costs are $2,500. What are the seller's net proceeds if the brokerage fee is 6%?

C) $66,800 (need formula)

A potential buyer attends an "open house" on a listed property and inquires about the sales price. The interested buyer is registered on the *Do-Not-Call Registry*. Can the salesperson call the interested buyer?

C) Yes, the agent can call for up to *three months* after the *CONSUMER* makes an inquiry.

Under the Federal Fair Housing Act, *familial status* would apply to:

C) a pregnant woman.

An offer to purchase with a $500 earnest money check is received on Monday evening. The offer states that the salesperson is to hold the earnest money until the offer is accepted by the seller. Your broker requires all earnest money deposits to be turned over to the office manager during normal business hours (9AM to 5PM). The offer does not expire until Thursday and the seller is out of town until Wednesday. The salesperson should:

C) deliver the check to their broker Tuesday morning with instructions to hold the check until the offer is accepted.

Broker Dole was showing a buyer different apartments for rent in a specific area of the city. The buyer asked Dole to find an apartment that did not allow children as the buyer desired peace and quiet and felt that children destroy their privacy. Broker Dole should:

C) inform the buyer that only bona fide *retirement communities* can legally restrict children.

A salesperson is showing property in a racially changing neighborhood. Which of the following statements by the salesperson would be appropriate in this situation.

D) Based on the information you have provided, *I don't think you can afford that property.*

Which of the following statements about an *open listing* is *INCORRECT*?

D) It is *INCORRECT* that in Georgia, open listings do not have to be in writing.