CRAM COURSE

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%?

$66,800

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

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

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

10 business days

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

18 months

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:

31 days

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?

6%

If a listing has expired, can the agents of the listing brokerage firm that handled the listing contact the seller, if the seller's name is on the "do not call list"?

Yes, for up to 18 months.

A potential buyer attends an open house on a newly listed property. The buyer makes an inquiry with the listing agent about the price of the property. At a later date the agent wants to follow-up with the buyer only to find the buyer is listed on the Do-Not-Call list. Can the agent call the buyer concerning the property?

Yes, for up to three (3) months after the inquiry.

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?

Yes, the agent can call for up to three months after the consumer makes an inquiry

In Georgia, a seller says "I want $160,000 for my home and the brokerage company can have everything over that amount." This listing is considered:

a "net" listing which is prohibited by the Georgia Real Estate License Law

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

a pregnant woman, person with kids (not married persons, seniors, or single individuals)

A licensee sent out a broadcast fax to announce a reduced price of a listed property. The fax must include:

an opt-out process to prevent receiving future unsolicited advertising faxes.

An offer to purchase with a $500 earnest money check is received on Monday evening. The offer states the salesperson is to hold the earnest money until the offer is accepted by the seller. Your broker requires all earnest money deposits 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:

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

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:

designated agency

Broker Dole was showing a buyer different apartments for rent in a specific area of a 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 would destroy their privacy. Broker Dole should:

inform the buyer that only bona fide retirement communities can legally restrict children

Those facts that a party does not know, could not reasonably discover, and would reasonably want to know when making a decision best describes:

material facts and must be disclosed to clients only

Net listing are illegal in Georgia because:

of the potential conflicts they can create between the interest of the principal and the broker's self-interest

Under the Civil Rights Act of 1866 a property for sale by owner would NOT be exempt from:

race

Which of the following is NOT a violation of the antitrust laws?

Discrimination

Which of the following laws requires the display of equal opportunity posters at real estate brokerage offices, model homes, mortgage lenders' offices, and other real estate locations?

Federal Fair Housing Act

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

General agency

Which of the following statements about an open listing is incorrect?

In Georgia, open listings do not have to be in writing