Real Estate chapter 2 quiz

Broker Brody Sellsalot receives a commission check and has a software-based accounting system that properly tracks all deposits and withdrawals for trust and escrow accounts. Which of the following is true?

He has met the requirements and can deposit the check in the account.

Dalton White was a broker in Florida for two years prior to moving to Georgia. The Florida Real Estate Commission shows no record of Dalton's broker license. Which of the following actions can validate his experience?

He submits sales and closing documents he has handled in the last two years. He asks three brokers he has dealt with to submit

Jacob Brown knows the owner of a restaurant in downtown Atlanta. The owner confides to Jake that she wants to sell her business. Luckily for the business owner, Jacob knows someone looking to buy an established restaurant. Jacob asks a real estate buddy to draw up the sales contract. Jacob asks for a commission since he was the procuring cause of the sale. However, Jacob doesn't have a real estate license in Georgia. Which of the following is true:

Jacob isn't entitled to any commission for the services of real estate.

Owen's Condos hires licensee Brook White to manage its commercial multi-family condominium complex. The ............ specifies that Brook will collect the rent and manage maintenance and other costs of operations as well as provide a profit and loss statement and cash flow statement to the owners on a quarterly basis. Brooks other responsibilities are also detailed in the agreement.

Management agreement

Hans Rosenstein moved from Florida, where he was a sales agent, to Georgia. Hans completed his post-license course in Florida, a state considered similar to Georgia in terms of real estate law. Does Hans have to take the post-license course in Georgia?

No

If you've been subject to disciplinary actions for any licensing agency, all the following information must be taken before applying for a real estate license in Georgia, EXCEPT?

Provide a copy of his license in the associated jurisdiction.

............. suspended due to nonpayment or failure to meet educational requirements costs $100 if submitted within four months of the lapse.

Reinstating a license

Sallie Mae, who is not a licensee, works for Broker Amy Cahlo and performs administrative duties. What duties are Sallie permitted to perform under Georgia's real estate law?

Sallie can answer phones and make appointments.

A licensee cannot falsify a record, or knowingly allow a record to be falsified, either orally or in writing, by a third party. This rule covers the following misinformation, EXCEPT:

The actual real lease, sales, or exchange price.

Every broker has to maintain an accounting system to include the following information, EXCEPT:

The name of the broker's lawyer.

If the licensee is acting as a dual agent, which of the following is NOT true?

This is an illegal transaction.

Kit Benning is a sales agent who decides to buy a property currently listed for her clients, the Winstons. Kit finds a home that the Winstons wish to purchase. While drawing up the sales contracts, she makes her purchase of the Winstons home contingent on their extending the brokerage engagement by 60 days to allow time for the closings. Which of the following is true?

This meets the requirement of the rule

A candidate for a broker or an associate broker's license can fulfill the experience requirement based on experience in another state. Typically, they must prove they had an active license for three out of five years just prior to applying to the Commission. Which of the following is the best answer choice:

True (T)

Broker Gabe Newman passed away suddenly, leaving 10 agents without a broker. A new qualifying broker must be assigned within ............ days.

30.0

Prince Stover moves his Athens brokerage to a location with more foot traffic. He must notify the Commission within ............ days of his new address.

30.0

If the Commission denies your application based on a conviction or disciplinary action, what rights do you have?

You have the right to a hearing for a final determination.

You don't recognize a charge on your credit card made to the Georgia Real Estate Commission, so you dispute the charge. Later, you learn that the charge was valid. In addition to paying the owed fees, what other step must you take?

You must pay an additional $100

Community Association Managers may need to obtain a ............ or the appropriate insurance if they meet certain thresholds.

fidelity bond

Any ............ must include its certificate of authority issued by the Secretary of State's office.

limited liability company, or LLC,

Joyce O'Keefe is a sales agent in Bowman, Georgia. She decides to go through a list of prospects that she has purchased to see if anyone is interested in buying or selling a home. Joyce poses as a survey taker in an attempt to build up a list of warm prospects. This is a violation of the GREC...?

rules for advertising

Sales agent Lisa Pringle sells the McDonalds' home to a buyer Lisa also procured (who is also related to Lisa). Lisa negotiated a $30,000 discount off the original sales price from the motivated sellers. In exchange for the lower sales price, Lisa promises the McDonalds new living room furniture for another home she plans to sell to them. This is a violation of the ............ unless Lisa discloses it on the closing documents during the sale of the McDonalds' house.

rules for consideration

Milagros Hernandez has been denied a license after completing all the requirements and based on a prior conviction. She has requested a hearing, which upheld the decision to deny her license. If Milagros wants to request a new hearing, what steps must she take first?

she must retake the relevant educational courses and pass the state exam prior to making another written request for a hearing.

The Georgia Real Estate Commission includes a chair and

vice chair

A salesperson can't begin the activities of real estate until their broker receives their .............. The same holds true if the salesperson is active under a limited liability company, partnership, corporation, or sole proprietorship.

wall hanging

Brokers can have more than one trust or escrow account as long as they inform the Commission within ............ of the account information.

1 month

The Commission keeps electronic licensing records for...?

15 years

Every salesperson has to provide the Commission with evidence that they completed a ............ post-license course within one year of obtaining their license.

25-hour

A broker should keep copies of documents and records for...?

3 years

If you serve in the army reserve and are studying to be a broker, you effectively get 10 points added to your score. Which of the following is true?

5 points are added in each of Information Gathering and Decision Making sections.

f the qualifying broker of a corporation, partnership or limited liability company resigns, dies or is discharged, the entity has ............ days to find a new qualifying broker. In case no qualifying broker is found, the brokerage must stop all real estate services.

60.0

If using experience obtained in another state, the candidate must meet which of the following conditions?

All items listed

Fill in the blank. ............ represent both the buyer and seller or both the tenant and landlord in the same transaction.

Dual agents

When representing the seller, a licensee is obligated to present ............ to procure a property for sale.

any signed offer

A nonresident broker may be the qualifying broker for all except which of the following companies?

appraisal practice

Refunds of earnest money are credited at closing or paid by check. The total of all checks should reflect a zero balance except for the...?

broker's commission

Any ............ that applies for a broker license must submit a copy of its ............ agreement and its Certificate of Trade Name, filed with the Clerk of the County.

partnership

Licensees cannot advertise as...?

principals.

f a licensee makes an offer on a property as part of a brokerage engagement or an extension of an engagement, the terms and conditions of the engagement must be set down in a...?

written agreement

What is the term that refers to someone who has completed the requirements for a license, submitted a complete application, and paid the correct fee?

Applicant

Adam Jones is a broker who let his license lapse three years ago. He must pay the renewal fee and take the ............ within a year of the time he pays the renewal fee.

Brokers Prelicense course

Drew Fenstemaker writes a contract that guarantees seller Warren Wilson $100,000 for his property, while Drew walks away with any amount resulting from a sales price over $100,000. However, if the home sells for less than $100,000, Drew must make up the deficit. Which of the following statements is correct?

Even if Warren is happy with this arrangement, net brokerage agreements are illegal in Georgia and Drew is risking his license with this rather shady deal.