TEST 13: BROKERAGE RELATIONSHIPS; OTHER GEORGIA-SPECIFIC LAWS

TO ALL PARTIES, IN A TIMELY MANNER, BUT NO LATER WHEN ANY PARTY FIRST MAKES AN OFFER

(1) WHEN AND TO WHOM IS A LICENSEE REQUIRED TO DISCLOSE AGENCY RELATIONSHIP?

EQUITABLE RIGHT OF REDEMPTION

(10) WHICH OF THE FOLLOWING PROPERTY RIGHTS IS RECOGNIZED IN GEORGIA?

20 YEARS WITH GOOD TITLE.

(11) IN GEORGIA, THE PERIOD OF TIME REQUIRED TO ESTABLISH ADVERSE POSSESSION IS

BRRETA

(12) THE GEORGIA LAW GOVERNING AGENCY RELATIONSHIPS WITH CLIENTS AND CUSTOMERS IS KNOWN AS

PROVIDING A BUYER WITH INFORMATION ON PROPERTIES FOR SALE IN THE AREA

(13) WHICH OF THE FOLLOWING WOULD BE CONSIDERED A MINISTERIAL ACT?

A DESIGNATED AGENT MAY SHARE CONFIDENTIAL INFORMATION WITH HIS/HER BROKER.

(14) WHICH OF THE FOLLOWING IS TRUE REGARDING A DESIGNATED AGENT?

WHEN THE BROKER HAS OBTAINED PRIOR WRITTEN CONSENT OF BOTH PARTIES

(15) IN GEORGIA, WHEN MAY A BROKER REPRESENT BOTH PARTIES IN A REAL ESTATE TRANSACTION?

AN AGENT APPOINTED TO REPRESENT EITHER THE BUYER OR SELLER IN A TRANSACTION TO THE EXCLUSION OF OTHER COMPANY LICENSEES.

(16) IN GEORGIA, A DESIGNATED AGENT IS

SEVEN DAYS FOLLOWING THE EXECUTION OF A CONTRACT

(17) WHAT RIGHT OF RESCISSION DOES A CONSUMER HAVE WHEN ENTERING INTO A CONTRACT TO PURCHASE A TIMESHARE?

FOR WRITTEN CONTRACTS NOT UNDER SEAL, SIX YEARS; IF UNDER SEAL, 20 YEARS

(18) WHAT IS THE STATUTE OF LIMITATIONS FOR CONTRACTS IN GEORGIA?

WRITTEN NOTICE OF THE BROKER

(19) WHICH OF THE FOLLOWING DOES NOT TERMINATE AN AGENCY RELATIONSHIP?

DISCOVERING ADVERSE MATERIAL FACTS UNKNOWN TO THE LICENSEE

(2) WHICH OF THE FOLLOWING IS NOT A DUTY OWED TO A CLIENT, BASED ON BRRETA?

ALL ADVERTISING MUST BE UNDER THE DIRECT SUPERVISION OF THE BROKER AND IN THE NAME OF THE FIRM.

(20) WHICH OF THE FOLLOWING IS A TRUE STATEMENT REGARDING ADVERTISING?

THE LICENSEE MUST PRESENT ALL OFFERS TO AND FROM THE SELLER, EVEN WHEN THE PROPERTY IS SUBJECT TO A CONTRACT.

(21) WHICH OF THE FOLLOWING STATEMENTS IS TRUE REGARDING A LICENSEE ENGAGED BY THE SELLER?

DISCLOSURE OF INFORMATION BETWEEN THE BROKER AND AN AFFILIATED LICENSEE REPRESENTING THE CLIENT IS NOT A BREACH OF CONFIDENTIALITY.

(22) WHICH OF THE FOLLOWING STATEMENTS IS CORRECT REGARDING AGENCY RELATIONSHIPS IN GEORGIA?

THAT THE DUAL AGENT IS PROHIBITED FROM DISCLOSING ADVERSE MATERIAL FACTS TO EITHER PARTY IN A DUAL AGENCY RELATIONSHIP.

(23) BRRETA REQUIRES THAT DUAL AGENCY DISCLOSURE CONTAIN ALL THE FOLLOWING STATEMENTS EXCEPT

THE BROKER IS NOT CONSIDERED TO HAVE FIDUCIARY RELATIONSHIP OR OWE FIDUCIARY OBLIGATIONS TO THE CLIENT BUT IS RESPONSIBLE FOR EXERCISING REASONABLE CARE IN THE DISCHARGE OF DUTIES.

(24) REGARDING A BROKER'S LEGAL RELATIONSHIP WITH CUSTOMERS AND CLIENTS, BRRETA STATES THAT

INA TIMELY MANNER, BUT NO LATER THAN WHEN ANY PARTY FIRST MAKES AN OFFER.

(25) BRRETA REQUIRES BROKERS TO DISCLOSE BROKERAGE RELATIONSHIPS WITH A CUSTOMER OR CLIENT

PROSPECTIVE TENANTS HAVE AN OBLIGATION TO INSPECT AND FAMILIARIZE THEMSELVES WITH POTENTIALLY ADVERSE PHYSICAL CONDITION OF THE PROPERTY AND NEIGHBORHOOD.

(26) WHICH OF THE FOLLOWING STATEMENTS IS ACCURATE REGARDING PROPERTY MANAGEMENT TRANSACTIONS?

ADVISING THE CLIENT ON LEGAL ISSUES AND MATTERS BEYOND THE EXPERTISE OF THE BROKER.

(27) RESPONSIBLITIES TO CLIENTS ENGAGED BY BROKER INCLUDE ALL THE FOLLOWING EXCEPT

ARE MINISTERIAL ACTS PERFORMED FOR A CUSTOMER

(28) A LICENSEE PROVIDING PREPRINTED FORMS AND ACTING AS A SCRIBE IN THE PREPARATION OF REAL ESTATE CONTRACTS

AN ATTORNEY.

(29) CLOSINGS OF REAL ESTATE TRANSACTIONS IN GEORGIA MUST BE CONDUCTED BY

UNDISCLOSED DUAL AGENCY

(3) WHICH OF THE FOLLOWING IS NOT A LEGALLY RECOGNIZED FORM OF AGENCY IN GEORGIA?

$601.50

(30) A PROPERTY SOLD FOR $250,000, AND THE BUYERS OBTAINED A MORTGAGE FOR $200,250. WHAT IS THE AMOUNT OF THE INTANGIBLE RECORDING TAX FOR THIS TRANSACTION?

SEVEN DAYS

(31) THE GEORGIA CONDOMINIUM ACT REQUIRES THAT POTENTIAL BUYERS ARE GIVEN WHAT PERIOD OF TIME IN WHICH TO RESCIND THE PURCHASE CONTRACT?

A BROKER WHO PROVIDES ASSISTANCE TO CONSUMERS BY PERFORMING MINISTERIAL ACTS.

(32) A TRANSACTION BROKER IS BEST DEFINED AS

OBEYING ALL LAWFUL DIRECTIONS OF THE CUSTOMER

(33) WHICH OF THE FOLLOWING IS NOT A DUTY REQUIRED OF THE TRANSACTION BROKER?

60 DAYS FROM THE LANDLORD OR 30 DAYS FROM THE TENANT.

(34) REQUIRED NOTICES TO TERMINATE A TENANCY AT WILL ARE

IF THE TENANT REFUSES TO SIGN THE DAMAGES LIST, HE/SHE SHOULD NOT LIST IN WRITING THE ITEMS TO WHICH THE TENANT DISSENTS.

(35) WHICH OF THE FOLLOWING IS AN INCORRECT STATEMENT REGARDING SECURITY DEPOSITS?

SECURITY DEED.

(36) THE MOST COMMON MORTGAGE INSTRUMENT FOR REAL ESTATE LOANS IN GEORGIA IS A

TIMELY PRESENTATION OF ANY OFFER, EVEN IF THE SUBJECT PROPERTY IS UNDER CONTRACT.

(37) WHICH OF THE FOLLOWING IS A DUTY OF A BUYER'S AGENT?

IF THE BROKER APPOINTS DESIGNATED AGENTS, BROKER AND BROKERAGE WILL BE DEEMED TO BE DUAL AGENTS.

(38) WHICH OF THE FOLLOWING STATEMENTS IS NOT TRUE REGARDING THE BROKERAGE IN RESPONSE TO DESIGNATED AGENCY?

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(39) REAL ESTATE IN GEORGIA IS ASSESED AT ______% OF MARKET VALUE.

FAMILY STATUS

(4) WHICH OF THE FOLLOWING IS A PROTECTED CLASS PER GEORGIA FAIR HOUSING LAW?

A RELATIONSHIP IN WHICH THE BROKER ACTS ON BEHALF OF A CLIENT WITH THAT CLIENT'S AUTHORITY

(40) WHICH OF THE FOLLOWING BEST DEFINES AGENCY?

ESCROW AGREEMENT

(41) WHICH OF THE FOLLOWING IS NOT AN EXAMPLE OF A BROKERAGE ENGAGEMENT?

THEIR EMPLOYING/SPONSORING BROKER

(42) SALESPERSON MAY ACCEPT COMMISSIONS FROM

RETAKE THE LICENSING EXAM BUT NOT THE PRELICENSE COURSE.

(43) TO RENEW AN INACTIVE LICENSE TO ACTIVE STATUS, THE LICENSEE MUST DO ALL THE FOLLOWING EXCEPT

IMPRISONMENT

(44) WHICH OF THE FOLLOWING IS NOT A PENALTY THAT CAN BE LEVIED BY THE COMMISSION FOR LICENSE LAW VIOLATIONS?

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(45) HOW MANY HOURS OF COURSEWORK ARE REQUIRED TO OBTAIN A COMMUNITY ASSOCIATION MANAGER LICENSE?

ISSUANCE OF A CEASE AND DESIST ORDER AND A FINE OF UP TO $1000/DAY.

(46) PRACTICING REAL ESTATE WITHOUT A LICENSE COULD RESULT IN

ANYONE.

(47) COMPLAINTS MAY BE FILED AGAINST GEORGIA LICENSEES BY

DISCLOSURE OF MATERIAL FACTS

(5) WHICH OF THE FOLLOWING DUTIES IS OWED BY A LICENSEE TO ALL PARTIES TO THE TRANSACTION?

$563.90

(6) A HOME SOLD FOR $563,850, AND THE BUYERS OBTAINED A LOAN OF $507,000. WHAT WAS THE AMOUNT OF THE TRANSFER TAX?

A TRANSACTION BROKER MUST DISCLOSE TO BUYERS AND TENANTS ADVERSE MATERIAL FACTS KNOWN TO THE BROKER PERTAINING TO THE PROPERTY AND NEIGHBORHOOD WITHIN ONE MILE OF THE PROPERTY.

(7) WHICH OF THE FOLLOWING IS TRUE REGARDING DISCLOSURE OF MATERIAL FACTS?

IN A TIMELY MANNER.

(8) A BROKER ENGAGED BY THE SELLER MUST PRESENT ALL OFFERS TO AND FROM THE SELLER

A SPOUSE'S RIGHT TO A YEAR'S SUPPORT CAN SUPERSEDE A WILL.

(9) WHICH OF THE FOLLOWING STATEMENTS IS TRUE REGARDING WILLS IN GEORGIA?