Ch 2. Licensing Requirements

An associate broker who is incorporated may receive a business real estate license provided

the license is assigned to the broker with whom the associate is affiliated.

An application for a real estate license by a partnership will be considered incomplete if it omits

the name and address of each partner and the name of the partnership.

A nonresident broker may conduct real estate brokerage business in Georgia without obtaining a Georgia license if

the nonresident broker has a written agreement with a Georgia broker for each transaction.

In Georgia, a person may act as an agent in a real estate transaction without being licensed if

the person is acting under a legally executed power of attorney to do so.

Under Georgia license law, an applicant who wishes to qualify for a broker or associate broker's license must be how old?

21 years old

If a nonresident licensee takes no action to prevent termination, his or her nonresident license will terminate within ____ after termination of the licensee's affiliation with a Georgia broker.

30 days

After a nonresident licensee's affiliation with a Georgia broker terminates, how long does the licensee have to affiliate with another broker before his or her license terminates?

30 days.

How many hours of continuing education credit must a licensee complete during each licensing period?

36

An applicant for a broker's license in Georgia must furnish evidence of completion of how many hours in a broker's course of study approved by the Commission?

60

An applicant for a salesperson's license in Georgia must furnish evidence of completion of how many hours in a salesperson's course of study approved by the Commission?

75

The passing grade on the license exam is

75%

To hold a Georgia license, a nonresident who is licensed in his or her state of residence must

agree to abide by all laws, rules and regulations governing brokerage activity in Georgia.

For how many firms may a broker serve as managing broker at any one time?

No limit.

To serve as qualifying broker for a firm, a person licensed as an associate broker must

be affiliated with a licensed firm.

If a nonresident licensee affiliated with a Georgia broker violates Georgia license law, who is responsible?

The Georgia broker.

Which of the following is a condition that must be followed in order for a person to qualify for the innkeeper's exemption?

The deposit given must not exceed the cost of the rental required for the minimum rental period.

Which of the following statements is TRUE concerning affiliation of a Georgia broker with an out of state licensee?

The licensee may sell Georgia real estate only on behalf of the Georgia broker.

Under what circumstances may an associate broker affiliated with one firm serve as qualifying broker for another

When the associate broker has given the employing broker written notice of the intended service.

Under what circumstances may an associate broker affiliated with one firm serve as qualifying broker for another firm?

When the associate broker has given the employing broker written notice of the intended service.

Failure to complete the required post-license course results in

a lapsed license.

An application for a real estate license by a limited liability company must include a copy of its

certificate of authority to transact business.

Information contained in applications for licensure is treated as confidential UNLESS

the Commission deems it to be of public record.

Which of the following is NOT required in an application for a real estate license by a corporation?

A copy of the Moody Report on the corporation.

What penalty can the Real Estate Commission impose for practicing real estate without a license?

A fine of up to $1,000 per day.

Which of the following persons is NOT allowed to take the qualifying examination?

A person whose intention is other than qualifying for a license.

All of the following must be licensed under an active Georgia broker EXCEPT

An inactive associate broker.

In Georgia, an individual is not required to hold a real estate license under which of the following conditions?

An owner of real estate dealing with his own property

Ted receives his Georgia real estate license on May 1. What is his deadline for completing the required post-license course and submitting proof to the Commission?

April 30 of the following year.

Which of the following activities is NOT exempt from the license requirement?

As a broker's property management employee, performing ministerial acts not explicitly authorized in writing.

How many broker licenses must a business entity that is issued a real estate business license maintain?

Two.

Which of the following statements about affiliation is TRUE?

Every active Georgia associate broker must be licensed under an active Georgia broker.

The license period in Georgia is how many years?

Four

Ted's birthday is June 15. He receives his Georgia real estate license on July 15. When will his license expire?

In four years, on June 30

Any person who provides property management services on properties available for less than 90 days' occupancy by guests or occupants is exempt from license law. This is known as the:

Innkeeper's exemption

Mae is a nonresident licensee affiliated with Georgia-licensed broker Mabel. What happens to Mae's license if the affiliation with Mabel is terminated?

It terminates unless put on inactive status or Mae affiliates with another broker within 30 days.

In the event that a salesperson does not complete the Post License course in a satisfactory and timely manner, his license will:

Lapse

What is the penalty for providing information about the contents of the licensing exam to any person?

License denial or other sanction by the Commission.

Which of the following persons would NOT normally be allowed to take the written license examination?

One who already holds an active license and is employed as an instructor in an approved school.

Under which of the following conditions may a Georgia broker share a real estate commission with an out-of-state broker?

The out-of-state broker is acting only as a referral agent.

What examination advantage is given to military veterans discharged due to injury?

They receive 5 to 10 points towards the passing score.

For how many years must a salesperson be licensed before he or she can become a broker?

Three

An entity that seeks to be issued a real estate business license in Georgia must

designate someone who holds a Georgia broker's license to be its qualifying broker .

A person who was licensed in another state prior to moving to Georgia MAY be exempted from the licensing examination requirement if he or she

has passed an examination similar in scope to that used in Georgia.

If a Georgia licensee moves to Florida, the individual may conduct real estate business in Georgia if

he or she qualifies for a nonresident license.

A new Georgia resident may be exempted from the Georgia license examination requirement if the applicant

is a licensee in good standing in his or her previous state.

A violation of the license law is punishable in a court of law as a

misdemeanor.

A Georgia broker may share a real estate commission with an out-of-state broker if

out-of-state broker is acting as a referral agent involving only the referral of one person to another.

All of the following activities are exempt from the license requirement EXCEPT

performing ministerial acts as a broker's property management employee when the acts are not explicitly authorized in writing.

The Real Estate Commission can impose a fine of up to $1,000 per day on an individual for

practicing real estate without a license.

All of the following activities are prohibited to approved real estate instructors EXCEPT:

providing information about aspects of the profession a licensed agent may be expected to know.

Military veterans honorably discharged or discharged for illness or injury

receive a credit towards the passing score on the licensing examination.

Georgia and another state agree to give each other's residents the same rights to nonresident licensure. Such an arrangement is known as

reciprocity.

In supervising affiliates, a Georgia broker must do all of the following EXCEPT:

renew affiliates' licenses.

A licensee affiliated with a broker CANNOT expect the broker to

write his or her advertising material.