Chapter 18 license law handout quiz

Sue Jones cannot incorporate as a salesperson.

Sue Jones, a licensed salesperson, incorporates as Jones Company, Inc. for real estate brokerage purposes. Which of the following statements is FALSE?

A. knowingly fails to disclose to the purchaser that the roof leaks. B. guarantees a prospect a profit of $10,000 in twelve months, if he/she will purchase a property C. collects a fee from a broker other than his/her employing broker without the employing broker's consent. D. All of the other answers are correct.

The Commission may sanction the license of a salesperson if the salesperson:

falsifying contracts

The Commission may suspend or revoke a broker's license whenever the broker has been found guilty of:

deny a license to an applicant who made a false statement of material fact on an application.

The Georgia Real Estate Commission has the authority to:

shall investigate the actions of a licensee upon a sworn, written complaint.

The Real Estate Commission:

A. be a high school graduate or hold a certificate of equivalency. B. have been actively licensed for any 3 of the last 5 years as a salesperson C. successfully complete a Commission approved course of study. D. All of the other answers are correct.

To be licensed as a resident Georgia broker, an applicant must:

Charging a fee for the management and leasing of a shopping center on behalf of the owner

Which of the following actions would require a real estate license?

Be at least twenty-one years of age

Which of the following statements is INCORRECT concerning necessary qualifications for a salesperson's license?

BOTH the aggrieved party must obtain a judgment against the licensee before the recovery fund will make a payment AND the licensee's non-exempt real or personal property must ordinarily be sold to satisfy the judgment before the recover fund will make a payment are correct.

Which of the following statements is correct concerning the Real Estate Education, Research, and Recovery Fund?

A. sole individual. B. partnership. C. corporation. D. Any of the other answers is correct.

A broker may lawfully conduct real estate brokerage activities as a:

a business license fee in every county where the broker maintains an office.

A real estate broker may be required to pay:

the salesperson has a license to practice law.

A salesperson may conduct the closing of a real estate transaction if:

A separate trust account must be maintained for each branch office a broker has.

Concerning brokers' trust accounts, which of the following statements is FALSE?

all offers.

If a broker receives more than one bona fide offer for the same property at approximately the same time, the broker should submit:

Court.

If the Commission votes to revoke a license, the Georgia Administrative Procedures Act entitles the licensee to appeal that decision to the:

Any condominium

In Georgia the term "real estate" means and includes which of the following?

Keep the $500 until first thing Monday morning

Salesperson Johnson receives an offer and an earnest money deposit of $500 cash on Friday evening. Her broker's instructions are to turn over the earnest money to the office manager between the hours of 9:00 a.m. and 5:00 p.m., Monday through Friday. What should Johnson do?

attend a Commission approved course of study totaling six hours for each year or portion of a year the license was on inactive status.

Any licensee who seeks to activate a license that has been on inactive status for a period of two years or longer shall be required to:

a misdemeanor

Any person who operates as a real estate broker without a license is guilty of:

A brokerage license will be issued to Smith and Jones Realty, Inc.

Bud Smith and Jim Jones, both licensed brokers in Georgia, form Smith and Jones Realty, Inc. It is agreed that Smith will be the qualifying broker and president of the corporation. Jones will be secretary/treasurer. Based upon this information, which of the following is correct?