How Much Do You Really Know About Agency

Under the CAN-SPAM Act opt-out request must be handled within: A. 10 business days. B. 30 business days. C. 31 business days. D. 3 months.

A. 10 business days.

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: A. 31 days. B. 60 days. C. 90 days. D. 180 days.

A. 31 days.

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? A. Yes, for up to three (3) months after the inquiry. B. Yes, for up to eighteen (18) months after the inquiry. C. No, if the number is on the list the agent cannot call. D. No, the buyer would have to call the agent.

A. Yes, for up to three (3) months after the 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. a "net" listing which is prohibited by the Georgia Real Estate License Law. B. a "net" listing which is a violation of antitrust laws. C. an open listing which is prohibited by the Georgia Real Estate License Laws. D. an open listing which violates the Fair Housing Law.

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

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: A. designated agency. B. dual agency. C. implied agency. D. ostensible agency.

A. designated agency.

Those facts that a party does not know, could not reasonably discover, and would reasonably want to know when making a decision best describes: A. material facts and must be disclosed to clients only. B. material facts and must be disclosed to all parties with whom the broker is working. C. ministerial acts which require the exercise of the broker's professional judgment. D. ministerial acts which do not require the exercise of the broker's professional judgment.

A. material facts and must be disclosed to clients only.

Under the CAN-SPAM Act opt-out request must be handled within: A. 30 business days. B. 10 business days. C. 31 business days. D. 3 months.

B. 10 business 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? A. 5% B. 6% C. 7% D. 8%

B. 6%

What type of agency relationship does a real estate sales associate usually have with their employing broker? A. Special agency. B. General agency. C. Universal agency. D. Dual agency.

B. General agency.

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"? A. Yes, for up to 12 months. B. Yes, for up to 18 months. C. No, only new agents from another brokerage company can call the seller. D. No, the seller would have to remove their name from the "do not call list".

B. Yes, for up to 18 months.

Net listing are illegal in Georgia because: A. they are a violation of the Federal Fair Housing Law. B. of the potential conflicts they can create between the interest of the principal and the broker's self-interest. C. they do not include an expiration date. D. they are not in writing.

B. 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: A. national origin. B. race. C. familial status. D. religion.

B. race.

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%? A. $53,400 B. $57,700 C. $66,800 D. $78,500

C. $66,800

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? A. 6 months. B. 12 months. C. 18 months. D. 24 months.

C. 18 months.

Under the Federal Fair Housing Act, familial status would apply to: A. A single person. B. A married person. C. A pregnant woman. D. A person 62 years of age or older.

C. A pregnant woman.

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? A. Equal Credit Opportunity Act. B. American's with Disabilities Act. C. Federal Fair Housing Act. D. Georgia Real Estate License Law.

C. Federal Fair Housing Act.

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? A. No, registered buyers cannot be contacted. B. No, only the buyer can call the agent. C. Yes, the agent can call for up to three months after the consumer makes an inquiry. D. Yes, the agent can call for up to 18 months after the consumer makes an inquiry.

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

A licensee sent out a broadcast fax to announce a reduced price of a listed property. The fax must include: A. the name and phone number of the licensee. B. the address of the listed property. C. an opt-out process to prevent receiving future unsolicited advertising faxes. D. the valid physical postal address of the sender.

C. 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: A. hold the earnest money check and present the offer to the seller on Wednesday. B. deposit the check into their personal checking account. C. deliver the check to their broker Tuesday morning with instructions to hold the check until the offer is accepted. D. deliver the check to their broker after the offer is accepted.

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

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: A. tell the buyer to look for ads that read "adults only" apartments. B. inform the buyer that this would be "steering" and, therefore, illegal. C. inform the buyer that only bona fide retirement communities can legally restrict children. D. inform the buyer that all properties are now open to children due to the 1988 amendments to the Fair Housing Act.

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

A salesperson is showing property in a racially changing neighborhood. Which of the following statements by the salesperson would be appropriate in this situation? A. I'll show you the property but I would not live here. B. Because of the changes happening I don't think you will like the property. C. I need to inform you this is a racially changing neighborhood. D. Based on the information you have provided, I don't think you can afford that property.

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

Which of the following is NOT a violation of the antitrust laws? A. Price fixing. B. Group boycotting. C. Tying arrangements D. Discrimination.

D. Discrimination.

Which of the following statements about an open listing is incorrect? A. A listing given to any number of brokers who can put their "For Sale" signs on the property if they have written authority. B. The first broker to secure a buyer who is ready, willing and able to purchase at the terms of the listing earns the commission. C. In the case of a sale, the seller is not obligated to notify any of the brokers that the property has been sold. D. In Georgia, open listings do not have to be in writing.

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