Real Estate Practice in Georgia

On a $200,000 sale, Mikayla made 3% in total commission. How much did Mikayla make?

$6,000

The two brokerages involved in a sale are going to split the commission 50/50. If the commission is 6% on the sale of a home sold at $325,000, how much will each broker receive? $9,750

$9,750

Broker Thelma lives in North Carolina. Can she be the qualifying broker for an LLC in Georgia?

A nonresident broker can serve as a qualifying broker for any corporation, limited liability company, or partnership licensed by GREC

A firm in Georgia sends out an email advertising its properties. It includes its name in the email, but it is not until you click on a link in the email that you learn the firm's telephone number. Is this a GREC violation?

this is not a violation

Which of these statements is FALSE?

In a corporation the qualifying broker has to be a stockholder(they must also be an officer)

What is a blind ad? an ad in which a license holder attempts to promote or solicit real estate activity while disclosing the fact that they are a license holder an ad in which an independent homeowner attempts to promote or solicit real estate activity without disclosing a property is "for sale by owner" an ad in which a license holder attempts to promote or solicit real estate activity without disclosing the fact that they are a license holder an ad in which an independent homeowner attempts to promote or solicit real estate activity by disclosing a property is "for sale by owner"

an ad in which a license holder attempts to promote or solicit real estate activity without disclosing the fact that they are a license holder

What is a branch office?

any office that is geographically separate from the main or home office.

Which of the following about puffing is TRUE?

puffing is simply marketing

What is puffing? when a broker uses a blind ad the making of exaggerated claims (technically opinions) in order to achieve a sale or some other objective the making of completely false claims in order to deceive buyers and sellers when a broker advertises the sale of their own property

the making of exaggerated claims (technically opinions) in order to achieve a sale or some other objective

Tasha is an associate broker. She writes an ad that says, "Tiny Home for Sale in Athens, GA. Call Tasha Trent at 555-555-555." What, if anything, is wrong with the ad? The ad needs to include the firm's name, and Tasha needs to disclose that she is a license holder. The ad needs to include the firm's name and address. The ad is fine as is. The ad needs to include Tasha's license number.

The ad needs to include the firm's name, and Tasha needs to disclose that she is a license holder

In Georgia, an ad for a piece of property MUST include:

Brokerage Name and Phone Number

Section 530 of the Revenue Act of 1978 is known as: Safety Act Harbor Act Safe House Safe Harbor

Safe Harbor

Zeynep is a broker at a firm in Georgia. Which statement is FALSE about her duties? She must review all advertising. She can choose to delegate her duties. She must review any offer to buy, sell, lease, or exchange real property within 10 days of the date of the offer. She must ensure that proper disbursements are made from trust accounts.

She must review any offer to buy, sell, lease, or exchange real property within 10 days of the date of the offer.

A licensee is transferring within the state of Georgia. Which is true.

They cannot take clients,for sale signs,or brokerage agreements

The qualifying broker at Shellonius Thunk Realty decides that the firm should conduct business under the name Shells by the Shore Realty. What does the firm need to do? register its trade name with the Clerk of the Superior Court in each county in which the firm is operating, as well as apply for a new license with GREC contact GREC through phone or email and inform them of the change register as a franchise with GREC The firm does not need to do anything.

register its trade name with the Clerk of the Superior Court in each county in which the firm is operating, as well as apply for a new license with GREC

A commission is commonly a percentage of the: sales price offer listed price seller's salary

sales price

Halsey is a broker who likes to call homeowners in her area to see if they are interested in selling. She does not honor the "Do Not Call" list, but she does call customers more infrequently if they complain. Which of the following is TRUE?

6%

The qualifying broker of your firm is fired for embezzlement. You can tell the firm is going down, so you transfer to another company. How long does your old firm have to hire a new qualifying broker, and how long do you have to tell GREC that you've transferred? 45 days; 21 days 21 days; 45 days 60 days; 30 days 30 days; 60 days

60 days; 30 days

All are true about qualifying brokers EXCEPT: An associate broker cannot serve as qualifying broker for one or more additional firms. A qualifying broker is responsible for the business and every licensee in it. A broker can serve as qualifying broker for multiple firms. There can only be one qualifying broker per firm.

A qualifying broker is responsible for the business and every licensee in it

An ad running in Atlanta includes both the names "Weller-Killiams," a well-known franchise, and the name "Weller-Killiams Luxury Group." What is TRUE? The ad needs to include only the firm's registered name. The ad needs to include only the franchise name. The ad needs to include only the franchise name OR the firm's registered name - not both. By including both the franchise name and the firm's registered name, this ad is in compliance with GREC's rules.

By including both the franchise name and the firm's registered name, this ad is in compliance with GREC's rules.

Kylie is a broker in Georgia. She is cleaning out her office, and finds a brokerage agreement dated June 7, 2015. Today is December 1, 2016. Evaluate the situation. Kylie can throw the agreement away, as GREC dictates a period of one year for record keeping. Kylie needs to hold on to the agreement indefinitely, per GREC's rules. Kylie can throw the agreement away, although she needs to keep other records like disclosures and settlement statements. Kylie needs to hold on to the agreement, as GREC dictates a period of three years for record keeping.

Kylie needs to hold on to the agreement, as GREC dictates a period of three years for record keeping.

Gregory is an agent helping Miranda sell her home. Gregory advertises Miranda's home as "for sale by owner," as he thinks this will draw in more customers. Which of the following is true? This is an example of puffing and is legal. This is an example of misrepresentation and is illegal. This is an example of misrepresentation and is legal. This is an example of puffing and is illegal.

This is an example of misrepresentation and is illegal

An agent transfers to a new broker. Can she keep working on a transaction started under the old broker? No, this is never acceptable. Yes, as long as both brokers agree in writing, the former broker agrees to assume responsibility for the transaction, and the former broker agrees to compensate the licensee. Yes, as long as both brokers agree in writing, the new broker agrees to assume responsibility for the transaction, and the new broker agrees to compensate the licensee. Yes, as long as both brokers agree in writing, the new broker agrees to assume responsibility for the transaction, and the former broker agrees to compensate the licensee.

Yes, as long as both brokers agree in writing, the former broker agrees to assume responsibility for the transaction, and the former broker agrees to compensate the licensee

An agent sends out a message that states, "You want a mansion? You got it. Come buy with me!" If you click on "me," you're taken to the firm's website. Does this comply with Georgia regulations? Yes, as long as the page you are taken to reveals the firm's name and phone number. Yes, this is fine as is. Yes, as long as the page you are taken to reveals the broker's name. No, an ad should never link to a website.

Yes, as long as the page you are taken to reveals the firm's name and phone number

Esmerelda, a license holder in Georgia, advertises a property that she is selling which states "For sale by owner!" Evaluate the situation.

a property listed by a broker cannot be advertised as for sale by owner

Which of the following does the TCPA NOT apply to? autodialers voice messaging systems fax machines emails

emails

The CAN-SPAM Act: governs the use of puffing governs the use of telemarketing advertisements governs the use of blind ads governs the use of commercial email advertising

governs the use of commercial email advertising

According to Georgia regulations, all of the below MUST be TRUE for all brokerage advertising, EXCEPT:

include the firms email address

Are net listings legal in Georgia?

no they are always illegal

Upon release from a brokerage in Georgia, a license holder has how long to join a new broker before becoming inactive?

one month

Malika is a broker in Georgia. Recently, she moved. What is TRUE?

she has 30 days to report change in address to the GREC

Halsey is a broker who likes to call homeowners in her area to see if they are interested in selling. She does not honor the "Do Not Call" list, but she does call customers more infrequently if they complain. Which of the following is TRUE?

she is violating the TPSA and must honor the Do Not Call list

Emmanuel is an unlicensed real estate assistant in Georgia. He can do all of the below EXCEPT: show real estate record and deposit earnest money deposits schedule appointments assemble closing documents

show real estate

A firm runs this ad: "Wonderful three-story house in Oak Run for sale. Four bedrooms, three bathrooms. Remodeled kitchen. Call Rockin' Realty in Atlanta, GA, 888-888-888." What, if anything, is the ad missing?

the ad is fine