Georgia Real Estate License Laws and Rules Practice Exam

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• When must a licensee provide written disclosure to both buyer and seller regarding the party for whom they are acting as an agent?
• Which statement is correct about the signature requirement for a transfer application?
• Which fee is typically charged by lenders at closing as a percentage of the loan amount?
• What is the correct order of events in the investigation and hearing process?
• What type of course must a salesperson complete within one year of receiving their license?
• Which scenario would prevent the Education, Research, and Recovery fund from paying a claim?
• Which authority does the Georgia Real Estate Commission NOT have?
• What does dual agency refer to in real estate?
• Which statement is correct regarding the application for transfer to another brokerage?
• Under the Georgia Real Estate License Laws, which entity is responsible for regulating real estate practices?
• To qualify for a broker's license, what is one requirement an applicant must meet?
• Which party typically holds the earnest money deposit until closing?
• If a licensee has an assistant handling certain tasks, does the assistant need a real estate license?
• What is the best description of "blind advertising"?
• Which of the following must be in writing to be legally binding in real estate transactions?
• Licensees Baird and Carr decide to form a corporation for the purpose of providing real estate brokerage services. Which of the following statements is correct concerning this situation?
• Does a residential owner of real property need a real estate license to sell, rent, or manage the property?
• Which statement about the Georgia Real Estate Commission is incorrect?
• After termination of a listing agreement, how many days do sellers have to remove "For Sale" signs from the property?
• Is it a violation of Georgia real estate license law if a licensee refuses a listing due to the owner's minority status?
• Under which circumstance can the Georgia Real Estate Commission suspend or revoke a broker's license?
• In Georgia, how often must a real estate licensee renew their license?
• What must any firm using a trade name on real estate documents include?
• Which of the following best describes a situation that could constitute a violation of real estate license law?
• Can a licensee pay a fee or give a gift to an unlicensed person referring prospective buyers?
• What is the required total length of continuing education courses for renewing an active real estate license in Georgia?
• What is typically required for a person to obtain a real estate license in Georgia?
• A licensee who induces a seller to break an existing contract is likely in violation of what?
• On a closing statement, which of the following items would MOST LIKELY be a debit to the seller?
• By what time must "For Sale" signs be removed from a property after the listing expires?
• What happens if a salesperson cannot complete a required course within the one-year period after license issuance?
• What must happen if a broker wants to provide real estate services as an unlicensed individual?
• Which statement about brokerage agreements is false?
• What happens if continuing education credits for license renewal are not completed?
• What is the role of the Georgia Real Estate Commission?
• What must a licensed salesperson do to work for an unlicensed developer?
• What is required of a salesperson when they receive an offer along with an earnest money deposit?
• If a salesperson purchases a property listed with their broker but does not disclose their license status, what is the outcome?
• If a buyer inquires about a seller's health status, how should the licensee respond?
• Which action could be seen as a violation when negotiating real estate transactions?
• What must a broker prove first to enforce a commission claim in Georgia?
• A broker was found guilty of commingling. What action may the Real Estate Commission take?
• Which of the following is a requirement to obtain a real estate license in Georgia?
• The license of each affiliated licensee shall be delivered or mailed to:
• When advertising their own property for sale, what must a licensee include?
• What is NOT a requirement for a licensee transferring to a new broker to act on behalf of a former broker?
• Can an associate broker serve as a qualifying broker for a new firm while still working for another firm?
• Which statement is correct regarding the fees established by the Georgia Real Estate Commission?
• Which statement about the Real Estate Commissioner is true?
• Persons are exempt from the license requirement when they contract primarily to promote the sale of real estate through listing in a publication issued for that purpose and their compensation is only in the form of:
• A seller who is selling their property "For sale by owner" is paying an advertising fee to a real estate magazine company to advertise their property for sale. Would the company be required to have a real estate license?
• What is the maximum fine the Georgia Real Estate Commission can impose on a licensee?
• What type of organization is the Georgia real estate commission classified as?
• Who establishes and collects the fees authorized under Georgia real estate license law?
• A buyer won a $15,000 judgment against a salesperson. To file a claim against the education, research, and recovery fund, what must the buyer do?
• If a licensee wants to extend a listing that is about to expire by offering to purchase the property, what must they do?
• If a licensee violates the Georgia real estate license law, what is a possible consequence?
• What must be included in faxes sent by a salesperson to potential buyers?
• What is the best response for a licensee to give when a seller prohibits showing their house to minority prospects?
• If several brokers are retained to market properties in a subdivision, can they all place for sale signs on the properties?
• What must an agent do if they are to advertise a property they own along with a developer?
• What is one function of the Georgia Real Estate Commission?
• What is a primary purpose of having real estate licensing laws?
• What type of closing is primarily conducted for the sale of commercial real estate?
• When must a salesperson make a written agency disclosure to a buyer during an open house?
• A licensee may pay compensation to another person for acts performed as a licensee only if that person:
• What must a firm using a trade name include on its for sale signs and contracts?
• What action can the Georgia real estate commission take against a licensee who violates license laws?
• What must a licensee disclose on their website regarding Internet advertising?
• In the case of dual agency, what must a licensee ensure before proceeding with the transaction?
• What is the effect on a salesperson's license if they do not successfully complete the post-license course?
• If a broker refuses to pay the salesperson their commission as agreed, what recourse does the salesperson have?
• If the real estate education, research, and recovery fund has paid $75,000 for a licensee, is it liable for future acts of that licensee?
• What is the standard duration of a real estate contract in Georgia?
• What is the maximum amount from which the Education, Research, and Recovery fund will issue payments in any single transaction?
• How many days does a licensee have to notify the commission of a change of address?
• How soon must a licensee notify the commission of the disposition of any legal action?
• Under what condition can a salesperson legally discriminate between offerors?
• In advertising specific properties for sale or rent, what must all real estate advertisements include?
• A salesperson is allowed to advertise their property owned, provided they have what?
• A licensee transferring to a new broker may continue to act as a licensee for the former broker with regard to transactions begun prior to the transfer. Which of the following statements is incorrect concerning this situation?
• What action can the commission take if a licensee violates real estate laws?
• Within what time period must a person activate their license after passing the salesperson or broker licensing examination?
• What should be included in all real estate contracts prepared by licensed real estate professionals?
• What must an original applicant for a salesperson's license do if they have been convicted of a crime?
• To whom does the Georgia real estate license law apply?
• If a broker learns that a neighbor might be selling their house and acts without the owner’s consent, are they in violation of the license law?
• In Georgia, a person holding only a real estate license could legally do which of the following?
• Where should the original license of a salesperson be sent?
• To apply for a broker's license, how many years of active service is required?
• Where are the fees collected by the Real Estate Commission held?
• If a salesperson changes brokers, what must happen to their license?
• What is the minimum age requirement to be eligible for a broker or associate's broker license in Georgia?
• Which of the following actions would require a real estate license if performed for compensation?
• What is one consequence for anyone acting as a real estate licensee in Georgia without a license?
• Under what circumstance should a broker NOT disburse trust funds from a designated trust account?
• In a real estate corporation formed by a broker and salespersons, who needs to be licensed?
• Under what condition is it permissible to place earnest money in an interest-bearing account?
• What evidence must an applicant provide before taking the broker's real estate examination in Georgia?
• When should a salesperson turn over an earnest money check to her broker following receipt of the check?
• Upon termination of a management agreement, how quickly must a licensee provide all records and documents?
• Is it permissible for a real estate licensee to pay a referral fee to an unlicensed person for securing potential buyers?
• What is true about a real estate licensee claiming that a condominium's price will double in five years?
• Who appoints the members of the Georgia Real Estate Commission?
• What must happen if a newly appointed member of the Georgia Real Estate Commission is from the real estate industry?
• What is a consequence of submitting false information during the licensing process?
• A real estate broker with an inactive license is permitted to handle which of the following?
• Under the Georgia real estate license law, what is the status of the real estate commissioner?
• What should a licensee do if a seller places restrictions on the sale of property based on race, color, and religion?
• Which of the following is NOT an acceptable form of consideration in a real estate contract?
• Can a real estate broker advertise properties if they have only verbal permission from the property owner?
• What is the primary purpose of requiring Georgia real estate licensees to complete continuing education courses?
• For how long must licensees keep copies of all sales contracts, closing statements, and related documents?
• What should a salesperson do before showing a property listed in the multiple listing service by another company?
• Which statement about salesperson licensing is NOT true?
• Can the commission intervene in disputes over commission sharing between licensees?
• Which of the following is true regarding the commission structure of a broker?
• Which of the following parties would be exempt from the real estate license requirements?
• Before revoking or suspending a license, what must the commission provide for the license holder?
• What should a licensee avoid referring to a competitive market analysis as?
• Which of the following is NOT a responsibility of the Georgia real estate commissioner?
• Who is responsible for any missing wall certificates of licensure upon revocation of a broker license?
• What is the time frame for a licensee to provide all records and documents after termination of a management agreement?
• Individuals applying for a salesperson license must provide proof of completing what type of program?
• Which of the following costs is usually credited on the estimated purchaser's cost worksheet?
• In advertising, what is required regarding the real estate firm's information?
• How quickly must a releasing broker sign a release form upon request from a salesperson or associate broker?
• Can a broker deposit earnest money and security deposits into an interest bearing trust account?
• Is it permissible under Georgia License Law for a licensee to give a $50 gift to a buyer?
• The maximum fine the Georgia Real Estate Commission can impose for a single violation is:
• An owner hired a real estate broker for a fee. Which of the following activities for the owner would require the broker to have a real estate license?
• How long must a licensee keep true and correct copies of all documents related to real estate closings?
• If a broker's license is revoked, what happens to the licenses of their affiliated sales associates?
• Who is typically responsible for paying the closing costs in a real estate transaction?
• Which is true regarding the requirement for licensees to disclose material facts?
• Which type of account is a broker prohibited from using for holding earnest money?
• How long is an inactive license valid in Georgia?
• What can the commission do when it revokes or suspends a license?
• How soon must a licensee notify the Commission of the final disposition of any administrative or criminal action?
• In Georgia, a corporation licensed as a salesperson can have how many licensees?
• What happens if a broker fails to properly disclose their agency relationships?
• What is the minimum amount over which a broker providing community association management services must have fidelity bond or insurance?
• If a licensee receives earnest money after office hours, when should it be deposited?
• What must a salesperson provide during the renewal process to the Georgia Real Estate Commission?
• What is a requirement for obtaining a salesperson license in Georgia?
• What must exclusive listing contracts include regarding duration?
• What must be disclosed to buyers regarding a property's condition?
• How soon must a licensee give all earnest money received to his/her broker?
• What is the classification of a violation of any provision of the License Law?
• What happens to the license of a salesperson who fails to complete a post-license course on time?
• For how long can a licensee place their license on inactive status?
• A property owner hires an agent for a fee. Which of the following activities would NOT require the agent to have a real estate license?
• What could an unlicensed friend of a licensee who hosts open houses be guilty of?
• When must the Georgia Real Estate Commission investigate a licensee's actions?
• How long does a real estate firm have to secure a new qualifying broker after the current one dies?
• A salesperson is offered a television as a bonus from a builder. What is required for the salesperson to accept this bonus?
• What is the penalty for a broker who fails to disclose their license status in a transaction?
• What is the maximum amount the Commission may assess each licensee annually to maintain the real estate education fund?
• What is the term for a formal agreement to buy and sell real estate?
• If a licensee has verbal permission from a seller to place a "For Sale" sign, what is the legal requirement?
• In Georgia, who is allowed to charge a fee for property management services?
• During each renewal period, how many hours of continuing education on license law must a real estate licensee complete?
• How long are the terms for members of the Georgia Real Estate Commission?
• At its first monthly meeting, what does the Georgia Real Estate Commission select by secret ballot?
• Outdated information on a licensee's website must be updated or removed within how many days?
• What is a licensee entitled to if they are aggrieved by a final decision in a contested case?
• Which of the following actions is a licensee required to take during a transaction?
• In a licensing investigation, which document is essential for initiating action?
• Which of the following is a role of the Real Estate Commissioner in Georgia?
• Can a real estate licensee pay a fee or commission to another licensee representing a different party in the same transaction?
• In Georgia, what is the maximum allowable earnest money deposit?
• If a member of the Georgia Real Estate Commission vacates their position, what happens to their term?
• If a license has been inactive for 3 and a half years, how many commission-approved courses must be completed to activate it?
• Who has the authority to investigate complaints against real estate licensees in Georgia?
• If a buyer needs funds for a termite inspection from their earnest money deposit, what condition must be met for the broker to disburse the funds?
• What is the time frame for a licensee to notify the Commission of a change of address?
• What is the minimum number of approved study hours required to qualify for a Community Association Manager's license in Georgia?
• What is the termination amount of liability for the real estate education, research, and recovery fund concerning a licensee's acts?
• Which of these is NOT a reason for the commission to investigate a licensee?
• Under what circumstance may a broker refuse to release a salesperson's license?
• Which requirement is necessary for exclusive brokerage engagements in Georgia?
• What is a requirement for exclusive listing contracts in Georgia?
• Which of the following is the required action when a licensee wants to relist a property with an exclusive right to sell listing?
• Who must receive a true copy of a brokerage engagement at the time of securing it?
• Which of the following would NOT be a violation of the Georgia License Law?
• The payment of the intangibles taxes is:
• What is the purpose of the real estate education, research, and recovery fund?
• When showing residential properties, what factor could a licensee consider about the buyer?
• In Georgia, may a broker place a sign on a property for sale based solely on a verbal agreement with the owner?
• What is the fee charged to a licensee for failing to notify the Commission about a change of address within a specified time frame?
• In Georgia, when must a broker deposit earnest money in a separate trust or escrow account?
• What is one of the powers of the Georgia Real Estate Commission?
• What action may a broker take if a salesperson's conduct is unsatisfactory?
• What must a Georgia real estate broker provide the commission after opening a trust account?
• Which of the following is NOT a legitimate reason to refuse a listing?
• If a broker refuses to pay the salesperson their agreed-upon commission, what should the salesperson do?
• A salesperson attempts to persuade a couple to break their existing contract to purchase another home. What have they committed?
• What is the composition of the Georgia Real Estate Commission?
• Which of the following is a common element found on a closing disclosure?
• Which statement about the Georgia Real Estate Commission is correct?
• Which requirement must a claimant meet to collect damages from the education, research, and recovery fund?
• What type of advertising is prohibited for licensees when they act on their own property?
• What occurs following the completion of the Georgia Real Estate Commission’s investigation into a complaint?
• Hazard insurance is:
• If a licensee is convicted of a felony offense, when must the commission be notified?
• What must happen if a brokerage agreement does not have an expiration date?
• What document is typically used to outline the terms of a mortgage?
• When must an applicant with a criminal conviction disclose this information to the Georgia Real Estate Commission?
• Is it permissible for an inactive real estate broker to market properties?
• When does a licensee's individual license expire if renewal fees are not paid?
• What must a broker do when receiving multiple offers on a property?