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Flashcards in Post License Deck (196)
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1

The mix of licensed and unlicensed members of the commission is

5 licensed and 1 unlicensed

2

The Georgia Real Estate Commission is a team that consists of

six (6) members

3

All members of the Georgia Real Estate Commission are appointed by ________.

The Governor

4

Are the members of the Georgia Real Estate Commission selected by vote of the public?

No. It's appointed by the governor.

5

The Commission has the authority to take disciplinary action for a violation of the _____________ such as ___________.

license law;
suspension or revocation of a license, or extra education.

6

The Commission does NOT have the authority to ___________ or _____________.

imprison violators or issue fines greater than $1,000 for a single violation or $5,000 for multiple violations.

7

What is a condition that must be followed for a person to qualify for the innkeeper’s exemption? (regarding deposits)

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

8

If a person is managing rental property that is leased and occupied for more than 90-days...

he must have a real estate license.

9

Is it true that a person who has failed to complete the Georgia post-license requirement within the one-year period can reinstate the license so long as he/she enrolls in the Post-License Course within two years of licensure.

No, it's false. But that person may reinstate the license by completing the course within six months of the lapsing of the license.

10

What 3 conditions need to be true for a salesperson whose license lapses for failure to complete the post-license course to reinstate the license by completing the course within six months of the lapsing of the license?

(1) The licensee enrolled in the post-license course within one year of the issuance of an original license
(2) He or she paid all required fees for the course
(3) The licensee failed to complete the class requirements, can produce a medical doctor's certificate explaining the incapacitation which caused the failure to complete the course OR shows proof that the failure was due to cancellation of the course by the approved school.

11

The licensee renews the license every ___ years on the _________ by showing proof of __________ and ____________.

4 years;
last day of the applicant's birth month;
completion of all continuing education requirements;
paying the renewal fee

12

EACH applicant for renewal of an active license must complete _____ hours of continuing education FOR EACH YEAR OF LICENSURE.

9 hours

13

A licensee must complete _____ hours of continuing education within each 4-year license period.
The 25-hour post-license course taken within the first year of licensure counts for ____ hours of continuing education for the first license period. So, a new licensee must only take _____ additional hours of continuing education in that first renewal period.

36 hours;
9 hours;
27 hours.

14

If a person with a record of a previous assault conviction wants to apply for a license the Commission has the authority to grant the license if...

the conviction was more than 10 years before the application.

15

Brokerages who agree on fixed commission amounts to charge are guilty of...

violating the Sherman Anti-Trust Act.

16

A licensee who has been convicted of embezzlement will have his license suspended for 30 days. True or false?

False

17

What are the 5 possible actions consequent a citation issued by the Commission to a licensee who has been convicted of embezzlement

(1) A reprimand or censure in the case of minor offenses
(2) Periodic reports from an independent accountant on a designated trust account
(3) Required attendance at an applicable educational program or programs
(4) Fines of up to $1,000 for a single violation
(5) Fines of up to $5,000 for multiple violations.

18

Renewing a license on-line will result in...

a discounted fee to the licensee.

19

The Real Estate Education, Research and Recovery Fund will get ___ when _________.

$20 when an approved real estate school activates an original license.

20

All money deposited in the Recovery Fund is derived from...

license fees collected from licensees or from income from investing the funds

21

All money deposited in the Recovery Fund is given to the state treasury or is received from the state treasury. True or false?

False. No money is given to the state treasury.

22

When a licensee decides to leave his/her brokerage and work for another agency, the former broker...

must sign a release form and send it to the Commission.

23

To work as an agent for a client, a licensee must have a ___________ with a client.

written brokerage services agreement

24

What's the difference between what a transaction broker can do for a customer or consumer, and what an agent can do for a client?

The difference is the transaction broker CANNOT suggest or offer a price or terms or participate in the negotiation process in any way other than carry the offers back and forth.

25

A licensee must get __________ to put a sign on the owner’s property offering it For Sale.

written permission from an owner

26

When working with two clients as a dual agent (after both clients have agreed in writing to the relationship) an agent cannot tell either side _______________ and cannot disclose the buyer’s _______ to the seller but CAN provide ______________.

what the other may accept or may pay for the property;
financial condition;
public information such as market data to either party.

27

Without a brokerage engagement, a licensee who is acting as a Transaction Broker, can facilitate and assist but can NOT...

offer a price or terms or otherwise help a buyer negotiate a good deal on a property.

28

A listing agent while representing the seller still has a duty to disclose to a prospective purchaser any _______ that the agent feels would be a significant factor to a buyer in making a decision to purchase or a seller in deciding to sell.

material facts.

29

A listing agent has a duty to seek ___________. Once a contract has been accepted the agent is not required to seek ____________ unless the client asked the agent to do so.

offers to purchase from ready, willing and able buyers;
additional offers (back-up offers)

30

An agent has a duty to disclose to his or her client ______________________.
An example would be disclosure of information to the agent’s seller-client that a person making an offer can afford to pay more. Another example would be to tell the seller who is considering an offer that another broker is bringing a higher offer tomorrow.

all information that the agent feels may be helpful or benefit, or conversely be harmful to the client.