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Ga License Law P12A

GA License Law, Commission Rules and Regulations

The Georgia Real Estate Commission may sanction the license of a salesperson if that licensee: guarantees a prospect at least a 25% profit in 2 years if they buy a specific property now.
A real estate salesperson may affiliate with more than one Georgia broker under which of the following circumstance? Under no circumstances
The Georgia Real Estate Commission has the authority to do which of the following? Deny a license to an applicant who has misrepresented a material fact on an application form.
Georgia license law would consider which of the following an unfair trade practice? A real estate salesperson acting in dual capacity who fails to disclose licensure to all parties in the transaction
As part of a binding agreement with a seller, the buyer has submitted an earnest money check currently held in the listing broker's trust account. If the transaction fails to close, which option? The broker transfers the funds to the firm's business operating account to insure that the appropriate party receives the earnest money without delay.
A salesperson decides to terminate an affiliation with and employing broker and join another brokerage form. In this circumstance, the broker may follow which of the following procedures? Sign the salesperson's termination request and arrange for the transfer of the salesperson's license to the new employing broker.
A violation of license law would occur if: a salesperson has an unlicensed assistant conduct an open house for a listing
The Georgia Real Estate Commission must follow certain procedures when dealing with an alleged violation of license law. What action must come first? An investigation
With regard to the reinstatement of a lapsed license, Commission rules stipulate that: if a license has lapsed for more than 2 years, but less than 5, the holder must pay a late charge plus a fee for reinstatement, renewal, and activation as well as completing the pre-license course again.
Under Georgia licensing law, all brokerage firms must have a qualifying broker who remains responsible for the actions of all licensees and employees. With regard to the business organization of such companies: a sole proprietorship requires that the qualifying broker own the company entirely.
Brokerage firms may have the company's funds in a trust account providing that: the bank holding the trust funds requires a minimum balance or service charge, and these funds are identified as such.
When imposing sanctions on a licensees for a serious violation of Georgia license law, the Real Estate Commission will follow what statutory guidelines? Georgia Administrative Procedures Act
A broker's unlicensed assistant worked overtime to help ensure the successful closing of a transaction. The assistant's extra work included making several phone calls to the prospective buyers, encouraging them to accept the seller's counteroffer... not pay any form of commission to the assistant, as such compensation would be a violation of rules and regulations regarding unlicensed assistants.
An applicant passing the salesperson's licensing examination has: 1 year from the exam date to apply for a license, and 3 months from the exam date to apply without paying twice the fee
Which of the following parties would be required to a hold a real estate license in Georgia? A real estate closing attorney who is compensated for services in finding a buyer for a clients
In which of the following circumstances would a salesperson have carried out the duties and obligations of a licensee competently and ethically? Notifying the Commission 45 days after a civil lawsuit against the salesperson was dismissed by the court
A primary objective of the Georgia Real Estate Commission is to protect the public. Therefore, real estate license will only be issued to someone with "a good reputation for honesty, integrity &competence" to transact business.Applicant denied a license: may request a hearing, and if not satisfied with the Commission's decision, appeal for a judicial review.
What is true regarding the Commission can initiate the hearing process before imposing sanctions The Commission can initiate the hearing process before imposing sanctions, or instead issue a citation for a minor infraction.
What is true regarding the Commission's authority to impose citations and sanctions against licensee's public Record. The Commission can initiate the hearing process before imposing sanctions, or instead issue a citation for a minor infraction.
Salesperson Carver made an offer to purchase a property listed by her brokerage firm. The seller accepted the offer and when the transaction closed, all parties seemed satisfied. Later, seller sent complaint... What is true regarding situation? Both salesperson Carver and her broker are subject to disciplinary action by the Commission
Salesperson Borowski receives an offer and an earnest money cash deposit of $1,000 on Friday evening. Her broker's instructions are to turn over the money to the office mgr by 5pm., M-F. What should she do> Keep the $1,000 until first thing Monday morning
Which of the following statements is correct concerning the Real Estate Education, Research and Recovery Fund? The licensee's non-exempt real of personal property must ordinarily be sold satisfy the judgement before the recovery fund will make a payment
The Real Estate Commission shall: investigate the actions of any licensee upon a sworn, written complaint of any person.
Any person who operates as a real estate broker without a license is guilty of: a misdemeanor
Salesperson Joe decides to sell his home. He must: advertise under direct supervision and in the name of his broker unless it is "For Sale By Owner," and his broker approves in writing any advertisement.
In GA, which of the following actions would require a real estate license? Acting as a paid referral agent
The license of each affiliated licensee shall be delivered or mailed to: the real estate broker for whom the licensee is acting.
A real estate broker may be required to pay: a business license fee in every county where the broker maintains an office.
Brokers who maintain rental operating trust accounts: must keep a balance in the account equal to the total of all security deposits if they use the same trust account for security deposits.
Under Commission rules, a licensed broker in Georgia shall not: conduct business under more than one name.
Marty Monroe attempts to solicit listings for his broker by telling residents in a certain neighborhood their property values were going to fall because of a change in ethnic composition. Marty's actions: are in violation of a license law.
Created by: debifuller8