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Ga License Law P12A
GA License Law, Commission Rules and Regulations
| P12A | |
|---|---|
| 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
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