GEORGIA REAL ESTATE FUNDAMENTALS FINAL EXAM TEST
BANK COMPLETE 300 QUESTIONS WITH DETAILED VERIFIED
ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+
One of the significant differences between an employee and an independent
contractor is that - ANSWER: an employee must be covered by workman's
compensation
Besides the seller, who may sign a real estate listing agreement - ANSWER: The
broker or any salesperson with the broker's written permission
This is required to be included in an exclusive agency listing agreement? - ANSWER:
The signature of the seller and a definite date of expiration
The following will NOT automatically terminate a listing agreement - ANSWER: The
death of the salesperson
If a real estate commission has been earned but the seller refuses to pay the
commission due at closing, the proper parties in any lawsuit for the unpaid
commission are - ANSWER: The listing broker against the seller
The price for a property stated in the listing agreement is usually set by - ANSWER:
The seller with the advice of the broker
Price fixing between brokers is a violation of federal anti-trust laws. If your broker
fixes prices with another broker may - ANSWER: be found guilty of a criminal offense,
civilly liable to injured persons, and face disciplinary by the Real Estate Commissions
As a salesperson, your broker will compensate you for your sales according to -
ANSWER: a written contract between you and your broker
The salesperson should prepare financing data sheet for each listing. The best way to
obtain the loan amount, interest rate and monthly payment amount information for
the existing mortgage is - ANSWER: to send a written request signed by the seller to
the mortgage lender's office
if the sellers are involved in divorced proceedings what additional item should
appear in the listing agreement - ANSWER: A clause indicating that any sale is
contingent upon final court decree authorizing the sale
When a salesperson has a question while preparing a sales contract the salesperson
should consult the - ANSWER: Salesperson's broker
When should a salesperson prepare a complex sales contract without using
preprinted contract form - ANSWER: Never, since to do so would be practicing law
, Where may a salesperson obtain the legal description of a property for insertion into
the sales contract - ANSWER: By coping it down from the seller's warranty deed and
by seller's security deed.
"As Is" clause in real estate contracts move the risk for defective conditions in the
improvements from the seller to the buyer only if - ANSWER: The seller has made a
full disclosure of all defects to the purchaser before the sales contract was signed
If after signing a real estate sales contract, the parties agree to a modification of one
of the terms then - ANSWER: An amendment should be prepared including the
signature of the parties and reciting additional consideration
May a purchaser substitute another person for himself in a real estate sales contract
- ANSWER: Yes, if such a cancellation is not prohibited by the contact terms and the
seller is not extending credit to the purchaser
May a purchaser and a seller decide to cancel an existing real estate sales contact
and draft wholly new agreement themsleves - ANSWER: Yes, but the broker may still
be due a commission under the old contract
If purchaser and seller agree to terms of a sales contract but then decide not to put
the contact in writing, then the contract - ANSWER: maybe performed by the parties
but is enforceable
The sales agreement provides the closing attorney with information required for
preparation of all of the following except - ANSWER: Sellers federal tax return
If there are certain duties to be performed by one or both of the parties after the
closing there must be a clause in the sales contract called - ANSWER: A survival
clause
Many purchasers don't understand what happens to earnest money checks when
the broker deposits it in a trust account. A salesperson should advice the purchaser
that - ANSWER: The check will be presented for payment and deducted from the
purchaser's bank account and handled according to the contract provisions
When does acceptance become effective and create a valid and biding contract -
ANSWER: Upon communication of acceptance by phone or in person to the offeror
or the selling agent, if any
When a salesperson takes multiple officers to a seller the salesperson should -
ANSWER: go over all the offers one at a time with the seller before the seller decides
which, if any, is acceptable
BANK COMPLETE 300 QUESTIONS WITH DETAILED VERIFIED
ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+
One of the significant differences between an employee and an independent
contractor is that - ANSWER: an employee must be covered by workman's
compensation
Besides the seller, who may sign a real estate listing agreement - ANSWER: The
broker or any salesperson with the broker's written permission
This is required to be included in an exclusive agency listing agreement? - ANSWER:
The signature of the seller and a definite date of expiration
The following will NOT automatically terminate a listing agreement - ANSWER: The
death of the salesperson
If a real estate commission has been earned but the seller refuses to pay the
commission due at closing, the proper parties in any lawsuit for the unpaid
commission are - ANSWER: The listing broker against the seller
The price for a property stated in the listing agreement is usually set by - ANSWER:
The seller with the advice of the broker
Price fixing between brokers is a violation of federal anti-trust laws. If your broker
fixes prices with another broker may - ANSWER: be found guilty of a criminal offense,
civilly liable to injured persons, and face disciplinary by the Real Estate Commissions
As a salesperson, your broker will compensate you for your sales according to -
ANSWER: a written contract between you and your broker
The salesperson should prepare financing data sheet for each listing. The best way to
obtain the loan amount, interest rate and monthly payment amount information for
the existing mortgage is - ANSWER: to send a written request signed by the seller to
the mortgage lender's office
if the sellers are involved in divorced proceedings what additional item should
appear in the listing agreement - ANSWER: A clause indicating that any sale is
contingent upon final court decree authorizing the sale
When a salesperson has a question while preparing a sales contract the salesperson
should consult the - ANSWER: Salesperson's broker
When should a salesperson prepare a complex sales contract without using
preprinted contract form - ANSWER: Never, since to do so would be practicing law
, Where may a salesperson obtain the legal description of a property for insertion into
the sales contract - ANSWER: By coping it down from the seller's warranty deed and
by seller's security deed.
"As Is" clause in real estate contracts move the risk for defective conditions in the
improvements from the seller to the buyer only if - ANSWER: The seller has made a
full disclosure of all defects to the purchaser before the sales contract was signed
If after signing a real estate sales contract, the parties agree to a modification of one
of the terms then - ANSWER: An amendment should be prepared including the
signature of the parties and reciting additional consideration
May a purchaser substitute another person for himself in a real estate sales contract
- ANSWER: Yes, if such a cancellation is not prohibited by the contact terms and the
seller is not extending credit to the purchaser
May a purchaser and a seller decide to cancel an existing real estate sales contact
and draft wholly new agreement themsleves - ANSWER: Yes, but the broker may still
be due a commission under the old contract
If purchaser and seller agree to terms of a sales contract but then decide not to put
the contact in writing, then the contract - ANSWER: maybe performed by the parties
but is enforceable
The sales agreement provides the closing attorney with information required for
preparation of all of the following except - ANSWER: Sellers federal tax return
If there are certain duties to be performed by one or both of the parties after the
closing there must be a clause in the sales contract called - ANSWER: A survival
clause
Many purchasers don't understand what happens to earnest money checks when
the broker deposits it in a trust account. A salesperson should advice the purchaser
that - ANSWER: The check will be presented for payment and deducted from the
purchaser's bank account and handled according to the contract provisions
When does acceptance become effective and create a valid and biding contract -
ANSWER: Upon communication of acceptance by phone or in person to the offeror
or the selling agent, if any
When a salesperson takes multiple officers to a seller the salesperson should -
ANSWER: go over all the offers one at a time with the seller before the seller decides
which, if any, is acceptable
