GEORGIA REAL ESTATE LICENSE LAWS AND RULES EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED.| latest update 2024/25|

GEORGIA REAL ESTATE LICENSE LAWS AND RULES EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED. is failure to put a street address in a legal description a violation of the Georgia license law? - -no a broker was found guilty of commingling. the real estate Commission shall have the power to do what - -impose a fine not to exceed $1000 In Georgia can a broker deposti earnest money in a seperate account that is not established for earnest money? - -yes, if all parties involved have agreed in writing a salesperson negotiated the sale of a house from a builder. because the house had been on the market for a long time, the builder offered to give the salesperson a television as a bonus. can the salesperson accept it? - -only with the knowledge and consent of their broker in the marketing of a condo unit, the real estate licensee tells the prospective buyer that because of the demand for these units the price will double in five years. is this statement a violation of the license law? - -yes a broker lears that a neighbor might be selling their house and proceeds to secure proerntial buyers without the knowledge and consent of the owner. would the brokers action be in violation of the license law? - -yes, this would be considered an unauthorized listing a salesperson is holding an open house. a married couple looks at the house and tells her thehouse is just what they have been looking for but they had signed a contract to purchase a house down the street the day before. the salesperson tells them that they can sign a contract with her to purchase the house and simply not complete the purchase that they had contracted to buy the day before. is this permissable? - -no, the salesperson committed and unfair practice a real estate licensee pays a $50 referral fee to an unlicensed person for securing potential buyers. is this action permissable under the license law? - -no. this action is a violation of the license law on monday evening, after hte brokerage office has closed, a salesperson revieces an offer to purchase and an earnest money deposit in the form of a personal check. on wednesday, she obtains a final acceptance on the offer. when shoulld the earnest money be handed over? - -tuesday licensees must keep true and correct copies of all sales contracts closing statements and other douments to be related to real estate closings for a period of how long? - -three years upon terminatino of a management agreement by a community association or property owner, licensee shall provide all records, documents, and funds within what period of time of the termination? - -30 days a licensee induces a seller to break an existing contract for the purpose of accepting a subsequent offer with terms more favorable to the seller. was the licensees actions permissable? - -no, it is a violation of the license law if the purchaser is paying a substabtuak amount of earnest money, and particularly if the closing is several months later, it would be practical to place the funds in an interest bearing account. when is it permissable to do this? - -if all parties having an interest in the fund agree to this procedure in writing a licensee has been given verbal permission to place a for sale dign on the property by the seller. could the licensee legally place the sign on the property? - -no, permission must be in writing before accepting to show a property listed in the multiple listing service by another company, a salesperson should do what? - -call the listing complany where are fees collected by the Real Estate Commission held? - -in the General Fund of the state treasury fees authorized under the Georgia real estate license law are established and collected by who? - - the Real Estate Commission before an applicant can take the brokers real estate exam them must provide evidence of completion of an approved brokers course and have been licensed how long? - -at least 2 years