georgia real estate license laws and rules

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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

what is the maximum period of time a licensee can put their license on inactive status?

indefinately, as long as renewal fees are paid

a salesperson has enrolled in a 25 hour apprved course two weeks prior to the one year issuance of their original license. due to a medical emergency the licensee is unable to complete the course within the one year required time period and their license lapses. can the license reinstate the lapsed license?

yes, they may reinstate the license by completing the course within six months of the lapsing of the license

upon being issued an original salespersons license each salesperson shall be required to furnish to the Commission, within one yeay of the issuance of the license evidence of satisfactory completion of a course of study approved by the commission, would a 30 hour course meet this requirement?

yes

how old does a broker have to be to be licensed?

21

how long does a prospective broker be active out of the last 5 years immediately preceding the application

3 out of the last 5

unless fees are paid before the renewal date, when does a licensees individual liceense expire?

the last day of the month of the licensees birthday

a licenseee who seeks to activate a license which has been on inactive status for a period of 3 1/2 years shall be required to complete Commission approved courses of at lease how many hours?

24 hours prior to activating

in order to qualify for a Community Association Managers license, an applicant must complete an approved course of study of at least how many hours?

25 hours

an applicant for licensure with a criminal comviction shall be required to disclose the conviction to the Georgia Real Estate Commission when?

when making application for licensure

a broker is paid a commission at closing by the principal abd refused to pay the salesperson their portion of the commission as agreed upon their written affiliation agreement. if the salesperson licensee does not believe their broker is meeting the terms of the agreement what should they do?

of expirationgo to the courts or other arbitrating bodies

a builder gives a real estate broker verbal persmission to find buyers for his new homes. can the broker advertise the properties>

no, the broker must have written permission of the owner and said permission has a definate date

a $25 fee will be charged to a licensee (active or inactive) for failure to notify the commission in writing of a change of address within

30 days

can a broker deposit earnest money and security deposits into an interest bearing trust account?

yes, providing all parties to each transaction specifically agree in writing who is to recieve any interest earned prior to depositing the funds

every licensee shall notify the Commission, in writing, of the final disposition of any administrative and/or criminal action filed in any court of competent jurisdiction. such notice shall be given to the commission

withing 10 days of the conclusion of the proceeding

can a salesperson be licensed under more than one broker?

no, unless transfering form one broker to another

a broker, 3 salespersons and an admin assistant are going to form a real estate corporation. who needs to be licensed?

the broker and 3 salesperson

a broker refused to release a salespersons license under what circumstances?

under no curcumstances

what is blind advertising?

failure to state the advertiser is a real estate licensee

whe a salesperson or associate broker requestes that a release form be signed, when should the broker sign it?

immediately

a licensee has a 90 day exclusive right to sell listing which is about to expire. the licensee wants to relist the property and offers to purchase the property as a condition to extend the listing. what must the licensee do?

enter into a written contract to purchase which expresses all the terms all the terms and conditions of the licensees purchase price at the time of entering into the extension of the existing listing

a licensed salesperson wishes to perform real estate brokerage services as a full time employee of an unlicensed developer. in order to provide brokerage servicse to such an unlicensed party, the licensee must do what?

surrender their license entirely before beginning work for the unlicensed party under an exception of the license law

what must a licensee do when advertising their own property for sale?

disclose license status

after an offer is accepted the buyers $5,000 earnest money check is deposited into the brokers designated trust account. the buyer needs $250 of the funds to pay for the termite inspection. can the broker pay for the termite inspection from the funds?

yes, upon securing a written agreement signed by all parties having an interest in the trust funds

a licensee shall make a written disclosure to both the buyer and seller revealing the party or parties for whom that licensees firm is acting as an agent and from whom thelicensees firm will recieve any valuable consideration for its efforts in the transaction. when should the disclosure be made?

no later than the time that any party first makes an offer

a salesperson wishes to advertise property owned by the licensee and which is not listed with a broker. the salesperson supervising broker has been notified in writing and has given his or her written consent. may the salesperson advertise the property?

yes, provided a disclosure is included that the seller holds a real estate licensee

do exclusive listing contracts in Georgia require a definate expiration date

yes

can a broker disburse trust funds with written consent of the buyer only to pay for a termite inspection?

no

whenever the qualifying broker of a real estate firm dies the firm must secure a new qualifying broker how soon?

60 days

any firm using a trade name on a for sale sign, business cards, contracts, or other documents relating to real estate transactions shall include what

the firms name as registered with the commission

three real estate licensed salespersons and an associate broker want to form a new real estate company. can the associate broker serve as the qualifying broker for the new firm and as an associate broker for their present firm?

yes, provided the associate broker notifies their current broker of the intended service

several brokers have been retained by a developer to market proerties in a new residential subdivision. can each broker put their for sale sign on the property?

yes, if each broker has written persmission of the developer

any broker who provides community association management services bust be covered by a fidelity bond or insuracne policy if the funds they collect, maintain or control exceeds how much/

$60,000

the liability of the real estate education research and recovery fund for the acts of a licensee is terminated upon the payments form the fund in a aggregate amount of?

$45,000

the real estate education, research, and recovery fund has been paid an aggregatge amount of $45,000 on behalf of a licensee. would the find be liable for future acts of that licensee?

no, the liability of the fund terminates after $45,000 has been paid out

what would be a requirement of a claimant in order to collect damages from the education research and recovery fund?

he or she recieved a valid judgement from a court of competent jurisdiction

a buyer sued a real estate salesperson for fraud in a real estate transaction and recieved a judgement in the amount of $15,000. the salesperson owns a cabin in Georgia balued at $10,000, free and clear. for the buyer to file a claim against the Real Estate Education Research and recovery fund he must

have the property levied upon, sold and file a claim against the Real estate education research and recovery fund for the balance remaining to satisfy the judgement.

the liability of the education research and recovery fund is terminated upon the issuance of court irders authorization payments in what amount in any single transaction, regardless of the number of peoper aggrieved?

$15,000

to insure that a minimum balance of $1 million is maintained in the real estate education research and recovery fund the commission, in assition to the license fee, may assess each licensee an amount not to exceed:

$30 per year, to be paid upon renewal of license

any licensee who has exhauseted all admin remedies available within the license law and who is aggrieved by a final decision in a contested case is entitled to:

a judicial review in accordance woth the Georgia administrative procedures act

when must the Georgia Real estate Commission investigae the actions of a licensee?

when they recieve a sworn written request of a licensee concerning the acts that occurred within the last three years

in the investigation and hearing process what is the seuence of events?

complaint- investigation- hearing- final decision

what should the Commission do before a censure of a license or before revoking or suspending a license?

provide for a hearing for the license holder

may the commission publish the name of licensees who have their license suspended or revoked on its official site?

yes

can a licensee take into account a prospective buyers marital status when showing residential properties?

yes

a salesperson presents tow offers to the selelr. it would be legal for the salesperson to discriminate the two offers on what basis?

financial status

a licensee refuses to accept a listing becuase of the owners minority status. is this a violation of the Georgia Real Estate License Law?

yes, this could be considered a direct violation

a seller attempts to place a restriction on the parties to whom the property may be offered for sale because of race. what should the licensee do?

refuse the listing and tell the seller he or she could be in violation of federal law

who makes up the Georgia Real Estate Commission?

the commission is composed of six real estate licensees plus the real estate commissioner

when a memeber of the Georgia Real Estate commission vacates before the full term is served, the member is succeeded by a properly appointed person who shall serve for how long?

the unexpired term of the member creating the vacancy

how long do the members of the Real Estate Commission serve for?

five year terms

at its regularly scheduled first monthly meeting of the calendar year, the Commission shall select what from its members by secret ballot?

both a chairperson and a vice president

what makes up the real estate commossion?

six members each of whom is appointed by the governor and confirmed by the senate for a term of six years

is the georgia real estate commission authorized to set real estate commission rates?

no

is the real estate commissioner a part time employee of the commission

no

does the commission ensure professional competency among real estate licnesees

yes

what is the real estate commission?

a budget unit of Georgia assigned to the office of the Secretary of State

does the georgia real estate license law apply to a real estate licensee employed on a full time basis by the owner of the property for the purpose of leasing the property?

yes

an unlicensed friend of a licensee is hosting open houses and passing out brochures with information on the houses to secure prospects for the licensee. what is this person guilty of?

a misdemeanor

any person acting as a real estate licensee without a license shall be guilty of what?

a misdemeanor

a licensee has an assistant and has delegated activities such as prospecting, holding open houses and other duties not directly involved in drafting a listing or sales contract. does this assistant have to have a real estate license?

yes, conducting such activities would require a license

does the owner of residential real property need a real property need a real estate license to sell, rent or manage the property?

no, the license law would not apply

is an attorney in fact under a duly executed power of attorney to convey real estate from an owner or lessor

no.

in georgia, a corporation licensed as a salesperson can have hoe many licensees?

one

on a closing statement, would a transfer tax be a debit to the seller

yes

who pays intangibles tax?

negotiated between the buyer and the seller

is hazard insurance paid in advance?

yes

how is accrued interest on loan assumed noted on the estimated purchasers cost worksheet>

credit to the purchaser

what is the salespersons primary role at closing?

represent their broker and the brokers client

in georgia, two licensees affiliated with a broker are assigned by the broker to represent the buyer and seller respectively in the same transaction. what would this be?

designated agency

in georgia, a broker engaged by a seller shall disclose to all parties with whom teh broker is working all material facts pertaining to existing adverse physical conditions actually known by the broker and within how many miles of the property?

1 mile

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