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Section 26

Terms in this set (42)

All are true about qualifying brokers:
A broker can serve as a qualifying broker for multiple firms
A qualifying broker is responsible for the business and every license in it
There can only be one qualifying broker per firm
False: An associate broker CAN serve as the qualifying broker for one or more additional firms. In this case, the associate broker must provide written notification to their sponsoring broker of their intention to serve as qualifying broker.
An associate broker cannot serve as a qualifying broker for one or more additional firms. True or False
Zeynep is a broker at a firm in Georgia. Which statement are True about her duties?
she must review all ads
she can choose to delegate her duties
she must ensure the proper disbursements are made from trust accounts
Zeynep is a broker at a firm in Georgia. Which statement is FALSE about her duties?
she must review an offer to buy, sell, or exchange real property within 10 days of the date of the offer- this is false- it is 30 days
Timelines
60 days to hire a new qualifying broker
30 days to report a change of address, transfer, inactive status, or opening or closing a trust account
1 month for a licensee to join a new broker after release
10 days to notify GREC about the outcome of legal action
The qualifying broker of your firm is fired for embezzlement. You can tell the firm is going down, so you transfer to another company. How long does your old firm have to hire a new qualifying broker, and how long do you have to tell GREC that you've transferred?
60 days; 30 days
Change Application
form that you have to give to your soon to be former broker to sign. The broker must sign the lease and

1. forward the license holder's license to the new sponsoring broker, or...

2. forward the license to GREC
An agent transfers to a new broker. Can she keep working on a transaction started under the old broker?
Yes, as long as both brokers agree in writing, the former broker agrees to assume responsibility for the transaction, and the former broker agrees to compensate the licensee.
How Long to Keep Records?
3 years and must be made available to authorized agents of GREC upon reasonable request and at a reasonable cost to the Commission.
Kylie is a broker in Georgia. She is cleaning out her office, and finds a brokerage agreement dated June 7, 2015. Today is December 1, 2016. Evaluate the situation.
A broker needs to keep records such as brokerage agreements for a period of three years.
Kiting
fraudulently using a financial instrument to obtain additional credit that is not authorized
silent second mortgage
obtaining a second mortgage that is not disclosed to the original lender on the first mortgage (i.e., to help a borrower to purchase a home that they otherwise couldn't afford)
Referrals
A Georgia broker can share a fee for a referral with an out-of-state broker.
The qualifying broker at Shellonius Thunk Realty decides that the firm should conduct business under the name Shells by the Shore Realty. What does the firm need to do?
The firm must register its trade name with the Clerk of the Superior Court in each county in which the firm is operating, as well as apply for a new license with GREC.
Emmanuel is an unlicensed real estate assistant in Georgia. He can do all of the below EXCEPT:
show real estate
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