Georgia-State Exam Practice Test Questions And Already Solved Answers.
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Course
Georgia Residential Contractor
Institution
Georgia Residential Contractor
Which clause in the sales contract says that all dates in the contract are strictly enforceable? - Answer The Time Is of the Essence clause renders all dates stated in the contract strictly enforceable.
Where are option contracts on multiple properties commonly seen? - Answer Commercial Pr...
Georgia-State Exam Practice Test
Questions And Already Solved Answers.
Which clause in the sales contract says that all dates in the contract are strictly enforceable? - Answer
The Time Is of the Essence clause renders all dates stated in the contract strictly enforceable.
Where are option contracts on multiple properties commonly seen? - Answer Commercial Properties
Which is NOT a violation for which the real estate education, research, and recovery fund may
compensate claimants in Georgia? - Answer Failure to disclose a criminal conviction
In situations where a leased property is sold and the tenants' security deposits will be refunded, who's
responsible for refunding those security deposits? - Answer The Original Owner
Evan signed a buyer agency agreement with licensee Lydia to help him find a condo in Buckhead. Evan is
now Lydia's client, which is best described as ______. - Answer Any person who is represented by an
agent
Why is the recording of a deed so vital? - Answer It protects new owners from former sellers claiming
they still own the property.
Acknowledgment and recording of a deed are vital in protecting new owners from former sellers
claiming they still own the property.
What does the acronym GAFLA stand for? - Answer Georgia Fair Lending Act
Athens licensee Lucius is representing both the seller and the buyer in the same transaction, with both
clients' consent. That makes him a dual agent, which Georgia license law defines as ______. - Answer
One licensee representing both the buyer and the seller in a single transaction
Which of these would fulfill the educational requirement for a Georgia community association manager
(CAM) license? - Answer Complete a 25-hour Community Association Manager pre-licensing course.
, What does the Warranty of Title (aka Warranty) in a real estate sales contract say? - Answer The seller
is legally able to deliver good and marketable title to the buyer at closing.
Genevieve has just passed her broker's exam and completed the requirements for licensure. She wants
to operate under her own name in Georgia. What must happen first? - Answer She must receive her
license and post it on her office wall.
While new business cards are in order, Genevieve must have her license and it must be posted before
she can operate under her own name.
What's the reason for using employee and independent contractor agreements? - Answer To define the
terms of the broker and worker's professional relationship
What do unfair trade practice laws in Georgia prohibit? - Answer Unfair and deceptive business acts or
practices
Which of these statements is NOT true regarding a licensee who wants to transfer to another broker? -
Answer Both the original broker and the new broker may charge the licensee a $50 fee to cover
administrative costs of the transfer.
Neither broker may charge the licensee a fee to transfer brokerage firms.
Jaqueline is the qualifying broker for a bustling firm in Avondale Estates, and she has many salespeople
to oversee. The firm's licensees' advertisements must be done under her name as it appears on her
license. What else is required? - Answer Her supervision and approval
All advertising done by a brokerage firm's licensees must be done under the qualifying broker's name
and under that broker's direct supervision and approval.
What must a licensee do when he wants to purchase a home listed by the brokerage where he's
affiliated? - Answer Notify his broker in writing and disclose his intentions to the seller.
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