Exam (elaborations)
Final Exam-Colibri Real Estate Questions And Answers Well Elaborated Latest Updated 2024
- Course
- Institution
Final Exam-Colibri Real Estate Questions And Answers Well Elaborated Latest Updated 2024
[Show more]
Content preview
Final Exam-Colibri Real EstateQuestions And Answers Well Elaborated
Latest Updated 2024
1. All six members of the Georgia Real Estate Commission are appointed by -
ANSWER✔✔The Governor of Georgia
How many commission members must be licensed - ANSWER✔✔Five of the six
members of the Georgia Real Estate can have licenses One must be an unlicensed
member of the " general public 3. EARLNOTES
What must happen with all funds in a sale - ANSWER✔✔All money that belongs to
clients or customers must be deposited in the brokerage trust fund as soon as
possible ASAP after receipt .
What is the procedure for license expiration - ANSWER✔✔When a license has
been lapsed for more than two years but less than five years the former licensee
may request reinstatement and retake a 75 - hour pre - license course . After ten
years the former licensee must follow the procedure for new applicants .
Which descrihes dual agency - ANSWER✔✔When a broker appoints one of his
agents to serve the seller and one to serve the buyer , they are called designated
agents and the broker will serve as a dual agent .
What happens when someone recieves mistreatment from a real estate licensee -
ANSWER✔✔When a consumer or client ( not another licensee or a relative of the
accused licensee ) is financially damaged by the actions of a licensee , he or she
can file , through the court a claim against the Georgia Real Estate Education ,
Research and Recovery Fund for reimbursement up to $ 25,000 per transaction .
For a brokerage or any licensee under a managing broker to be considered a Dual
Agent , he / she must - ANSWER✔✔obtain written permission from both the
seller and the buyer before acting on behalf of either party . BIRTH MONTHS
When are renewal deadlines for licensees - ANSWER✔✔All renewal deadlines for
licenses are set for the last day of the licensee's birth month every four full years .
,( The licensee's first renewal period may be longer , depending on when the
license was obtained . It starts the last day of the birth month that arrives after
the license is obtained ) .
What is the training hours required for licensees - ANSWER✔✔Assuming a
licensee has competed the 25 - hour GA Post License Course during the first year
of licensure ) , he will receive credit for 9 hours of Continuing education and will
only need to complete 27 hours of CE during the rest of the licensee's first
licensure period . For the second four - year period and each renewal thereafter .
the requirement is 36 hours of CE.
If a buyer client wishes to withdraw from a contract and get h his earnest money
returned the salesperson must - ANSWER✔✔REFER the issue to the EMPLOYING
or managing BROKER for a decision
When every original license fee is received , of the funds received _____from each
license fee is allocated to fund the RE Education , Research and Recovery Fund -
ANSWER✔✔20$
The clause in an agency agreement used to safeguard the broker from
unscrupulous buyers or sellers , who would take the broker's generated leads ,
but then buy or sell the property once the listing agreement has expired in order
to avoid paying the commission to the licensee is known as - ANSWER✔✔The
Safety or Carryover Extender Clause .
Under GA Law , a listing broker - ANSWER✔✔does not have to share his sales
commission with the selling broker who has procured the ultimate buyer, this is
legal and not against GA real estate law.
Every brokerage must maintain - ANSWER✔✔an accounting system to detail all
receipts and deposits received from others that are under the control of the
brokerage.
When two people want to simply exchange one property for for another , the
person who handles the details for a fee must have - ANSWER✔✔either a real
estate license or a law license
, Members of the Georgia Real Estate Commission serve - ANSWER✔✔5 year terms
Whenever a property owner engages a licensee to list list property for sale where
the commission is not a pre set percentage or simple dollar value but will be all
funds than remain after the owner receives a certain amount the arrangement is
called a - ANSWER✔✔NET LISTING and is illegal .
In order to change from one brokerage to another the licensee needs to -
ANSWER✔✔get the current managing broker to to sign a release form and send it
to the commission
A Managing broker must have all licensed and unlicensed staff , whether
employees or independent contractors - ANSWER✔✔sign a written employment
agreement setting forth the relationship , the duties , and the compensation
In order to be in compliance with license law any listing contract , buyer agency
agreement , or property management agreement must have - ANSWER✔✔a
definite termination date and no provision for an automatic renewal
Any Any applicant for a license who have a criminal history must must provide the
Commission with the appropriate data so the Commission's investigator can get
an - ANSWER✔✔FBI Report
Fidelity Insurance is similar to a Performance Bond I and and any any brokerage
who handles more than $__________trust funds is required to carry a fidelity
insurance policy . - ANSWER✔✔$60,000
In Georgia , if a licensee is not satisfied once a GA Commission hearing has been
held and a decision rendered , the case is entitled to a - ANSWER✔✔JUDICIAL
REVIEW
A new licensee , within one year - twelve ( 12 ) months after receiving a license
must begin and complete - ANSWER✔✔a 25 - hour Post License Course and
report to the commission its completion
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller classhub. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80189 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now