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FINAL EXAM-COLIBRI REAL ESTATE QUESTIONS WITH COMPLETE ANSWERS.
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FINAL EXAM-COLIBRI REAL ESTATE QUESTIONS WITH COMPLETE ANSWERS.
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FINAL EXAM-COLIBRI REAL ESTATEQUESTIONS WITH COMPLETE
ANSWERS
1. ppAll ppsix ppmembers ppof ppthe ppGeorgia ppReal ppEstate ppCommission ppare
ppappointed ppby pp- ppCorrect ppAnswer pp- ppThe ppGovernor ppof ppGeorgia
How ppmany ppcommission ppmembers ppmust ppbe pplicensed pp- ppCorrect ppAnswer
pp- ppFive ppof ppthe ppsix ppmembers ppof ppthe ppGeorgia ppReal ppEstate ppcan pphave
pplicenses ppOne ppmust ppbe ppan ppunlicensed ppmember ppof ppthe pp" ppgeneral
pppublic pp3. ppEARLNOTES
What ppmust pphappen ppwith ppall ppfunds ppin ppa ppsale pp- ppCorrect ppAnswer pp-
ppAll ppmoney ppthat ppbelongs ppto ppclients ppor ppcustomers ppmust ppbe ppdeposited
ppin ppthe ppbrokerage pptrust ppfund ppas ppsoon ppas pppossible ppASAP ppafter
ppreceipt pp.
What ppis ppthe ppprocedure ppfor pplicense ppexpiration pp- ppCorrect ppAnswer pp-
ppWhen ppa pplicense pphas ppbeen pplapsed ppfor ppmore ppthan pptwo ppyears ppbut
ppless ppthan ppfive ppyears ppthe ppformer pplicensee ppmay pprequest ppreinstatement
ppand ppretake ppa pp75 pp- pphour pppre pp- pplicense ppcourse pp. ppAfter ppten ppyears
ppthe ppformer pplicensee ppmust ppfollow ppthe ppprocedure ppfor ppnew ppapplicants pp.
Which ppdescrihes ppdual ppagency pp- ppCorrect ppAnswer pp- ppWhen ppa ppbroker
ppappoints ppone ppof pphis ppagents ppto ppserve ppthe ppseller ppand ppone ppto ppserve
ppthe ppbuyer pp, ppthey ppare ppcalled ppdesignated ppagents ppand ppthe ppbroker ppwill
ppserve ppas ppa ppdual ppagent pp.
What pphappens ppwhen ppsomeone pprecieves ppmistreatment ppfrom ppa ppreal
ppestate pplicensee pp- ppCorrect ppAnswer pp- ppWhen ppa ppconsumer ppor ppclient
pp( ppnot ppanother pplicensee ppor ppa pprelative ppof ppthe ppaccused pplicensee pp) ppis
ppfinancially ppdamaged ppby ppthe ppactions ppof ppa pplicensee pp, pphe ppor ppshe ppcan
ppfile pp, ppthrough ppthe ppcourt ppa ppclaim ppagainst ppthe ppGeorgia ppReal ppEstate
ppEducation pp, ppResearch ppand ppRecovery ppFund ppfor ppreimbursement ppup ppto
pp$ pp25,000 ppper pptransaction pp.
For ppa ppbrokerage ppor ppany pplicensee ppunder ppa ppmanaging ppbroker ppto ppbe
ppconsidered ppa ppDual ppAgent pp, pphe pp/ ppshe ppmust pp- ppCorrect ppAnswer pp-
ppobtain ppwritten pppermission ppfrom ppboth ppthe ppseller ppand ppthe ppbuyer ppbefore
ppacting ppon ppbehalf ppof ppeither ppparty pp. ppBIRTH ppMONTHS
,When ppare pprenewal ppdeadlines ppfor pplicensees pp- ppCorrect ppAnswer pp- ppAll
pprenewal ppdeadlines ppfor pplicenses ppare ppset ppfor ppthe pplast ppday ppof ppthe
pplicensee's ppbirth ppmonth ppevery ppfour ppfull ppyears pp. pp( ppThe pplicensee's ppfirst
pprenewal ppperiod ppmay ppbe pplonger pp, ppdepending ppon ppwhen ppthe pplicense
ppwas ppobtained pp. ppIt ppstarts ppthe pplast ppday ppof ppthe ppbirth ppmonth ppthat
pparrives ppafter ppthe pplicense ppis ppobtained pp) pp.
What ppis ppthe pptraining pphours pprequired ppfor pplicensees pp- ppCorrect ppAnswer pp-
ppAssuming ppa pplicensee pphas ppcompeted ppthe pp25 pp- pphour ppGA ppPost
ppLicense ppCourse ppduring ppthe ppfirst ppyear ppof pplicensure pp) pp, pphe ppwill
ppreceive ppcredit ppfor pp9 pphours ppof ppContinuing ppeducation ppand ppwill pponly
ppneed ppto ppcomplete pp27 pphours ppof ppCE ppduring ppthe pprest ppof ppthe
pplicensee's ppfirst pplicensure ppperiod pp. ppFor ppthe ppsecond ppfour pp- ppyear ppperiod
ppand ppeach pprenewal ppthereafter pp. ppthe pprequirement ppis pp36 pphours ppof ppCE.
If ppa ppbuyer ppclient ppwishes ppto ppwithdraw ppfrom ppa ppcontract ppand ppget pph
pphis ppearnest ppmoney ppreturned ppthe ppsalesperson ppmust pp- ppCorrect ppAnswer
pp- ppREFER ppthe ppissue ppto ppthe ppEMPLOYING ppor ppmanaging ppBROKER ppfor
ppa ppdecision
When ppevery pporiginal pplicense ppfee ppis ppreceived pp, ppof ppthe ppfunds ppreceived
pp_____from ppeach pplicense ppfee ppis ppallocated ppto ppfund ppthe ppRE ppEducation
pp, ppResearch ppand ppRecovery ppFund pp- ppCorrect ppAnswer pp- pp20$
The ppclause ppin ppan ppagency ppagreement ppused ppto ppsafeguard ppthe ppbroker
ppfrom ppunscrupulous ppbuyers ppor ppsellers pp, ppwho ppwould pptake ppthe ppbroker's
ppgenerated ppleads pp, ppbut ppthen ppbuy ppor ppsell ppthe ppproperty pponce ppthe
pplisting ppagreement pphas ppexpired ppin pporder ppto ppavoid pppaying ppthe
ppcommission ppto ppthe pplicensee ppis ppknown ppas pp- ppCorrect ppAnswer pp- ppThe
ppSafety ppor ppCarryover ppExtender ppClause pp.
Under ppGA ppLaw pp, ppa pplisting ppbroker pp- ppCorrect ppAnswer pp- ppdoes ppnot
pphave ppto ppshare pphis ppsales ppcommission ppwith ppthe ppselling ppbroker ppwho
pphas ppprocured ppthe ppultimate ppbuyer, ppthis ppis pplegal ppand ppnot ppagainst ppGA
ppreal ppestate pplaw.
Every ppbrokerage ppmust ppmaintain pp- ppCorrect ppAnswer pp- ppan ppaccounting
ppsystem ppto ppdetail ppall ppreceipts ppand ppdeposits ppreceived ppfrom ppothers ppthat
ppare ppunder ppthe ppcontrol ppof ppthe ppbrokerage.
When pptwo pppeople ppwant ppto ppsimply ppexchange ppone ppproperty ppfor ppfor
ppanother pp, ppthe ppperson ppwho pphandles ppthe ppdetails ppfor ppa ppfee ppmust
pphave pp- ppCorrect ppAnswer pp- ppeither ppa ppreal ppestate pplicense ppor ppa pplaw
pplicense
, Members ppof ppthe ppGeorgia ppReal ppEstate ppCommission ppserve pp- ppCorrect
ppAnswer pp- pp5 ppyear ppterms
Whenever ppa ppproperty ppowner ppengages ppa pplicensee ppto pplist pplist ppproperty
ppfor ppsale ppwhere ppthe ppcommission ppis ppnot ppa pppre ppset pppercentage ppor
ppsimple ppdollar ppvalue ppbut ppwill ppbe ppall ppfunds ppthan ppremain ppafter ppthe
ppowner ppreceives ppa ppcertain ppamount ppthe pparrangement ppis ppcalled ppa pp-
ppCorrect ppAnswer pp- ppNET ppLISTING ppand ppis ppillegal pp.
In pporder ppto ppchange ppfrom ppone ppbrokerage ppto ppanother ppthe pplicensee
ppneeds ppto pp- ppCorrect ppAnswer pp- ppget ppthe ppcurrent ppmanaging ppbroker ppto
ppto ppsign ppa pprelease ppform ppand ppsend ppit ppto ppthe ppcommission
A ppManaging ppbroker ppmust pphave ppall pplicensed ppand ppunlicensed ppstaff pp,
ppwhether ppemployees ppor ppindependent ppcontractors pp- ppCorrect ppAnswer pp-
ppsign ppa ppwritten ppemployment ppagreement ppsetting ppforth ppthe pprelationship pp,
ppthe ppduties pp, ppand ppthe ppcompensation
In pporder ppto ppbe ppin ppcompliance ppwith pplicense pplaw ppany pplisting ppcontract pp,
ppbuyer ppagency ppagreement pp, ppor ppproperty ppmanagement ppagreement ppmust
pphave pp- ppCorrect ppAnswer pp- ppa ppdefinite pptermination ppdate ppand ppno
ppprovision ppfor ppan ppautomatic pprenewal
Any ppAny ppapplicant ppfor ppa pplicense ppwho pphave ppa ppcriminal pphistory ppmust
ppmust ppprovide ppthe ppCommission ppwith ppthe ppappropriate ppdata ppso ppthe
ppCommission's ppinvestigator ppcan ppget ppan pp- ppCorrect ppAnswer pp- ppFBI
ppReport
Fidelity ppInsurance ppis ppsimilar ppto ppa ppPerformance ppBond ppI ppand ppand ppany
ppany ppbrokerage ppwho pphandles ppmore ppthan pp$__________trust ppfunds ppis
pprequired ppto ppcarry ppa ppfidelity ppinsurance pppolicy pp. pp- ppCorrect ppAnswer pp-
pp$60,000
In ppGeorgia pp, ppif ppa pplicensee ppis ppnot ppsatisfied pponce ppa ppGA ppCommission
pphearing pphas ppbeen ppheld ppand ppa ppdecision pprendered pp, ppthe ppcase ppis
ppentitled ppto ppa pp- ppCorrect ppAnswer pp- ppJUDICIAL ppREVIEW
A ppnew pplicensee pp, ppwithin ppone ppyear pp- pptwelve pp( pp12 pp) ppmonths ppafter
ppreceiving ppa pplicense ppmust ppbegin ppand ppcomplete pp- ppCorrect ppAnswer pp- ppa
pp25 pp- pphour ppPost ppLicense ppCourse ppand ppreport ppto ppthe ppcommission ppits
ppcompletion
A ppproperty ppmanager ppwho ppdoes ppnot ppnegotiate ppleases ppand ppis ppprimarily
ppresponsible ppfor ppmaintenance ppdoes ppnot ppneed ppa pplicense pp. ppA ppproperty
ppmanager ppwho ppmarkets ppthe ppproperty pp, ppshows ppthe ppproperty pp, ppand
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