Exam (elaborations)
License Law and Oversight in Georgia Exam Questions and Answers
- Course
- Institution
License Law and Oversight in Georgia Exam Questions and Answers
[Show more]
Content preview
License Law and Oversight in GeorgiaExam Questions and Answers
What is GREC? - Correct Answer ✅Georgia Real Estate
Commission
(True/False) It's illegal to perform real estate activities for
another person for payment without a real estate license. -
Correct Answer ✅True
(True/False) A license is required to sell your personal home. -
Correct Answer ✅No
Real estate licensing law exists to protect what group
specifically?
A. GREC
B. The Public
C.Licensees - Correct Answer ✅B
A person who is associated with a licensed broker for the
purpose of performing an act for which a real estate license is
required is a? - Correct Answer ✅salesperson
,License Law and Oversight in Georgia
Exam Questions and Answers
A person, who for a commission or other valuable
consideration, performs real estate activities for another,
such as helping to buy a home is a? - Correct Answer
✅Broker
A person who holds an active license. - Correct Answer
✅Licensee
A broker who chooses to work as a salesperson for another
broker is a? - Correct Answer ✅Associate broker
A group that regulates license law in Georgia. - Correct
Answer ✅The commission
A written contract between a consumer and a broker in which
the consumer becomes the broker's client - Correct Answer
✅Brokerage Engagement
Whats Does GREC Do?
,License Law and Oversight in Georgia
Exam Questions and Answers
A. establishes rules and regulations, charges and collects
fees, and enforces Georgia license law and its rules."
B. Collect Debt - Correct Answer ✅A
How many members make up the commission (GREC)? -
Correct Answer ✅6
(True/False) GREC members serve five-year terms. - Correct
Answer ✅True
(True/False) Members receive a minimal per diem amount for
meeting days. - Correct Answer ✅True
(True/False) All members and employees of GREC must be
licensed brokers. - Correct Answer ✅False
Can GREC Appoint the governor? - Correct Answer ✅No
, License Law and Oversight in Georgia
Exam Questions and Answers
(True/False) A commissioner serves the commission as a full-
time, salaried employee? - Correct Answer ✅True
Can you complete the following statement? An employee of
the commission may not __________.
A. Have an inactive license
B. Maintain an active license
C. Have a suspended license - Correct Answer ✅B
(True/ False) Anyone who wants to sell, purchase, rent, lease,
auction, or exchange real estate for others for compensation
must hold a valid real estate license - Correct Answer
✅True
Which entity administers the state exam?
A. The sponsoring broker's office
B. GREC
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 Allivia. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.29. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
85443 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now