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Georgia MLS Practice Class Questions and Correct Verified Answers
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Georgia MLS Practice Class Questions and Correct Verified Answers
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Top Mark Questions and Correct Verified AnswersGeorgia MLS Practice Class Questions
and Correct Verified Answers
When should a licensee disclose to the parties whom their firm intends to represent in
a transaction?
✓ Disclosure should be made verbally and in writing to all parties as soon as
possible.
A selling broker desires to represent a purchaser in a real estate transaction while at the
same time act as a subagent of the listing broker and seller. Could the broker perform
both of these functions in the same transaction?
✓ No, when a broker working with a buyer acts as a subagent of the listing broker
and seller, that broker working with a buyer must represent the seller and treat
the buyer as a customer
Whether or not a real estate sales affiliate in GA may act as a buyer's agent will be
determined by:
✓ the company policy and procedures manual issued to all sales affiliates by the
broker
Under what circumstances might a broker who is working with a prospective buyer
receive compensation/commission from a listing broker?
✓ Only if there is a cooperating agreement between the two brokers.
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You are a salesperson representing the seller. What are your duties when working with
a buyer/customer?
✓ You must deal with them honestly
A brokerage engagement in GA creates an employment agreement between:
✓ Broker and client
Regarding the Brokerage Relationship in Real Estate Transaction ACT (BRRETA), how
are agency relationships created?
✓ Agency relationships may be created only through written brokerage
engagements
Under a listing agreement, the primary agency relationship involves:
✓ the seller as the principal, and the broker as the agent
A property is listed for $200,000. The sellers owe $100,000 on their current loan and
have agreed to pay $2000 towards closing costs for the sale of the property. The sellers
also agree to pay the listing broker a 6% commission should a ready, willing and able
buyer be secured to purchase the property. If the property sells for full price, what will
be the net proceeds for the sellers?
✓ $86,000
According to BRRETA, a listing agent must voluntarily disclose to a buyer customer:
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✓ known latent defects
Instructed by a client not to present any offers substantially below the listing price, an
agent decides not to inform the seller of a prospective buyer's "low ball" written offer.
Would real estate agency law find the licensee's decision acceptable?
✓ No, the agent must present all offers to the seller client
You have agreed with your broker to split commissions 60% to you and 40% to your
broker. Your listing was just sold by another company for $139,000. Your broker has
agreed to pay the selling broker 50% of any commission. If the commission on this sale
was 6% what was your share of the commission?
✓ $2502
A broker who has a brokerage relationship with both seller and buyer or both landlord
and tenant in the same transaction is considered a
✓ dual agent
As a representative of an employing broker, a real estate salesperson in GA must act in
the best interest of a client as well as in accordance with all applicable laws. With regard
to these duties and responsibilities, the obligations of a real estate salesperson might
best be stated as follows:
✓ A salesperson's highest obligation is to any applicable laws, next to the broker,
and then to the client
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You are working as an agent for the broker. In this relationship the broker dictates
office hours, work schedules, withholds federal and state taxes, and pays FICA
contributions. This relationship would be considered:
✓ employer/employee
As an independent contractor for a brokerage firm, a licensee
✓ must have a written employment agreement/contract with the broker
In a real estate transaction involving a broker and a broker's salesperson, there are 2
agency relationships established. These agency relationships are between the
✓ broker and principal, and broker and salesperson
If the salesperson is an agent for the broker, can the salesperson sign brokerage
engagements?
✓ Yes, the authority to sign brokerage engagements is typically provided to the
salesperson in the broker affiliation agreement
A seller enters into an exclusive brokerage engagement with the agreement that if the
owner sells the property personally, no commission will be paid to the agent. This
engagement is called
✓ an Exclusive agency agreement
Common law principles will typically terminate a contract between the broker and
principal/client in which of the following circumstances?
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