Exam (elaborations)
Georgia MLS Practice Class (1)
Georgia MLS Practice Class (1)
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Georgia MLS Practice ClassWhen should a licensee disclose to the parties whom their firm intends to represent in a
transaction? - ANS-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? - ANS-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: - ANS-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? - ANS-Only if there is a cooperating agreement
between the two brokers.
You are a salesperson representing the seller. What are your duties when working with a
buyer/customer? - ANS-You must deal with them honestly
A brokerage engagement in GA creates an employment agreement between: - ANS-Broker and
client
Regarding the Brokerage Relationship in Real Estate Transaction ACT (BRRETA), how are
agency relationships created? - ANS-Agency relationships may be created only through written
brokerage engagements
Under a listing agreement, the primary agency relationship involves: - ANS-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? - ANS-$86,000
According to BRRETA, a listing agent must voluntarily disclose to a buyer customer: -
ANS-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? - ANS-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? - ANS-$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 - ANS-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:
- ANS-A salesperson's highest obligation is to any applicable laws, next to the broker, and then
to the client
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: - ANS-employer/employee
As an independent contractor for a brokerage firm, a licensee - ANS-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 - ANS-broker and
principal, and broker and salesperson
If the salesperson is an agent for the broker, can the salesperson sign brokerage engagements?
- ANS-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
- ANS-an Exclusive agency agreement
Common law principles will typically terminate a contract between the broker and principal/client
in which of the following circumstances? - ANS-Either the broker or principal declares
bankruptcy
A listing broker whose negligence in preparing a sales contract for the seller client allows the
buyer to void the agreement, breaches an agent's responsibility of - ANS-due care
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