Exam (elaborations)
Chapter 4 Georgia Licensing Law Exam Questions and Complete Solutions Graded A+
- Module
- Institution
Chapter 4 Georgia Licensing Law Exam Questions and Complete Solutions Graded A+
[Show more]
Seller
Follow
YourExamplug
Reviews received
Content preview
Chapter 4 GeorgiaLicensing Law Exam
Questions and Complete
Solutions Graded A+
Denning [Date] [Course title]
,What happens if the Commission discovers that a person is practicing without a license? - Answer: It has
the authority to issue a cease and desist order. In addition, the Commission can impose a fine of up to
$1,000 per day for this violation.
While the Commission does not have the authority to impose a jail sentence, the courts do have this
authority, as a violation of this law is a misdemeanor. The imposed jail sentence can be for a period of
one year or less.
In what cases is an individual not required to have a real estate license? - Answer: -An owner of real
estate, the spouse of an owner, a general partner of a limited partnership, a landlord, or a prospective
purchaser or one of these people's regular employees or a spouse who perform any act involving
property owned, leased, or to be acquired by such owner, limited partnership, lessor, or prospective
purchaser when said person is buying, leasing, or selling for her own purposes.
-An attorney in fact under a duly executed power of attorney to convey real estate from the owner or
lessor. This person--whether an actual attorney or simply an individual authorized to act on another's
behalf as an agent--may act as an agent for the principal without having a real estate license, with a
legally executed power of attorney.
-An attorney at law--also known as a licensed practicing attorney--acting solely as an incident to the
practice of law.
-Any person acting as a receiver, trustee in bankruptcy, administrator, executor, or guardian or acting
under a court order or the authority of a will or a trust instrument.
-Any officer or employee of a government agency in the conduct of official duties.
-Any person employed full-time by a public or private utility--including utility companies and lending
institutions--who performs any act involving property owned, leased, or to be acquired by the utility
employing that person, where such acts are performed in the regular course of, or as incident to, the
management of such property and the investment therein.
-A manager of residential properties if the contract has been approved by a federal agency. This means
any person who, as the owner or through another person engaged by such owner on a full-time basis or
as the owner of a management company whose principals hold a controlling ownership of such
property, provides property management or community association managemen
Do the licensing regulations required by Georgia real estate license laws apply to any individual
employed by a broker to assist in property management services on residential property? - Answer: No
The activities of any individual employed by a broker to assist in property management services on
residential property must be limited to what? - Answer: -Delivering a lease application or a lease
, -Receiving a lease application, lease, security deposit, rental payment, or any related payment (for
delivery to and made payable to the broker or the owner)
-Showing a rental unit to any person, or executing leases, provided that the employee is acting under
the direct instructions of the broker
-Providing information authorized by the broker about a rental unit, a lease application, or a lease
-Providing information to a tenant about the status of the tenant's security deposit or rent payments, or
to an owner about the owner's financial accounts and payments from the owner's tenants
-Performing any ministerial acts that are explicitly authorized by the broker in a written agreement
between the broker and the employee.
What does the innkeeper's exemption state? - Answer: any person who provides property management
services on properties available for fewer than 90 days' occupancy by guests or occupants and who
meets all of the following conditions is exempt from license law.
Who does the "innkeeper's exemption" apply to? - Answer: People who make accommodations to
others on a daily/weekly basis, such as in operation of a hotel, motel, or vacation rental.
What conditions must be met for the "innkeeper's exemption"? - Answer: -The property manager must
have a written agreement with the owner, which states all terms and conditions for managing the
property, reporting income and expenses, and remitting income to the owner.
-This agreement must specify that the property manager cannot rent or lease the property and that the
guest or occupant is not a tenant.
-Zoning laws do not prohibit short-term occupancy uses of the property.
-The guest's occupancy is for fewer than 90 days.
ADDITIONALLY
-The deposit given must not exceed the cost of the rental required for the minimum rental period.
-The guest or occupant must pay any required state or local sales taxes or excise taxes on rooms,
lodgings, and accommodations. The property manager pays any required state or local business licenses
or permits.
-The property manager can specify which rooms or units that the guest or occupant will occupy.
-No extra charge is made for basic utilities.
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 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 YourExamplug. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £10.43. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72841 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now