GA real estate pre-license course Exam Questions and Answers Complete Solutions
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Module
Licensed Realtor
Institution
Licensed Realtor
Agency - Answer-every relationship in which a real estate broker acts for or represents another as a client by the latter's written authority in a real property transaction
associate broker - Answer-a person who acts on behalf of a real estate broker in performing any act authorized to be perfor...
ga real estate pre license course exam questions a
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GA real estate pre-license course Exam
Questions and Answers Complete
Solutions
Agency - Answer-every relationship in which a real estate broker acts for or represents
another as a client by the latter's written authority in a real property transaction
associate broker - Answer-a person who acts on behalf of a real estate broker in
performing any act authorized to be performed by a broker
broker does the following: - Answer-*negotiates or attempts to negotiate listing, sale,
purchase, exchange, renting, lease or option for any real estate
*acts as referral agent in real estate
*Collects rents, trust funds or assessments
*is employed on behalf of owners to sell real estate and given valuable consideration
brokerage agreement - Answer-written contract where client promises to pay broker
valuable consideration to produce a seller, buyer, tenant, or a landlord ready, able and
willing to sell, buy, or rent property
commission - Answer-The GA real estate commission
Community association - Answer-membership mandatory as an incident of ownership
within the development with a common management
Community association mgt svcs - Answer-Collect, control and disburse funds
Obtain insurance
Arrange and coordinate maintenance
Oversee day to day operations of association
Community association mgr - Answer-Acts on behalf of real estate broker to provide
mgt svcs
Firm - Answer-any business entity
Licensee - Answer-any person licensed as a comm assoc mgr, salesperson, assoc
broker or broker
Real estate - Answer-condos and leaseholds, as well as any other interest in estate or
land, includes mobile homes if affixed to land
Purpose of Ga real estate law - Answer-to protect the public; to protect real estate acts
from unfair competition and lay out standards for licensees to abide by
,The administration of law falls under - Answer-The GA Real Estate Commission
6 members of Commission, rules - Answer-*5 of 6 must be licensees who have had
license min of 5 yrs and state res min 5 yrs
*6th member must not have interest in real estate industry
*Terms of 5 yrs each
*Only one licensee can expire each yr
If a vacancy occurs on Commission - Answer-will be filled by governor
Reasons to remove a Commission member - Answer-*incompetence
*Dishonesty
*Neglect of duties
*Inability to perform duties
Commission Chairperson - Answer-appointed by Commission members, must have
served min 1 yr on Commission
Commission duties - Answer-*attend meetings
*meet at least once per month
*Quorum of 4 members
Purpose of real estate license law and Commission - Answer-*To protect public from
harmful acts by licensees
*To create a regulatory environment for real estate industry that allows economic
success
Responsibilities of Commission - Answer-*Develop spirit of cooperation and unity
among members
*Evaluate staff operations
*Establish fair qualifying process
*Establish fair and unbiased hearing process
*Communicate with the industry and the public
Real Estate Commissioner - Answer-*selected by Commission
*is not a member of the Commission
*Hire and oversees staff on day-to-day basis
*Cannot hold an active license, nor can any employees
Administrative Procedures Act - Answer-governs state agencies with regulatory
authority, sets forth procedures to discipline a licensee
The General Assembly of GA - Answer-gives Commission authority to make rules
Rules created by Commission - Answer-*Must be economically feasible
,*The rule must be reasonable
*The rule must be within the limits of legislative law
The authority of the Commission is based on - Answer-statutory law
Purpose of Commission rules and regulations - Answer-to clarify law
Commission protects public interest by: - Answer-*Assuring justice and equal
opportunity
*Denying right to practice if incompetent or unscrupulous
*Eliminating unreasonable barriers to practice
*Refusing to use license law to settle private disputes
*Refusing to use license law to advance interests of private trade
*Encouraging free, open markets
Disciplinary actions of Commission - Answer-*permanent revocation of license
*Suspension of license
*Reports from independent accountant
*Imposing fines
*Censure (reprimand)
*Citations
Revocation - Answer-Must wait at least 10 yrs before can reapply
Fine for practicing real estate without a license - Answer-up to $1000 per day
Situations where not necessary to have a license - Answer-*When buying, leasing or
selling for your own purposes
*An attorney in fact using power of attorney
*An attorney at law
*Acting under a trust instrument
*Government officer conducting official duties
*Utility employees
*Mgr of res properties approved by fed agency
*Full-time employees of prop owner
*Acting as a referral agent
Requirements of referral agent practicing w/o a license - Answer-*Doesn't receive a fee
*Doesn't charge a fee
*Not more than 3 transactions per yr
Unlicensed employee as property mgr limited duties - Answer-*Must have written
agreement
*can deliver lease app or lease
*Can show units or execute lease under broker instructions
*Can receive lease app, else, deposits, payments
, *Can provide info about lease, unit, or app
*give status regarding payments
*perform ministerial acts
Info on license applicatons - Answer-*name and address where intend to conduct
business
*name and address of applicant
Community assoc mgr qualifications - Answer-*Be 18 or older
*Res of GA
*Highschool grad or GED
*At least 25 hrs course study
*Take and pass exam with a 75% or more
Salesperson app qualifications - Answer-*Be 18 or older
*Res of GA
*Highschool grad or GED
*75 hrs course study or 6 semesters
*Take and pass exam with a 75% or more
Broker's app qualifications - Answer-*Be 21 or older
*Res of GA
*Highschool grad or GED
*Served 3 yrs as a licensee
*60 hrs in broker course study
*Take and pass exam with a 75% or more
How many brokers can you be licensed under in GA - Answer-only 1
Stipulations for licensee to affiliate with out of state broker - Answer-*Other state's laws
allow it
*Written permission from GA broker
Post license course - Answer-Must complete 25 hr course within 1 yr of licensure, will
count toward 9 hr renewal requirement for 1st yr
Lapsed license if 25 hr course not completed - Answer-*Must surrender license
immediately
*can reinstate within 6 mo's if enroll in course in 1 yr of original issuance and pay all
fees
*If above not met, must pass new exam in addition to the 25 hr course
License renewal - Answer-renew every 4 years on last day of app's birth month and
show proof of continuing education(36 hours) as well as pay renewal fee
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