Aceable Agent Level 26 Exam 2023/2024
Broker Thelma lives in North Carolina. Can she be the qualifying broker for an LLC in Georgia? - ANSWER-Yes, a nonresident broker can serve as a qualifying broker for any corporation, limited liability company, or partnership licensed by GREC.
A firm in G...
Aceable Agent Level 26 Exam 2023/2024
Broker Thelma lives in North Carolina. Can she be the qualifying broker for an LLC in Georgia? - ANSWER-
Yes, a nonresident broker can serve as a qualifying broker for any corporation, limited liability company,
or partnership licensed by GREC.
A firm in Georgia sends out an email advertising its properties. It includes its name in the email, but it is
not until you click on a link in the email that you learn the firm's telephone number. Is this a GREC
violation? - ANSWER-This is not a violation. As long as disclosure of the firm's name and telephone
number is no more than one click away from the email message, it is proper disclosure under GREC.
Therefore, this is fine.
An agent took listing cards with him when he transferred to a new company in Georgia. What should the
broker at the old company do? - ANSWER-release the agent's license and make a complaint to GREC
If a transferring licensee takes things they aren't supposed to ( like listing cards), or otherwise violates he
requirements for a transferring licensee, the former broker still must release their license. However, the
former broker can also file a complaint with GREC
Malika is a broker in GA. Recently. she moved. What is TRUE? - ANSWER-Malika has 30 days from the
move to report the change in address to GREC.
A home is sold for $355,000. The buyer's agent is set to receive 2% of the price as commission. How
much money will the buyer's agent receive? - ANSWER-$7,100.
To find the answer, we just need to figure out what 2% of $355,000 is. So, $355,000 x .02 = $7,100.
Which of the following is NOT one of the conditions that must apply if a license holder is to be
considered an independent contractor? - ANSWER-The license holder is required to complete training
hours.
If a license holder is to be considered an independent contractor, these conditions must apply: they must
have a license, earnings are based on sales (not hours), and taxes are not withheld from earnings.
, A firm runs this ad: "Wonderful three-story house in Oak Run for sale. Four bedrooms, three bathrooms.
Remodeled kitchen. Call Rockin' Realty in Atlanta, GA, 888-888-888." What, if anything, is the ad
missing? - ANSWER-The ad is fine as is.
Any advertising by a licensee of real estate for sale, rent, lease, or exchange must disclose the name and
telephone number of the licensee's firm. This ad does, so it's fine as is.
A listing broker made 3% commission on a $475,000 sale. How much did the listing broker make in
commission? - ANSWER-$14,250
$475,000 multiplied by .03 = $14,250
Are net listings legal in Georgia? - ANSWER-No, they are always illegal in GA.
Melinda is a broker in Georgia. She deposits funds into escrow five business days after receiving them. Is
this a violation? - ANSWER-Yes, she needed to deposit within three business days.
Which of the following represents the most traditional form of a commission? - ANSWER-the size of a
commission is commonly measured as a percentage of the sales price
A listing agent learns of a change to a property. The property is advertised on two sites: the firm's
website, which he has access to; and a website hosted by a third party, which he does not have access
to. What does the agent need to do? - ANSWER-The agent needs to update the ad on the firm's website
within 30 days of the change, as well as make a timely request that the third-party website update the
ad on their end.
Information on a website maintained by a licensee that is outdated must be updated or removed from
the website within 30 days of the information becoming outdated. If you or your firm doesn't maintain
the website- that is, it's a third-party website- you should provide to the third party a timely written
notice, by mail, fax, or electronic means of any updates to outdated information or information to be
removed from the website.
Roma sends out an email advertisement for her firm. She writes "Free iPad Giveaway" in the subject line
to entice more customers to view the email even though she has no intention of giving away an iPad.
Which of the following is TRUE? - ANSWER-Roma violated the CAN-SPAM Act.
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