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Barney Fletcher Review Chap 1-5 Exam with 100% Correct Answers
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Barney Fletcher Review Chap 1-5 Exam with 100% Correct Answers
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Barney Fletcher Review Chap 1 -5 Exam with 100% Correct Answers 2023 Which of the following are appointed by the governor? a. Members of the Georgia Real Estate Commission. b. The Real Estate Commissioner. c. Real estate instructors. d. Georgia Real Estate Commission employees. - Correct Answer -a. Members of the Georgia Real Estate Commission. Bill knows that his neighbor Carol wants to sell her house. Bill's friend Sam tells Bill that he would like to buy a house in Bill's neighborhood. Bill introdu ces Sam and Carol. Sam ends up buying Carol's house. Bill is not licensed. Can Bill receive a referral fee for this? a. No, only licensed individuals can receive referral fees. b. Yes, Bill can receive a referral fee from Carol's broker. c. Yes, Bill can receive a referral fee from Sam. d. Yes, Bill can receive a referral fee from Carol. - Correct Answer -d. Yes, Bill can receive a referral fee from Carol. All employees of the commission must be unlicensed or inactive, but all commission members must be ac tive real estate licensees. a. True. b. False. - Correct Answer -b. False. The Georgia Real Estate Commission can take each of the following actions, EXCEPT: a. Grant a real estate license to a person whose license had been revoked 10 years earlier. b. As a disciplinary action, revoke a person's brokers license and simultaneously issue that person a salespersons license. c. Act to resolve a commission dispute between two licensees. d. Issue a reprimand or censure to a licensee without a formal hearing. - Correct Answer -c. Act to resolve a commission dispute between two licensees. Two brokers have a dispute about a commission split. Which of the following could become involved in settling their dispute? - Correct Answer - Which of the following individual s must have a real estate license to conduct business in Georgia? a. An individual who locates tenants for the owner of a residential apartment complex. b. A referral agent who locates listings for real estate licensees. c. A person who sells real estate through auctions. d. All of these individuals. - Correct Answer -d. All of these individuals. If a court finds an individual guilty of illegally operating without a real estate license, the individual could be sentenced to jail time of up to: a. Six month s. b. 1 year. c. 3 years. d. 5 years. - Correct Answer -b. 1 year. Which of the following statements is correct regarding the members of the Real Estate Commission: a. 1 of 5 members must be licensed. b. 2 of 6 members must be licensed. c. 4 of 5 members must be licensed. d. 5 of 6 members must be licensed. - Correct Answer -d. 5 of 6 members must be licensed. Sara lives in Atlanta and has a sister who lives in South Carolina. The sister wants to swap her house in South Carolina for a house close to Sara. Sara knows her next door neighbor wants to get out of Atlanta and puts the neighbor in touch with her sister. The two agree to swap houses if Sara will handle the paperwork. The two agree to pay Sara for her time. a. This is legal because Sara is doing a favor for an immediate family member. b. This is legal because it was a swap and no money was involved in the transaction. c. This is illegal because Sara's sister is out -of-state. d. This is illegal if Sara is unlicensed. - Correct Answer -d. This is illeg al if Sara is unlicensed. ABC Corporation owns 10 apartment buildings. a. ABC employees who manage the buildings must be licensed. b. The officers of the corporation must be licensed. c. Employees of the corporation do not need to be licensed. d. Only em ployees who buy and sell buildings need to be licensed. - Correct Answer -c. Employees of the corporation do not need to be licensed A person who is taking a Georgia real estate licensing exam has served in the US military for at least one year, with at le ast 90 days of that time in wartime. Which of the following statements is correct about this applicant. a. This applicant could receive an extra 5 points added to the score on the salesperson's license only. b. This applicant could receive an extra 5 poin ts added to the score on either the salesperson's or broker's exam. c. This applicant could receive an extra 10 points added to the score on the salesperson's license only. d. This applicant could receive an extra 10 points added to the score on either the salesperson's or broker's exam. - Correct Answer -b. This applicant could receive an extra 5 points added to the score on either the salesperson's or broker's exam. A prospective applicant for a real estate salesperson's license takes the state exam and passes it in September 2015. In October 2016 the person submits his application for a real estate license. a. This person must pay a fee equal to 2 times the original fee. b. This person must retake the 75 hour required education prior to submitting his application. c. This person must complete post -license education before submitting his application. d. This person must retake the state licensing exam. - Correct Answer -d. This person must retake the state licensing exam. All original applicants for an ind ividual Georgia real estate license must do the following EXCEPT: a. obtain a GCIC report. b. have a high school diploma or certificate of equivalency. c. pass a state licensing exam. d. affiliate with a broker. - Correct Answer -d. affiliate with a broker. Sara is a new licensee who paid for and enrolled in an approved post -license course 10 months after her license was issued, but has failed to complete the course within the allowed 1 year. Sara has one client who is looking at several properties, and one client who has signed a contract on a house. a. Sara can present the contract to the seller as long as she has the permission of her broker, and she finishes her course within 6 months. b. Sara's broker must present the contract, but Sara can cont inue to show houses as long as she completes her course within 6 months. c. Sara cannot present the contract, and cannot show houses, and must complete her course within 18 months of her license issue date. d. Sara must pay all penalties and fees to re -qualify as a licensee. - Correct Answer -c. Sara cannot present the contract, and cannot show houses, and must complete her course within 18 months of her license issue date. In order to qualify for a broker's license an applicant must:The benefits of buying summaries with Stuvia:
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