GEORGIA REAL ESTATE EXAM 2 LATEST VERSION 2024 EXAM WITH 152 ACCURATE QUESTIONS AND ANSWERS EACH WITH VERIFIED RATIONALES
4 views 0 purchase
Course
GEORGIA REAL ESTATE
Institution
GEORGIA REAL ESTATE
GEORGIA REAL ESTATE EXAM 2 LATEST VERSION 2024
EXAM WITH 152 ACCURATE QUESTIONS AND
ANSWERS EACH WITH VERIFIED RATIONALES
GEORGIA REAL ESTATE EXAM 2 LATEST VERSION 2024
EXAM WITH 152 ACCURATE QUESTIONS AND
ANSWERS EACH WITH VERIFIED RATIONALES
GEORGIA REAL ESTATE EXAM 2 LATEST VERSION 2024
...
georgia real estate exam 2 latest version 2024 exa
georgia real estate exam 2
Written for
GEORGIA REAL ESTATE
All documents for this subject (234)
Seller
Follow
erickarimi
Reviews received
Content preview
GEORGIA REAL ESTATE EXAM 2 LATEST VERSION 2024
EXAM WITH 152 ACCURATE QUESTIONS AND
ANSWERS EACH WITH VERIFIED RATIONALES
Why do brokers feel that an exclusive right to sell listing gives the broker the best
protection?
A. Because the broker would be paid regardless of who finds the buyer.
B. Because exclusive right to sell listings permit protection clauses.
C. Because exclusive right to sell listings never expire.
D. Because exclusive right to sell listings do not have to be included in the local MLS.
>> CORRECT ANSWER IS: A
>> YOUR ANSWER IS: A
A broker who gets an exclusive right to sell listing would be paid the commission
regardless of who finds the buyer.
If a broker has an exclusive right-to-sell listing, which of the following
statements is INCORRECT?
A. There must be a definite termination date in the listing.
B. All money given, by the seller to the broker, must be accounted for.
C. The broker may cancel the listing if he chooses.
D. The broker is legally obligated to sell the property.
>> CORRECT ANSWER IS: D
>> YOUR ANSWER IS: D
All exclusive listings must have definite termination dates. The broker (agent) is
accountable to the seller (client) and also to the buyer for any monies received from
either party. The broker is NOT obligated to sell the property. He is only obligated to
make a reasonable effort to sell the property.
, GEORGIA REAL ESTATE EXAM 2 LATEST VERSION 2024
EXAM WITH 152 ACCURATE QUESTIONS AND
ANSWERS EACH WITH VERIFIED RATIONALES
Only the seller may attempt to sell property listed under an open
listing. ( True/False )
>> CORRECT ANSWER IS: B
>> YOUR ANSWER IS: B
The statement is false. The seller and broker named in the open listing may attempt
to sell the property.
A property is listed at $168,000. A full price offer is made without contingencies.
Which of the following statements is the most complete correct answer?
A. The seller must accept the offer.
B. The seller is not obligated to sell the property.
C. The seller may refuse to sell, but could be required to pay the broker a commission.
D. The seller would be in violation of Fair Housing law.
>> CORRECT ANSWER IS: C
The seller does have the right to refuse to sell, but it would appear that the offer met
the terms of the listing and therefore the broker may be able to sue for the commission.
A seller wants to list her home with a broker but would like the option to sell it herself
and not pay a commission. Which type of listing should she AVOID signing?
A. Open listing.
B. Exclusive agency listing.
C. Exclusive right-to-sell listing.
D. General listing.
>> CORRECT ANSWER IS: C
>> YOUR ANSWER IS: C
With an exclusive right-to-sell listing, the seller must pay the broker regardless of who
sells the property, even if she sells it herself.
A broker, acting as a dual agent, with the knowledge and consent of all parties,
collected one- half the commission from the seller and one-half from the buyer at
settlement. Which of the following statements is true concerning this situation?
A. This action is illegal
, GEORGIA REAL ESTATE EXAM 2 LATEST VERSION 2024
EXAM WITH 152 ACCURATE QUESTIONS AND
ANSWERS EACH WITH VERIFIED RATIONALES
B. The broker needed only the consent of the seller
C. The broker needed only the consent of the buyer
D. This action is permitted only with the consent of both parties
>> CORRECT ANSWER IS: D
>> YOUR ANSWER IS: D
A dual agency is the type of agency where a broker represents BOTH buyer and
seller to a transaction. It is lawful in most states as long as both parties (buyer and
seller) know about the dual agency and provide written consent.
An owner has entered into a listing agreement with a broker. During the period of the
agreement, the owner sells the property himself. The owner is not legally required to pay
a commission to the broker. What type of listing agreement did the owner have?
A. A net listing.
B. An exclusive agency.
C. An exclusive right-to-sell.
D. A lease contract
>> CORRECT ANSWER IS: B
>> YOUR ANSWER IS: B
In an exclusive agency, even though the owner has given the listing exclusively to a
broker, the owner reserves for himself the right to sell the property and NOT pay a
commission. In an exclusive right-to-sell, the broker WILL get paid a commission
regardless of who sells the property (even the owner).
William Wells, a principal broker, listed parcel A under an exclusive agency listing
agreement and listed parcel B under an exclusive right-to-sell agreement. Both listings
expired. Three days later, without seeing each other's property beforehand, the two
owners exchanged properties in a Like-Kind exchange. William will receive:
A. One commission.
B. Two commissions.
C. No commission.
D. A split commission.
, GEORGIA REAL ESTATE EXAM 2 LATEST VERSION 2024
EXAM WITH 152 ACCURATE QUESTIONS AND
ANSWERS EACH WITH VERIFIED RATIONALES
>> CORRECT ANSWER IS: C
>> YOUR ANSWER IS: C
William gets no commission since the listings have expired. The contracts (listings)
between him and the former sellers to pay him a commission no longer exist. If the stem
of the question had indicated that William was involved in the transaction between the
two parties during his listing period, then he may have had a course of action to collect
from one or both parties.
Salesperson Susan sells to buyer Pete, a home belonging to seller Tom. At the same
time she writes a six month option for Pete to buy an adjoining lot, also from Tom.
When does Susan earn her commission on the option contract?
A. When she is paid her commission on the sale of the home.
B. When the optionor and the optionee are brought together.
C. When local custom dictates, she has earned it.
D. None of the above.
>> CORRECT ANSWER IS: D
>> YOUR ANSWER IS: D
Susan will earn her commission on the optioned property if and when Pete decides
to exercise his right to buy the property and does so within the six month period of the
option.
An oral listing is:
A. Void.
B. Voidable.
C. Illegal.
D. Unenforceable
>> CORRECT ANSWER IS: D
>> YOUR ANSWER IS: D
An oral or verbal listing may be valid, but it is UNENFORCEABLE.
A broker obtains an open listing on a piece of property. In order to collect a
commission on the sale of this property, the broker must be able to prove which of the
following?
A. He was licensed at the time of the sale.
B. He was employed at the time of the sale.
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 or Stuvia-credit 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 erickarimi. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $22.10. You're not tied to anything after your purchase.
