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GA MLS REAL ESTATE PRACTICAL 2024 FINAL EXAM WITH COMPLETE SOLUTIONS QUESTIONS AND ANSWERS/LATEST UPDATE $22.99
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Exam (elaborations)

GA MLS REAL ESTATE PRACTICAL 2024 FINAL EXAM WITH COMPLETE SOLUTIONS QUESTIONS AND ANSWERS/LATEST UPDATE

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  • GA MLS REAL ESTATE

GA MLS REAL ESTATE PRACTICAL 2024 FINAL EXAM WITH COMPLETE SOLUTIONS QUESTIONS AND ANSWERS/LATEST UPDATE

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  • June 11, 2024
  • 30
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • GA MLS REAL ESTATE
  • GA MLS REAL ESTATE

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By: MEGAMINDS • 7 months ago

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GA MLS REAL ESTATE PRACTICAL 2024 FINAL EXAM
WITH COMPLETE SOLUTIONS QUESTIONS AND
ANSWERS/LATEST UPDATE
Anti-Trust
An area of law concerned with maintaining competition in private
markets by prohibiting any restraint on trade.
Georgia Real Estate Commission
Pass rules and regulations that govern real estate licensees
Comprehensive Environmental Response, Compensation,
and Liability Act (CERCLA)
A federal law enacted by Congress in 1980 to create a tax on the
chemical and petroleum industries and provided broad authority
to respond directly to releases or threatened releases of
hazardous substances that may endanger public health or the
environment. Also known as Superfund.
Home Rule
In Georgia, this rule allows a county or municipality legislative
power to adopt reasonable ordinances and regulations including,
but not limited to, property affairs, and local government for which
no provision is in place.
Georgia Uniform Deceptive Trade Practices Act (UDTPA)
A real estate anti-trust law focused on price fixing and collusion
between brokers
Homestead Exemption
refers to a property tax reduction available to a
homeowner/occupant who files for the deduction within the tax
jurisdiction's specified time limit.
Georgia Fair Housing
Law that guards against a licensee, either by direct response or
by implication, suggesting that information regarding protected
classes is ever used by a broker or salesperson to search for
property or to evaluate the demographics of an area.
License law in Georgia requires brokers to deposit
transactional funds into a trust account:

,Promptly unless the contract states otherwise
A real estate license would automatically be revoked under
which of the following circumstances?
Once any money is paid out from the Recovery Fund as the result
of a licensee's actions, the real estate license will be
AUTOMATICALLY revoked.
All Georgia real estate offices must:
License law requires brokers to keep transactional records for at
least three years
The statute of frauds...
must be in writing to avoid fraud and misunderstanding.
Regarding trust accounts and real estate brokerage offices in
Georgia, all of the following statements are true EXCEPT:
Only brokerage offices that choose to handle trust funds need
open these accounts.
As an inducement to acquire listings, a broker advertises
that he will buy any property he lists if that property does not
sell in 120 days. Would this type of promise be a violation of
license law in Georgia?
The plan is not a violation of real estate law in Georgia as long as
two contracts are created at the same time: one, a purchase and
sale commitment from the broker for a specific price on a specific
date; and two, a listing contract between seller and broker.
The statute of limitations...
Puts a time limit on filing real estate actions.
Which of the following is NOT true regarding Georgia's Fair
Business Practice Act (FBPA)?
The FBPA involves real estate anti-trust violations and may be
invoked only if a specific transaction has taken place. This act
primarily involves a narrow focus of deceptive advertising.
Before being granted an active salespersons license, an
applicant must
Georgia Real Estate Exam after completing the required course
and have a broker to work for.
A real estate listing is an agreement between

, The broker and the Owner. The owner is the client of the broker
who is the agent.
If a broker submits a contract to a lender that is different
from the binding agreement signed by the buyer and seller:
his type of situation involves mortgage fraud; the broke
The law will act to end a listing agreement if,
If the broker dies, the house burns down, or if the owner declares
bankruptcy.
The Georgia Real Estate Commission might revoke a
broker's license in all of the following circumstances
EXCEPT:
Negotiation of commission rates is always permissible and is not
a violation of license law; however, the Commission does have
authority to revoke the license of a broker convicted of a felony or
engaged in false advertising or the commingling of funds.
A salesperson refers a home seller to the Acme Pest Control
Company to obtain a contractually required termite letter.
The salesperson has a longstanding relationship with this
company and Acme Pest Control pays the salesperson a fee
for every customer referral. Would this payment be a
violation of license law in Georgia?
Yes, A salesperson may only receive payments from the
employing broker and, in this situation, the employing broker
could not receive compensation from a non-licensee.
One who sells real estate for others
Hold an active real estate license in the State of Georgia.
Home and subdivision developers in Georgia have in recent
years been subject to certain regulatory fees they must
factor into their building costs. With regard to these costs:
Impact fees are fees imposed by local jurisdictions to pay for such
things as utilities, roads, schools, and other services that an
increase in population and traffic will bring.
A Georgia resident dies without a will and is survived by his
wife and four children. The couple has community property

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