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GA REAL ESTATE FINAL EXAM questions and answers
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GA REAL ESTATE FINAL EXAM questions and answers
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GA REAL ESTATE FINAL EXAM questionsand answers
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
,GA REAL ESTATE FINAL EXAM questions
and answers
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.
, GA REAL ESTATE FINAL EXAM questions
and answers
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.
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