Exam (elaborations)
GA MLS Practice Class 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert)
- Course
- Institution
GA MLS Practice Class 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert)
[Show more]
Content preview
GA MLS Practice Class.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/GA%20MLS%20PractGeorgia MLS Practice Class
1. When should a licensee disclose to the parties whom their firm intends to represent in
a transaction?
ANS Disclosure should be made verbally and in writing toall parties as soon as possible.
2. A selling broker desires to represent a purchaser in a real estate transactionwhile at the
same time act as a subagent of the listing broker and seller. Couldthe broker perform both
of these functions in the same transaction?
ANS No, whena broker working with a buyer acts as a subagent of the listing broker and seller,
that broker working with a buyer must represent the seller and treat the buyer as acustomer
3. Whether or not a real estate sales affiliate in GA may act as a buyer's agentwill be
determined by
ANS the company policy and procedures manual issued to all sales affiliates by the broker
4. Under what circumstances might a broker who is working with a prospectivebuyer
receive compensation/commission from a listing broker?
ANS Only if thereis a cooperating agreement between the two brokers.
5. You are a salesperson representing the seller.What are your duties whenworking
1 of 39 8/8/2024, 2:53
,GA MLS Practice Class.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/GA%20MLS%20Pract
with a buyer/customer?
ANS You must deal with them honestly
6. A brokerage engagement in GA creates an employment agreement be-tween
ANS Broker and client
7. Regarding the Brokerage Relationship in Real EstateTransaction ACT (BR-RETA), how
are agency relationships created?
ANS Agency relationships may be created only through written brokerage engagements
8. Under a listing agreement, the primary agency relationship involves
ANS theseller as the principal, and the broker as the agent
9. A property is listed for $200,000.The sellers owe $100,000 on their currentloan and
have agreed to pay $2000 towards closing costs for the sale of theproperty. The sellers
also agree to pay the listing broker a 6% commission should a ready, willing and able
buyer be secured to purchase the property.If the property sells for full price, what will
be the net proceeds for the sellers?
ANS $86,000
10. According to BRRETA, a listing agent must voluntarily disclose to a buyercustomer
ANS known latent defects
11. Instructed by a client not to present any offers substantially below the listing price,
2 of 39 8/8/2024, 2:53
,GA MLS Practice Class.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/GA%20MLS%20Pract
an agent decides not to inform the seller of a prospective buy-er's "low ball" written
offer. Would real estate agency law find the licensee'sdecision acceptable?
ANS No, the agent must present all offers to the seller client
12. You have agreed with your broker to split commissions 60% to you and 40% to
your broker.Your listing was just sold by another company for
$139,000.Your broker has agreed to pay the selling broker 50% of any com-
3 of 39 8/8/2024, 2:53
,GA MLS Practice Class.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/GA%20MLS%20Pract
mission. If the commission on this sale was 6% what was your share of thecommission?
ANS $2502
13. A broker who has a brokerage relationship with both seller and buyer orboth
landlord and tenant in the same transaction is considered a
ANS dual agent
14. As a representative of an employing broker, a real estate salespersonin GA must
act in the best interest of a client as well as in accordance
with all applicable laws. With regard to these duties and responsibilities, theobligations of
a real estate salesperson might best be stated as follows
ANS A salesperson's highest obligation is to any applicable laws, next to the broker, andthen to
the client
15. You are working as an agent for the broker. In this relationship the brokerdictates
office hours, work schedules, withholds federal and state taxes,
and pays FICA contributions.This relationship would be considered
ANS employ-er/employee
16. As an independent contractor for a brokerage firm, a licensee
ANS must have awritten employment agreement/contract with the broker
4 of 39 8/8/2024, 2:53
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 BESTGOODIES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76669 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now