GA REAL ESTATE FINAL EXAM Questions and Correct Answers
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Course
GA REAL ESTATE
Institution
GA REAL ESTATE
GA REAL ESTATE FINAL EXAM Questions and
Correct AnswersGA REAL ESTATE FINAL EXAM Questions and
Correct AnswersGA REAL ESTATE FINAL EXAM Questions and
Correct AnswersGA REAL ESTATE FINAL EXAM Questions and
Correct AnswersGA REAL ESTATE FINAL EXAM Questions and
Correct AnswersGA REAL ESTATE...
GA REAL ESTATE FINAL EXAM Questions and
Correct 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
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:
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