CE Shop Unit Quiz Questions with Latest
Update
Seller is the client
buyer is the customer
in this type of single agent relationship - Answer-As a seller's agent, you have a
relationship with both the seller and the buyer, but in what capacity?
General - Answer-Which type of partner shares full personal liability for the partnership's
debts and obligations?
An exception to the real estate licensing requirement - Answer-A person performing real
estate activities under the judgment or order of a court, such as a trustee in a
bankruptcy, is ______.
No, you're inactive. - Answer-Let's say you're a Georgia real estate licensee, and you
miss your renewal deadline. Can you practice real estate?
Partnership - Answer-Which type of legal structure may be either general or limited in
type?
Corporation
A corporation is a legal entity. Most likely, this is a close corporation. - Answer-Mike and
Ike set up a real estate company. Mike, Ike, and Spike each own a portion of the stock.
Mike & Ike Realty is a legal entity of its own. Mike is involved in a ______.
General C corporation
A C corporation usually has centralized management where elected officers govern
company affairs, while the designated licensed broker is directly responsible for the real
estate transactions. - Answer-In this type of corporation, a centralized management
group of elected officers governs the company's affairs, while the designated licensed
broker is directly responsible for the real estate transactions.
Jessie is searching for a new home for a friend moving into town, who will compensate
her 2% of the sale price for her time and effort. - Answer-In which of these scenarios
would the consumer need a real estate license?
While associated with and supervised by a broker - Answer-A salesperson or associate
broker may perform real estate brokerage activities under what circumstances?
,Yes. He must have at least three years' experience as a Georgia salesperson before he
qualifies to take the broker's exam. - Answer-John is 18, and he wants to be a real
estate broker in Georgia. If he completes 135 hours of required real estate licensing
coursework—75 in pre-licensing and 60 for the broker license—is there anything that
might prevent him from taking the broker's license exam?
Take the state portion of the Georgia licensing exam - Answer-A licensee from Florida is
seeking a non-resident license in Georgia. What does the commission require of this
applicant?
A non-resident license - Answer-Jack is a licensee who lives in Alabama. If he wants to
provide real estate services in Georgia, what must he obtain?
None - Answer-Jim would like to sell his own home. What is the minimum real estate
license he must possess?
Florida
A resident licensee from Florida will be required to take the state portion of the licensing
exam when seeking a non-resident license in Georgia. - Answer-A licensee from which
neighboring state is required to take the state portion of the licensing exam in order to
obtain a non-resident license in Georgia?
72% - Answer-In order to successfully pass the licensing exam, a salesperson applicant
needs a minimum score of ______.
A person or an entity
A broker's license can be held by a person or an entity, such as a corporation or
partnership. - Answer-Which of the following can hold a broker's license?
Inform his broker and stop practicing real estate.
Only licensees who hold an active license may practice real estate. - Answer-Chip, a
real estate licensee, just noticed that he missed his renewal deadline, and he's in the
middle of a real estate transaction. In fact, his clients close in three days. What can he
do?
Enter into a written agreement with a Georgia broker
Jacob must have a written agreement in place with a Georgia broker before he can be
involved in a real estate transaction. - Answer-Jacob, a broker and Tennessee resident,
would like to do business in Georgia, but doesn't want to obtain a non-resident license.
What's another option for him?
Broker - Answer-Consuela is a real estate licensee, and she has three other licensees
working under her supervision. What type of license does Consuela hold?
,He can search real estate sites and resources to find available homes in the area. -
Answer-Tom is an unlicensed individual helping his sister, Katie, find a new house, in
return for a trip to Europe. Which of the following activities can Tom legally perform?
Doesn't need a real estate license
Remember that compensation is one factor in the requirement for licensure. - Answer-
Amanda helps her neighbor sell his home by assisting with negotiations. She receives
no compensation for her assistance. Based on this one transaction, Amanda ______.
Real estate salesperson - Answer-In the real estate business, which professional's
primary role is to provide brokerage services to clients while under a broker's
supervision?
Real Estate Counselor - Answer-In the real estate business, which professional's
primary role is to provide clients with the information they need to make informed
decisions about their own specific real estate interests?
Mortgage and equity - Answer-What are the two types of Real Estate Investment
Trusts?
Real estate syndicate - Answer-What type of real estate investment may meet the
definition of being a security and must adhere to the rules and regulations of the
Securities and Exchange Commission?
Real estate debt
Mortgage REITs don't buy properties, but instead invest in real estate debt, primarily
commercial and residential mortgage-backed securities. - Answer-What does a
mortgage Real Estate Investment Trust invest in?
Office buildings - Answer-Which type of real estate property can be divided into classes
A, B, and C?
A syndicate - Answer-What does the following define: "An organization with many
members who jointly participate in a real estate investment"?
When it's intended to make a profit solely derived from the management effort of others
- Answer-When is an investment a security?
Real estate educator - Answer-In the real estate business, which professional's primary
role is to provide training to individuals who want to obtain their real estate license or
who need to keep their license current?
, Real estate mortgage investment conduit - Answer-What type of real estate investment
is similar to collateralized mortgage obligations (CMOs)?
Real Estate Salesperson - Answer-In the real estate business, which professional's
primary role is to provide brokerage services to clients while under a broker's
supervision?
Industrial - Answer-Because these types of properties have both specific physical and
complex operational requirements, they are usually handled by more experienced real
estate professionals.
Traditional Lenders - Answer-In the real estate business, which professional's primary
role is to finance mortgage loans, while also funding development/construction projects
if the risk is not too great?
Investor - Answer-In the real estate business, which professional's primary role is to
fund high risk land development/construction projects?
Leisure - Answer-Hotels, motels, golf courses, resorts, and sporting arenas belong to
which of these property categories?
An analyst determines investment potential; an appraiser determines value. - Answer-
What's the difference between a real estate analyst and a real estate appraiser?
Residential - Answer-Single-family, multi-family (duplex, triplex, etc.), apartment
buildings, condominiums, and cooperatives are part of what property category?
Real Estate Counselor - Answer-In the real estate business, which professional's
primary role is to provide clients with the information they need to make informed
decisions about their own specific real estate interests?
Healthcare - Answer-Of the six categories of real estate, what types of properties are
hospitals, urgent care centers, and doctor's offices?
Real estate appraiser - Answer-In the real estate business, which professional's primary
role is to estimate property value based on established valuation guidelines?
Mortgage and Equity - Answer-What are the two types of Real Estate Investment
Trusts?
Real Estate Attorney - Answer-In the real estate business, which professional's primary
role is to protect brokerages from litigation and to answer questions for licensees about
legal matters regarding real estate transactions?
Retail - Answer-Shopping centers and malls belong to which of these property
categories?
