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Colibri Real Estate Final Exam With 100% Correct And Verified Answers
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Colibri Real Estate Final Exam With 100% Correct And Verified Answers
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Colibri Real Estate Final Exam With100% Correct And Verified Answers
1. All six members of the Georgia Real Estate Commission are
appointed by - Correct Answer-The Governor of Georgia
How many commission members must be licensed - Correct
Answer-Five of the six members of the Georgia Real Estate can have
licenses One must be an unlicensed member of the " general public
3. EARLNOTES
What must happen with all funds in a sale - Correct Answer-All
money that belongs to clients or customers must be deposited in the
brokerage trust fund as soon as possible ASAP after receipt .
What is the procedure for license expiration - Correct Answer-
When a license has been lapsed for more than two years but less
than five years the former licensee may request reinstatement and
retake a 75 - hour pre - license course . After ten years the former
licensee must follow the procedure for new applicants .
Which descrihes dual agency - Correct Answer-When a broker
appoints one of his agents to serve the seller and one to serve the
buyer , they are called designated agents and the broker will serve
as a dual agent .
What happens when someone recieves mistreatment from a real
estate licensee - Correct Answer-When a consumer or client ( not
another licensee or a relative of the accused licensee ) is financially
damaged by the actions of a licensee , he or she can file , through the
court a claim against the Georgia Real Estate Education , Research
and Recovery Fund for reimbursement up to $ 25,000 per
transaction .
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,For a brokerage or any licensee under a managing broker to be
considered a Dual Agent , he / she must - Correct Answer-obtain
written permission from both the seller and the buyer before acting
on behalf of either party . BIRTH MONTHS
When are renewal deadlines for licensees - Correct Answer-All
renewal deadlines for licenses are set for the last day of the licensee's
birth month every four full years . ( The licensee's first renewal
period may be longer , depending on when the license was obtained .
It starts the last day of the birth month that arrives after the license
is obtained ) .
What is the training hours required for licensees - Correct Answer-
Assuming a licensee has competed the 25 - hour GA Post License
Course during the first year of licensure ) , he will receive credit for
9 hours of Continuing education and will only need to complete 27
hours of CE during the rest of the licensee's first licensure period .
For the second four - year period and each renewal thereafter . the
requirement is 36 hours of CE.
If a buyer client wishes to withdraw from a contract and get h his
earnest money returned the salesperson must - Correct Answer-
REFER the issue to the EMPLOYING or managing BROKER for a
decision
When every original license fee is received , of the funds received
_____from each license fee is allocated to fund the RE Education ,
Research and Recovery Fund - Correct Answer-20$
The clause in an agency agreement used to
safeguard the broker from unscrupulous buyers or
sellers , who would take the broker's generated
leads , but then buy or sell the property once the
listing agreement has expired in order to avoid
paying the commission to the licensee is known as -
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, Correct Answer-The Safety or Carryover Extender
Clause .
Under GA Law , a listing broker - Correct Answer-does not have to share
his sales commission with the selling broker who has procured the
ultimate buyer, this is legal and not against GA real estate law.
Every brokerage must maintain - Correct Answer-an accounting system to
detail all receipts and deposits received from others that are under the
control of the brokerage.
When two people want to simply exchange one property for for another ,
the person who handles the details for a fee must have - Correct Answer-
either a real estate license or a law license
Members of the Georgia Real Estate Commission serve - Correct Answer-5
year terms
Whenever a property owner engages a licensee to list list property for sale
where the commission is not a pre set percentage or simple dollar value
but will be all funds than remain after the owner receives a certain amount
the arrangement is called a - Correct Answer-NET LISTING and is illegal .
In order to change from one brokerage to another the licensee needs to -
Correct Answer-get the current managing broker to to sign a release form
and send it to the commission
A Managing broker must have all licensed and unlicensed staff , whether
employees or independent contractors - Correct Answer-sign a written
employment agreement setting forth the relationship , the duties , and the
compensation
In order to be in compliance with license law any listing contract , buyer
agency agreement , or property management agreement must have -
Correct Answer-a definite termination date and no provision for an
automatic renewal
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