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15 Cards in this Set
- Front
- Back
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LL Cram Quiz 1
Which of the following meets the minimum requirements to be eligible to take the Georgia Real Estate Salesperson's exam A: A 17 year old with a General education Development (GED) certificate B: A 17 year old who meets all the educational requirements of license law C: An 18 year old who meets all the educational requirements of license law D: none of the above |
B: A 17 year old who meets all the educational requirements of license law
====================== You can be 17 to take the exam but you have to be 18 to get the license |
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LL Cram Quiz 6
What will a broker most likely be required to prove in order to recieve a commission as a result of a court suit? A: That he was the procuring cause of the sale B: That he had a contract for employment C: That he was the proximate cause of sale D: That he was properly licensed at the time of the cause of action |
D: That he was properly licensed at the time of the cause of action
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LL Cram Quiz - 10
Under what circumstances may a salesperson file a listing contract to create a lien: A: When such a filing does not create a cloud on the tiltle to the listed property B: When a valid claim exists under the listing contract C: When the salesperson's broker has not paid him/her a commission duly earned under the listing contract D: Under no circumstances |
D: Under no circumstances
================== Key to this question is the "salesperson" filing the lien. Only the broker can file. The client is the brokers, not the salesperson. |
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LL Cram Quiz - 14
Which of the following is NOT exempt from license law? A: A full time employee hired by a property owner for the purpose of leasing that owners property B: A referral agent who is not involved in the actual management of an apartment building and who recieves a fee of less than $50 from each party referred to that property. C: an employee of a federal agency in the conduct of his/her official duties D: An attorney in fact acting under a duly executed power of attorney |
B: A referral agent who is not involved in the actual management of an apartment building and who recieves a fee of less than $50 from each party referred to that property.
==================== The key to this answer is the fee. Chap 18 - 15 under XV EXCEPTION TO LICENSE LAW Statute 43-40-29 License Law does not apply to: # 9 An individual referring a prospect, providing that this person * does NOT RECEIVE A FEE from the person being referred * does NOT CHARGE AN ADVANCE FEE * does not make a referral more than 3 times a year |
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LL Cram Quiz - 16
Fees collected by the Real Estate Commision are held: A: by the Real Estate Commision Members B: in the commissioners personal checking account C: in the State Treasury D: in a non interest bearing trust account |
C: in the State Treasury
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LL Cram Quiz - 21
A salesperson sold a house for a builder. Because the house was on the market for a long time the builder offered the salesperson a telivision as a bonus. Which is true about the situation: A: The salesperson could accept the television because ot represented only nominal consideration. B: The salesperson could accept the television of his broker knew about it and approved. C: The salesperson could not accept the television under any circumstances. It would have to go to the broker and be used in the office brak room D: The salesperson could not accept the television because he had no "privity of contract" with the builder |
B: The salesperson could accept the television of his broker knew about it and approved.
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LL Cram Quiz - 25
A salesperson conspires with a builder to prepare a false sales contract to present to a Federal Savings and Loan indicating a sales price in excess of the true value in order to obtain a larger than allowable loan to the buyer. This conspiracy is which of the following? A: A gross misrepresentation B: An unfair practice C: A criminal act D: all of the above |
D: All of the above
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LL Cram Quiz - 26
When a member of the commission vacates before his or her full term is served, their successor is a properly appointed person who shall serve for: A: the unexpired term of the member creating the vacancy B: a period of time determined solely by a vote of the Commission that is based on when the vacancy occured C: Five years, because all successors are appointed for this term D: less than the unexpired term of the member creating the vacancy |
A: the unexpired term of the member creating the vacancy
==================== Chap 18 - 2 The Georgia Real Estate Commission If a vacancy occurs in mid-term the Governor appoints a person for the un-expired term and no Senate approval is required. |
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LL Cram Quiz - 28
A licensee is swindled by another licensee in a real estate transaction. The maximum liability for the Real estate Education and recovery fund is A: $500,000.00 B: $15,000.00 C: $45,000 D: nothing |
D: nothing
=================== A licensee may not collect Money from the fund because of another licensee. =================== Chap 18 - 10 XI EDUCATION, RESEARCH AND RECOVERY FUND .... Licensees acting as principals are ineligible to collect from the fund. |
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LL Cram Quiz - 29
When a salesperson's license has been revoked by the Real Estate Commission and the salesperson is aggreived by the final decision of the Commission, the salesperson is entitled to a judicial review: A: by the Attorney General B: In accordnace with the Georgia Administrative Procedures Act C: by the joint secretary of state D: by the Secretary of State |
B: In accordnace with the Georgia Administrative Procedures Act
================ Chap 18-14 XIV INVESTIGATION AND HEARING Before a license is censured, suspended or revoked, the licensee is entitled to a hearing under the Administrative Procedure Act. |
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LL Cram Quiz 31
Corporations and Partnerships may be granted which of the following licenses? A: salesperson B: Associate Broker C: Broker D: Any of these |
D: Any of these
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LL Cram Quiz 32
A licensee who ceases work for a broker and begins to do the acts of a salesperson or a broker for an unlicensed individual or company: A: must put his license on inactive status B: must surrender his or her license C: may inactivate his or her license and continue to work for a broker D: could only re-activate a surrendered license as an original applicant subject to the educational requirements of the laws |
B: must surrender his or her license
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LL Cram Quiz 33
Which of the following persons would require a real estate license in Ga? A: A licensed forrestor selling a single parcel of timberland for another for compensation B: A licensed auctioneer selling real property at a single auction for another party for compensation C: A licensed attorney acting outside the normal scope of the practice of law by selling for another for compensation D: Any of the above |
D: Any of the above
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LL Cram Quiz - 38
A broker opens an office in Augusta, pays a biz license fee and later sells a principal's property in unincorporated Richmond County. Augusta is the county seat. What may Richmond county collect from the broker? A: Gross reciepts tax B: Business license Tax C: Transfer Tax D: Income Tax |
A: Gross reciepts Tax
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LL Cram Quiz - 39
In order to maintain funds in an interest bearing account, a broker need not do which of the following? A: Maintain an account in an insured bank B: Give the real estate commission notice of the name and account number C: Notify the commission as to the identities of the signatories to the account D: Notify the bank that said account is a trust escrow account |
C: Notify the commission as to the identities of the signatories to the account
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