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25 Cards in this Set

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Chap 19 Ques 1
Rules passed by the real estate commision:
A: are contained in License Law
B: regulate the commisiion staff
C: are based upon some provisions of License Law
D: are effective only until the next legislative session
C: are based upon some provisions of license law.
====================
Chap 19-1
Rules and regulations, adopted by yhr Real Estate Commission under the power given to them in the License Law, serve to expand and explain in more detail, the Law itself and how it will be administered. The rules must fall within the scope of the law.
Chap 19 Ques 2
The Real Estate Commission____________ the use of net listings in Georgia.
A: Permits
B: Prohibits
C: Prefers
D: Approves
B: Prohibits
=====================
Chap 19-9
Regulation 520.1-06
Net Brokerage engagements are prohibited
chap 19 Ques 3
A salesperson may conduct the closing of a real estate transaction if:
A: the broker gives the salesperson written permission in his/her contract of employment.
B: both the seller and the purchaser approve the action and sign a statement releasing the salesperson of any liability
C: the salesperson has a license to practice law.
D: the broker is present or the attorney is present with the brokers approval
C: The salesperson has a license to practice law.
Chap 19 ques 4
A salesperson may advertise personal realestate for sale or lease, without using the broker's name, provided:
A: A minimum brokers fee is paid
B: a broker is told
C: the ad states that the "owner is a licensed real estate agent."
D: The owner verbally approves of both the procedure and the advertisement
C: The ad states that the "owner os a licensed real estate agent."
======================
Chap 19-19
C: Advertising as Principals
All ads run by the licensees must be run in the name of the broker. However, when adverstising their own property, the licensee can run thier own ads provided:
* the broker has been notified
* the ad identifies the pricipal as a licensed real estate agent
* The broker has given permission in writting, and has approved the ad.
Chap Ques 5
A broker may maintain a separate trust account for each location provided:
A: A separate trust account journal is maintained for each trust account.
B: The commission is advised of the name of the bank and the name of the account within fourteen days of opening the account
C: the broker agrees to have the account examined by the Georgia Association
D: the office manager agrees to be responsible for the account.
A: A separate trust account journal is maintained for each trust account.
==================
Chap 19 - 13
Reg 520.1 - 08
A: The trust account
Brokers may have more than one trust account, and must notify the Commission of each account's name and number within one month of opening the account.
Cap 19 Ques 6
An applicant passing the saleperson's licensing examination has 3 months to apply for their license (without paying double fees) from the date:
A: the applicant filed the application to sit for the examination
B: the commision advised the applicant that he/she passed the examination.
C: the applicant took the examination
D: the applicant completed the educational requirement.
C: the applicant took the examination
=====================
Chap 19 -5
E: Application deadlines
Those who have completed the required course and passed the state examination must apply for the Community Association Manager's or Salesperson's license within one year of the examination date; those who do not apply within the forst three months must pay double the fee. Those who do not apply within one year period stipulated must retake the exam.
Chap 19 - 7
Upon notice of revocation of his or her license the broker shall:
A: Immediately forward the commision the license and pocket card
B: return all wall licenses and pocket cards in his/her posession within thirty days or as soon as all pending sales close, whichever comes first.
C: Immediately forward the commission all licenses and pocket cards within his/her possession
D: A and C
D: A and C
====================
Chap 19 - 8
Brokers may have their own funds in a trust account:
A: if the bank requires a minimum balance, and the funds are identified in the journal.
B: the broker is leasing and managing property.
C: when he or she is maintaining enugh money to cover bank charges
D: both A and C
D: A and C
Chap 19 ques 9
When salespersons sell there own property, they:
A: must always deposit the money in their brokers trust account.
B: may deposit the earnest money into their own trust account, as long as it is approved by their broker and properly registered with the commission.
C: need not deposit money into a trust account if their license is on inactive status
D: Both B and C
B: may deposit the earnest money into their own trust account, as long as it is approved by their broker and properly registered with the commission.
=====================
Chap 19 quest 10
Earnest Money checks recieved by a sales person:
A: Should be held by the salesperson until the offer is accepted
B: Should be turned over to the broker the next business day
C: should be placed in the brokers custody as soon after reciept as is possible
D: may never be shown to the seller when presenting the offer.
C: should be placed in the brokers custody as soon after reciept as is possible
Chap 19 Ques 11
The commission requires:
A: All exclusive listings must be in writing
B: all gross listings must be in writing
C: all open listings must be in writing
D: all listings must be in writing
A: All exclusive listings must be in writing
====================
Chap 19 Ques 12
A sale does not close and the broker wishes to disburse the earnest money, which of the following might be a violation:
A: filing an interpleader action with the courts.
B: Obtaining a separate agreement signed by all interested parties
C: transferring the funds to the brokers operating account
D: waiting for a court order
C: transferring the funds to the brokers operating account
=====================
Chap 19 - 15
C: Disbursements
Brokers who disburse money from a trust account improperly are considered incompetent.
All of the following are acceptable disbursement situations:
* Upon rejection of an offer
* Upon withdrawal of an offer which has not yet been accepted
* At the closing (credit to the buyer)
* Upon written agreement, signed by all parties
* Upon court decision in an interpleader case
* Upon court order
* Upon a broker's reasonable interpretation of the contract (with the notification in writing to all parties)
Chap 19 ques 13
"Blind Ads" are prohibited by the commission because they:
A: Discriminate based on race
B: mislead the public as to the true price, term, or value of the property
C: fail to give the location of the propert
D: fail to state the advertiser is a real estate licensee
D: fail to state that the advertiser is a real estate licensee.
===================
Blind Ad is defined as an adverstisement which does not indicate the party offering to buy or offering to sell is licensed by the commission. Such ads are prohibited. Every ad or sign must contain the name of the brokerage firm as registered with the commission.
=====
Chap 19-19
C: Advertising as principals
Ads written by licensee acting as principals must identify the writer as a licensee.
All ads run by the licensee must run in the name of the broker. However, when advertising their own property, the licensee can run their own ads, provided:
* the broker has been notified
* the ad identifies the principal as a licensee or includes the license number
* the broker has given written permission, and has approved the advertisement.
Chap 19 ques 14
When advertising a specific property either for sale in a publication or with signs on the property, the broker is required to:
A: use letters not less than 3 inches
B: name the saleperson listing the property
C: show the name of the brokerage firm as registered with the commission
D: use the street address and phone number of the company office
C: show the name of the brokerage firm as registered with the commission
=================
Chap 19 -17
IX. ADVERTISING
Regulation 520.1-09
F. Trade names and franchise names
Any firm using a trade name or franchise name must include the firm name as it appears on the license on all signs, cards, documents, etc. in a way that will attract attention
G: Firm names and telephone numbers
All advertising must include the name of the firm as shpwn on the license and a telephone number must be in equal or greater size, frequency and prominence than any other name and number on the ad. The phone number must be one at which the broker or manager can be reached without contacting a salesperson.
Chap 19 ques 15
A non resident licensee who qualified for a non resident license by meeting the age, education and examination requirements; and who later becomes a resident of georgia, may:
A: not be required to meet the education and examination requirements
B: apply for a status change
C: Both a and b
D: niether A and B
C: both a and b
===================
Chap 19 ques 16
The Real Estate Commissions primary purpose in passing Rules and Regulations, has to do with protecting the interests of:
A: sellers of both residential and commercial property
B: buyers woh are primarily seeking homes
C: the economic welfare of a real estate licensees
D: the general public
D: The general Public
Chap 19 ques 17
A license may lapse for nonpayment of fees or failure to complete certain educational requirments within the time allowed by law. Which statement is correct regarding a license that lapsed for non payment of fees:
A: The license may be reinstated in 2 years simply by paying a reinstatement fee.
B: The license may be reinstated at anytime, by paying reinstatement fee plus all late charges and renewal fees that would have been due during the lapsed period
C: The license may not be reinstated. The licensee must pass another examination before he or she can be issues another license
D: The license may be reinstated within two years by paying a reinstatement fee plus all late charges and renewal fees that would have been due during the lapsed period
D: The license may be reinstated within two years by paying a reinstatement fee plus all late charges and renewal fees that would have been due during the lapsed period
====================
Chap 19 - 8
Chap 19 - 18
All exclusive listing contracts must:
A: End at midnight
B: Begin the day the listing os signed
C: Have a definate ending date
D: Both (A) and (C)
C: Have a definate ending date
====================
Exclusive Listing is defined as a written agreement in which the owner appoints one real estate broker as exclusive agent for the sale, or lease, of property during a specified time period. There are two types of exclusive listing. One is an Exclusive right to sell which provides the broker is due a commision if the property is sold by anyone during the tern of the listing. The other is an exclusive agency listing. With this type of agreement the broker is due a commission if the property is sold during the term of the listing by anyone but the owner.
Under the Schedule of violations and penalties: Fines for $200.00, regulation 520.1-14 states, "Failure to put a fixed date in a listing, and leave a copy.
Chap 19 - 19
A licensed real estate sales person is selling his/her home without his/her company being invlolved. All of the following statements are true except:
A: the licensee's broker must be informed
B: the salesperson can deposit earnert money in his/her personal account
C: ads run must disclose the owner is a licensee
D: a sales contract must contain disclosure that the seller is a licensee
B: the salesperson can deposit earnert money in his/her personal account
Chap 19 ques 20
Sally works for ABC Realty but hires XYZ realty to manage her property. Deposits made by tenants are held in:
A the licensee's trust account
B: ABC Realty's trust account
C: XYZ Realty's trust account
D: none of the above
C: XYZ Realty's trust account
Chap 19 ques 21
The Sherman Antitrust act was created to regulate the formation of:
A: interstate competitive practices
B: monopolistic practices
C: competition among very large corporations
D: illegal lending practices
B: monopolistic practices
chap 19 ques 22
All of the following actions could represent violations of antitrust laws EXCEPT:
A: An owner listing property at a rate the he/she has been told is "the going rate."
B: an MLS system which refuses to accept nonexclusive listings.
C: a real estate company that instructs its agents to take no listings for less than seven percent commision
D: a real estate company that refused membership in the local board of realtors
C: a real estate company that instructs its agents to take no listings for less than seven percent commision
Chap 19 ques 23
Under federal anti trust law and individual found guilty of a violation can be fined up to:
A: $1,000.00
B: $35,000.00
C: $350,000
D: $1,000,000.00
C: $350,000
Chap 19 ques 24
Can an inactive licensee perform real estate services when employed by an unlicensed owner?
A: No, only active agens can perform real estate services
B: No, not unless given special permission by the real estate commission
C: Yes, but only because of the employer/employee relationship
D: Yes, but only if the license is surrendered
D: Yes, but only if the license is surrendered
Chap 19 ques 25
Geogia's Uniform Deceptive trade practices Act:
A: Requires a transaction takes place before a violation is charge
B: has a narrower application than the FBPA
C: Is a vehicle for regulating interstate antitrust violations
D: has a broader application than the FBPA
D: has a broader application than the FBPA
===============