I have a few pages of questions. I have already answered them, but I need the wrong ones corrected.Question 1
Tim and Mary bought a home for $220,900 They had a cash down payment of $20,000 and got a mortgage for the remainder. How much is the intangible recording
tax on the property?
How many Commission members’ terms can expire in one year?
Which of the following statements is NOT true about earnest money?
The broker is responsible for having written policies as to how earnest money must be handled by the firm’s affiliates.
Earnest money may be deposited into an interest-bearing account if the contract states who will receive the interest.
By law, earnest money must be deposited immediately, unless stated otherwise in the contract.
The listing broker is always responsible for depositing earnest money.
Which of the following statements is NOT true about hearings?
All hearings must be held in the county of domicile of the Commission.
If a licensee fails to appear, the Commission can hear the evidence and take action just as if the licensee had been present.
Once a hearing has been held and a decision rendered, there is no further recourse for a licensee.
If the Commission cannot locate a licensee to serve its final decision, the Real Estate Commissioner will be the agent for that licensee and will be served.
A designated agent can disclose confidential information about a client to
The employing broker if the agent needs advice
A coworker who is not involved with the client
Another designated agent in the firm
The transfer tax charged to the seller of a property is based on what?
The date of the purchase
The amount of the mortgage
The selling price
The proceeds of the sale
Harold wants to apply for a salesperson license. Which of the following is NOT a requirement he must meet?
Harold must be at least 21 years old.
He must have completed at least 75 hours in a salesperson course.
He must have a high school diploma or equivalency certificate.
Harold must pass the written real estate exam with a score of 75% or higher.
Which of the following is NOT true about trust accounting systems?
A broker may use either a manual or an electronic accounting system.
The accounting system must be easy to understand.
The system must be immediately available for review by a Commission representative.
A broker may maintain documents on film, as long as he or she can produce true copies if needed.
Susan received her original license in January of 2006. Her birthday is December 1. When will her license expire?
December 31, 2009
January 1, 2010
January 31, 2009
December 31, 2010
In Georgia, the real estate license law is administered by
Georgia Association of Realtors
Georgia Real Estate Commission
Georgia Board of Real Estate Brokers and Salespersons
Georgia Department of Occupational Services
Broker Jones ran the following ad. “Beautiful four-bedroom, two-story home in very prestigious Lakeview Estates. Ideal for a young couple planning a family. A steal
at only $475,000.” This ad might be in violation of Fair Housing laws because
There is no mention of the price.
The words “prestigious” and “young couple” indicate a preference for a certain class of person.
The ad should also have mentioned senior citizens.
There is not enough information about the property.
Jim fails to submit his license renewal and fees in a timely manner and his license lapses. Which of the following statements is false?
He can apply to reinstate his license.
He will have to retake the pre-license course if his licensed is lapsed for longer than one year.
When reinstating, Jim must pay all the fees and show proof that his continuing education is up-to-date.
He must apply for reinstatement within two years if he wants to avoid additional requirements.
Which of the following statements is NOT true about transaction brokerage?
A transaction broker may perform ministerial acts for a buyer.
A transaction broker must disclose all adverse material facts about a property.
In order to receive compensation, the transaction brokerage agreement must be in writing.
A transaction broker may receive earnest money on behalf of a party in a transaction.
Sarah Hill is applying for her broker’s license. Which of the following is true?
$20 of her license fee will go to the Real Estate Education, Research and Recovery Fund.
$45 of her license fee will go to the Real Estate Education, Research and Recovery Fund.
$25 of her license fee will go to the Real Estate Education, Research and Recovery Fund.
$15 of her license fee will go to the Real Estate Education, Research and Recovery Fund.
Georgia law requires a broker to deposit all money from third parties into his trust account
Within five days of receiving it
No later than two days after receipt of the purchase offer
Any time as long as it’s before closing
As soon as possible after receipt
All Georgia real estate licenses
Are automatically renewed
Need to be renewed annually
Are renewed every four years
Need not be renewed unless previously revoked
Paul is a non-resident licensee applying for a Georgia license. He must do ALL but which one of the following?
Submit proof validating that he is an active salesperson in his home state.
Pay the required application and licensing fees.
File a copy of an affidavit from the County Commissioner stating that he will be operating only from his county of residence.
Designate the Commissioner as his agent to receive any legal or judicial notices that are filed.
All of the following statements are true regarding a licensee changing status EXCEPT which one?
A licensed broker wanting to be licensed as a salesperson may surrender his broker’s license and apply for a salesperson’s license.
A licensed broker changing status to salesperson must take the salesperson exam.
A former broker, now salesperson, who wants to be re-licensed as a broker will not have to take the broker’s exam.
A former broker, now salesperson, who wants to be re-licensed as a broker must pay the same fee as an original broker applicant.
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