Barney Fletcher Review Chap 1-5 78 Questions and Answers, Exams of Nursing

Download Barney Fletcher Review Chap 1-5 78 Questions and Answers and more Exams Nursing in PDF only on Docsity! Barney Fletcher Review Chap 1-5 78 Questions and Answers Which of the following are appointed by the governor? a. Members of the Georgia Real Estate Commission. b. The Real Estate Commissioner. c. Real estate instructors. d. Georgia Real Estate Commission employees. - ✔ ️a. Members of the Georgia Real Estate Commission. Bill knows that his neighbor Carol wants to sell her house. Bill's friend Sam tells Bill that he would like to buy a house in Bill's neighborhood. Bill introduces Sam and Carol. Sam ends up buying Carol's house. Bill is not licensed. Can Bill receive a referral fee for this? a. No, only licensed individuals can receive referral fees. b. Yes, Bill can receive a referral fee from Carol's broker. c. Yes, Bill can receive a referral fee from Sam. d. Yes, Bill can receive a referral fee from Carol. - ✔ ️d. Yes, Bill can receive a referral fee from Carol. All employees of the commission must be unlicensed or inactive, but all commission members must be active real estate licensees. a. True. b. False. - ✔ ️b. False. The Georgia Real Estate Commission can take each of the following actions, EXCEPT: a. Grant a real estate license to a person whose license had been revoked 10 years earlier. b. As a disciplinary action, revoke a person's brokers license and simultaneously issue that person a salespersons license. c. Act to resolve a commission dispute between two licensees. d. Issue a reprimand or censure to a licensee without a formal hearing. - ✔ ️c. Act to resolve a commission dispute between two licensees. Two brokers have a dispute about a commission split. Which of the following could become involved in settling their dispute? - ✔ ️ Which of the following individuals must have a real estate license to conduct business in Georgia? a. An individual who locates tenants for the owner of a residential apartment complex. b. A referral agent who locates listings for real estate licensees. c. A person who sells real estate through auctions. d. All of these individuals. - ✔ ️d. All of these individuals. If a court finds an individual guilty of illegally operating without a real estate license, the individual could be sentenced to jail time of up to: a. Six months. b. 1 year. c. 3 years. d. 5 years. - ✔ ️b. 1 year. Which of the following statements is correct regarding the members of the Real Estate Commission: a. 1 of 5 members must be licensed. b. 2 of 6 members must be licensed. c. 4 of 5 members must be licensed. d. 5 of 6 members must be licensed. - ✔ ️d. 5 of 6 members must be licensed. Sara lives in Atlanta and has a sister who lives in South Carolina. The sister wants to swap her house in South Carolina for a house close to Sara. Sara knows her next door neighbor wants to get out of Atlanta and puts the neighbor in touch with her sister. The two agree to swap houses if Sara will handle the paperwork. The two agree to pay Sara for her time. a. This is legal because Sara is doing a favor for an immediate family member. b. This is legal because it was a swap and no money was involved in the transaction. c. This is illegal because Sara's sister is out-of-state. d. This is illegal if Sara is unlicensed. - ✔ ️d. This is illegal if Sara is unlicensed. ABC Corporation owns 10 apartment buildings. a. ABC employees who manage the buildings must be licensed. b. The officers of the corporation must be licensed. c. Employees of the corporation do not need to be licensed. d. Only employees who buy and sell buildings need to be licensed. - ✔ ️c. Employees of the corporation do not need to be licensed A person who is taking a Georgia real estate licensing exam has served in the US military for at least one year, with at least 90 days of that time in wartime. Which of the following statements is correct about this applicant. a. This applicant could receive an extra 5 points added to the score on the salesperson's license only. b. This applicant could receive an extra 5 points added to the score on either the salesperson's or broker's exam. c. This applicant could receive an extra 10 points added to the score on the salesperson's license only. d. This applicant could receive an extra 10 points added to the score on either the salesperson's or broker's exam. - ✔ ️d. This applicant could receive an extra 10 points added to the score on either the salesperson's or broker's exam. An individual who has a Georgia salespersons license and who is applying for a broker's license must take at least how many hours of approved broker education: a. 20 hours. b. 40 hours. c. 60 hours. d. 80 hours. - ✔ ️c. 60 hours. Which of the following statements is NOT true? a. An applicant with a criminal history may request a preliminary decision prior to taking required education. b. If an applicant requests a preliminary decision and the commission denies a license, the individual may not appeal the decision. c. If the commission denies a license based on criminal history the applicant has 60 days to request a hearing. d. All applicants must submit a criminal history report. - ✔ ️b. If an applicant requests a preliminary decision and the commission denies a license, the individual may not appeal the decision. An individual who has passed the test to become a licensed real estate salesperson in Georgia would find that the application fees had doubled if the person did not apply for the license within: a. 3 months. b. 6 months. c. 1 year. d. 5 years. - ✔ ️a. 3 months. A real estate brokerage firm must be licensed as a real estate broker. a. True. b. False - ✔ ️a. True. If a licensed broker is sued by a client, the broker must notify the Georgia Real Estate Commission within: a. 5 days. b. 10 days. c. 15 days. d. 30 days. - ✔ ️b. 10 days. Broker Bob is the qualifying broker for Acme Real Estate, which is a corporation. If Broker Bob passed away, Acme Real Estate would need to name a new qualifying broker within ____ days or it would be required to cease operations. a. 10. b. 30. c. 60. d. 90. - ✔ ️c. 60. What is the maximum period a licensee may remain inactive? a. 2 years. b. 5 years. c. 10 years. d. Indefinitely. - ✔ ️d. Indefinitely. If a licensed salesperson or broker fails to pay the fee to renew within the prescribed time. . he must re-apply as an original applicant. b. he may renew within 1 year of lapse by paying the re-activation fee. c. he may renew within 2 years of lapse by paying all required fees and charges, and completing required continuing education. d. he may renew within 5 years of lapse by paying all required fees and charges, and completing pre-license education. - ✔ ️c. he may renew within 2 years of lapse by paying all required fees and charges, and completing required continuing education. Which of the following statements about a qualifying broker is FALSE? a. The qualifying broker is responsible for training. b. The qualifying broker can be associated with only one Georgia broker at a time. c. The qualifying broker must be able to sign on trust account transactions. d. The owner of a sole proprietorship must be the qualifying broker. - ✔ ️b. The qualifying broker can be associated with only one Georgia broker at a time. Mark is the qualifying broker for ABC Realty. Sam is an ABC associate broker. Mark has not received complete records from Sam's last transaction. Sam asks Mark to sign a release form so he can move his license to another firm. Mark tells Sam that he will sign the form immediately upon receiving Sam's missing paperwork. Mark's actions are legal. a. True. b. False. - ✔ ️b. False. Two brokers have a dispute about a commission split. Which of the following could become involved in settling their dispute? a. A court of competent jurisdiction. b. The real estate commission. c. The commissioner. d. The Department of Justice. - ✔ ️a. A court of competent jurisdiction. Lisa hires an unlicensed assistant to help with her office work. Which of the following statements is NOT true? a. Lisa must have a written agreement with the firm concerning the duties of her assistant. b. The assistant must have a written agreement with the firm concerning his duties. c. The firm and Lisa are both responsible for the actions of the assistant. d. The broker is responsible for paying the assistant's salary. - ✔ ️d. The broker is responsible for paying the assistant's salary. Ann is a top salesperson with ABC Realty. Mickey Properties owns and develops large condominium projects. The firm is not a broker and handles all sales in-house. Mickey wants Ann to manage their sales department. a. Ann can do this if she has the permission of her broker. b. Ann can do this if she places her license on inactive status. c. Ann can do this if she surrenders her license. d. Ann can do this if she is a full-time Mickey employee. - ✔ ️c. Ann can do this if she surrenders her license. A Georgia firm licensed as a real estate broker must have an individual broker that serves as a qualifying broker if the firm is organized as a: a. Sole proprietorship. b. Partnership. c. Corporation. d. All of these choices. - ✔ ️d. All of these choices. John lives in Atlanta and has an active salesperson's license with Atlanta Realty. John owns a second home in Brunswick and wants to spend more time there. Since Atlanta Realty does not have an office in Brunswick John would like to associate with Brunswick Realty as well. If a licensed salesperson or broker fails to pay the fee to renew within the prescribed time. a. he must re-apply as an original applicant. b. he may renew within 1 year of lapse by paying the re-activation fee. c. he may renew within 2 years of lapse by paying all required fees and charges, and completing required continuing education. d. he may renew within 5 years of lapse by paying all required fees and charges, and completing pre-license education. - ✔ ️c. he may renew within 2 years of lapse by paying all required fees and charges, and completing required continuing education. When a broker appoints two associates in his firm to represent the seller and buyer respectively in the same transaction, this is called: a. Disclosed dual agency. b. An unfair practice. c. Designated Agency. d. Limited Agency. - ✔ ️c. Designated Agency. Under Georgia law, offers and counteroffers must be presented to a client: a. Within 24 hours b. Within 48 hours c. In a timely manner d. Immediately - ✔ ️c. In a timely manner Acts which an agent can perform for an individual the agent does not represent without creating an agency with that person are known as: a. Incidental acts. b. Non-essential acts. c. Ministerial acts. d. Subsidiary acts. - ✔ ️c. Ministerial acts. A broker must disclose the types of agency relationships offered and how compensation might be shared with other brokers. a. prior to signing a contract for sale. b. prior to showing the property. c. prior to signing a listing agreement. d. within a reasonable time. - ✔ ️c. prior to signing a listing agreement. Which of the following is TRUE? a. A brokerage engagement must be in writing. b. A brokerage engagement is always a listing. c. Every person who signs an engagement must be given an original. d. Brokerage engagements must have a written termination date. - ✔ ️a. A brokerage engagement must be in writing. Each of the following statements about brokerage engagement contracts is correct, EXCEPT: a. An exclusive brokerage engagement does not need a specific expiration date, but will automatically expire at the end of one year. b. A non-exclusive brokerage engagement does not need a specific expiration date, but will automatically expire at the end of one year. c. Net engagements are prohibited. d. Engagement contracts should have one original document, with a true copy given to each person who signs it. - ✔ ️a. An exclusive brokerage engagement does not need a specific expiration date, but will automatically expire at the end of one year. Under BRRETA, it is the broker's responsibility to: a. Inform the buyer or customer of all prior written offers. b. Disclose all discoverable facts to any interested party. c. Disclose potential conflicts of interest. d. Provide only ministerial acts to the party he or she represents. - ✔ ️c. Disclose potential conflicts of interest. Which of the following statements is true under BRRETA? a. The agent, on behalf of the buyer, not the buyer himself, is responsible for obtaining information from public records. b. An agent owes a fiduciary responsibility to his principal. c. If a broker elects designated agency, the firm is not in a dual agency situation. d. Ministerial acts are those acts performed by an agent for his or her principal. - ✔ ️c. If a broker elects designated agency, the firm is not in a dual agency situation. The phrase "a broker who has not entered into an agency relationship with any of the parties to a particular real estate transaction, and who performs only ministerial acts on behalf of one or more of the parties, for which he or she is paid valuable consideration" describes a: a. Designated broker. b. Transaction broker. c. Standard broker. d. Ministerial broker. - ✔ ️b. Transaction broker. Acme Realty has a seller's listing with one client and a buyer's listing with another client. The client buyer decides to make an offer on the client seller's home. Acme offers to act as dual agent for both clients, in accordance with its written policies. The seller is willing to accept the dual agency, but the buyer is not. Acme then withdraws from its agency relationship with the buyer and refers the buyer to Blackhawk Realty. Which of the following statements is correct? a. Acme may withdraw from the agency relationship with the buyer without penalty, but MAY NOT receive any referral fee from Blackhawk. b. Acme may withdraw from the agency relationship with the buyer without penalty, and MAY receive a referral fee from Blackhawk. c. Acme would be required to offer designated agency to both parties. d. Acme may withdraw from the agency relationship with the buyer, but Acme would be liable to the buyer for any li - ✔ ️b. Acme may withdraw from the agency relationship with the buyer without penalty, and MAY receive a referral fee from Blackhawk. What is the most dangerous issue facing a licensee representing two clients as a dual agent? a. Confidentiality. b. Disclosure of adverse facts. c. Disclosure of personal relationships. d. Presenting all offers. - ✔ ️a. Confidentiality. A transaction broker is NOT responsible for? a. disclosing known adverse material facts concerning the property. b. timely accounting for all monies and valuables. c. maintaining confidentiality. d. disclosing known adverse facts about the neighborhood. - ✔ ️c. maintaining confidentiality. Samantha represents the seller in a residential transaction. Which of the following would NOT be one of Samantha's responsibilities? a. Advise the seller of the market value of the property. b. Get the seller's permission before placing a For Sale sign on the property. c. Show the property to prospective buyers while the property is under contract. d. Advise the seller that a prospective buyer might be a credit risk. - ✔ ️c. Show the property to prospective buyers while the property is under contract. Zenith Realty is a real estate brokerage firm that is licensed only in Tennessee. Acme Realty is licensed only in Georgia. Zenith refers a buyer to Acme, but is otherwise not involved in the transaction. Acme may legally pay a referral fee to Zenith. a. True. b. False. - ✔ ️a. True. Georgia's agency law is known as: c. As long as the commissions are withdrawn from the trust account within 24 hours of being earned. d. As long as the commissions are withdrawn at least monthly. - ✔ ️d. As long as the commissions are withdrawn at least monthly. A buyer has given an earnest money deposit to Broker Bob, who has deposited the money in his trust account. A dispute has arisen between the buyer and the seller as to whether the offer was accepted prior to its stated expiration. Broker Bob turns the money over to a court and asks the court to determine who should rightfully receive the money. This court procedure is called a(n): a. Intercessory action. b. Interpleader action. c. Arbitration action. d. Nomenclatural action. - ✔ ️b. Interpleader action. Sally is an associate broker with ABC Realty. She wants to sell her own house as a licensee/owner and receives the permission from her broker. a. Sally must deposit earnest money in her broker's trust account. b. Sally can open a separate bank account and deposit earnest money in it. c. Sally can open her own trust account as long as she has the permission of her broker. d. Sally can open her own trust account with her broker's permission if she registers it with the commission. - ✔ ️d. Sally can open her own trust account with her broker's permission if she registers it with the commission. The commission may review trust account records. a. when the broker's license is renewed. b. when the commission can prove there is reasonable cause to examine the records. c. when the commission thinks there might be reasonable cause to examine the records. d. in all situations described above - ✔ ️d. in all situations described above. Broker Bob has an existing trust account. He has just negotiated the sale of a major shopping center and will be holding several millions of dollars for his client. Broker Bob decides to open a separate trust account for this one transaction. This second trust account is: a. Permissible. b. Prohibited. c. Subject to different rules than the initial trust account. d. Legal, but unethical. - ✔ ️a. Permissible. How long can a broker leave an earned commission in the trust account? a. Indefinitely as long as the trust records clearly identify the commission amount. b. 1 month. c. 60 days. d. 2 months - ✔ ️b. 1 month. A buyer has made an offer on a property and given an earnest money deposit to Broker Bob, who has deposited the money in his trust account. The seller rejects the buyer's offer. Broker Bob returns the deposit to the buyer. Is this a permissible withdrawal from the trust account? a. Yes. b. No. c. Yes, but only with the seller's written consent. d. No, unless Broker Bob has a court order requiring the withdrawal. - ✔ ️a. Yes. Broker Bob has made a decision not to establish a trust account for the brokerage firm. In what circumstances is this decision permissible? a. In all circumstances, since trust accounts are not required. b. Only if the firm will not hold funds which belong to clients. c. Only if the firm has sufficient surety bond coverage to offset the liability to clients. d. Under no circumstances, since trust accounts are a requirement of all brokerage firms in Georgia. - ✔ ️b. Only if the firm will not hold funds which belong to clients. When a broker creates a trust account, the broker must notify the Georgia Real Estate Commission within: a. 5 business days. b. 15 calendar days. c. 1 month. d. 2 months. - ✔ ️c. 1 month.