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Colibri Real Estate Final Exam Review |
2025 75 - Hour Georgia Salesperson
Prelicense Course
Broker Jane has been accused of a law violation regarding commissions. Which of the following might result in her being found guilty? A) Jane paid a commission to her licensed personal assistant. B) Jane paid a commission to the wife of one of her licensees who was recently killed in an auto accident. The deceased licensee had earned the commission prior to his death. C) Jane paid a commission plus a bonus to one of her licensees. D) Jane paid a commission to a Florida licensee who is not licen - ✔✔D) Jane paid a commission to a Florida licensee who is not licensed in Georgia for licensing activity in Georgia. Any salesperson can legally receive her share of the commission on a sale from A) her employing broker only. B) any cooperating broker with whom she completes a sale. C) a builder she represents in a sale D) the purchaser of the home in a successful sale. - ✔✔A) her employing broker only. Which of the following is NOT a protected class under Georgia fair housing law? A) Sexual preference B) Familial status C) Religion D) Race - ✔✔A) Sexual preference Syed is an inactive licensee. He just moved to a new home across town. What must he do?
A) Call the Commission and give it his new address. B) Report the address change when he's ready to reactivate his license. C) Send a written notice to the Commission within 30 days. D) Notify the post office to send a change of address notice to the Commission. - ✔✔C) Send a written notice to the Commission within 30 days. How many hours of continuing education must a licensee complete for each year of licensure? A) 8 hours B) 9 hours C) 5 hours D) 4 hours - ✔✔B) 9 hours Glenda is the office manager for a local real estate firm. She is responsible for coordinating the paperwork flow through the office, preparing ads and supervising the clerical staff. Glenda is A) required to have a salesperson's license. B) violating license law. C) required to have a broker license. D) exempt from the license law. - ✔✔D) exempt from the license law. Haru is working with his buyers to draw up a written offer on a property they want to purchase. Which of the following items is not required in the offer? A) The property description B) The mortgage lender C) The method of payment D) Special stipulations the offer requires - ✔✔B) The mortgage lender
Which of the following does NOT need to be included in a property management agreement? A) A specific description of the property B) The names of the owners C) The names of the tenants D) The terms of the management fee - ✔✔C) The names of the tenants Gary got his license in May of 2021. His birthday is September 28. When will his license expire? A) May 31 , 2025 B) September 1 , 2025 C) September 30 , 2025 D) May 1 , 2009 - ✔✔C) September 30 , 2025 *Real estate licenses expire on the last day of the licensee's birth month, every 4 years. A seller's agent must disclose any adverse physical conditions in the immediate neighborhood within of a property. A) 1 mile B) 2 miles C) 5 miles D) 10 miles - ✔✔A) 1 mile Jadarius has had his license suspended. By law, Jadarius's name will b e published on the Georgia Real Estate Commission website if the licenses has been suspended for how long? A) 15 days B) 30 days
C) 60 days D) 90 days - ✔✔C) 60 days Why was the Real Estate Education, Research and Recovery Fund established? A) To educate the public about real estate B) To fund courses for real estate agents C) To compensate consumers damaged by licensees' practices D) To conduct real estate research projects - ✔✔C) To compensate consumers damaged by licensees' practices Which of these persons would require a real estate license? A) Suresh is a full-time employee of a utility company. He negotiates and acquires leases for the company. B) Greta is an attorney who conveys real estate under a power of attorney. C) Jack refers clients to his licensed broker brother and receives a fee from the parties he refers. D) A partnership sells a building owned by the partners. - ✔✔C) Jack refers clients to his licensed broker brother and receives a fee from the parties he refers. Broker Larry received an earnest money check from a buyer for $ 3 , 000. He needed the money, so he cashed the check. At closing, he gave the seller a check for $ 3 , 180 , the amount of the original check plus 6 % interest. Which statement is true? A) Larry should have deposited the earnest money in a federally-insured account with other escrow funds. B) It was okay that Larry cashed the check, but he should not have given the interest to the seller. C) Larry should have deposited the check into his p - ✔✔A) Larry should have deposited the earnest money in a federally-insured account with other escrow funds. Which of the following is true of Georgia support personnel?
C) must clearly indicate that Ben is a licensed broker. D) may use Ben's own name. - ✔✔A) must use the firm's name The Department can revoke salesperson Tobias's license if he does which of the following actions? A) Sells his home without using his employing broker. B) Represents a buyer in a real estate transaction. C) Persuades a seller to list with him in an exclusive agency arrangement. D) Deposits an earnest money check in his personal account. - ✔✔D) Deposits an earnest money check in his personal account. Which of the following situations is NOT a proper situation for earnest money disbursal? A) Seller rejects the purchase offer. B) Buyer withdraws a purchase offer two days after acceptance. C) All parties to the transaction sign a written agreement allowing the disbursal. D) The transaction closes. - ✔✔B) Buyer withdraws a purchase offer two days after acceptance. Sarah wants to sell her own home. Which statement is true? A) She does not need a license to sell her own home. B) Sarah must have a real estate salesperson's license. C) She can get a temporary license from the Commission to sell her home. D) Sarah may sell her ;home without a license as long as she is an attorney. - ✔✔A) She does not need a license to sell her own home. Salesperson Martha has signed a brokerage engagement with tenant Gale to find her an apartment to rent. Martha doesn't charge her tenant clients a fee because she gets her commission from the landlords. Martha tells one of the landlords that Gale can pay more rent than what the landlord is asking for. Which statement is true?
A) It's okay that Martha told that to the landlord, since he will be paying the commission. B) Martha violated her duty of confidentiality to her client, Gale. C) It was w - ✔✔B) Martha violated her duty of confidentiality to her client, Gale. Melinda lives in South Carolina. She wants to get a Georgia real estate salesperson's license. Which of the following is NOT a requirement for Melinda? A) She must be at least 18 years old. B) Melinda must furnish proof of completion of 75 hours of approved real estate courses. C) She must establish residency in Georgia. D) Melinda must take and pass the Georgia real estate exam. - ✔✔C) She must establish residency in Georgia. Mike, a partner in a partnership, has a widely known reputation of being a liar and untrustworthy. Which of the following is true? A) Mike cannot apply for a license. B) The Commission can deny the partnership a license based on his bad reputation. C) The Commission cannot deny him a license based on reputation alone. D) Mike can apply for a salesperson license but not a broker license. - ✔✔B) The Commission can deny the partnership a license based on his bad reputation. *The Commission may deny a license to a partnership if a partner who owns more Thant 20 % interest in the firm does not have a good reputation for honesty, trustworthiness and integrity. The term imputed knowledge could mean what an agent A) knows and must disclose about a property. B) should have known about a property because her broker knew it.
A) She must pass the written real estate exam with a score of 70 % or higher. B) She must have completed at least 25 hours of a community association manager course. C) She must be 18 years old. D) She must have a high school diploma or equivalency certificate. - ✔✔A) She must pass the written real estate exam with a score of 70 % or higher. Broker Tara has an offer to purchase a home listed with her firm. After the buyers sign all the paperwork and Tara accepts their earnest money, what must she do? A) Deposit the earnest money in her personal account for safekeeping. B) Fill out a special earnest money form for the buyers to give to their lender. C) Hold the offer until she receives at least one more before presenting to the seller. D) Give the buyers a copy of the agreement right away. - ✔✔D) Give the buyers a copy of the agreement right away. What is true about brokerage engagements in Georgia? A) A brokerage engagement can only be drawn up by an attorney. B) A promise of compensation automatically creates a brokerage engagement. C) They must be on specially-designed and approved forms. D) They must be in writing to be enforceable. - ✔✔D) They must be in writing to be enforceable. Salesperson Mona is selling her own home. Which of the following is always true? A) Mona must list the property with her employing broker. B) The Commission will require that Mona list the property with a licensed broker. C) The employing broker must grant permission for Mona to sell her property. D) Mona's ownership of the property and licensed status must be disclosed to all parties to the transaction. - ✔✔D) Mona's ownership of the property and licensed status must be disclosed to all parties to the transaction.
What happens to the wall license and pocket card when they are issued? A) They are mailed to the licensee's home address B) They are issued to the employing broker's business address. C) The license is mailed to the broker and the pocket card is mailed to the licensee. D) They are mailed to the employing broker's home address. - ✔✔B) They are issued to the employing broker's business address. According to the Sherman Antitrust Act, which of the following statements is legal? A) "Our company pays 3 % of the sales price to subagents." B) "You can't sell properties on this side of town because your office is in another county." C) "We don't cooperate with Branson Realty because they discount their commissions." D) "Everyone charges the same, so you might as well list your property with me." - ✔✔A) "Our company pays 3 % of the sales price to subagents." Broker Jackson has given salesperson Anantha permission to hold trust funds in a designated trust account that she owns. Jackson is obligated to give all of the following information the Commission EXCEPT A) Anantha's name. B) The account number of Anantha's trust account. C) A quarterly reconciliation statement on the account. D) The name of the bank where Anantha maintains the account. - ✔✔C) A quarterly reconciliation statement on the account. Broker Chelsea falsified proof of completion of continuing education to renew her license. The Commission can do any of the following EXCEPT A) refuse to renew her license.
A) make and enforce the rules for real estate licensees. B) compose the exam questions for the licensing exam. C) administer the Georgia Appraisal Act. D) enact the laws that govern real estate licenses. - ✔✔A) make and enforce the rules for real estate licensees. Broker Hammond has developed a web site to advertise his services. What does he need to include on his site? A) Brokerage name and office telephone number B) Name and address of his office and the firm license number C) names and addresses of all the firm's active licensees D) Whatever he wants, as there are no specific requirements for web advertising. - ✔✔A) Brokerage name and office telephone number When Janel, a new licensee, finishes her 25 - hour post-license course, which of the following actions is NOT required? A) Submitting evidence of having completed the course. B) Taking 9 hours of continuing education during her first year of licensure. C) Passing an exam covering the material presented in the course. D) Providing the required proof to the Commission within one year of her original licensure. - ✔✔B) Taking 9 hours of continuing education during her first year of licensure. Under what conditions could Bill be affiliated with more than one broker? A) If the broker is in another country B) If the broker is in another Georgia county C) If the broker is in another state that allows affiliation in both states and Bill has his Georgia broker's written permission
D) Under no circumstances, since affiliation with multiple brokers is prohibited by Georgia license law - ✔✔C) If the broker is in another state that allows affiliation in both states and Bill has his Georgia broker's written permission A tenant's broker knows that his client (the tenant) has recently lost his job and that his financial situation is less than perfect. The tenant is interested in a landlord's property but the rent is so high the broker does not think the tenant would be able to afford it for very long. Can the broker tell the landlord about the tenant's financial situation? A) Yes, the broker must tell the landlord. B) No, the broker must not tell the landlord. C) The broker may tell the landlord only if the l - ✔✔A) Yes, the broker must tell the landlord. *Under BRRETA, a tenant's broker must disclose to a prospective landlord all material facts actually known by the broker regarding the tenant's financial ability to perform the terms of the lease or letter of intent to lease. A home sold for $ 175 , 000. The buyers assumed a $ 60 , 000 mortgage. What will the transfer tax be on this sale? A) $ 60 B) $ 175 C) $ 59 D) $ 115 - ✔✔D) $1 15 $ 175 , 000 - $ 60 , 000 = $ 115 , 000 $ 1 for the first $ 1 , 000 $ 114 , 000 ÷ $ 100 = $ 1 , 140
A) A developer of a condominium community who will sell only to persons age 62 or older. B) An owner-occupant of a duplex who will lease the other unit only to a white woman. C) A private club rents apartments in a building it owns only to members in good standing. D) a property owner rents his single-family home but refuses to allow chil - ✔✔B) An owner-occupant of a duplex who will lease the other unit only to a white woman. Who would be obligated to complete a property disclosure report or notice? A) a builder B) a listing agent C) a seller D) a selling agent - ✔✔C) a seller An investor takes out a mortgage to buy a rental property he's able to repay the loan with the rent he collects while also earning income from the investment, this is an example of A) liquidity. B) leverage. C) depreciation. D) marketability. - ✔✔B) leverage. Seller Harry signs a contract with broker Barry that Barry will be paid a 6 % commission even if Harry sells the house to a co-worker without any help from Barry. What type of listing agreement did Harry sign? A) exclusive agency B) exclusive right to sell C) open listing D) net listing - ✔✔B) exclusive right to sell
Seller Vaughn is very pleased with the way his home sale was handled by salesperson Brad. Vaughn decides to give Brad a bonus. On what condition can Brad accept this bonus? A) Brad can receive this bonus if he is an independent contractor. B) Vaughn may pay the bonus directly to Brad. C) Vaughn may pay the bonus to Brad's broker, who may then pay Brad. D) Brad may not accept the bonus under any circumstance. - ✔✔C) Vaughn may pay the bonus to Brad's broker, who may then pay Brad. The Smiths and the Johnsons share part of a driveway. To ensure that each family can enjoy use of the driveway and share the maintenance costs, they most likely have what type of easement? A) Easement by necessity B) Easement by agreement C) Easement by implication D) Easement by condemnation - ✔✔B) Easement by agreement What should Hannah be aware of regarding the asbestos coating on her water pipes? A) Removal is required if asbestos is found in a residential property. B) Asbestos can contaminate the house further if removal is done improperly since airborne particles are the issue. C) Asbestos is dangerous only when wet and therefore should be encapsulated in waterproof material. D) Asbestos is inexpensive to remove. - ✔✔B) Asbestos can contaminate the house further if removal is done improperly since airborne particles are the issue. Cathy bought a house for $ 285 , 000. She made a $ 60 ,0 00 down payment. After 5 years the balance of the loan was $ 150 , 000. Assuming no depreciation in the property, how much equity does Cathy have? A) $ 225 , 000 B) $ 135 , 000
A) Alice B) Bonnie C) Chris D) Darlene - ✔✔C) Chris What is the purpose of requiring mortgagors to make payments into an escrow account? A) allow the borrower to obtain actual cash from the equity built up in the property. B) ensure that hazard insurance and property taxes on the property are paid. C) ensure the lender collects the additional interest on an adjustable rate loan. D) provide a cushion for the borrower in the event of a job loss. - ✔✔B) ensure that hazard insurance and property taxes on the property are paid. Which of the fiduciary duties owed by a real estate licensee to his or her client survives the termination of the agency relationship? A) confidentiality B) disclosure C) loyalty D) obedience - ✔✔A) confidentiality Agent Leo and his client Hannah have just signed an open listing agreement that will pay Leo a 6. 5 % commission if he finds a willing and able buyer for her house. Which option best describes this agreement at this time? A) express, bilateral, executed B) express, bilateral, executory C) express, unilateral, executory D) implied, bilateral, executed - ✔✔C) express, unilateral, executory
You are driving through a suburb of a city and notice that all of the fast food signs are close to the ground. This is a result of A) building codes B) CC&RS C) variances D) zoning ordinances - ✔✔D) zoning ordinances Which of these is NOT considered when determining whether an item is a fixture or personal property? A) intention of the annexer B) manner of annexation C) value of the annexed item D) relationship of the parties - ✔✔C) value of the annexed item RESPA applies to financed by a federally regulated loan. A) any commercial or residential property B) any residential property C) one- to four-family residences D) only single-family dwellings - ✔✔C) one- to four-family residences Of these, which is LEAST LIKELY to be considered an example of puffing? A) "like being on vacation every day" B) "loveliest street in the whole town" C) "magnificent chef-inspired kitchen" D) "three-car garage with room for a workshop" - ✔✔D) "three-car garage with room for a workshop"
