Georgia Real Estate Study Guide - State Questions and Answers 2024, Exams of Nursing

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Questions and answers 2024

The seller may tell the salesperson that he or she wants to end the listing agreement before the agreed upon expiration date because the company is not transferring them after all. Can the salesperson release the principal from the listing agreement? A. yes, as long as any incurred expenses are paid by the seller B. no, the listing agreement cannot be terminated prior to expiration C. no, only the broker can release them from the contract D. yes, the salesperson is acting for the broker - correct answer ✅C. no, only the broker can release them from the contract In Georgia, a metes and bounds description is most commonly used when: A. the property is in a subdivision B. the property is east of the Mississippi River C. there is no recorded plat map D. there is no point of beginning - correct answer ✅C. there is no recorded plat map

Questions and answers 2024

In negotiating listings for their firm a salesperson wanted to know if she had the authority to sign for her broker on the listing agreement. Where would the salesperson look to find the answer to this question? A. The Rules and Regulations B. In the Salesperson's Course Study Guide C. In the written agreement with their broker D. On their real estate license - correct answer ✅C. In the written agreement Under the Georgia real estate law, when a mobile home is affixed to land it is considered: A. real estate B. personal property C. an easement D. a leasehold estate - correct answer ✅A. real estate A licensee convicted of a criminal action shall report the conviction to the Commission, in writing within:

Questions and answers 2024

A. 10 days of the conviction. B. 30 days of the conviction. C. 10 days of renewal of license. D. 30 days of renewal of license. - correct answer ✅A. 10 days of the conviction In a listing agreement a real estate agent who is placed in a position of special trust and confidence is: A. the client in the transaction B. the customer C. the fiduciary of the seller D. the principal in the transaction - correct answer ✅C. the fiduciary of the seller A real estate firm opens a sales office to market new condominium units. Federal Fair Housing Act requires the real estate firm to: A. display the firm's real estate license B. display a plat map of the development

Questions and answers 2024

C. display the HUD Fair Housing Poster D. display the public offering statement - correct answer ✅C. display the HUD Fair Housing Poster In Georgia, which of the following forms of ownership must be created by written intent of the parties and cannot be created by operation of law? A. Tenancy in common B. Joint tenancy with rights of survivorship C. Tenancy by the entirety D. Community property - correct answer ✅B. Joint tenancy with rights of survivorship When writing an offer to purchase, the licensee does not have a sufficient legal description and substitutes the phrase "Legal Description to be Attached." Is that action acceptable? A. yes, as long as an adequate description is attached later B. yes, a legal description is not required in a contract

Questions and answers 2024

C. no, only the broker can write offers to purchase D. no, the commission and the courts require an adequate description to be included in the offer - correct answer ✅D. no, the commission and the courts require an adequate description to be included in the offer A real estate license is using a street address only as a substitute for the legal description in a purchase and sale agreement. Is this an acceptable practice of legally describing a parcel of real estate? A. yes, if both the buyer and seller agree in writing B. no, a street address only locates the property and is not sufficient enough to describe it C. yes, providing the broker is notified D. no, all legal descriptions in Georgia must include a metes and bounds - correct answer ✅B. a street address only locates the property and is not sufficient enough to describe it In the sale of a vacant lot in a new subdivision in which the lots do not have recorded warranty deeds, a Georgia licensee would most likely obtain information to complete a short form legal description from:

Questions and answers 2024

A. the seller's warranty deed B. the security deed C. a recorded subdivision plat map D. a survey - correct answer ✅C. a recorded subdivision plat map A married couple asked a licensee if they should take title to property as joint tenants. The licensee should answer this question that require advice only with a statement such as: A. "only my broker can advise you on this matter" B. "I'm not an attorney, you should get legal advice for this matter" C. "the closing attorney will advise you regarding this matter" D. "matters concerning ownership of real property can be answered by the real estate commission" - correct answer ✅B. "I'm not an attorney, you should get legal advice for this matter" In Georgia, a real estate licensee plans to sell a property by auction. The licensee will also be the auctioneer. In this situation the licensee:

Questions and answers 2024

A. must have an securities license B. must have an auctioneer's license C. is prohibited from marketing by auctions D. must have at least three bids - correct answer ✅B. must have an auctioneer's license In Georgia, which of the following items must be included in a legal description? A. Street address B. County, district and land lot C. Baselines and principal meridians D. Lot and block - correct answer ✅B. County, district and land lot In Georgia, which of the following legal descriptions for land is known as the "short form?" A. Metes and bounds B. Government survey system

Questions and answers 2024

C. Lot and block/plat map system D. Geodetic or rectangular survey system - correct answer ✅C. Lot and block/plat map In Georgia, the Georgia Time-Share Act requires developers of timeshare projects make disclosures to prospective buyers of all material facts about the property, including the buyer's right to rescind the contract within seven days. This information would be contained in the: A. purchase and sale agreement B. public offering statement C. seller's property disclosure statement D. warranty deed - correct answer ✅B. Public offering statement Under the Georgia real estate license law. when a mobile home is affixed to land it is considered: A. Real estate. B. Personal property. C. An easement.

Questions and answers 2024

D. A leasehold estate. - correct answer ✅A. Real Estate In Georgia, a married couple could hold title to real property together as: A. an estate in severalty B. community property C. tenancy by the entirety D. tenancy in common - correct answer ✅D. tenancy in common The first corner to be surveyed using a metes and bounds method of legal description is called the: A. data line B. section marker C. point of beginning D. principal meridian - correct answer ✅C. point of beginning For the purposes of providing an acceptable legal description, a real estate sales contract in Georgia might include which of the following?

Questions and answers 2024

A. References to a principle meridian and base line B. References to a township and section C. References to a deed book and recorded plat D. References to a rectangular survey system - correct answer ✅References to a deed book and recorded plat Which of the following would be a concurrent estate available in Georgia? A. Tenants by the entirety B. Tenancy for years C. Joint Tenancy D. Tenancy in Severalty - correct answer ✅C. Joint Tenancy In Georgia, under the Georgia Condominium Act and the Georgia-Time Share Act, a buyer of a condominium or timeshare interval may rescind the contract to purchase within how many days after entering into the contract? A. 7 days B. 10 days

Questions and answers 2024

C. 30 days D. 90 days - correct answer ✅A. 7 days It is good business practice to take legal description from the seller's warranty deed when you get the listing. If the seller does not have a copy of their warranty deed, it may be found at the county courthouse. In locating the seller's deed in the record room of the courthouse your first point of reference would be the: A. plat map B. deed book C. plat book D. grantor-grantee index - correct answer ✅D. grantor-grantee index In Georgia, which of the following would be considered a sufficient legal description of real property in a sales contract? A. Street address of the property B. Reference to principal meridians and baselines C. Reference to townships and sections

Questions and answers 2024

D. Reference to a recorded survey or plat filed in public records - correct answer ✅D. Reference to a recorded survey or plat filed in public records A licensee is preparing to draw up an offer in which the purchaser will use a third party to finance a portion of the purchase price. Which of the following does not need to be included in the method of payment section? A Loan amount B. Interest rate C. Term of loan D. Name of the lender - correct answer ✅D. Name of the lender After obtaining a listing, when requesting the seller's loan information from the lender, that written request should be signed by the: A. salesperson B. listing broker C. seller D. listing broker and salesperson, jointly - correct answer ✅C. Seller

Questions and answers 2024

You're a new real estate salesperson writing a sales contract for the purchase of commercial property. The buyer wants to exchange company stock for the property. If you are unable to use a pre-printed form sales contract you should: A. Attempt to draft an entire new contract. B. Consult a real estate attorney. C. Consult your broker. D. Consult the buyer's attorney. - correct answer ✅C. Consult your broker Georgia has a lien act which would allow a broker to lien a property if a seller refused to pay an earned commission on what type of property? A. Residential only B. Agricultural only C. Undeveloped only D. Commercial only - correct answer ✅D. Commercial only

Questions and answers 2024

A licensee is questioned by an interested buyer whether the property was the site of a homicide or suicide and was the dwelling ever inhabited by a person infected with AIDS or the HIV virus. The licensee should: A. Answer both questions to the best of his/her knowledge. B. Respond by starting he/she is unable to answer either inquiry. C. Answer the question about the homicide or suicide to the best of his/her knowledge and state he/she is unable to answer the inquiry on AIDS. D. Answer the question about AIDS to the best of the his/her knowledge and state he/she is unable to answer the inquiry on a homicide or suicide. - correct answer ✅C. Answer the question about the homicide or suicide to the best of his/her knowledge and state he/she is unable to answer the inquiry on AIDS. Under "BRRETA," if there is no expiration date in a brokerage engagement and no authorized termination has occurred, how long will the engagement continue after the initiation of the engagement? A. 3 months B. 6 months C. 1 year

Questions and answers 2024

D. 2 years - correct answer ✅C. 1 year All of the following would be legitimate reasons for refusing a residential listing EXCEPT? A. The seller wants an unreasonable price for the property B. The property is not in the firm's geographical service area C. The firm only deals with commercial properties D. The property is located in a minority area and would be difficult - correct answer ✅D. The property is located in a minority area and would be difficult to market Salesperson Boyd, a licensed salesperson currently on inactive status, plans to purchase a parcel of land. Before presenting the offer to the seller the salesperson must: A. Provide the real estate commission with a copy of the contract when the offer is accepted by the seller. B. Provide his broker that he is a licensed real estate salesperson. C. State in the offer that he is a licensed real estate salesperson

Questions and answers 2024

D. State in the offer the purpose for which the property is being purchased. - correct answer ✅C. State in the offer that he is a licensed real estate salesperson When an active licensee anticipates transactions involving real estate owned by that licensee, the law requires the licensee to: A. list the property with the broker holding the licensee's license B. Have earnest money checks made payable to the licensee owning the property C. Notify their broker, in writing, prior to entering the transaction D. notify the Georgia Real Estate Commission within 14 days from the date of the contract - correct answer ✅C. Notify their broker, in writing, prior to entering into the transaction When a licensed salesperson goes to work for a broker, the Georgia Real Estate license law requires them to enter into a written: A. Listing agreement. B. Sales agreement. C. Dual agency agreement.

Questions and answers 2024

D. Affiliation agreement. - correct answer ✅D. Affiliation agreement In Georgia, a broker may maintain how many designated trust or escrow accounts? A. Only one for security deposits B. Only one per office location C. More than one provided that each one is registered with the commission D. Only one for earnest money deposits - correct answer ✅C. More than one provided that each one is registered with the commission A "blind ad" would be best described as a real estate advertisement that fails to give: A. the property's address B. the property owner's name and address C. the name and the telephone number of the brokerage firm working for the owner

Questions and answers 2024

D. the listing salesperson's name and phone number - correct answer ✅C. the name and the telephone number of the brokerage firm working for the owner A Georgia real estate salesperson has been paying $100 to each unlicensed person who provides a referral that results in a sale. Such payment of a referral fee is which of the following? A. Unethical but not a violation of the license law B. A good business practice C. An unfair trade practice D. A violation of the Real Estate Settlement Procedures Act (RESPA) - correct answer ✅C. An unfair trade practice A real estate firm must conduct business: A. under the name in which the real estate license is issued B. under the name in which the business license is issued C. under the company trade name

Questions and answers 2024

D. under any name desired so long as the Real Estate Commission is notified - correct answer ✅A. under the name in which the real estate license is issued When an active licensee wished to advertise property owned by the licensee and which is not under a brokerage engagement with a broker, the licensee MUST: A. notify his or her broker in writing and receive written consent to the advertising and the advertisement B. notify the Georgia Real Estate Commission C. keep a copy of the advertising for at least 2 years D. always advertise in the name of their broker - correct answer ✅A. notify his or her broker in writing and receive written consent to the advertising and the advertisement In Georgia, when a licensed firm is advertising a specific property or properties for sale, lease or exchange in any media, the advertisement must include the name of the firm that is registered with the commission and the firm's: A. mailing address B. real estate license number

Questions and answers 2024

C. telephone number D. logo - correct answer ✅C. telephone number May a licensee still collect earned commissions directly from a previous broker if the licensee transfers to a new firm? A. N, the licensee forfeits all commissions when they transfer. B. No, the licensee can only be paid commissions by the new firm. C. Yes, provided both brokers agree in writing to the expressed terms under the licensee shall be compensated by the former broker. D. Yes, the licensee earned the commission under the previous broker and can be paid directly by that broker. - correct answer ✅C. Yes, provided both brokers agree in writing to the expressed terms under the licensee shall be compensated by the former broker. An inactive salesperson who receives security deposits on rental property they own: A. Must deposit those funds into a designated trust account maintained by their broker.

Questions and answers 2024

B. Must deposit those funds into a designated trust account approved by their broker. C. Must maintain those funds in a designated trust account. D. May post a bond in lieu of maintained security deposits in a designated trust account. - correct answer ✅C. Must maintain those funds in a designated trust account. A salesperson advertising a seller's property should NOT: A. advertising on company stationery B. run advertisements in the salesperson's name only C. put up pictures of the property in the broker's office D. run advertisements in the broker's name - correct answer ✅B. run advertisements in the salesperson's name only Which of the following will terminate an agency agreement? A. if the selling broker or buyer becomes mentally incapacitated B. if the listing broker or seller becomes mentally incapacitated

Questions and answers 2024

C. The listing salesperson dies D. The listing salesperson becomes incapacitated - correct answer ✅B. If the listing broker or seller become mentally incapacitated The listing firm refuses to let another firm show the property. The other firm brings an offer to purchase on the same property. Does the listing firm have the right to refuse to present the offer? A. yes, if the other firm is not a sub-agent the listing firm has the right to refuse B. no, the listing firm must present the offer C. no, by obtaining an offer to purchase, the other firm has become a sub-agent of the listing firm D. yes, the other firm has not been authorized to present the body - correct answer ✅B. no, the listing firm must present the offer In Georgia, which of the following brokerage engagements must be in writing? A. only engagements for longer that 90 days B. only seller's brokerage engagements

Questions and answers 2024

C. all brokerage engagements D. only buyer's brokerage engagements - correct answer ✅C. all brokerage engagements In Georgia, the state statute which regulates misleading real estate advertising is: A. the Truth in Lending Law B. the Sherman Anti-Trust Act C. the Fair Business Act D. the Uniform Deceptive Trade Practices Act - correct answer ✅C. the Fair Business Act Are advertisements by the licensee that promise a rebate or a gift to prospective customers or clients permissible? A. Yes, as long as they are not misleading or inaccurate B. Yes, providing the rebate or gift does not exceed $500 in value C. No, this would be considered misleading advertising because licensees cannot give rebates or gifts to customers or clients

Questions and answers 2024

D. No, offering anything of value to unlicensed people is not permissible - correct answer ✅A. Yes, as long as they are not misleading or inaccurate A husband and wife in Georgia do not jointly own the property to be listed. The brokerage engagement must be signed by: A. the husband B. the wife C. both the husband and the wife D. whichever spouse holds title to the property - correct answer ✅D. whichever spouse holds title to the property Exclusive brokerage engagements in Georgia must: A. not contain an advance fee or fixed fee B. be signed by the broker C. be in writing and have a definite expiration time D. be more than 90 days - correct answer ✅C. be in writing and have a definite expiration date

Questions and answers 2024

Who is responsible for establishing, maintaining, and providing all affiliate licensees with written policies and procedures under which they are expected to operate? A. the firm's owner B. the firm's office manager C. the firm's qualifying broker D. The Georgia Real Estate Commission - correct answer ✅C. the firm's qualifying broker Is earnest money essential to create a binding agreement? A. Yes, it is considered a portion of the sales price. B. No, earnest money is not essential to a binding contract. C. Yes, it is required to have a valid offer. D. No, providing the offer is for all cash and no financing is required. - correct answer ✅B. no, earnest money is not essential to a binding contract