Which of the following persons is usually NOT an agent?

A. A broker employed by a seller.

B. A broker employed by a buyer.

C. A property manager employed by an owner to manage property.

D. An employee of a multiple listing service.

A buyer and broker entered into a buyer agency agreement. The buyer's broker cooperated with another brokerage company representing a seller. The buyer's broker would consider the seller to be the:

A. client.

B. principal.

C. customer.

D. agent. 

A licensed real estate professional acting as an agent between two or more people in negotiating the sale, rental, or purchase of a property is known as a(n):

A. salesperson.

B. broker.

C. property manager.

D. appraiser.

A builder has seven (7) houses under construction and hires a real estate agent to find buyers for two of them. The type of agency relationship established was MOST LIKELY a(n):

A. dual agency.

B. general agency.

C. special agency.

D. universal agency.

C. special agency.

note: special/limited agents represent the principal in one specific act or business transaction only

By signing a listing agreement with a seller, a real estate broker has become:

A. a special agent of the buyer.

B. a special agent of the seller.

C. a general agent of the buyer.

D. a general agent of the seller

A salesperson of broker Baird lists a seller’s condominium unit for sale. In this transaction the salesperson:

A. has a contractual relationship with the owners of the unit.

B. acts on behalf of broker Baird.

C. acts on behalf of the condominium association.

D. must personally find a buyer for the unit to obtain a share of the commission. 

Which of the following would be considered dual agency?

A. A broker acting for both the buyer and the seller in the same transaction.

B. Two brokerage companies’ cooperating with each other. C. A broker representing more than one principal.

D. A broker listing then selling the same property

A. A broker acting for both the buyer and the seller in the same transaction.

note: most brokers do not allow this. It is not allowed in most states, however it is allowed in GA.

A broker is permitted to represent both the seller and the buyer in the same transaction when:

A. the principals are not aware of such action.

B. the broker is a subagent rather than the agent of the seller.

C. commissions are collected from both parties.

D. both parties have been informed and agree to the dual representation.

D. both parties have been informed and agree to the dual representation.

note: most brokers do not allow this. It is not allowed in most states, however it is allowed in GA.

As an agent for the seller, a real estate broker can:

A. guarantee a prospective buyer that the seller will accept an offer at the listed price and terms.

B. solicit an offer to purchase the property from a prospective buyer.

C. advise a prospective buyer as to the best manner of taking title to the property.

D. change the terms of the listing contract on behalf of the seller.

Broker Smith is helping a buyer and seller fill out sales contract, but is not representing either party. Broker Smith is a(n):

A. facilitator/transaction broker.

B. designated broker.

C. traditional broker.

D. unlicensed broker

A. facilitator/transaction broker.

note: facillitator/transaction brokers are aka nonagents. They represent neither party in the transaction and performs only ministerial acts (assistant/busy work)

A property manager is hired to manage an owner’s property. The property manager is a(n): (On final)

A. general agent.

B. special agent.

C. universal agent.

D. transaction agent.

Which of the following would BEST describe a listing agreement?

A. An offer to sell the property at the listed price.

B. An employment agreement between a property owner and a real estate broker.

C. An employment agreement between a property owner and a real estate salesperson.

D. An employment agreement between a real estate broker and a listing salesperson. 

A listing contract in which the broker's commission is contingent on the broker being able to produce a buyer before the property is sold by the owner or another broker is called a(n):

A. open listing.

B. net listing.

C. exclusive right to sell listing.

D. exclusive agency listing.

 Under an exclusive agency listing, the listing broker would NOT be entitled to a commission if:

A. the listing broker sells the property herself.

B. the property is sold by another broker.

C. the property is sold through the multiple listing service. D. the seller sells the property to a neighbor across the street. 

A seller had his home listed with a broker. During the term of the listing, the seller found his own buyer and refused to pay the broker a commission. The broker sued the seller for his commission and won. What type of listing did the broker MOST LIKELY have?

A. An open listing.

B. An exclusive agency listing.

C. An exclusive right to sell listing.

D. A net listing.

C. An exclusive right to sell listing.

note: In an exclusive right to sell listing provides for the payment of a commission to the broker regardless of who finds the buyer

The type of listing agreement that provides for the payment of a commission to the broker regardless of who finds the buyer is called a(n):

A. exclusive right-to-sell listing.

B. open listing.

C. exclusive agency listing.

D. net listing. 

The Georgia Real Estate Commission PROHIBITS the acceptance by brokers of:

A. open listings.

B. net listings.

C. listings longer than a year.

D. listings less than a year.

Which of the following type of listings is illegal in many states?

A. Exclusive-right-sell.

B. Net listing.

C. Buyer agency agreement.

D. Open listing. 

A property owner lists their property for sale with a broker. During the listing negotiations, they tell the broker that they want $138,000 for the property, and anything above that amount the broker can keep as a commission. A listing with this type of provision is known as a(n):

A. gross listing.

B. net listing.

C. open listing.

D. non-exclusive listing

The type of listing agreement that provides the least protection for the listing broker is the:(on final)

A. exclusive-right-to-sell listing.

B. exclusive-agency-listing.

C. open listing.

D. net listing. 

An agent's fiduciary relationship with a principal refers to which of the following?

A. A relationship that implies a position of trust to another. B. A relationship between a broker and customer.

C. A relationship between a property manager and a tenant.

D. A relationship that does not require full allegiance to the client

A seller has listed her home with a broker for $90,000, and the broker tells a prospective buyer to submit a low offer because the seller is desperate to sell. The buyer offers $85,000 and the seller accepts it. In this situation:

A. the broker has violated his agency relationship with the seller.

B. the broker has violated the antitrust laws.

C. the broker acted properly to obtain a quick offer on the property.

D. any broker is authorized to encourage such bids for the property

 The broker signed a listing agreement with the seller. While considering an offer several weeks later, the seller asks the broker the race and color of the buyer. If the broker respectfully denied answering, has she violated her fiduciary relationship to her principal?

A. No, because race, color, creed, religion and sex are not material facts.

B. No, the fiduciary relationship did not exist when the offer was presented to the seller.

C. Yes, because the broker must follow all the seller's instructions.

D. Yes, because the agent is required to disclose all information to the principal

. When the broker was told by his principal not to advertise her property in the XYZ newspaper, which was out of the area, the broker complied because he:

A. has never advertised in the XYZ newspaper anyway.

B. must obey the lawful instructions of this principal.

C. was not intending to advertise the property at all.

D. is allowed to advertise only in local newspapers.

If the earnest money on a sales contract is deposited into the broker's personal savings account, this would be considered:

A. commingling.

B. puffing.

C. fraud.

D. embezzlement.

Which of the following would be considered a dual agency?

A. The broker acting for both the buyer and seller in the same transaction.

B. Brokers cooperating with each other.

C. The broker buying property for herself.

D. The broker listing and selling the same property.

A broker who is the agent of the buyer should do which of the following?

A. Disclose to the seller that the buyer is a minority person. B. Disclose to the seller the maximum price the buyer is willing to pay.

C. Present to the seller only offers that are at or above the listed price.

D. Advise the buyer if the listing price of the seller's home is unrealistic

A parcel of residential property is listed for sale with an agent for a period of ninety (90) days. Which of the following facts would NOT have to be disclosed to the principal by the agent during this period?

A. A new school is being built in the area.

B. A proposed new highway has been canceled.

C. The buyer is a single female.

D. The property has been rezoned to commercial.

A real estate broker acting as the agent of the seller:

A. must promote and safeguard the seller’s best interest.

B. can disclose the seller’s minimum price.

C. should present to the seller only the highest offer for the property.

D. can accept an offer on behalf of the seller.

A. must promote and safeguard the seller’s best interest.

note: this is due to fiduciary agreement

. Broker Baird listed Carr’s property for sale under an exclusive-right-to-sell agreement. Today, Tom, one of Baird’s salespeople, obtained a signed offer to purchase the property along with a certified check for 5 percent of the purchase price as earnest money. What should Tom do with the earnest money check?

A. Give it to the Carr.

B. Hold it until closing.

C. Deposit the money in his personal account.

D. Give the money to Baird for deposit in the brokerage trust account

It is the duty of an agent to disclose to the principal every material step taken in the transaction of the principal’s business. This is because the:

A. commission can be adjusted up or down according to the agent’s efforts.

B. agent has fiduciary obligations to the principal.

C. terms of the listing contract require the agent to do so. D. terms of the purchase contract require the agent to do so. 

A real estate broker’s responsibility to keep the principal informed of all of the facts that could affect a transaction is the duty of:

A. Care.

B. Disclosure.

C. Obedience.

D. Accounting.

A broker who represents a seller under an exclusive-agency listing receives two offers for the property at the same time, one from one of his salespeople and one from the salesperson of a cooperating broker. What should the broker do?

A. Submit the offer from his salesperson first.

B. Submit the offer from the other salesperson first.

C. Submit the higher offer first.

D. Submit both offers at the same time.

The principal/agent relationship is regulated by:

A. Common law only.

B. Statutory law only.

C. Both common law and statutory law.

D. Neither common law or statutory law

Before the buyer signs a buyer agency agreement a licensee must do all of the following EXCEPT:

A. require a retainer fee.

B. obtain financial information from the buyer.

C. inform the buyer of the charges or compensation for services.

D. describe specific services to be provided.

An exclusive right to sell listing is given by a landowner to a broker. Which of the following would be required of the owner?

A. To sell the property if a buyer offers the full listed price. B. To put the listing in a multiple listing service.

C. Pay the broker a commission only if the broker can prove procuring cause.

D. Pay the broker a commission upon completion of the sale of the property. 

The broker was accused of violating antitrust laws. She was probably accused of:

A. not having an equal housing opportunity sign in her office window.

B. undisclosed dual agencies.

C. allocation of customers or price fixing.

D. fraud. 

All of the following are prohibited under the antitrust laws EXCEPT:

A. competing property management companies’ agreeing to standardized management fees.

B. competing brokers’ allocating markets based on the value of homes.

C. real estate companies’ agreeing not to cooperate with a broker because of the fees that broker charges.

D. A broker’s setting a company commission schedule. 

A person who violates the provisions of the Sherman Antitrust Act may be subject to a maximum fine up to:

A. $500,000 and five years in prison.

B. $500,000 and ten years in prison.

C. $1,000,000 and five years in prison.

D. $1,000,000 and ten years in prison

In a typical agency relationship between broker and client, the broker’s commission is:

A. Set by the state’s real estate Commission.

B. Set by the local real estate board.

C. Determined by mutual agreement between the listing parties.

D. Based on local custom.

In a listing agreement, the commission rate on the sale of property is determined by:

A. the seller and buyer.

B. the lender.

C. the seller and listing broker.

D. the salesperson and listing broker

A broker's commission is usually earned when:

A. a listing agreement is signed by the seller.

B. a sales contract has been signed by a ready, willing and able buyer.

C. the transaction closes.

D. the listing agreement expires.

A purchaser would MOST LIKELY be considered a ready, willing and able buyer when:

A. the purchaser signs a sales contract.

B. the purchaser signs a listing agreement.

C. the purchaser is approved for a loan.

D. the transaction is closed

Could a broker charge a flat fee for their services?

A. Yes, provided they charge all their principals the same fee.

B. Yes, if the principals agree to the flat fee.

C. No, flat fees are prohibited under the antitrust laws.

D. No, all real estate fees must be a percentage of the sales price. 

“Fee-for-services” means:

A. offering real estate services in a piecemeal fashion.

B. allowing non-license to conduct real estate transactions. C. working only with for sale-by-owners.

D. providing consumers all the same services for a discounted price

Unless some other written agreement has been made, broker Carr will usually receive his brokerage commission when:

A. the purchaser takes possession of the property.

B. the seller lists the property with the broker.

C. the transaction is closed.

D. an offer, procured from a ready, willing and able buyer, has been accepted by the seller.

Real estate broker Baird was responsible for a chain of events that resulted in the sale of one of his client’s properties. This is referred to as:

A. pro forma.

B. procuring cause.

C. private offering.

D. proffered offer.

Each of two brokerage companies claimed full commission for the sale of a property that was listed by both of the firms under open listing agreements. The broker who is entitled to the commission is the one who:

A. listed the property.

B. advertised the property.

C. obtained the first offer.

D. first secures a buyer able to purchase at the terms of the listing

A buyer has contracted to buy a house and has been approved for a loan. If the seller decided not to sell, is the broker entitled to a commission?

A. No, the buyer was not ready, willing and able.

B. No, the sale did not close.

C. Yes, the broker procured a ready, willing and able buyer. D. Yes, all signed contracts require the payment of a commission.

A seller refused to pay a commission to the broker even though there was a valid listing agreement and the broker procured a buyer for the property. The BEST action for the broker to take is to:

A. sue the seller in court for the commission.

B. file a lien on the seller's property for the amount of the commission.

C. obtain an injunction to stop the transaction until the commission is paid.

D. collect the commission from the buyer.

All of the following are required of a broker when suing to collect a commission for brokering the sale of a property EXCEPT:

A. Having a valid real estate broker’s license.

B. Having been procuring cause in the transaction or having an exclusive-right-to-sell agreement.

C. Having had a contract of employment/an agency representation agreement.

D. Complying with a set commission rate set by a trade organization.

Which of the following is NOT a violation of the federal anti-trust laws?

A. Price-fixing.

B. Blockbusting.

C. Allocation of customers or markets.

D. Tie-in arrangements. 

B. Blockbusting

note: blockbusting: 

A listing broker learns that the property he has listed has a defective roof and termite damage. The listing broker should tell potential buyers all of the following EXCEPT:

A. The house has termite damage.

B. The roof needs repair.

C. The seller will probably take less than the listed price.

D. The buyer can have the house inspected.

Which of the following is NOT a duty of the broker to a customer/third party?

A. Honesty.

B. Disclosure of defects in the property.

C. Accuracy of statements concerning the property.

D. Loyalty to the customer.

A broker is required to disclose to a prospective buyer which of the following facts?

A. The reason the property is being sold.

B. The seller's financial condition.

C. That the house needs to be rewired.

D. That the neighbors to the north are minority group members

Which of the following properties would be considered a stigmatized property?

A. The property has been listed for 18 months.

B. The property has latent defects.

C. A suicide occurred on the property.

D. The property has standing water in the basement. 

Which of the following would most likely be considered a latent defect?

A. A faucet that is leaking.

B. A driveway that is cracked.

C. A roof that leaks during a heavy rain.

D. The paint on the house is peeling. 

C. A roof that leaks during a heavy rain.

note: latent= hidden vs patent=visible 

Upon discovering a latent defect in a property, Broker Carr should discuss the problem with the seller and then:

A. tell him that the defect must be repaired.

B. arrange for the repairs herself.

C. inform any perspective buyers of the defect.

D. contact the city building inspector about the defect.

C. inform any perspective buyers of the defect.

note: latent defects are hidden and seller would need to disclose this information, there's NO CHOICE. 

A salesperson who represents the seller is showing a house to a prospective buyer-customer. The salesperson knows that the house has water problems in its basement. Which of the following is true?

A. Withholding the information properly protects the confidence of the seller.

B. Disclosing the information could create a fiduciary relationship with the buyer.

C. Withholding the information prevents the buyer from making an informed decision.

D. Disclosing the information violates the salesperson’s fiduciary duty to the seller.

. Broker Baird, in the course of selling a home to customer Nancy, told her that the foundation was “solid as a rock” when he knew for a fact that the seller told him it was slowly sinking into the landfill on which it was built. Now that the sale is settled, which of the following is LEAST LIKELY to happen to Baird?

A. Revocation of his license for failure to disclose a material fact.

B. A successful defense against all charges based on loyalty to his client (seller).

C. Being charged with intentional misrepresentation.

D. Suit to recover money damages experienced by Nancy due to basement leakage.

B. A successful defense against all charges based on loyalty to his client (seller). 

note: the Broker not disclosing this info that he was aware of makes it easier for him to be sued.

Which of the following would be considered lawful practice in real estate brokerage?

A. Deceitful or dishonest practices.

B. Exaggerated statements about property.

C. Omitted statements of material fact.

D. Misstatements about the property. 

B. Exaggerated statements about property.

note: all other answer choices are UNLAWFUL

While showing a property, the agent comments to a buyer “this view is spectacular! I think it’s the best in the neighborhood.” This is an example of: (on final)

A. a misrepresentation.

B. puffing.

C. a ministerial act.

D. fraud. 

B. puffing.

note: puffing is an exaggerated statement in regards to marketing

A salesperson who is employed by a broker told a prospective buyer that the house she was looking at is “the best house in the area.” Because of this statement:

A. the salesperson was guilty of fraud.

B. the broker was guilty of fraud because the employing broker is responsible for the actions of the salesperson.

C. the salesperson was practicing puffing.

D. the salesperson would be guilty of fraud only if the buyer purchased the house. 

A property inspector is requesting permission to remove paneling in the basement of the seller’s house. The inspector is most likely looking for:

A. a latent defect.

B. a patent defect.

C. a curable defect.

D. an incurable defect

A. a latent defect.

note: latent=hidden the removal of paneling would enable the inspector to find a hidden defect (patent= visible)

Under the CAN-SPAM Act, opt-out requests must be handled within: (on final)

A. 10 business days.

B. 30 business days.

C. 31 business days.

D. 3 months

Which of the following will NOT automatically terminate an agency relationship?

A. Death or insanity of either the principal or listing agent. B. Destruction of the listed property.

C. Expiration of the listing agreement.

D. Rejection by the seller of an offer.

Which of the following would NOT terminate a listing agreement?

A. Bankruptcy of the listing broker or seller.

B. The listed property is sold at a foreclosure sale.

C. Death of the listing salesperson.

D. Condemnation or destruction of the listed property

A listing agreement may be terminated for any of the following reasons EXCEPT the:

A. sale of the property.

B. death of the salesperson.

C. revocation by the principal.

D. destruction of the premises

Which of the following would terminate a listing agreement?

A. The seller accepts an offer from a buyer.

B. The seller declares bankruptcy.

C. The seller rejects an offer from a buyer.

D. The salesperson that secured the listing moves out of state

A property owner signed a 90-day listing agreement with a broker. The owner was killed in an accident before the listing expired. The listing is now:

A. binding on the owner’s spouse for the remainder of the 90 days.

B. still in effect as the owner’s intention was clearly defined. C. binding only if the broker can produce offers to purchase the property.

D. terminated automatically because of the death of the principal. 

Last month a broker took a listing on a property. She now learns that her client has been declared insane by the court. Her listing is now:

A. binding as the broker was acting in good faith.

B. still valid.

C. the basis for commission if the broker produces a buyer. D. terminated.

 A real estate salesperson, classified by the IRS as an independent contractor, receives:

A. a monthly salary or hourly wage.

B. company provided health insurance.

C. company provided automobile.

D. negotiated commissions on transactions. 

A salesperson is working for a brokerage company which paid health insurance and withheld income taxes. The salesperson was MOST likely a(n):

A. employer.

B. employee.

C. independent contractor.

D. subcontractor.

 Salesperson Norman wants to be classified as a qualified real estate agent, the equivalent of holding independent contractor status. All of the following are requirements EXCEPT:

A. receiving substantially all of his income for the brokerage base on production, not time worked.

B. being free from supervision by his broker and office manager.

C. holding a current real estate license.

D. having a written agreement with his broker stating that he will not be treated as an employee for federal tax purposes. 

The amount of commission that is paid to a salesperson is determined by:

A. state law.

B. the local real estate board.

C. mutual agreement with her broker.

D. mutual agreement with the client.

If a salesperson listed and sold the same property, how much commission would be paid to the salesperson by the listing broker?

A. Half the commission. B. The full commission.

C. Twice the commission.

D. The amount mutually agreed to between the broker and salesperson in the written affiliation agreement.

A salesperson finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of land. For all of her extra efforts, she can legally receive a performance bonus from:

A. the seller.

B. the buyer.

C. no one.

D. her broker

What type of business relationship would a newly licensed salesperson MOST LIKELY have with a broker holding their license?

A. Employer/employee.

B. Independent contractor.

C. Transaction broker.

D. Subagent. 

A listing broker will usually share a real estate commission with which of the following?

A. A selling salesperson affiliated with a completing firm.

B. An unlicensed person who secured the buyer.

C. A selling brokerage company.

D. A buyer. 

 The owner of a ten-unit apartment building hired a broker to rent the units. The owner instructed the broker, if possible to rent to only women. Can the broker follow these instructions?

A. Yes, as long as the stipulation is placed in all advertisements.

B. Yes, the broker must follow the owner’s instructions.

C. No, discrimination based on sex is prohibited by the Fair Housing Act.

D. No, but the broker could discourage men by charging a higher security deposit.

Under the Federal Fair Housing Act, it is illegal to discriminate because:

A. a person has a history of dangerous behavior.

B. of a person’s marital status.

C. a person has AIDS.

D. a person has been convicted of distributing a controlled dangerous substance

The owner of an owner-occupied ten-unit apartment building refused to rent an apartment to a person because of their religion. Under the Federal Fair Housing Act, does the person have a valid complaint?

A. Yes, you can never discriminate on religion.

B. Yes, because an owner-occupied ten-unit dwelling is not exempt.

C. No, owner-occupied dwellings are considered exempt.

D. No, the Federal Fair Housing Act does not prohibit discrimination on religion. 

The owner of an owner-occupied two family residential house wanted to rent to only single white women. Would this be permissible under the Federal Fair Housing Act?

A. Yes, owner-occupied property is exempt.

B. Yes, all rental property is exempt.

C. No, discrimination based on race is always a violation of the Fair Housing Act.

D. No, discrimination based on sex is always a violation of the Fair Housing Act. 

Any aggrieved person who believes they have been discriminated against under the Federal Fair Housing Law may file a complaint with HUD within:

A. 100 days of the alleged act.

B. 180 days of the alleged act.

C. one year of the alleged act.

D. two years of the alleged act.

The agency responsible for the enforcement of the Fair Housing Act is the:

A. Department of Justice.

B. Federal Housing Administration.

C. Department of Housing and Urban Development.

D. Department of Veteran Affairs. 

 There are no exceptions to the Federal Fair Housing Act for:

A. retirement communities.

B. private clubs.

C. religious organizations.

D. racial considerations.

The owner of a single-family house, that has not been listed with an agent, refuses to rent or sell to anyone other than a member of a particular religion. Can the owner legally do this?

A. Yes, provided neither a real estate broker or discriminatory advertising is used.

B. Yes, provided the advertising is directed only at that particular religious group.

C. No, this would be a violation of the federal fair housing law.

D. No, this would be a violation of the antitrust laws. 

A practice by some lending institutions that restricts the number of loans in a certain area of a community based on the fact that the area is becoming racially integrated is illegal and called:

A. Blockbusting.

B. Steering.

C. Redlining.

D. Panic peddling. 

 Which of the following would be considered legal?

A. Charging a family with children a higher security deposit than is charged when there are no children.

B. Requiring a tenant with a disability to establish an escrow account for the costs to restore a rental property after it has been modified by the tenant.

C. Picturing only white people in a brochure as the “happy residents” in a housing development.

D. Refusing to sell a house to a person who has a history of mental illness

B. Requiring a tenant with a disability to establish an escrow account for the costs to restore a rental property after it has been modified by the tenant.

The practice of channeling families with children away from other buildings into an apartment building where other families with children reside is: (on final)

A. most practical.

B. blockbusting.

C. redlining.

D. steering. 

D. steering. 

note: stering= the illegal practice of leading home buyers to a particular area either to maintain the homogeneity of the area or change the character of the area is called:

When a salesperson tells homeowners that minorities are moving into the area in order to get those homeowners to sell their properties, this activity is:

A. called blockbusting.

B. called power selling.

C. discriminatory advertising.

D. legal as long as it is true. 

A practice whereby a broker hopes to profit by persuading owners to sell their homes by telling them that minority groups are moving into the neighborhood is called:

A. blockbusting/panic peddling.

B. steering.

C. redlining.

D. comingling.

The illegal practice of leading home buyers to a particular area either to maintain the homogeneity of the area or change the character of the area is called:

A. blockbusting/panic peddling.

B. steering.

C. redlining.

D. comingling. 

B. steering.

note: example channeling families with children away from other buildings into an apartment building where other families and children are.

The Americans with Disabilities Act would apply to which of the following properties?

A. A duplex house.

B. A rental property without a handicap ramp by the front stairs.

C. A shopping center without handicap-accessible restrooms.

D. A residential apartment without handicap parking spaces. 

C. A shopping center without handicap-accessible restrooms.

note: Americans with Disabilities Act (ADA) addresses rights of individuals with disabilities in employment and public accommodations

Broker Baird listed the Carr's property for sale under an exclusive right to sell agreement. Today, one of Baird's salespeople, Tom, obtained an offer to purchase the property along with a check for 5 percent of the purchase price as earnest money. What should Tom do with the earnest check?

A. Give it to Carr.

B. Hold it until the closing.

C. Deposit the money in his trust account.

D. Give the money to Baird for deposit in the trust account.

 A broker is permitted to represent both the seller and the buyer in the same transaction when:

A. the principals are not aware of such action.

B. the broker is a subagent rather than the agent of the seller.

C. commissions are collected from both parties.

D. both parties have been informed and agree to the dual representation in writing. 

In Georgia, which of the following brokerage engagements must be in writing?

A. Only engagements for longer than 90 days.

B. Only seller's brokerage engagements.

C. All exclusive brokerage engagements.

D. Only buyer's brokerage engagements.

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 deals only in commercial properties.

D. The property is located in a minority area and would be difficult to market

. 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.

C. telephone number.

D. logo. 

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 with written notice of his intent to purchase the property.

C. state in the offer that he is a licensed real estate salesperson.

D. state in the offer the purpose for which the property is being purchased.

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.

D. affiliation agreement. 

In order to enforce a commission claim in a Georgia court, the first thing the broker must prove is:

A. they were the procuring cause of the sale.

B. they had the authority to negotiate the sale and the seller promised to pay a commission.

C. the broker and sales associates involved in the transaction held valid real estate licenses at the time they earned the commission.

D. there was a closing and the seller actually conveyed title to the buyer.

A “ministerial act” under BRRETA could be which of the following? (High Yield Q)

A. Advising and assisting a buyer through the closing process.

B. Negotiating an offer on behalf of a buyer.

C. Searching for properties in a buyer’s stated price range in the MLS.

D. Pre-qualifying a buyer for financial capability.

C. Searching for properties in a buyer’s stated price range in the MLS.

note: ministerial acts are very basic admin duties

Under BRRETA, what is true of a brokerage engagement that does not contain a termination date?

A. It must end in 60 days.

B. It will last as long as the client agrees to continue the engagement.

C. BRRETA will automatically end it after one year.

D. It is an invalid agreement.

BRRETA requires that agents inform their clients of any pertinent facts or adverse conditions the agent knows to be true:

A. involving future investment potential in the area.

B. up to a radius of one mile from the contractual property. C. for the entire zip code.

D. only in the immediate neighborhood.

 As amended in 2000, BRRETA states that if a broker practices designated agency:

A. the broker is violating agency law.

B. the broker is, by definition, practicing dual agency.

C. the broker, nor the broker’s licenses shall be deemed to be dual agents.

D. two brokers must be involved - the listing broker and the cooperating broker.

BRRETA established what type of agency in Georgia?

A. Subagency.

B. Undisclosed dual agency.

C. Designated agency.

D. Special agency. 

A licensee shall make a written disclosure to both the buyer and seller revealing the party or parties for whom that licensee’s firm is acting as an agent and from whom the licensee’s firm will receive any valuable consideration for its efforts in the transaction. This disclosure must be made no later than:

A. 10 days after the acceptance of an offer.

B. The agreed upon closing date in the transaction.

C. The time that any party first makes an offer.

D. The time that any party is shown the property. 

In designated agency all of the following apply EXCEPT:

A. the broker could be a dual agent.

B. the same sales agent may represent both the buyer and the seller at the same time.

C. the broker can choose a sales agent in the office to represent the seller.

D. the broker may appoint a sale agent to negotiate for the buyer.