Georgia Rules and Regulations

A broker must conduct their business under what name?

• the name as registered with the secretary of state

• the name shown on the birth certificate

• the name shown on the certificate of trade name

• the name on the license as issued by the commission

Which of the following must be included when a firm is advertising a specific property?

• the name of the firm, the name of the qualifying broker, and the firm's telephone number in equal or greater prominence than that of the salesperson

• the name of the firm, the name of the salesperson, and the salesperson's telephone number in equal or greater prominence than that of any salesperson

• the name of the firm, the firm's telephone number, and the firm's mailing address in equal or greater prominence than that of any salesperson

• the name of the firm and the firm's telephone number in equal or greater prominence than that of any salesperson

If a licensee is instructed by a seller client not to present any offers below $150,000 and an offer for $135,000 for the property is presented from another firm, what is the best course of action for the licensee?

• follow the instructions of the client and reject the offer

• disregard the seller's instructions and present the offer

• tell the other company to go back to their buyer and get an offer for $150,000 or greater

• tell the other firm that you do not have the authority to reject the offer but that you cannot present the offer either

A brokerage engagement

• must be in writing and witnessed.

• is between a broker and a client.

• is between a broker and a customer.

• can be verbal or in writing.

A buyer contacts a real estate office and indicates an interest in purchasing a nearby home. Without entering into an agency relationship with the buyer, a salesperson from the real estate office can do all of the following EXCEPT

• inform the buyer of the brokerage firm's agency policies.

• provide the buyer with information on properties for sale in the area.

• prequalify the buyer for a mortgage.

• give the buyer maps showing local schools, hospitals, and shopping centers.

A buyer's broker is showing a house that is for sale by owner. The owner has agreed to the showing and is willing to pay a commission if a sale results from the showing. This means that the broker

• is acting as a dual agent.

• is acting as a subagent of the seller.

• has no agency relationship with the seller even though the seller will pay a commission.

• is acting as the listing agent.

Routine real estate services that do NOT require a licensee’s professional judgment or skill are referred to as

• transactional brokerage acts.

• material acts.

• ministerial acts.

• routine brokerage acts.

Commissions earned by brokers in a real estate sales transaction

• may be deducted from the earnest money deposit and claimed by the broker as soon as the buyer and seller execute the purchase and sale agreement.

• are based on a schedule of commission rates set by the Georgia Real Estate Commission.

• may be shared with an unlicensed person, provided that such person aided the broker in bringing the buyer and seller together.

• are determined by agreement of the brokers and their principal.

In Georgia, a license is required for all of the following EXCEPT

• community association managers.

• home inspectors.

• real estate appraisers.

• instructors for approved prelicense classes.

In Georgia, when a sales contract fails to close and the parties to the contract cannot agree on how the earnest money should be disbursed, the broker holding the money can do any of the following EXCEPT

• keep the money as commission earned.

• comply with a court order determining how the money should be disbursed.

• disburse the money on the basis of a "reasonable interpretation" of the contract.

• enter an interpleader action in court.