unit 13

when and to whom is a licensee required to disclose agency relationship?

• to the client only, prior to closing

• to the client only, at the time of writing or presenting an offer

• to all parties, prior to closing

• to all parties in a timely manner but no later than when any party first makes an offer

which of the following is NOT a duty owed to a client, based on BRRETA?

• timely presentation of all offers, even if the property is subject to a contract

• disclosing material facts concerning the transaction known to the licensee

• discovering adverse material facts unknown to the licensee

• advising the client to obtain expect advise regarding material matters beyond the licensees expertise

which of the following is a protected class per Georgia fair housing law?

• age

• ancestry

• marital status

• family status

a home sold for $563,850, and the buyer obtains a loan of $507,000. what was the amount of the transfer tax?

• $563.90

• $562.85

• $507

• $506

which of the following is true regarding disclosure of material facts?

• a licensee will be held liable for unknowingly providing false information if the licensee was unaware the information was false and disclosed to the client the source of information

• a transaction broker must disclose to buyers and tenants adverse material facts known to the broker pertaining to the property and neighborhood within 1 mile of the property

• a listing agent who has no agency relationship with a buyer is not required to disclose adverse material facts regarding the property to the buyer

• a prospective buyer is not responsible to inspect the property for any adverse conditions if the buyer is represented by a licensee

which of the following statements is true regarding wills in georgia?

• wills regarding real estate can be hand written

• wills regarding real estate can be oral

• a spouses right to a years support can supersede a will

• a will must have 3 witnesses to be valid

which of the following property rights is recognized in Georgia?

• equitable right of redemption

• statutory right of redemption

• tenancy by the entirety

• community property

the georgia law governing agency relationships with clients and customers is known as

• BRETTA

• RESPA

• CERLA

• GREC

which of the following is true regarding a designated agent?

• a designated agent may share confidential information of the client with other licensees affiliated with the brokerage firm

• a designated agent may share confidential information with his/her broker

• a designated agent must share all information with all parties to the transaction

• a designated agent may not share confidential information with anyone

what right of rescission does a consumer have when entering into a contract to purchase a timeshare?

• 48 hours following the execution of a contract

• 7 days following the execution of a contract

• 3 days following the execution of a contract

• 72 hours following the execution of a contract