Georgia Real Estate Definition Quiz

The Georgia Real Estate Commission consists of

• seven members appointed by the Governor.

• six members appointed by the Commissioner.

• nine members, seven appointed by the Governor.

• six members appointed by the Governor.

Georgia Real Estate Commission members serve terms of

• three years and may serve two terms.

• two years and may serve three terms.

• five years and serve until a replacement is named.

• four years.

The Commission is empowered to do which of the following?

• Pass rules and regulations relating to the real estate profession.

• Specify maximum compensation of brokers

• Specify items included in the agreement between the broker and affiliated licensees

• Specify how affiliated licensees are compensated

Which of the following is true regarding the salesperson 25-hour post-license course?

• If not completed within one year, the license expires and the individual must retake the pre-license course and licensing exam in order to be licensed.

• If completed within six months, the license will become inactive until the course is completed.

• If not completed within one year and licensee enrolled and paid for the course within one year, license is lapsed and licensee has an additional six months to complete.

• If not completed within license renewal period, license expires.

When a licensee fails to complete the required continuing education within the renewal period,

• the license is cancelled.

• the license will lapse.

• the license will be on inactive status.

• the license status is suspended.

Which of the following is the most accurate definition of real estate broker?

• A person who manages a real estate office

• One who buys, sells and manages real estate for clients

• A person who buys, sells, manages, or exchanges real estate on behalf of others for a fee or compensation

• A person who manages real estate on behalf of customers

If a general partnership applies for a real estate license,

• all participants in the partnership must practice real estate.

• the qualifying broker must be a real estate broker.

• the limited partners may not practice as active brokers.

• all general partners must be licensed as real estate brokers.

Christine obtained her real estate license on June 3 of this year. When will her license expire?

• On December 31 of the fourth year

• On December 31 of the third year

• On last day of her birth month, in the fourth year

• On last day of her birth month, in the third year

Broker Walter had his licensed revoked six months ago. He would like to continue to practice real estate. What must Walter do?

• Wait ten years before reapplying for licensure

• Follow the procedure for a license whose license has been expired for more than 6 months

• Wait two years before reapplying for licensure

• Walter cannot be licensed after having his license revoked.

Any licensee who violates the provisions of the real estate license law

• is subject to license suspension, revocation, censure or reprimand by the Commission.

• will automatically have his or her license disposed in court.

• must face an investigation followed by due process.

• is, in most cases, guilty of a felony.