Brokerage Relationships; Other GA Specific Laws

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

• Discovering adverse material facts unknown to the licensee

• Disclosing material facts concerning the transaction known to the licensee matters beyond the licensee’s expertise

• Advising the client to obtain expert advice regarding material matters

Which of the following is NOT a legally recognized form of agency in Georgia?

• Designated agency

• Single agency

• Buyer agency

• Undisclosed dual agency

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

• Age

• Ancestry

• Marital status

• Family status

Which of the following duties is owed by a licensee to all parties to the transaction?

• Confidentiality

• Disclosure of material facts

• Loyalty

• Obedience

A home sold for $563,850, and the buyers obtained a loan of $507,000. What was the amount of the transfer tax?

• $563.85

• $563.95

• $507.00

• $506.00

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 to buyers within one 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.

A broker engaged by the seller must present all offers to and from the seller:

• within 24 hours.

• immediately upon receipt.

• in a timely manner.

• within 48 hours.

Which of the following statements is true regarding wills in Georgia?

• Wills regarding real estate can be hand-written.

• Wills regarding real estate can supersede a will.

• A spouse's right to a year's support can supersede a will.

• A will must have three 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