Georgia real estate exam questions and answers 100% pass

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Georgia real estate exam questions and answers 100% pass Which of the following costs is usually a credit on the estimated purchaser's cost worksheet? ✔✔Accrued interest on loan assumed. prepa... id in advance ✔✔Hazard insurance is The payment of the intangibles taxes are: ✔✔negotiable between the buyer and seller Licensees Baird and Carr decide to form a corporation for the purpose of providing real estate brokerage services. Which of the following statements is correct concerning this situation? ✔✔If neither Baird or Carr are licensed as brokers, a qualifying broker must be hired and must be named as an officer of the corporation Persons are exempt from the license requirement when they contract primarily to promote the sale of real estate through listings in a publication issued for that purpose and their compensation is only in the form of ✔✔an advertising fee. A licensee transferring to a new broker may continue to act as a licensee for the former broker with regard to transactions begun prior to the transfer. Which of the following statements is incorrect concening this situation? ✔✔The new broker agrees in writing to assume responsibility for the licensee's actions In Georgia, a person holding only a real estate license could legally do which of the following? ✔✔Complete a CMA or BPO for a seller or buyer. The Georgia Real Estate Commission is authorized to ✔✔appoint the Real Estate Commissioner He or she is a part-time employee of the Commission. ✔✔Which of the following is NOT true about the Real Estate Commissioner? The Georgia Real Estate Commission is NOT authorized to: ✔✔set real estate commission rates charged by licensed brokers. The Georgia Real Estate Commission is composed of ✔✔Six members each of whom is appointed by the governor and confirmed by the senate for a term of five years. When showing a buyer residential properties, a licensee could take into consideration the buyer's ✔✔marital status. To insure that a minimum balance of $1 million is maintained in the real estate education, research, and recovery fund the Commission, in addition to the license fees, may assess each licensee an amount not to exceed: ✔✔$30 per year, to be paid upon renewal of license The liability of the Education, Research and Recovery Fund is terminated upon the issuance of court orders authorizing payments in what amount in any single transaction, regardless of the number of people aggrieved? ✔✔$25,000 A buyer sued a real estate salesperson for fraud in a real estate transaction and received a judgment in the amount of $15,000. The salesperson owns a cabin in Gcorgia valued at $10,000, free and clear. For the buyer to file a claim against the Real Estate Education, Research, and Recovery Fund he must ✔✔have the property levied upon, sold, and file a claim against the Real Estate Education Research, and Recovery Fund for the balance remaining to satisfy the judgment The liability of the Real Estate Education, Research, and Recovery Fund for the acts of a licensee is terminated upon the payments from the fund in aggregate amounts of ✔✔$75,000 If a Georgia real estate broker is required to maintain a trust account or escrow account, they must provide the Commission with: ✔✔both the name of the bank and the number or name of the account within one month of opening the account. In advertising a specific property or properties for sale or rent, all real estate forms must include in the advertisement: ✔✔the name of the firm that is registered with the Commission and a telephone number for the firm. In Georgia, if a broker's license is revoked, what is the status of the affiliated sales associates licenses? ✔✔They are forwarded to the Commission and the licensees shall then transfer the license to another broker or apply to place the license on inactive status within one month of the Commission receiving it. A licensee must notify the Commission in writing of a change of address, of the opening or closing of a designated trust account or transferring to a new company within: ✔✔30 days Whenever a licensee offers to purchase a property as a condition to oblaining a brokerage engagement to sell or on which the licensee is extending the expiration date of an existing engagement, the licensee must: ✔✔enter into a written contract to purchase which [Show More]

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