General Principles Quiz Attempt #2

General Principles Quiz Attempt #2

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*General Principles Quiz #3*
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*Brokers Obligations in Georgia*

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Question 1 of 20

1. Question
Commissions that are earned by brokers in any real estate sales transaction is determined by
- the state
- the closing attorney
- the brokers/principal of the firm for whom they work
- the seller in the agreement
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Question 2 of 20

2. Question
In Georgia, a written agency relationship is made:
- at the first meeting
- when the transaction is complete
- anytime before closing
- at the time the offer is made
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Question 3 of 20

3. Question
Which of the following provides information on the types of agency relationships that a company offers?
- The Georgia license law
- The rules and regulations of the Georgia Real Estate Commission
- The company's policy manual
- Georgia's BRRETA
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Question 4 of 20

4. Question
In a sales contract, a normal contingency would be that the:
- Purchaser is able to obtain a satisfactory home inspection from a qualified inspector
- Purchaser is able to have occupancy as soon as the sales contract is signed
- Seller is allowed to make an innocent misrepresentation
- Seller is allowed to dig up the landscaping and take it with him
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Question 5 of 20

5. Question
Until entering into an agency relationship a salesperson cannot:
- Present maps locating nearby schools and hospitals
- state the firm's agency policies
- brief a buyer with information about nearby properties
- Prequalify a buyer for a mortgage
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Question 6 of 20

6. Question
A buyer brokerage agreement may be canceled by __________ in Georgia.
- Either party with written notice at any time
- Either party with at least 30 days written notice
- The broker if having given 30 days' notice in writing
- The seller if having given 30 days' notice in writing
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Question 7 of 20

7. Question
What can not establish an agency relationship?
- A listing agreement
- Options Agreement
- Payment of commissions or money
- None of the above
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Question 8 of 20

8. Question
Describe a buyer agency contract?
- Contract that helps a seller find the best price for property
- Contract that only creates an agency relationship
- Contract that only assists the seller
- Contract that assists the buyer in finding the most suitable property for them
- None of the above
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Question 9 of 20

9. Question
Which of the following can be classified as dual agency?
- Multiple sellers hiring the same broker
- Two brokerage companies partnering
- One broker representing a landlord and tenant in one transaction
- A property is listed and sold by one broker
- None of the above
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Question 10 of 20

10. Question
A real estate broker acting as an agent for the seller CANNOT
- provide advice to the prospective buyer
- guarantee the seller will accept an offer
- solicit an offer to purchase the property from a prospective buyer
- All of the above
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Question 11 of 20

11. Question
A third party consumer that is not represented by an agent is still deserving of a particular level of service, fairness, and honestly is known as?
- Agent
- Customer
- Principal
- Universal Agent
- Client
Correct

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Question 12 of 20

12. Question
___________ is a principal in a real estate transaction.
- Customer
- Principal
- Client
- Agent
- Universal agent
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Question 13 of 20

13. Question
Under BRRETA, if an agency agreement does not contain a termination date, the engagement will terminate after:
- 6 months
- 9 months
- 12 months
- None of the above
Correct

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Question 14 of 20

14. Question
A salesperson performs their licensee duties:
- As a general agent for his/her broker.
- On behalf of himself/herself.
- As a special agent for the seller.
- On behalf of the buyer.
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Question 15 of 20

15. Question
A salesperson acting as an independent contractor:
- broker must withhold income tax from commission checks.
- listings belong to him/her.
- controls his/her own working hours.
- is responsible to his/her broker as to how the work is performed.
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Question 16 of 20

16. Question
The exclusive right to sell listing:
- The seller may sell the property without being obligated to pay a broker’s commission.
- It may allow more than one broker to share a commission paid by the seller.
- The broker may sign a contract of sale on behalf of the seller.
- The seller must sell to a ready, willing and able buyer found by the broker.
Correct

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Question 17 of 20

17. Question
Define a listing contract:
- It is a list of all of the salable features in a property that is to be placed on the market.
- Its language is designed to serve as a guide for a closing attorney when a sale is completed.
- It authorizes a licensee to accept or reject an offer.
- It serves as an employment agreement between a broker and a seller.
Correct

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Question 18 of 20

18. Question
What additional services might a real estate salesperson while representing a buyer in a search for a new home?
- Advising the buyer not to order a home inspection.
- Recommending several sources for mortgage loans.
- Accepting a gratuity from the lender chosen by the buyer.
- None of the above
Correct

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Question 19 of 20

19. Question
What duties may a broker fulfill before closing?
- conduct any title searches that might be required
- deliver documents and escrow monies to the appropriate attorney
- coordinate inspections
- All of the above
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Question 20 of 20

20. Question
What is true regarding commissions earned by brokers in a real estate transaction?
- Are determined by agreement of the brokers and their principal.
- May be shared with an unlicensed person, provided that such person aided the broker in bringing the buyer and seller together.
- 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.
Correct

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