General Principles Quiz Attempt #3

General Principles Quiz Attempt #3

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*General Principles Quiz #4*
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*Brokers Duties and Obligations in Georgia*

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Question 1 of 20

1. Question
Commissions earned by brokers in a real estate sales transaction are NOT:
- based on a schedule of commission rates set by the Georgia Real Estate Commission
- are determined by agreement of the brokers and their principal
- deducted from the earnest money deposit and claimed by the broker as soon as the buyer and seller execute the purchase and sale agreement.
- All of the above
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Question 2 of 20

2. Question
Georgia law states that a written disclosure of an agency relationship has to occur:
- 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
None of the following states a company’s agency relationships EXCEPT:
- The rules and regulations of the Georgia Real Estate Commission
- Georgia's BRRETA
- The Georgia license law
- The company's policy manual
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Question 4 of 20

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

5. Question
A salesperson can prequalify a buyer without entering into an agency relationship:
- Yes, as long as the salesperson gives a reasonable offer
- No, because that requires gaining confidential information
- Yes, because it is allowed by the firm
- none of the above
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Question 6 of 20

6. Question
A buyer brokerage agreement, in Georgia, may be canceled by:
- 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
- Either party with written notice at any time
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Question 7 of 20

7. Question
What is needed to create an agency relationship?
- Principal
- Agent
- Mutual consent for an agent to act on behalf of the principal
- Agent act on behalf of Principal
- All of the above
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Question 8 of 20

8. Question
Under BRRETA if the agreement has no termination date:
- It is invalid after 1 year
- No longer a valid agreement
- After 120 days it is invalid
- Indefinite
Correct

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Question 9 of 20

9. Question
Which contract ensures that the buyer receives assistance in purchasing property?
- New Construction
- Purchase and Sale Agreement
- Buyer Agency Contract
- Listing Contract
- None of the above
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Question 10 of 20

10. Question
Which scenario best describes dual agency?
- One broker signing contracts with multiple sellers
- A partnership between brokerage companies
- One broker acting on behalf of a landlord and tenant in one transaction
- A broker both listing and selling a property
- None of the above
Correct

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Question 11 of 20

11. Question
When acting as an agent for the seller, a real estate broker can:
- provide advice to the prospective buyer
- guarantee the seller will accept the offer
- solicit an offer to purchase the property from a prospective buyer
- make a decision for the seller or change the listing contract
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Question 12 of 20

12. Question
A customer
- is a person who holds a legal and ethical position of confidence and owes trust and loyalty to another
- is a principal in a real estate transaction
- is a third party consumer that is not represented by an agent but is still deserving of a particular level of service, fairness, and honesty.
- is authorized to act on behalf of the principal for a broad range of business matters
- is a real estate licensee that works with the buyer and seller in a transaction but does not represent either party or their interests
Correct

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Question 13 of 20

13. Question
A client:
- is authorized to act on behalf of the principal for a broad range of business matters
- is an individual who is authorized to represent the interest of a buyer or seller in a transaction
- is a principal in a real estate transaction
- is a real estate licensee that works with the buyer and seller in a transaction but does not represent either party or their interests
- is a person who holds a legal and ethical position of confidence and owes trust and loyalty to another
Correct

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Question 14 of 20

14. 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?
- Client
- Principal
- Agent
- Customer
- Universal Agent
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Question 15 of 20

15. Question
Which of the following is true about how a salesperson licensee performs their duties?
- As a special agent for the seller.
- As a general agent for his/her broker.
- On behalf of himself/herself.
- On behalf of the buyer.
Correct

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Question 16 of 20

16. Question
When a salesperson is a independent contractor:
- controls his/her own working hours.
- is responsible to his/her broker as to how the work is performed.
- listings belong to him/her.
- broker must withhold income tax from commission checks.
Correct

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Question 17 of 20

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

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Question 18 of 20

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

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Question 19 of 20

19. Question
Upon representing a buyer in a house search, what additional services is a real estate sales person allowed to offer?
- Recommending several sources for mortgage loans.
- Advising the buyer not to order a home inspection.
- Accepting cash as gratuity from the buyer
- All of the above
Correct

Incorrect
Question 20 of 20

20. Question
What duties may a broker NOT perform prior to closing?
- conduct any title searches that might be required
- deliver documents and escrow monies to the appropriate attorney
- coordinate inspections
- All of the above
Correct

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