General Principles Quiz Attempt #4

General Principles Quiz Attempt #4

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*Brokers Duties and Obligations in Georgia*

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Question 1 of 20

1. Question
Brokers and their principal determine:
- the earnest money deposit and claimed by the broker as soon as the buyer and seller execute the purchase and sale agreement.
- schedule of commission rates set by the Georgia Real Estate Commission
- Commissions earned by brokers in a real estate sales transaction;
- The date of sale between buyer and seller
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Question 2 of 20

2. Question
At what point must a written disclosure be made of an agency relationship in Georgia?
- 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
A normal contingency, which has to be met in a real estate contract includes that the:
- Purchaser is able to obtain a satisfactory home inspection from a qualified inspector
- Seller is allowed to make an innocent misrepresentation
- Seller is allowed to dig up the landscaping and take it with him
- Purchaser is able to have occupancy as soon as the sales contract is signed
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Question 4 of 20

4. Question
Describe an agency relationship?
- Fiduciary Relationship
- Agreement to purchase land
- Principal acts on behalf of the agent
- Agents act as a broker to finalize a purchase
- Principal receives payments of commission from agency
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Question 5 of 20

5. Question
If an agency does not contain a termination date then under BRRETA:
- Terminated after 1-year
- Invalid immediately
- After 120 days it is invalid
- Lasts indefinitely
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Question 6 of 20

6. Question
Which of the following describes a buyer agency contract?
- Contract that assist agencies into obtaining high commissions
- Contract that only assists buyers in obtaining information of property using agency
- Contract that helps buyers buy property
- Contract that helps seller only sell their property
- All of the above
Correct

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Question 7 of 20

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

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Question 8 of 20

8. Question
__________ is used when a broker represents someone outside of an agency.
- Universal agent
- Agent
- Principal
- Customer
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Question 9 of 20

9. Question
None of the following states a company’s agency relationships EXCEPT:
- The rules and regulations of the Georgia Real Estate Commision
- Georgia's BRRETA
- The Georgia license law
- The company's policy manual
Correct

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Question 10 of 20

10. Question
In Georgia, a buyer brokerage agreement may be canceled by:
- 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
- Either party with at least 30 days written notice
Correct

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Question 11 of 20

11. Question
Which of the following would be considered dual agency?
- A broker's representing more than one seller.
- Two brokerage companies cooperating with each other.
- A broker's acting for both the landlord and tenant in the same transaction
- A broker's listing and then selling the same property
Correct

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Question 12 of 20

12. Question
Commission:
- Is agreed upon and defined through contract once an agreement between broker and principal has been made.
- Is set at a market rate.
- Is determined by the GA Real Estate Commission
- Can be paid in cash
Correct

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Question 13 of 20

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

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Question 14 of 20

14. Question
When a salesperson is acting as an independent contractor which of the following is true?
- 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.
- controls his/her own working hours.
Correct

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Question 15 of 20

15. Question
Which is a characteristic of an exclusive right to sell listing?
- 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.
- 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.
Correct

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Question 16 of 20

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

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Question 17 of 20

17. Question
What additional services may a real estate sales person offer to a prospective home buyer that they are representing?
- Recommending several sources for mortgage loans.
- Accepting cash as gratuity from the buyer
- Accepting a bonus from the listing salesperson.
- None of the above
Correct

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Question 18 of 20

18. Question
Before closing, what duties should a broker follow?
- deliver documents and escrow monies to the appropriate attorney
- conduct any title searches that might be required
- coordinate inspections
- All of the above
Correct

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Question 19 of 20

19. Question
In Georgia, when is a written disclosure of an agency relationship necessary?
- At the first meeting
- When the transaction is complete
- At the time the offer is made
- Anytime before closing
Correct

Incorrect
Question 20 of 20

20. Question
A broker’s commission from a transaction:
- Is set at a market rate.
- Is determined by the GA Real Estate Commission
- Can be paid in cash
- Is agreed upon and defined through contract once an agreement between broker and principal has been made.
Correct

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