Unit 5 Quiz Attempt #2

Question 1 of 30

1. Question

Why should a licensee double check what they send in emails/texts?

they could be sending sensitive information to the wrong person
documents sent without the client’s signature will still be deemed signed
all of the answers are correct
none of the above

Question 2 of 30

2. Question

You should never ________ when posting online.

No answer is correct
obtain the client’s permission
get the post reviewed for risks
make posts that show them in a negative light

Question 3 of 30

3. Question

What is a cease-and-desist order?

an order requiring you to stop running the deceptive ad or engaging in deceptive practices
an order to take educational classes
an order to refund all money back to consumers for a deceptive product
a fine

Question 4 of 30

4. Question

In the real estate market, deceptive advertisement does not include:

advertising new appliances, but the appliances were only repaired not replaced
listing total square footage as living area
Advertising waterfront property when there is a small man-made pond in the front yard
None of the above

Question 5 of 30

5. Question

Why does the FTC pay close attention to ads that involve health/safety and evaluation issues?

These ads have claims that can be reasonably evaluated by the consumer
these ads as reasonable consumers would likely have trouble evaluating them for themselves.
These ads have higher risks than benefit for their consumers
these ads omit statements that would change a consumer’s decision on whether to buy the product or not

Question 6 of 30

6. Question

Which statement defines an unfair ad?

an ad that contains or omits statements that will likely mislead reasonable consumers.
an ad that will cause or is likely to cause substantial, unavoidable consumer injury.
An ad that cannot be backed up by proof
an ad that contains statements that consumers cannot understand

Question 7 of 30

7. Question

Which statement defines a deceptive ad?

an ad that contains or omits statements that will likely mislead reasonable consumers.
An ad that cannot be backed up by proof
an ad that will cause or is likely to cause substantial, unavoidable consumer injury.
an ad that contains statements that consumers cannot understand

Question 8 of 30

8. Question

What did the Federal Trade Commission Act want to encourage?

Truthful ads
non-deceptive ads
Fair advertising
All of the above

Question 9 of 30

9. Question

How can you avoid a privacy or security breach?

Post the sellers phone number
publish this request: “Please avoid afternoons, as this is the children’s naptime,
Not posting photos with valuables in the photos
Posting a photo with the seller in it

Question 10 of 30

10. Question

What is the Do Not Call Implementation Act of 2003?

an act enacted to protect consumers from misleading or fraudulent advertising techniques
an act making it illegal to make a phone solicitation to any household that has listed its number in the Federal Trade Commission's Do Not Call Registry
an act that protects consumers from being bombarded with unwanted email solicitations.
an act that makes it unlawful to send an unsolicited commercial message via fax unless the sender has permission from the recipient or if both parties have an established business relationship

Question 11 of 30

11. Question

A licensed salesperson may work only for

a client who has signed a listing agreement with a licensed broker
a single employing broker who has a n active broker's license
a client who has signed an authorization agreement with a licensed salesperson
an employer who has an active or inactive broker's license

Question 12 of 30

12. Question

Who pays a salesperson when a transaction involved a listing agent, a selling agent, and several subagents

The listing agent
The selling agent
The seller
The employing broker

Question 13 of 30

13. Question

What is the name of the party that is licensed to sell, purchase, or lease real property on behalf of others?

The Real Estate Broker
The Investor
The Real Estate Licensee
The Seller

Question 14 of 30

14. Question

A real estate salesperson decides to sell his own property without using a broker _________.

If he/she decides to sell his own property without using a broker.
must disclose their license status if acting as a private citizen
can place an earnest money deposit in a personal bank account
is required to obtain permission from the Commission

Question 15 of 30

15. Question

A sales contract is signed on August 1. Closing takes place on September 10, and the security deed is recorded on October 15. The borrower’s first payment is due on November 30. When is the soonest that the broker might receive a commission check?

August 1
September 10
October 15
Novemeber 30

Question 16 of 30

16. Question

_________ does not require a real estate license.

Selling a property from an auction sale
Selling a mobile home not attached to the land
Listing a property a friend is selling
Listing a property for a firm

Question 17 of 30

17. Question

When handling more than $60,000 or managing any form of community association, Georgia state law requires what type of insurance?

Trust Fund Insurance
Comprehensive Insurance
Property Damage Liability
Fidelity Insurance

Question 18 of 30

18. Question

Compensation for a salesperson from someone other than the broker, with whom the salesperson is affiliated, may only be accepted if:

The compensation is a bonus voluntarily paid by a grateful client.
The salesperson is paid directly by a buyer who was a client
The compensation comes from a cooperating broker with whom the salesperson shared a transaction
The compensation comes from a former employing broker as a commission earned on a contract negotiated before the change of employment.

Question 19 of 30

19. Question

The Can-Spam Act was developed to regulate:

solicited facsimile messages.
unsolicited text messages
unsolicited email messages.
solicited email messages.

Question 20 of 30

20. Question

A homeowner received estimates that ranged between $35,000 and $40,000 for repairing damage caused by water leaking into the basement. The owner couldn’t afford the repairs, so he constructed a false floor over the entire basement to conceal the damage. When he listed the house, he did not disclose the leak or the damage to the basement on the property disclosure form. The basement damage is an example of a:

patent defect, and the listing brokerage firm is not liable for not discovering the false floor over the damage
latent defect, and the listing brokerage firm is not liable for not discovering the false floor over the damage
patent defect, and the listing brokerage firm may be liable for not discovering the false floor over the damage
latent defect, and the listing brokerage firm may be liable for not discovering the false floor over the damage

Question 21 of 30

21. Question

A real estate brokerage receives a written request from the seller informing them to not contact the seller once the sale of their home is complete. Which of the following actions may a broker do:

still contact the seller once the sale of their home is complete
decline their request with a written statement
do not contact the seller
All the answers are true

Question 22 of 30

22. Question

The federal do-not-call registration allows real estate agents to call the consumer up to:

18 months after the consumers actions with the agent
20 months after a consumer's last transactions
3 months after the last buy, delivery, or paying something
a year since the consumer's last purchase, delivery, or payment

Question 23 of 30

23. Question

A buyer’s broker whose commission is shared via the MLS with the commission paid by the _________ in a real estate purchase, remains the agent of the buyer.

seller to the listing broker
buyer to the listing broker
seller alone
buyer alone

Question 24 of 30

24. Question

In most real estate brokerage firms, a real estate salesperson may expect to work a long time, so the seller would welcome any offer on the home. The buyer makes an offer at a price right at what he expected. Has the agent violated any duties to the seller?

Yes, the agent has violated his fiduciary duty by disclosing a fact that could benefit the buyer.
No, because the agent has served the seller's interest by producing a ready, willing, and able buyer.
Yes, the agent has violated his fiduciary duty by disclosing a fact that could benefit the buyer.
No, because the agent has served the seller's interest by producing a ready, willing, and able buyer.

Question 25 of 30

25. Question

A salesperson has been trying for week to list a spectacular house for sale. The homeowners tell the salesperson that a competing company will charge a commission rate that is 5% lower than the commission rate charged by the salesperson’s brokerage firm. In order to get the listing, the salesperson should not tell the owner that:

most brokers in the area change their standard rate of commission
the competing firm cannot provide good services because it charges less commission
salesperson in the area wil not show the competing firm's listings because of its lower commssion rates
all of the above

Question 26 of 30

26. Question

If the license of a broker, who is the sole-proprietor, is suspended for two years, what happens to the license of those affiliated with the broker?

The affiliates are not affected by the suspension
The Georgia Real Estate Commission will need the affiliates' licenses returned
Subjected to a reinstatement after one year, the affiliates' licenses will be revoked
For a two-year period the affiliates' licenses will be suspended

Question 27 of 30

27. 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
Based on a schedule of commission rates set by the Georgia Real Estate Commission & Deducted from the earnest money deposit and claimed by the broker as soon as the buyer and seller execute the purchase and sale agreement.

Question 28 of 30

28. Question

What must a qualifying broker in Georgia do?

hire at least 3 agents
be named an officer of the corporation
hold a majority share in the corporation's stock
have at most 5 investors

Question 29 of 30

29. Question

Which method will save the most money when advertising a property to tenants?

referrals from tenants
advertising the property in a local newspaper
working with local brokers
an advertisement campaign

Question 30 of 30

30. Question

Real estate professionals may have a legal obligation to comply with the ADA because they

Often have clients with disabilities
Frequently own their own homes
May be employers
May need to require reasonable accommodation in a home they have listed