A broker was found guilty of commingling. The real estate Commission shall have the power to: 

A. impose a fine not to exceed $1,000.

B. impose a fine not to exceed $5,000.

C. imprison the licensee up to one year.

D. imprison the licensee up to five years

“For Sale” signs must be moved from the property no later than: 

A. the day of the expiration of the listing.

B. ten days after the expiration of the listing.

C. thirty days after the expiration of the listing.

D. a reasonable time after the expiration of the listing. 

The real estate licensee does a competitive market analysis for a seller to recommend a listing price for the real estate. Upon completion of the estimate, the agent meets with the prospective seller and refers to the estimate as an appraisal and suggests the property be listed at the appraised value. In this situation, was the licensee's actions correct? 

A. Yes, a market analysis should be given to the seller before listing the property.

B. Yes, the appraisal will help the seller know the value of the property.

C. No, the licensee should not have referred to the estimate as an appraisal.

D. No, licensees cannot give opinions regarding the pricing of property

A real estate licensee pays a $50 referral fee to an unlicensed person for securing potential buyers. Is this action permissible under the license law? 

A. Yes, referral fees can be paid by real estate licensees to unlicensed persons.

B. No, this action is a violation of the license law.

C. Yes, provided the fee does not exceed $25.

D. No, licensees cannot pay referral fees.

Licensees must keep true and correct copies of all sales contracts, closing statements and other documents related to real estate closings for a period of:

A. three years.

B. three years and up to five years at the request of the Commission.

C. five years.

D. five years and up to 10 years at the request of the Commission. 

An applicant for a salesperson's license in Georgia must: 

A. have attained the age of 21 years.

B. furnish evidence of completion of 60 hours of instruction in a course approved by the Commission.

C. be a citizen of the United States.

D. be a high school graduate or the holder of a certificate of equivalency

What is the maximum period of time a licensee can put their license on inactive status? 

A. Two years. '

B. Three years.

C. Four years.

D. Indefinitely, as long as renewal fees are paid.

Upon being issued an original salesperson's license, each salesperson shall be required to furnish to the Commission, within one year of the issuance of a license, evidence of satisfactory completion of a course of study approved by the Commission. Which of the following courses would meet this requirement? 

A. A 6-hour course.

B. A 12-hour course.

C. A 24-hour course.

D. A 30-hour course. 

In order to qualify for a broker or associate broker’s license, an applicant must:

A. be a U.S. citizen.

B. be a resident of the State of Georgia.

C. have attained the age of 21 years and have served actively for two years as a licensee.

D. have attained the age of 21 years and have served actively for at least three years of the five years immediately preceding application.

In order to qualify for a Community Association Manager’s license, an applicant must complete an approved course of study of at least: 

A. 25 hours.

B. 60 hours.

C. 75 hours.

D. 90 hours

Can a broker deposit earnest money and security deposits into an interest bearing trust account?

A. No, the law requires that it be deposited into a non-interest bearing trust account.

B. No, earnest money must be held by the seller or builder. C. Yes, providing the broker notifies the Georgia Real Estate Commission of the location and name of the account.

D. Yes, providing all parties to each transaction specifically agree in writing who is to receive any interest earned prior to depositing the funds

When a salesperson or associate broker requests that a release form be signed, the releasing broker shall sign the release:

A. immediately.

B. within 10 days of the request.

C. within 14 days of the request.

D. within 30 days of the request.

Which of the following must a licensee ALWAYS do when advertising their own property for sale? 

A. Notify the Georgia Real Estate Commission of the specific property to be advertised.

B. Include the legend "Seller holds a real estate license".

C. Advertise in the name of a broker.

D. Have a broker's written consent to advertise the property

After an offer is accepted the buyer's $5,000 earnest money check is deposited into the broker's designated trust account. The buyer needs $250 of the deposited funds to pay for the termite inspection. Can the broker pay for the termite inspection from the deposited funds? 

A. No, the trust funds can only be applied towards the purchase price.

B. No, funds in a designated trust account can only be disbursed at closing.

C. Yes, upon securing a written agreement signed by the buyer.

D. Yes, upon securing a written agreement signed by all parties having an interest in the trust funds

Exclusive listing contracts in Georgia are required to have: A. earnest money.

B. a definite expiration date.

C. a safety clause.

D. an advertising provision

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 a aggregate amount of: 

A. $5,000

B. $15,000

C. $75,000

D. $1,000,000

The Real Estate Education, Research, and Recovery Fund has paid an aggregate amount of $75,000 on behalf of a licensee. Would the fund be liable for future acts of that licensee?

A. Yes, after a 3-year period.

B. Yes, after a 5-year period.

C. No, the liability of the fund is terminated after $75,000 has been paid.

D. No, unless the licensee pays the money back to the fund

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:  A. $100 per year, to be paid each year.

B. $100 per year, to be paid upon renewal of license.

C. $30 per year, to be paid each year.

D. $30 per year, to be paid upon renewal of license.

Any licensee who has exhausted all administrative remedies available within the license law, and who is aggrieved by a final decision in a contested case is entitled to:

A. a refund of the unused portion of their fees.

B. a judicial review in accordance with the Georgia Administrative Procedures Act.

C. a hearing before the Georgia Real Estate Commission.

D. appeal the case to the Real Estate Commissioner.

In the investigation and hearing process which of the following would BEST describe the sequence of events? 

A. Investigation – Hearing – Complaint – Final Decision.

B. Complaint – Investigation – Hearing – Final Decision.

C. Hearing – Final Decision – Proposed Decision – Complaint.

D. Complaint – Investigation – Findings of Fact – Hearing.

Before the Commission shall censure a licensee or before revoking or suspending a license, it shall: 

A. impose a fine not to exceed $5,000.

B. refund any fees paid by the licensee.

C. submit a report to the Attorney General.

D. provide for a hearing for the license holder.

A salesperson presents two offers to the seller. It would be legal for the salesperson to discriminate between the offerors on the basis of:

  A. financial status.

B. national origin.

C. religion.

D. sex. 

All members of the Georgia Real Estate Commission:

A. must place their license on inactive status while serving. B. must have been actively licensed for at least five years. C. are appointed for a term of five years.

D. must have been residents of Georgia at least three years. 

The Georgia Real Estate Commission is composed of:

A. Six members each of whom is appointed by the secretary of state, with the governor, and confirmed by the senate for a term of four years.

B. Five members each of whom is appointed by the governor and confirmed by the senate for a term of six years.

C. Six members each of whom is appointed by the governor and confirmed by the senate for a term of five years.

D. Five members each of whom is appointed by the secretary of state and confirmed by the governor for a term of six years.

In Georgia any person acting as a real estate licensee without a license shall be guilty of: 

A. a misdemeanor.

B. a felony.

C. misrepresentation.

D. fraud.