Business Management /Real Estate Notes Georgia Exam Prep: State Laws and Rules Part 1
Real Estate Notes Georgia Exam Prep: State Laws and Rules Part 1
This deck covers key concepts and regulations related to real estate licensing and practices in Georgia, including broker requirements, legal agreements, and the role of the Georgia Real Estate Commission.
How old must a broker be in Georgia?
At least 21
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Key Terms
Term
Definition
How old must a broker be in Georgia?
At least 21
Who or which entity has the authority to bring injunctive action against a real estate licensee on the behalf of the commission?
The Georgia attorney general
What legal agreement is required when a licensee guarantees the sale of a property?
A purchase agreement written at the same time as the listing agreement
Which of the following is a requirement to obtain a Georgia broker’s license?
An applicant for a broker’s license will need to complete an additional 60 hours of broker-specific coursework, plus 15 quarter hours or nine semester...
What must Georgia’s governor do in order to remove a commission member from GREC?
Give notice and a hearing opportunity to the member.
Susan is a real estate salesperson in Americus. How does Georgia license law define her status?
One who holds a salesperson’s license
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| Term | Definition |
|---|---|
How old must a broker be in Georgia? | At least 21 |
Who or which entity has the authority to bring injunctive action against a real estate licensee on the behalf of the commission? | The Georgia attorney general |
What legal agreement is required when a licensee guarantees the sale of a property? | A purchase agreement written at the same time as the listing agreement |
Which of the following is a requirement to obtain a Georgia broker’s license? | An applicant for a broker’s license will need to complete an additional 60 hours of broker-specific coursework, plus 15 quarter hours or nine semester hours of college coursework eligible for a major in real estate, and pass an exam prior to obtaining a broker’s license. |
What must Georgia’s governor do in order to remove a commission member from GREC? | Give notice and a hearing opportunity to the member. |
Susan is a real estate salesperson in Americus. How does Georgia license law define her status? | One who holds a salesperson’s license |
How many hours of post-licensing education and continuing education (nine hour credit of post-licensing deducted) must a licensee complete after license issuance, and before the four-year license renewal in Georgia? | Licensees must complete 25 hours of post-licensing education within their first year, and an additional 36 hours prior to their four-year license renewal. Nine of the 25 hour post-licensing hours count towards the 36 hours of continuing education. 25 + 36 - 9 =52. |
If you’re a licensee who’s been brought up for a disciplinary hearing, what is the lesser penalty? | Citation |
It addresses price fixing and other deceptive practices that restrict free trade competition. | The Georgia Uniform Deceptive Trade Practices Act (UDTPA) |
What are the 7 protected classes? | race, color, religion, sex, disability, familial status, and national origin |
Jaqueline is the qualifying broker for a bustling firm in Avondale Estates, and she has many salespeople to oversee. The firm’s licensees’ advertisements must be done under her name as it appears on her license. What else is required? | Her supervision and approval |
The Real Estate Education, Research, and Recovery Fund should maintain a balance of at least what amount? | $1 million |
For how long does broker need to keep records? | 3 years |
What is contractual interference? | when a licensee actively attempts to encourage another licensee’s client to break that agreement to sign a new one |
Brokers who perform community association management services and are responsible for more than _—————– must obtain a fidelity bond or fidelity insurance from a company that’s authorized to write such policies in Georgia. | $60,000 |
Which of these statements is NOT true regarding a licensee who wants to transfer to another broker? | Both the original broker and the new broker may charge the licensee a $50 fee to cover administrative costs of the transfer. |
Who, or which entity, appoints the members of the Georgia Real Estate Commission? | The Georgia governor |
GREC won’t investigate a complaint unless the incident prompting the complaint occurred within the past ______. | Three years |
When the Georgia attorney general’s office finds that the investigation’s evidence has legal grounds, the office will either propose a consent settlement for the commission to review and approve or ______. | File a notice of hearing with the Office of State Administrative Hearings |
Robert, the qualifying broker of a firm, was convicted of fraud and embezzlement. What will happen to the brokerage as a result? | The commission will revoke the brokerage firm’s broker’s license. |