Music /Real Estate Notes Georgia Exam Prep: State Laws and Rules Part 2
Real Estate Notes Georgia Exam Prep: State Laws and Rules Part 2
This deck covers key concepts and rules related to Georgia real estate laws, including license requirements, GREC regulations, and the Real Estate Education, Research, and Recovery Fund.
The court will order GREC to make a payment out of the Real Estate Education, Research, and Recovery Fund when applicable. What’s the maximum dollar amount one claim can be, including all fees and claimants attached to the transaction?
$25,000
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Key Terms
Term
Definition
The court will order GREC to make a payment out of the Real Estate Education, Research, and Recovery Fund when applicable. What’s the maximum dollar amount one claim can be, including all fees and claimants attached to the transaction?
$25,000
In general, exceptions to real estate license law ______.
Only apply under very specific circumstances
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Athens licensee Lucius is representing both the seller and the buyer in the same transaction, with both clients’ consent. That makes him a dual agent, which Georgia license law defines as ______.
One licensee representing both the buyer and the seller in a single transaction
What may happen to Georgia licensees who haven’t paid back disbursements made on their behalf from the real estate education, research, and recovery fund?
Their license will be suspended until they pay back disbursements and interest
GREC may
grant, sanction, suspend, revoke, or deny individual or firm licenses.
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If a licensee wanted to plan ahead and divide the required continuing education hours over the period that a license is valid, how many hours of continuing education would the licensee have to complete each year?
A licensee wanting to plan ahead could complete nine hours of CE per year in order to complete the 36-hour requirement for a four-year renewal cycle. ...
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| Term | Definition |
|---|---|
The court will order GREC to make a payment out of the Real Estate Education, Research, and Recovery Fund when applicable. What’s the maximum dollar amount one claim can be, including all fees and claimants attached to the transaction? | $25,000 |
In general, exceptions to real estate license law ______. | Only apply under very specific circumstances |
Athens licensee Lucius is representing both the seller and the buyer in the same transaction, with both clients’ consent. That makes him a dual agent, which Georgia license law defines as ______. | One licensee representing both the buyer and the seller in a single transaction |
What may happen to Georgia licensees who haven’t paid back disbursements made on their behalf from the real estate education, research, and recovery fund? | Their license will be suspended until they pay back disbursements and interest |
GREC may | grant, sanction, suspend, revoke, or deny individual or firm licenses. |
If a licensee wanted to plan ahead and divide the required continuing education hours over the period that a license is valid, how many hours of continuing education would the licensee have to complete each year? | A licensee wanting to plan ahead could complete nine hours of CE per year in order to complete the 36-hour requirement for a four-year renewal cycle. Three hours of CE must include the mandated Georgia law course. |
How long does it take to renew your license? | 4 years |
Explain reinstating your license by years | 2 years or less: pay fees and show CE education; 2 years or more: pay fees plus take necessary education; 5 years or more: start all over again |
Based on criminal records, what will denied for a real estate sales license. | Lie in the application; fraud in another sector (nurse, accounting etc); back on child support; default in student loans |
Multi-family homes with an elevator and at least four units that were constructed and ready for move-in after ___ must be fully accessible to persons with disabilities. | March 13, 1991 |
In 1973, Georgia’s Real Estate Education, Research, and Recovery Fund was established for the purpose of | compensating consumers who prevail in a complaint against a licensee but aren’t able to recover damages from the licensee. |
The deadline for filing claims against the fund is | two years after the cause of action. |
Payments may not exceed _----- per licensee. (Georgia’s Real Estate Education, Research, and Recovery Fund) | $75,000 |
GREC doesn’t consider disputes regarding | earnest money, property repairs, commissions, or fees. These are contract law concerns. |
Eli, an unlicensed resident of South Carolina, may obtain a real estate license in Georgia under the same qualifications and requirements as a(n) . | Unlicensed Georgia resident |
New construction multifamily dwellings in Georgia must provide basic accessibility to people with disabilities. This applies to which of the following? | If the building has no elevator and four units and was ready for occupancy after March 13, 1991, disability requirements apply to ground floor units. |
GREC members serve five-year terms. If a member ends her term early, what will happen? | The governor will appoint another member to fill the vacancy. |
When advertising is placed on a property using the Internet and the information has changed, the ad must be updated or removed within how many days of being placed? | 30 days |
Which Georgia agency houses the Fair Housing Division? | Georgia Commission on Equal Opportunity |
A consumer filed a complaint against Vivian for providing professional real estate services without a license. What initial action will GREC likely take against her? | Issue a cease and desist order. |
Alpharetta licensee Angie is designing her personal website. Where should she include required information? | On every page |
Broker engagement agreements must include all parties’ signatures. Anyone who signs the agreement must receive a photocopy. What else is required? | A definitive end to the brokerage engagement agreement |
Aside from your name, what else must be included on every page of your website, according to GREC’s rules? | License status and license number |
The Georgia attorney general serves as the legal counsel for all state agencies. Which entity does the attorney general represent in real estate license law matters? | GREC |
GREC will investigate a complaint if that complaint occurred within how many years? | Three years |
How many members of the six-member Georgia Real Estate Commission are licensed real estate brokers? | Five |