Georgia State Exam Practice
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Questions and Answers

What does BRRETA outline as a buyer broker's responsibility?

Disclose material adverse facts related to the buyer's financial situation.

Which of the following is an example of a net brokerage agreement?

  • When a licensee agrees to a commission of any amount above a certain sales price (correct)
  • When a licensee agrees to net a 4% commission on the sale of a property
  • When a licensee adds his commission to a property's list price
  • When a buyer offers a licensee a commission for brokerage services
  • In Georgia, who manages the closing meeting and explains and presents documents for signatures?

  • Lender's attorney
  • Seller
  • Closing attorney (correct)
  • Buyer
  • According to the Georgia Brokerage Relationships in Real Estate Transactions Act, if no expiration date is provided in the brokerage engagement, then the engagement will terminate ______.

    <p>One year after initiation</p> Signup and view all the answers

    What will become of Henrietta's complaint regarding escrow funds?

    <p>GREC will investigate the complaint provided she signs a sworn complaint against the salesperson involved.</p> Signup and view all the answers

    Buyer duties outlined in the Exclusive Buyer Brokerage Engagement Agreement include ______.

    <p>being available during the agent's regular working hours to visit properties.</p> Signup and view all the answers

    From whom may Ansel legally receive compensation?

    <p>From any licensee or consumer</p> Signup and view all the answers

    What does BRRETA outline as a buyer broker's responsibility?

    <p>The buyer's broker has a responsibility to disclose material adverse facts related to the buyer's financial situation.</p> Signup and view all the answers

    Which of the following is an example of a net brokerage agreement?

    <p>When a licensee agrees to a commission of any amount above a certain sales price</p> Signup and view all the answers

    In Georgia, who manages the closing meeting and explains and presents documents for signatures?

    <p>Closing attorney</p> Signup and view all the answers

    According to the Georgia Brokerage Relationships in Real Estate Transactions Act, if no expiration date is provided in the brokerage engagement, then the engagement will terminate ______.

    <p>one year after initiation</p> Signup and view all the answers

    What will become of Henrietta's complaint if she pursues a formal complaint with GREC?

    <p>GREC will investigate the complaint provided she signs a sworn complaint against the salesperson involved.</p> Signup and view all the answers

    Buyer duties outlined in the Exclusive Buyer Brokerage Engagement Agreement include ______.

    <p>being available during the agent's regular working hours to visit properties</p> Signup and view all the answers

    From whom may Ansel legally receive compensation?

    <p>From any licensed broker</p> Signup and view all the answers

    Study Notes

    Exam Performance Overview

    • Score of 67% with a passing requirement of 80%.
    • Correct answers: 40 out of 60; Incorrect answers: 20 out of 60.

    Georgia Exam Subject Areas

    • Finance and Closing: Scored 59%.
    • Real Estate Practice In Georgia: Scored 79%.
    • State Laws and Rules: Scored 58%.

    Real Estate Practice Responsibilities

    • BRRETA mandates that a buyer's broker must disclose material adverse facts affecting the buyer's financial condition.
    • Additionally, brokers must inform potential buyers about adverse neighborhood conditions.

    Net Brokerage Agreements

    • A net brokerage agreement occurs when a licensee agrees to a commission above a specified sales price, which is illegal in Georgia.

    Closing Procedures

    • The closing attorney oversees the entire closing process, presenting and explaining documents for signature by the buyer and seller.

    Brokerage Engagements

    • In Georgia, if a brokerage engagement lacks a defined expiration date, it automatically terminates one year from its initiation.

    GREC Complaint Process

    • GREC will not investigate complaints filed after three years from the incident.
    • Henrietta’s complaint about lost escrow funds cannot be pursued further due to the time limit.

    Exclusive Buyer Brokerage Engagement Agreement

    • Buyers must be available during the agent’s regular working hours and take responsibility for broker compensation among other duties.

    Compensation for Real Estate Licensees

    • A Georgia salesperson, such as Ansel, may only receive compensation from another licensed broker.

    Exam Performance Overview

    • Score of 67% with a passing requirement of 80%.
    • Correct answers: 40 out of 60; Incorrect answers: 20 out of 60.

    Georgia Exam Subject Areas

    • Finance and Closing: Scored 59%.
    • Real Estate Practice In Georgia: Scored 79%.
    • State Laws and Rules: Scored 58%.

    Real Estate Practice Responsibilities

    • BRRETA mandates that a buyer's broker must disclose material adverse facts affecting the buyer's financial condition.
    • Additionally, brokers must inform potential buyers about adverse neighborhood conditions.

    Net Brokerage Agreements

    • A net brokerage agreement occurs when a licensee agrees to a commission above a specified sales price, which is illegal in Georgia.

    Closing Procedures

    • The closing attorney oversees the entire closing process, presenting and explaining documents for signature by the buyer and seller.

    Brokerage Engagements

    • In Georgia, if a brokerage engagement lacks a defined expiration date, it automatically terminates one year from its initiation.

    GREC Complaint Process

    • GREC will not investigate complaints filed after three years from the incident.
    • Henrietta’s complaint about lost escrow funds cannot be pursued further due to the time limit.

    Exclusive Buyer Brokerage Engagement Agreement

    • Buyers must be available during the agent’s regular working hours and take responsibility for broker compensation among other duties.

    Compensation for Real Estate Licensees

    • A Georgia salesperson, such as Ansel, may only receive compensation from another licensed broker.

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    Description

    Test your knowledge with this Georgia state exam practice quiz. Review your scores and identify areas that need improvement. This quiz covers essential topics related to finance and closing procedures.

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