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?
In Georgia, who manages the closing meeting and explains and presents documents for signatures?
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 ______.
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What will become of Henrietta's complaint regarding escrow funds?
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Buyer duties outlined in the Exclusive Buyer Brokerage Engagement Agreement include ______.
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From whom may Ansel legally receive compensation?
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What does BRRETA outline as a buyer broker's responsibility?
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Which of the following is an example of a net brokerage agreement?
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In Georgia, who manages the closing meeting and explains and presents documents for signatures?
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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 ______.
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What will become of Henrietta's complaint if she pursues a formal complaint with GREC?
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Buyer duties outlined in the Exclusive Buyer Brokerage Engagement Agreement include ______.
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From whom may Ansel legally receive compensation?
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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.
