Listings & Agency
1. In Georgia, when must a licensee provide the Real Estate Brokerage Engagement Agreement Disclosure to a potential client?
A. Before discussing general market conditions
B. Before performing any specific brokerage services
C. Only when a written offer is submitted
D. Only after the first face-to-face meeting
B. Before performing any specific brokerage services
6. In Georgia, a licensee must deposit earnest money into a trust account:
A. Within 48 hours of receiving it
B. Immediately upon receipt
C. As stated in the contract terms
D. Only after the offer is accepted
C. As stated in the contract terms
11. A Georgia sales contract becomes binding when:
A. The buyer signs the offer
B. The seller signs the offer
C. The last party signs and acceptance is communicated
D. The earnest money is deposited
C. The last party signs and acceptance is communicated
16. A community association manager in Georgia must be:
A. A licensed broker
B. A licensed salesperson OR CAM licensee
C. Unlicensed but registered with the HOA
D. Only licensed if handling closings
B. A licensed salesperson OR CAM licensee
21. A property manager’s authority to act on behalf of an owner comes from a:
A. Listing agreement
B. Management agreement
C. Tenant-landlord notice
D. Lease application
B. Management agreement
2. A seller has signed an exclusive listing agreement with a brokerage. Which statement is TRUE under Georgia law?
A. Only the listing agent may show the home
B. All agents in the firm represent the seller unless designated otherwise
C. The seller is prohibited from selling the property independently
D. The agent automatically becomes the seller’s power of attorney
B. All agents in the firm represent the seller unless designated otherwise
7. A licensee advertising their own personal property for sale must:
A. Avoid mentioning their license status
B. Disclose they are licensed in Georgia
C. Use their brokerage’s name in the ad
D. First list the property with a broker
B. Disclose they are licensed in Georgia
12. When does a buyer’s right to inspect the property typically begin in a GAR Purchase and Sale Agreement?
A. Once due diligence begins
B. After loan approval
C. Immediately after binding agreement date
D. After earnest money clears
C. Immediately after binding agreement date
17. Which of the following is a primary responsibility of a community association manager?
A. Settling neighbor disputes
B. Enforcing covenants and bylaws
C. Setting property tax rates
D. Creating HOA laws without board approval
B. Enforcing covenants and bylaws
22. Security deposits in Georgia must be held in:
A. The owner’s personal checking account
B. A trust account unless exempt
C. An interest-bearing escrow account only
D. Any account chosen by the manager
B. A trust account unless exempt
3. A broker in Georgia may legally act as a dual agent only if:
A. The broker verbally discloses dual agency
B. Both parties give informed written consent
C. The parties sign separate agency agreements
D. The broker has at least 5 years of experience
B. Both parties give informed written consent
8. Which of the following is considered a ministerial act under Georgia law?
A. Advising a client on price
B. Presenting an offer for a customer
C. Negotiating counteroffers
D. Providing strategic advice about terms
B. Presenting an offer for a customer
13. A counteroffer legally does which of the following?
A. Creates a binding contract
B. Rejects the original offer
C. Converts the offer to an option contract
D. Voids the agency agreement
B. Rejects the original offer
18. In a condo association, the declaration typically governs:
A. How dues can be used
B. Architectural design only
C. Rules for renting units, common elements, and ownership shares
D. Federal lending requirements for the community
C. Rules for renting units, common elements, and ownership shares
23. A landlord in Georgia must return a tenant’s security deposit within:
A. 30 days after termination
B. 45 days after termination
C. 60 days after termination
D. 90 days after termination
A. 30 days after termination
4. An agent owes which of the following duties to a customer (not a client) in Georgia?
A. Confidentiality
B. Undivided loyalty
C. Reasonable skill and care
D. Obedience
C. Reasonable skill and care
9. A broker may legally pay a referral fee to:
A. An unlicensed individual
B. A licensee properly licensed in another state
C. Anyone who provided the client’s name
D. Any business entity that requests it
B. A licensee properly licensed in another state
14. Which clause in a Georgia contract protects the buyer if the lender does not approve financing?
A. Earnest money reconciliation clause
B. Financing contingency clause
C. Inspection contingency clause
D. Title objection clause
B. Financing contingency clause
19. HOA assessments become a lien against a property in Georgia when:
A. The board votes on it
B. They become due and unpaid
C. A judgment is filed in court
D. The subdivision is created
B. They become due and unpaid
24. A property manager screening tenants must comply with:
A. RESPA
B. ECOA and Fair Housing
C. ADA only
D. Interstate Land Sales Act
B. ECOA and Fair Housing
5. Under Georgia agency law, which event would automatically terminate an agency agreement?
A. A conflict of interest
B. A client refusing to accept an offer
C. Death of the broker
D. Expiration of the listing on the MLS
C. Death of the broker
10. A licensee fails to provide a buyer with the Flood Hazard Disclosure as required. This is best described as:
A. A civil rather than a licensing violation
B. A violation of the license law
C. A private matter between buyer and seller
D. A violation only if the buyer asks for it
B. A violation of the license law
15. Earnest money in Georgia belongs to which party before closing?
A. Buyer
B. Seller
C. Holder of the funds per the contract
D. Broker who wrote the offer
C. Holder of the funds per the contract
20. A management company hired by an HOA ultimately reports to:
A. The county board of commissioners
B. Individual homeowners
C. The HOA board of directors
D. The developer only
C. The HOA board of directors
25. A manager performing a move-out inspection should do so:
A. Only after the tenant requests it
B. Within the time required by state law
C. Only if the lease requires
D. At the same time as the final rent collection
B. Within the time required by state law