You're working with a buyer (customer) on your seller client's house. The buyer gives you $2,000 earnest money; the offer expires in 48 hours. Next morning the buyer wants the money back. Can your broker release it?
a.Yes, if the seller agrees
b.Yes, if the offer has not been accepted
c.No, not until the offer has expired
d.No, you have a binding contract
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Q01Answer
b
Yes, if the offer has not been accepted
An offer can be withdrawn any time before it is accepted and the buyer is told of the acceptance. No contract exists yet, so the earnest money is still the buyer's and must be returned. The 48-hour deadline only limits how long the offer lives; it doesn't lock the buyer in.
Offer submitted
↓
Buyer withdraws before acceptance
↓
Earnest money refunded
Q02Question
Before a salesperson can become a broker or associate broker, they must have been actively licensed for how long?
a.Three out of five years
b.Two out of five years
c.Five years
d.Three years
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Q02Answer
d
Three years
Three years of active licensure. Remember the number 3.
Check with instructorGeorgia's statute says at least three years of active licensure within the five years before applying, which is choice A's wording. If both appear on the state exam, the 3-of-5 wording is the more precise match.
3 yrs
active license before broker
Q03Question
If an affiliated licensee violates the rules or license law, must the broker notify the Commission?
a.Yes, only if money was involved
b.No, the broker can provide training
c.No, only consumers can file complaints
d.Yes, always
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Q03Answer
d
Yes, always
The broker supervises every affiliate and must report a known violation to GREC. Training the agent doesn't replace reporting, and it doesn't matter whether money was involved. This is one of the rare times "always" is right.
✓ Always report
Broker → GREC
Q04Question
When advertising a property for sale, what information must be included?
a.Broker's name, street address and phone number
b.Name of the listing agent
c.Price of the property
d.Broker's name as registered with GREC
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Q04Answer
d
Broker's name as registered with GREC
Every ad must show the firm's name exactly as registered with the Georgia Real Estate Commission. The agent's name, the price and the office address are optional. An ad without the registered firm name is a blind ad.
✓Firm name as registered with GREC
✕Agent's name (optional)
✕Price (optional)
Q05Question
When can a broker NOT deposit earnest money in an insured trust account?
a.Never
b.Only with the permission of the buyer
c.Only with the permission of the seller
d.Only with permission from all parties
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Q05Answer
d
Only with permission from all parties
Earnest money goes into the broker's trust account by default. Handling it any other way requires written agreement from all parties to the transaction. Neither the buyer nor the seller can change that alone.
✕Buyer alone
✕Seller alone
✓All parties agree in writing
Q06Question
To get a salesperson license, an applicant must do all of the following EXCEPT:
a.Be 18 years of age
b.Take a 75-hour classroom real estate course
c.Have a high school diploma or equivalent
d.Pass the class and the state exam
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Q06Answer
b
Take a 75-hour classroom real estate course
The 75-hour prelicense course is required, but it doesn't have to be taken in a classroom; approved online courses count. The word "classroom" is what makes B the exception.
✓Age 18+
✓High school diploma / GED
✓75 hours, any approved format
✕Must be in a classroom
Q07Question
When must earnest money be turned over to the broker?
a.As soon as practically possible
b.Immediately, unless the agent has written permission to hold it
c.When an offer is accepted
d.Within 72 hours
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Q07Answer
a
As soon as practically possible
Georgia doesn't set a fixed number of hours. The agent hands funds to the broker as soon as practically possible, and the broker then deposits them in the trust account.
Agent receives EM
↓
As soon as practical
↓
Broker's trust account
Q08Question
Your client asks that earnest money be held in a separate interest-bearing trust account. Is this legal?
a.No, it must be in the broker's trust account
b.Yes, with permission and notification to the Commission
c.Yes, if all parties agree and the Commission is notified of the account
d.Yes, since the seller is the client and is entitled to the earnest money
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Q08Answer
c
Yes, if all parties agree and the Commission is notified of the account
A separate or interest-bearing account is allowed when every party agrees (including who gets the interest) and the broker registers that account with GREC. Permission from one party is not enough.
✓All parties agree in writing
✓GREC notified of the account
Q09Question
Georgia law requires a broker's license for which of the following?
a.Referring a potential client to another broker without a fee
b.Listing a property for sale for a fee
c.Advertising property for another for a fee
d.Managing a subdivision association for a community you live in
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Q09Answer
b
Listing a property for sale for a fee
A license is needed when you perform real estate acts for someone else and expect a fee. Listing property for a fee is the core brokerage act. Unpaid referrals and volunteer work for your own community don't need a license.
Check with instructorAdvertising property for others for a fee (C) is also a licensed activity under Georgia law. B is the classic textbook example.
For others+For a fee=License required
Q10Question
An agent may want to stop practicing for a while but return later. What is their best option?
a.Keep the license active with a broker
b.Surrender the license
c.Place the license on inactive status
d.Let the license lapse
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Q10Answer
c
Place the license on inactive status
Inactive status keeps the license alive without being affiliated with a broker. You can reactivate later by meeting the requirements. Lapsing means reinstatement fees, and surrendering means starting over.
✓Inactive: easy return
✕Lapse: fees and deadlines
✕Surrender: start over
Q11Question
A corporation's qualifying broker must be an officer. What must the qualifying broker of an LLC be?
a.An officer
b.A shareholder
c.A member
d.An investor
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Q11Answer
c
A member
The qualifying broker must hold a controlling role in the firm. Owners of an LLC are called members, so the qualifying broker must be a member.
Corporation→OfficerPartnership→PartnerLLC→Member
Q12Question
If the Commission finds a broker's trust account unsafe, what will it do?
a.Close the account
b.Report it to the Attorney General
c.Appoint a receiver
d.Close the brokerage
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Q12Answer
b
Report it to the Attorney General
GREC doesn't seize the account itself. It refers the matter to the Attorney General, who can ask a court to appoint a receiver to protect the money.
GREC finds account unsafe
↓
Attorney General
↓
Court appoints receiver
Q13Question
In Georgia, an associate broker can do which of the following?
a.List property in their own name if registered
b.Advertise property in their own name
c.Review contracts if authorized by the qualifying broker
d.Hire a salesperson of his/her choosing
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Q13Answer
c
Review contracts if authorized by the qualifying broker
An associate broker still works under the qualifying broker. Listings and ads belong to the firm, and hiring is the qualifying broker's call. Reviewing contracts is a supervisory task the qualifying broker can delegate.
Qualifying broker
↓
Delegates duty
↓
Associate broker reviews contracts
Q14Question
Can a licensee work under a brokerage other than the one holding their license?
a.No, this violates license law
b.Yes, with permission from both brokers
c.Yes, with permission of their qualifying broker
d.Yes, with permission from GREC
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Q14Answer
c
Yes, with permission of their qualifying broker
Your license is held by one firm, and that firm's qualifying broker is responsible for you. Acting through another brokerage requires your own qualifying broker's consent.
✓ Your broker's OK
Your broker stays responsible
Q15Question
If an agent lets their license lapse, how can they reinstate it?
a.Go through the application process again
b.Within 2 years, by paying renewal fees, reinstatement fee and late charges
c.Within 10 years, by paying all fees
d.Once lapsed, you can never get it back
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Q15Answer
b
Within 2 years, by paying renewal fees, reinstatement fee and late charges
A lapsed license can be reinstated within two years by paying the renewal fees, the reinstatement fee and late charges (plus any missing education). After two years, you have to requalify.
■0–2 yrs: pay & reinstate
■2+ yrs: requalify
Q16Question
A new licensee must complete __ hours of training, which equals __ hours of continuing education.
a.20 and 9
b.25 and 9
c.36 and 9
d.25 and 6
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Q16Answer
b
25 and 9
New licensees take a 25-hour post-license course during their first renewal period. Those 25 hours count as 9 hours toward continuing education.
25 hr post-license=9 hr CE credit
Q17Question
To renew, a licensee (unless grandfathered) must complete ___ hours of CE every ___ years.
a.24 and 4
b.24 and 2
c.36 and 3
d.36 and 4
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Q17Answer
d
36 and 4
Georgia requires 36 hours of continuing education for each 4-year renewal period. Three of those hours must be license law.
36 / 4
CE hours per 4-year cycle
Q18Question
A listing where the broker's commission is the difference between the selling price and the seller's requested net is what kind of listing?
a.Open listing
b.Exclusive listing
c.Net listing
d.Blind listing
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Q18Answer
c
Net listing
In a net listing, the seller names the amount they want, and the broker keeps everything above it. It creates a conflict of interest, which is why net listings are discouraged and treated as improper in Georgia.
$300k sale−$280k net=$20k to broker
Q19Question
The Georgia Real Estate Commission has the authority to:
a.Revoke an already issued license
b.Refuse to issue a license
c.Set fees for licensees
d.All the above
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Q19Answer
d
All the above
GREC administers license law. It can refuse, suspend or revoke licenses and sets the fees licensees pay.
✓Revoke licenses
✓Refuse licenses
✓Set fees
Q20Question
Your buyer offers $490,000 and asks for the stove and smart fridge. The seller agrees to the price and stove, crosses out the fridge and initials it. What do you have?
a.Binding agreement
b.Terminated offer
c.Accepted offer
d.Counteroffer
e.Both B and D
f.Both A and C
g.Voided contract
h.None of the above
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Q20Answer
e
Both B and D
Any change to an offer, even a small one, is a rejection plus a new offer. Striking the fridge made the seller's response a counteroffer, and that terminated the buyer's original offer. So both B and D are true.
Offer: price + stove + fridge
↓
Seller strikes fridge
↓
Counteroffer; original offer dead
Q21Question
Broker Smith had associate broker Brown manage the trust account. GREC suspended Brown's license. What should Smith do?
a.Nothing
b.Suspend Brown
c.Terminate Brown
d.Remove Brown from the trust account but let him buy & sell
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Q21Answer
c
Terminate Brown
A suspended licensee can't do any licensed work, so the broker must end the affiliation and return the license to GREC. Option D fails because Brown can't list or sell for the firm while suspended either.
✕ No licensed work
while suspended
Q22Question
The Research, Education and Recovery Fund must hold at least $1,000,000. If it drops below that, what does GREC do?
a.Charge all agents a fee immediately
b.Charge a fee at license renewal until restored
c.Charge a fee on every transaction
d.Add a fee on property tax
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Q22Answer
b
Charge a fee at license renewal until restored
GREC tops up the fund by adding a fee when licenses are renewed. It continues until the balance is back to the $1,000,000 minimum.
$1M
minimum; refilled at renewal
Q23Question
Your listing sold. How long can advertising stay up after a contract is terminated or closed?
a.Internet ad and sign removed within 10 days
b.Both removed within 30 days
c.Sign within 10 days; no limit online
d.Sign within 10 days; internet within 30 days
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Q23Answer
d
Sign within 10 days; internet within 30 days
The yard sign must come down within 10 days, and internet advertising must come down within 30 days. Keep the two numbers separate.
■Day 10: sign
■Day 30: online ads
Q24Question
A salesperson receives earnest money on Friday evening. When should it be turned over?
a.Friday evening
b.Saturday morning
c.Monday morning
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Q24Answer
c
Monday morning
"As soon as practically possible" means the next banking day, when the broker can actually deposit it. From Friday evening, that's Monday morning.
Fri evening: received
↓
Weekend: banks closed
↓
Mon morning: to broker
Q25Question
An agent wants to work for GREC and must go inactive. How long can a license stay inactive?
a.Three years
b.Five years
c.Forever
d.They must surrender the license
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Q25Answer
c
Forever
Georgia sets no time limit on inactive status. The licensee still renews and pays fees, and must meet requirements before reactivating.
∞
no limit on inactive status
Q26Question
The Recovery Fund pays how much per violation, and how much total per licensee?
a.$25,000 and $75,000
b.$25,000 and $50,000
c.$50,000 and $75,000
d.$25,000 and $100,000
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Q26Answer
a
$25,000 and $75,000
The fund pays up to $25,000 per transaction and up to $75,000 total against any one licensee.
$25k / $75k
per violation / per licensee
Q27Question
Your client says not to present offers below $250,000. A buyer offers $200,000. What should you do?
a.Counter before presenting
b.Present the offer to the seller
c.Accept but don't present it
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Q27Answer
b
Present the offer to the seller
Agents present all offers to their client. You can't counter or accept for the client. Present the offer and let the seller decide.
$200k offer arrives
↓
Present it
↓
Seller decides
Q28Question
How much can GREC fine for a violation of license law?
a.$2,000 each, up to $10,000
b.$1,000 each, up to $5,000
c.$2,500 each, up to $25,000
d.$2,000 each, up to $5,000
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Q28Answer
b
$1,000 each, up to $5,000
GREC can fine up to $1,000 per violation and up to $5,000 for multiple violations in one case.
$1k / $5k
per violation / max
Q29Question
A builder offers a $2,000 bonus to the first agent who brings a qualified buyer. Can you accept it?
a.Yes, with disclosure to the purchaser
b.No, it's a kickback
c.Yes, with disclosure and permission from your broker
d.Yes, with disclosure to GREC
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Q29Answer
c
Yes, with disclosure and permission from your broker
You can only be paid through your broker, and the bonus has to be disclosed. With your broker's permission and proper disclosure, it's legal.
Builder pays bonus
↓
Through your broker
↓
To you, disclosed
Q30Question
How long can an agent leave a sign up at an expired listing that didn't sell?
a.0 days
b.5 days
c.7 days
d.10 days
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Q30Answer
d
10 days
Signs must be removed within 10 days after a listing expires or ends, sold or not.
10 days
sign removal after listing ends
Q31Question
A neighbor is about to sell. You start lining up buyers to make offers before it's listed. Can you do this?
a.Yes, it's common practice
b.No, this is offering an unlisted property
c.Yes, if you don't use public advertising
d.No, this creates a dual agency
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Q31Answer
b
No, this is offering an unlisted property
You can't offer or market a property without the owner's written authorization. Lining up buyers for a home that isn't listed with you is offering property without consent.
✕ No listing, no offering
Owner must authorize first
Q32Question
Which is an example of an unfair practice?
a.Encouraging a buyer to get an inspection
b.Encouraging a buyer to break their contract with another agent, with your broker's permission
c.Showing an open house to a couple who has an agent
d.Encouraging a customer to list with your broker instead of another
e.All the above
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Q32Answer
b
Encouraging a buyer to break their contract with another agent, with your broker's permission
Inducing someone to break a contract with another brokerage is an unfair practice, and your broker's permission doesn't fix it. The other choices are normal business.
✕ Don't break their contract
broker OK doesn't help
Q33Question
Your cousin brings you a listing and wants only a $25 Starbucks gift card in return. Is this legal?
a.Yes, nominal value
b.Yes, if the broker is informed
c.Yes, it's a gift card not money
d.No! Unlicensed people can't receive any referral
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Q33Answer
d
No! Unlicensed people can't receive any referral
Only licensees can be paid for referrals. Anything of value counts, including a small gift card.
✕ Nothing of value
to unlicensed referrers
Q34Question
Your client gives you $1,000 earnest money Monday night. The offer is accepted Wednesday at noon. When do you turn it over?
a.Probably Monday night
b.Probably Tuesday morning
c.Probably Wednesday afternoon
d.Probably Thursday morning
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Q34Answer
b
Probably Tuesday morning
The clock starts when you receive the money, not when the offer is accepted. Received Monday night, it goes to the broker the next business morning: Tuesday.
Mon night: received
↓
Tue morning: to broker
↓
Wed: offer accepted
Q35Question
Can your broker put earnest money in an interest-bearing trust account?
a.No, violates license law
b.Yes, if the buyer agrees
c.Yes, if all parties agree
d.No, violates rules
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Q35Answer
c
Yes, if all parties agree
It's allowed only when all parties agree, including who receives the interest. One party alone can't authorize it.
✕Buyer only
✓All parties agree
Q36Question
Is giving your seller client a $100 gift card as a closing gift a violation of Georgia law?
a.No, with the listing broker's permission
b.No, if the buyer is a licensee
c.No, with GREC's permission
d.No, if the agent pays for it
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Q36Answer
a
No, with the listing broker's permission
Anything a licensee gives in connection with a transaction runs through the broker. With your broker's permission, a closing gift to your own client is fine.
✓ OK with broker
gift to your own client
Q37Question
Before GREC starts an investigation, the complaint must:
a.Have a sworn written statement
b.Have supporting evidence
c.Be filed online
d.Involve a closed sale
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Q37Answer
a
Have a sworn written statement
GREC acts on sworn, written complaints. Evidence comes out during the investigation, and the deal doesn't have to have closed.
Sworn written complaint
↓
GREC investigates
↓
Hearing if warranted
Q38Question
A person practicing real estate without a license could be found guilty of a:
a.Felony
b.License law violation
c.Misdemeanor
d.Federal license law
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Q38Answer
c
Misdemeanor
Unlicensed real estate activity is a misdemeanor in Georgia, and GREC can also issue fines.
Misdemeanor
unlicensed practice
Q39Question
When must an agent notify GREC of an address change?
a.Within 10 days
b.Within 24 hours
c.Within 60 days
d.Within 30 days
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Q39Answer
d
Within 30 days
Licensees must report a change of address (and name) to GREC within 30 days.
30 days
address change notice
Q40Question
Fees and fines collected by GREC must be held where?
a.Insured trust account
b.Insured business checking
c.The state treasury
d.Insured operating account
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Q40Answer
c
The state treasury
GREC is a state agency, so the money it collects goes to the state treasury. Trust accounts are for brokers.
Fees & fines
↓
GREC collects
↓
State treasury
Q41Question
A salesperson applicant must complete all the following EXCEPT:
a.Take a 75-hour in-seat class
b.Pass a background check
c.Pass the state exam
d.Pass the class final
e.Be 18
f.All apply
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Q41Answer
a
Take a 75-hour in-seat class
The 75 hours can be taken online, so "in-seat" makes A the exception. The background check, both exams and age 18 are all required. Same trap as question 6.
✕In-seat only
✓Background check
✓Course final + state exam
✓Age 18+
Q42Question
Unless renewed, a license expires on:
a.Their birthday
b.The end of the year
c.The end of their birthday month
d.December 31st of the expiration year
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Q42Answer
c
The end of their birthday month
Georgia licenses expire on the last day of the licensee's birth month in the renewal year.
Birth month
last day of it
Q43Question
To manage a community association, a licensee needs at minimum what license and training?
a.Real estate license and 25 hours
b.Real estate license and 75 hours
c.CAM license and 25 hours
d.CAM license and 75 hours
e.Broker's license and 60 hours
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Q43Answer
c
CAM license and 25 hours
Community association managers need a CAM license, which takes a 25-hour course. A full broker's license isn't required.
CAM · 25 hr
community association manager
Q44Question
A new applicant who just passed the exam has how long to activate their license or retake the exam?
a.One year
b.18 months
c.3 months
d.No time limit
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Q44Answer
a
One year
One year to activate the license or retake the exam.
Check with instructorGREC's current rules give applicants three months after passing the exam to apply for the license (choice C). Confirm which number your instructor wants.
1 yr
to activate or retest
Q45Question
How many CE hours must be license law (and paid for by the broker)?
a.6 hours
b.No minimum
c.3 hours
d.9 hours
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Q45Answer
c
3 hours
Three of the 36 CE hours in each renewal cycle must cover license law.
3 hr license lawof36 hr CE
Q46Question
Which of the following must be reported to GREC?
a.Agent arrested for murder
b.Agent arrested for theft
c.Agent arrested for assault
d.Agent arrested and found innocent of reckless driving
e.All the above
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Q46Answer
d
Agent arrested and found innocent of reckless driving
D is the expected answer.
Check with instructorAs written this one is confusing. Georgia requires licensees to report convictions (and certain pleas), not arrests, within 60 days. An acquittal wouldn't need reporting. The question likely meant "which does NOT need to be reported", which makes D the one that stands out.
✓Conviction: report
✕Arrest alone
✕Found innocent
Q47Question
Which is considered a blind ad?
a.An ad using your broker's name
b.An ad without the property address
c.Selling a house without your license number on the contract
d.A blind agent exempt from advertising rules
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Q47Answer
c
Selling a house without your license number on the contract
C is the expected answer.
Check with instructorIn Georgia, a blind ad is one that leaves out the firm's registered name. None of the choices says that directly. If you see a choice about missing the broker's name, that's the textbook answer.
✕Firm name missing = blind ad
✓Firm name shown = OK
Q48Question
A salesperson wants to perform brokers' duties for an unlicensed developer. Which is true?
a.Can't, developer is unlicensed
b.Must go inactive
c.Needs broker's permission
d.Must surrender their license
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Q48Answer
d
Must surrender their license
A licensee can't do brokerage work outside their own firm. To work directly for an unlicensed owner under the employee exemption, they must give up the license.
Licensed agent
↓
Surrender license
↓
Work for developer
Q49Question
Can earnest money held by the broker pay for inspections and appraisals?
a.Never
b.Yes, that's its purpose
c.Yes, with seller's written permission
d.Yes, with written permission from buyer and seller
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Q49Answer
d
Yes, with written permission from buyer and seller
Earnest money belongs to the transaction, not to either party alone. It can only be spent on costs like inspections with written agreement from both buyer and seller.
✕One side's OK
✓Buyer + seller in writing
Q50Question
A CAM handling funds over $60,000 must have:
a.Homeowner insurance
b.Fidelity bond insurance
c.E&O insurance
d.Hazard insurance
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Q50Answer
b
Fidelity bond insurance
A fidelity bond protects the association if someone handling its money steals it. CAMs handling large sums must carry one.
> $60k
requires a fidelity bond
Q51Question
An agent accused of violating license law has the right to:
a.A jury trial
b.A hearing before the Commission
c.A lawyer
d.Arbitration
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Q51Answer
b
A hearing before the Commission
License discipline is an administrative matter. The licensee gets notice and a hearing before GREC before sanctions are imposed.
Complaint
↓
Notice
↓
Hearing before GREC
Q52Question
How many members does GREC have?
a.5
b.5, 4 licensed
c.6, 5 licensed
d.6
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Q52Answer
c
6, 5 licensed
Six members: five licensed real estate professionals and one public member who isn't in the business.
5 licensees + 1 public member
Q53Question
What terms do Commission members serve?
a.5 years
b.6 years
c.5 years, staggered
d.6 years, staggered
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Q53Answer
c
5 years, staggered
Members serve five-year terms that are staggered, so the whole Commission never turns over at once.
5 yrs
staggered terms
Q54Question
After closing, the buyer finds the seller took the light fixture. What should they do?
a.Contact their agent
b.Contact the seller and state the light was a fixture
c.Sue the seller
d.Call the listing broker
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Q54Answer
b
Contact the seller and state the light was a fixture
Attached fixtures convey with the house. The first step is to tell the seller the light was a fixture that belongs to the buyer and ask for it back.
Fixture removed
↓
Notify seller: it conveys
↓
Escalate only if refused
Q55Question
Does license law apply to an agent whose license is inactive?
a.No, they're inactive
b.Yes, it applies to anyone with a license
c.No, only active agents
d.Yes, to everyone with or without a license
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Q55Answer
b
Yes, it applies to anyone with a license
Holding a license, active or inactive, puts you under license law. GREC can still discipline an inactive licensee.
✓ Yes, still applies
active or inactive
Q56Question
Which statement about the Real Estate Commissioner is not false?
a.Must be a licensed agent
b.Is part of the Commission
c.Is not part of the Commission
d.Is appointed by the Governor
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Q56Answer
c
Is not part of the Commission
The Commissioner is hired by the Commission to run daily operations and isn't one of the six members. The Governor appoints the members, not the Commissioner.
Governor→Appoints the 6 membersCommission→Hires the Commissioner
Q57Question
Who appoints the Commission?
a.Governor with House confirmation
b.Governor with Senate confirmation
c.Governor only
d.Governor with a public vote
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Q57Answer
b
Governor with Senate confirmation
The Governor appoints members, and the state Senate confirms them.
Governor appoints
↓
Senate confirms
↓
Commission member
Q58Question
A buyer offers $375,000 if the seller signs a general warranty deed. The seller counters with a special warranty deed. This counteroffer is best described as:
a.A binding contract
b.A qualified or conditional acceptance
c.A terminated agreement between all parties
d.Binding once sent to the buyer
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Q58Answer
b
A qualified or conditional acceptance
Changing a term (the deed type) means the seller hasn't accepted. A qualified or conditional acceptance is a counteroffer, and nothing is binding until the buyer accepts it.
Offer: general warranty deed
↓
Seller: special warranty deed
↓
Counteroffer; awaits buyer
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