Georgia Salesperson Supplement Examination
Practice at the real exam's pace
Every practice exam shows your time per question against the real exam's clock (2:18 here), and each topic lands in one of these:
What's on the exam
Questions per topic, out of 52Topics
State Laws and Rules
Key Concepts
Commission Organization and Procedures - The Georgia Real Estate Commission is composed of six members, each appointed by the Governor and confirmed by the Senate for a term of five years. Five members shall be licensees; the sixth shall have no connection with the real estate industry but shall have a recognized interest in consumer affairs (O.C.G.A. § 43-40-2(a)). - Four members constitute a quorum for the transaction of any business of the commission (O.C.G.A. § 43-40-2(b)). - The Commission maintains investigative files for forty years where it imposes a disciplinary action or makes a payment from the Recovery Fund; all other investigative files are maintained for fifteen years (Rule 520-1-.03(2)(a); Rule 520-1-.03(2)(b)).
Required Licensure / Qualifications and Fees - Salesperson applicant: at least 18 years of age (O.C.G.A. § 43-40-8(b)(1)) and 75 instructional hours in an approved salesperson's course of study before examination eligibility (O.C.G.A. § 43-40-8(b)(4)). - Broker/associate broker applicant: at least 21 years of age (O.C.G.A. § 43-40-8(c)(1)) and a salesperson's license held in active status for at least three of the five years immediately preceding application (O.C.G.A. § 43-40-8(c)(4)). - Post-license education: within one year of issuance of an original salesperson's license, the salesperson must furnish evidence of completing an approved course of at least 25 instructional hours; the license of a salesperson who fails to do so shall lapse (O.C.G.A. § 43-40-8(d); Rule 520-1-.05(1), which notes a six-month extension may be available if the salesperson qualifies under the statute). - Continuing education: 36 instructional hours during each renewal period to renew an active license (Rule 520-1-.05(1)(d)), of which at least 3 hours must be on license law (Rule 520-1-.05(1)(e)). - Lapsed license: reinstatement to active status within two years of the date of lapsing by paying the required fees and completing the continuing education that would have been required (Rule 520-1-.05(4)(c); O.C.G.A. § 43-40-12(f)). - Exam timing: apply within three months of passing or pay double the application fee; anyone who fails to activate a salesperson's license within twelve months from the examination date must retake the examination (Rule 520-1-.04(5)(a)).
Real Estate Practice In Georgia
Key Concepts
Who needs a license (Real Estate Practice) - A "broker" is any person who, for another and for valuable consideration, performs real estate activities including negotiating or attempting to negotiate real estate transactions — O.C.G.A. § 43-40-1(2). - Performing property management services or community association management services for valuable consideration is broker activity — § 43-40-1(2)(H); "property management services" is defined at § 43-40-1(7); "community association management services" at § 43-40-1(4.2) (collecting, controlling or disbursing funds; arranging and coordinating maintenance of association property — not selling individual units). - A salesperson may not act as a licensee for any broker other than the broker holding the license, except in limited transaction-transfer circumstances — § 43-40-19(d).
Affiliation, transfer and release - A released licensee may not engage in licensee activities until the licensee delivers an application to transfer to a new broker or receives Commission authorization to serve as a broker — § 43-40-19(b); Rule 520-1-.05(2)(d) (affiliate and mail a Change Application, or receive a wall certificate). - Transfer to a new broker or inactive status within one month/30 days of the Commission's receipt of the wall certificate — Rule 520-1-.07(5)(d); penalty fee at § 43-40-12(m)(2) and Rule 520-1-.04(1)(a)(4). - Pending transactions may continue only if both brokers agree in writing, the transactions are enumerated, the former broker assumes responsibility, and compensation terms are specified — § 43-40-19(c). - A transferring licensee may not take or use written brokerage engagements secured through the releasing broker's office or affiliates unless specifically authorized by that broker — Rule 520-1-.07(5)(c). - A new licensee may not commence brokerage work until the broker has received the licensee's wall certificate of licensure — Rule 520-1-.05(2)(b).
Finance and Closing
Key Concepts
Trust account location and timing - Each broker who accepts down payments, earnest money deposits, security deposits, rents, association fees, or other trust funds must maintain a separate, federally insured account at a financial institution in this state designated as a trust or escrow account (O.C.G.A. § 43-40-20(a)). - A broker who does not accept trust funds is not required to maintain such an account; but a broker without an account who later receives trust funds must open the designated trust or escrow account within one business day of receipt (O.C.G.A. § 43-40-20(a)). - An account so designated and registered with the Commission is not subject to attachment or garnishment (O.C.G.A. § 43-40-20(a)). - A nonresident broker may be allowed by the Commission to maintain the required trust account in the broker's state of residence, provided the Commission is authorized to examine the account and other requirements are met (O.C.G.A. § 43-40-20(g)). - Brokers may maintain more than one designated trust or escrow account and must notify the Commission of the financial institution name and each account's name or number within one month of opening each account (Rule 520-1-.08(1)(a)).
Handling funds at and before closing - A licensee must place all cash, checks, or other items of value received in a brokerage capacity into the custody of the broker holding the licensee's license as soon after receipt as is practicably possible (Rule 520-1-.08(1)(b)). - A licensee acting as principal in the sale of real estate the licensee owns, and all security deposits on property the licensee owns, must be placed into the custody of the broker holding the license or in a trust account approved by that broker as soon after receipt as practicably possible (Rule 520-1-.08(1)(c)). - A licensee acting as principal in the sale of real estate the licensee owns must deposit in a trust account amounts necessary to meet concurrently due obligations — mortgage payments, taxes, insurance reserves, and other encumbrances — and maintain those deposits until proper disbursement and accounting (O.C.G.A. § 43-40-20(f)). - Interest-bearing trust accounts: before depositing funds, the broker must obtain the written agreement of the parties indicating to whom any interest earned will be paid (Rule 520-1-.08(1)(d)). - Broker's own funds may be in the trust account only for the institution's minimum balance or to cover service charges and related fees, must be clearly identified as the broker's funds…