9.0 Real Estate Practice in Georgia Real Estate License Practice Quiz

• A. the types of agency relationships and disclosure duties permitted between licensees and clients
• B. the licensing fees and renewal requirements set by the Georgia Real Estate Commission
• C. the settlement procedures required at residential real estate closings
• D. the advertising rules for real estate brokerage firms operating in Georgia

BRRETA (O.C.G.A. § 10-6A) defines the agency relationships available in Georgia real estate transactions, seller's agent, buyer's agent, dual agent, designated agent, and transaction broker, along with the corresponding disclosure obligations and duties.

• A. the qualifying broker of the listing firm
• B. a Georgia Bar-licensed attorney
• C. an AMP-certified closing coordinator
• D. the title insurance underwriter's designated representative

Georgia is an attorney closing state; the preparation and supervision of closing documents constitutes the practice of law, and a licensed Georgia attorney must conduct or supervise the closing.

• A. the date the buyer signs the initial offer to purchase the property
• B. the date when the last party to sign communicates acceptance to the other party or the other party's broker
• C. the date the closing attorney receives the fully executed contract
• D. the date the earnest money is deposited into the escrow account

Under standard GAR contract definitions, the binding agreement date is the date the final acceptance is communicated to the other party or broker, creating the enforceable agreement.

• A. only after the buyer has completed a satisfactory home inspection
• B. at the time of recording the deed at the county courthouse
• C. before the contract becomes binding on the buyer
• D. within 10 business days after the binding agreement date

Georgia's property condition disclosure statutes require that the disclosure be provided to the buyer prior to or contemporaneous with the contract, so the buyer has the information before being bound.

• A. is automatically void unless approved by the GREC before the contract is signed
• B. must be reviewed and initialed by the closing attorney before it takes effect
• C. cannot change any of the printed standard contract terms
• D. generally takes precedence over conflicting pre-printed contract terms

Under general contract interpretation principles, specifically negotiated terms (special stipulations) control over conflicting standard pre-printed provisions in the same document.

• A. a broker represents both the buyer and the seller without informing either party
• B. a salesperson is assigned to work exclusively in one geographic territory
• C. a broker designates separate licensees within the same firm to represent the buyer and seller in a transaction
• D. a buyer retains two different brokerage firms to help locate a property simultaneously

Designated agency allows one brokerage firm to represent both buyer and seller by assigning different affiliated licensees as the respective agents for each party, reducing the dual-agency conflict.

• A. the seller personally until the closing date
• B. the buyer's lender in a special escrow account
• C. the title insurance company pending the appraisal
• D. the listing broker in a designated trust or escrow account

Georgia license law requires that earnest money be deposited into the brokerage's designated trust or escrow account promptly after the offer is accepted.

• A. full fiduciary duties including undivided loyalty and unlimited confidentiality to each party simultaneously
• B. no duty of disclosure about any aspect of the transaction to protect both parties equally
• C. the same comprehensive duties as a seller's agent because the seller initiated the relationship
• D. limited duties that exclude sharing either party's confidential negotiating position with the other

BRRETA permits dual agency only with informed written consent and requires the agent to maintain confidentiality of each party's negotiating position while still disclosing material facts to both.