5.

Sam has a Georgia real estate salesperson's license, although it is on inactive status and he is not currently affiliated with any broker. Sam purchases a home through Shady Acres, a licensed Georgia real estate broker. Shady Acres does not disclose numerous adverse material facts about the property and Sam pays a great deal of money repairing the property. He sues Shady Acres and obtains a judgment, but is unable to collect it. Sam files a claim with the Real Estate Education, Research, and Recovery Fund. What payment is Sam most likely to receive from this fund?

Select one:

a. $15,000

b. $45,000

c. $50,000

d. $0.00

6.

Salesperson Steve works for ACME Real Estate. Steve has obtained a listing contract with a homeowner. Salesperson Sally also works for ACME Real Estate and has a buyer who is interested in purchasing the home. ACME appoints Steve to represent the seller and Sally to represent the buyer. Which of the following statements is correct regarding this situation?

Select one:

a. This is an example of designated agency, and none of the licensees are acting as dual agents

b. This is an example of designated agency, and ACME is acting as a dual agent

c. This is an example of acting as transaction brokers, and none of the licensees are acting as dual agents

d. This is an example of a dual agency arrangement

12.

Salesperson Steve works for ACME Real Estate. Steve has obtained a listing contract with a homeowner. Salesperson Sally also works for ACME Real Estate and has a buyer who is interested in purchasing the home. ACME appoints Steve to represent the seller and Sally to represent the buyer. Which of the following statements is correct regarding this situation?

Select one:

a. This is an example of designated agency, and none of the licensees are acting as dual agents

b. This is an example of designated agency, and ACME is acting as a dual agent

c. This is an example of acting as transaction brokers, and none of the licensees are acting as dual agents

d. This is an example of a dual agency arrangement

25.

Bob is an associate broker for ACME Realy. XYZ Realty asks Bob to serve as their qualifying broker. May Bob do so?

Select one:

a. Yes, but only if Bob resigns his affiliation with ACME Realty

b. Yes, without any restriction

c. No

d. Yes, but only if he meets all the requirements and if he stays with ACME Realty he must notify his broker in writing.