Broker Davis discovers that $2,000 in earnest money was mistakenly deposited into his operating account instead of his trust account. What must he do immediately?
Correct Answer
B) Transfer the funds to the trust account and notify GREC within 10 days
GREC rules require immediate transfer to the trust account and notification to GREC within 10 days of discovering the error. A violates trust account requirements. C uses the wrong notification timeframe. D is incorrect as the funds should go to the trust account, not directly back to the buyer.
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- → According to GREC advertising rules, what name identification is required on a real estate yard sign placed on a listed property?
- → A newly licensed Georgia salesperson asks why exam preparation materials cover both recordkeeping and advertising rules in the same study section. What is the best explanation?
- → In a formal GREC disciplinary hearing regarding alleged license law violations by a licensee, what standard of proof must be met to support disciplinary action?
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- → A Georgia licensee wants to advertise a property that the licensee personally owns. Under GREC advertising rules, which statement best describes the licensee's obligations?
- → According to GREC regulations, what is the minimum period a Georgia broker must retain records of trust account transactions?
- → Real estate firm ABC Realty wants to advertise on social media. According to GREC advertising rules, what information must be included in their Facebook advertisement?
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Under Georgia advertising rules, which of the following statements is correct regarding a licensee's advertising obligations?
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Agent Brown wants to advertise on social media using only her personal name and phone number. Under GREC rules, what additional information must be included?