Broker Mike maintains his trust account at First National Bank but wants to switch to Community Bank for better service. What must he do according to GREC rules?
Correct Answer
B) Notify GREC in writing within 10 days of the change
GREC requires written notification within 10 days of any trust account changes, including bank changes. This ensures GREC can maintain proper oversight. A lacks required notification. C requires unnecessary pre-approval. D delays notification too long.
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More Grec Rules Disciplinary Questions
Broker Mike receives a complaint letter from GREC regarding allegations that he failed to properly supervise his affiliated licensees. How many days does Mike have to respond to GREC's complaint?
A licensee distributes printed flyers advertising a residential listing. The flyers include property photos, price, and features but do not display the licensee's name or the brokerage firm's name anywhere on the material. Which GREC advertising requirement has been violated?
Broker Janet's trust account shows a shortage of $2,500 during a routine audit. She claims it's due to a bank error and will be corrected. What is GREC's likely response?
Broker Johnson receives a $5,000 earnest money check from buyer Smith for a property purchase. The closing is scheduled for 30 days later. According to GREC rules, what must Broker Johnson do with this earnest money?
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?
- → Agent Carlos Martinez violated GREC advertising rules by failing to include his brokerage name in multiple property advertisements. This is his first offense with no other violations on record. What is the most likely initial disciplinary action the GREC will take?
- → 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?
- → 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?
- → 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?
- → Agent Smith places a newspaper advertisement that reads 'Beautiful 3BR/2BA home, great location, call Smith 555-1234.' What GREC rule violation has occurred?
- → Broker Taylor's trust account is overdrawn by $500 due to a bank error. The bank corrects the error the next day. Must Taylor report this to GREC?
- → A broker receives earnest money deposits from two competing offers on the same property. Under GREC trust account rules, what is the broker's obligation regarding these funds?
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A Georgia licensee is preparing an online advertisement for a residential listing. Under GREC advertising rules, which of the following statements is correct?
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A Georgia broker is reviewing the firm's record-keeping practices to ensure compliance with GREC requirements. Which of the following methods for maintaining required transaction records would most likely be found deficient during a GREC audit?