Exam Cheat Sheet · Quick Reference

Georgia Broker Supplement Examination

Georgia · PSI Services Real Estate

Verified, not estimated. Every figure below is drawn from the official exam structure we maintain — question counts, passing standard and topic weighting. Practice questions are grounded in the source law with statute citations. We omit any figure we can't verify rather than guess at it.

Total questions

Passing score

Exam time

120 min

Administered by

PSI Services Real Estate

Format

Reference materials allowed

Georgia State Portion 48 questions

State Laws and Rules 31 Q · 65%

Unfair PracticesTrust AccountsSubstantive RegulationsReal Estate Practice in GeorgiaQualifications and FeesFair Housing LawsReal Estate Education, Research and Recovery FundComplaints and Hearing Process and Attorney General's OpinionsCommission Organization and ProceduresRequired Licensure

Management 12 Q · 25%

License Law & SupervisionLicensee Oversight: Setting up systems to train, mentor, and supervise sales associates and associate brokers.Independent Contractor Agreements: Drafting clear agreements that define duties, compensation, and compliance expectations.Record Keeping: Maintaining accurate records for transactions, trust accounts, and rejected offersTrust Account & Financial ManagementEscrow / Trust Accounts: Implementing basic trust account procedures, handling earnest money, and navigating audits.Office Economics: Managing budgets, operational systems, and financial planning for the firm

Closing and Calculations 5 Q · 10%

Key Distinctions

Qualifying BrokervsAffiliated Licensee (Salesperson/Associate Broker)

The qualifying broker is responsible for supervising all affiliated licensees and the firm's compliance with Georgia real estate law; affiliated licensees operate under the qualifying broker's license and authority.

Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-10

Broker Liability (with reasonable supervision procedures)vsBroker Liability (without reasonable supervision procedures)

A broker who had reasonable supervisory procedures in place, did not participate in, and did not ratify a violation may avoid liability for an affiliated licensee's misconduct; a broker lacking these defenses shall be held responsible.

Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-18(b)

Qualifying Broker for a CorporationvsQualifying Broker for a Limited Liability Company

For a corporation the qualifying broker must be an officer of the corporation; for an LLC the qualifying broker must be a member or, if management is vested in a manager by the operating agreement, a manager.

Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-18(e)

Commission Examination of Trust AccountvsCPA Written Report on Trust Account

The commission may conduct its own examination of a broker's trust account, but in its discretion may accept a written CPA report confirming compliance in lieu of a direct examination.

Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-20(c)

Broker's Trust Account (firm-held)vsAffiliated Licensee's Own Trust Account

A broker must maintain the firm's trust account with signatory authority; an affiliated licensee may maintain a separate trust account for property they personally own only if the broker approves it, the commission is notified, and the licensee provides quarterly reconciliation statements to the broker.

Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-18(e)

Delegation of Management DutiesvsRetention of Responsibility

A qualifying broker may delegate management duties to another person, but the qualifying broker remains fully responsible for the acts of the person to whom the duty is delegated.

Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-18(d)

Licensee Transfer to New BrokervsLicensee Continuing Work for Former Broker After Transfer

Upon transfer, the licensee's license is immediately forwarded to the new broker or commission; to continue working on prior transactions for the former broker, both brokers must agree in writing, enumerate the transactions, the former broker must assume full responsibility, and compensation terms must be expressed.

Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-19(b)

Commission Regulation of Compensation Agreement ContentvsCommission Requirement to Enter Compensation Agreements

The Georgia Real Estate Commission requires that firms and all affiliated licensees enter into written compensation agreements, but the commission does not regulate the content of those agreements or enforce their provisions.

Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-18(c)(9)

Trust Account Funds Before Transaction ConsummationvsTrust Account Funds After Transaction Consummation or Termination

A broker is not entitled to any portion of earnest money or trust funds as commission until the transaction has been consummated or terminated; only after that point may the broker access those funds as compensation.

Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-20(e)

Georgia Real Estate CommissionervsGeorgia Real Estate Commission Member

The commissioner is a full-time employee and chief executive officer of the commission who may hold no real estate business interest while serving; commission members are governor-appointed (5-year terms) and must recuse themselves from votes where they have a conflict of interest.

Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-4(b)

Key Terms

Qualifying Broker Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-10

Per O.C.G.A. § 43-40-10, an individual licensed as a broker who is designated by a real estate firm and is responsible for ensuring the firm and all affiliated licensees comply with Georgia real estate law and its rules.

Broker Review of Contracts (30-Day Rule) Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-18(c)(3)

Per O.C.G.A. § 43-40-18(c)(3), the qualifying broker must review all listing contracts, leases, sales contracts, and management agreements within 30 days of the date of the offer or contract.

Broker Supervisory Liability Defense Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-18(b)

Per O.C.G.A. § 43-40-18(b), a broker may avoid liability for an affiliated licensee's violation by demonstrating reasonable supervisory procedures were in place, the broker did not participate in the violation, and the broker did not ratify the violation.

Signatory Authority on Trust Accounts Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-18(e)

Per O.C.G.A. § 43-40-18(e), the broker or qualifying broker of any real estate firm must have signatory powers on all trust accounts the firm maintains.

Trust Account Non-Attachment Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-20(a)

Per O.C.G.A. § 43-40-20(a), a trust or escrow account designated and registered with the Georgia Real Estate Commission is not subject to attachment or garnishment.

Trust Account Opening Deadline Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-20(a)

Per O.C.G.A. § 43-40-20(a), if a broker does not maintain a trust account and subsequently receives trust funds, the broker must open the required trust account within one business day of receipt.

Affiliated Licensee Own Trust Account (Quarterly Reconciliation) Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-20(h)

Per O.C.G.A. § 43-40-20(h), a licensee who maintains a broker-approved trust account for personally owned property must provide the broker a written reconciliation statement comparing total trust liability with the reconciled bank balance on at least a quarterly basis.

Broker's Commission from Trust Funds Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-20(e)

Per O.C.G.A. § 43-40-20(e), a broker may not take any portion of earnest money or trust funds as commission until the real estate transaction has been consummated or terminated.

Change of Broker's Business Address Notice Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-19(a)

Per O.C.G.A. § 43-40-19(a), a broker who changes the address of the place of business must notify the Georgia Real Estate Commission in writing within 30 days of such change.

License History Certification Period Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-6(b)

Per O.C.G.A. § 43-40-6(b), the commission maintains records to certify the license history of licensees for a period of up to five years preceding the date of certification.

Out-of-State Broker Cooperative Agreement Record Retention Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-9(e)(1)

Per O.C.G.A. § 43-40-9(e)(1), a Georgia broker must retain a copy of any written cooperative agreement with a licensed broker of another state for at least three years after its expiration date.

Georgia Real Estate Commission Composition Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-2(a)

Per O.C.G.A. § 43-40-2(a), the commission is composed of six members appointed by the Governor for five-year terms: five must be licensees actively engaged in real estate for five years, and one must be a consumer advocate with no connection to the real estate industry.

Quorum (Georgia Real Estate Commission) Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-2(b)

Per O.C.G.A. § 43-40-2(b), four members of the Georgia Real Estate Commission constitute a quorum sufficient to conduct commission business.

Real Estate Commissioner (Georgia) Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-4(b)

Per O.C.G.A. § 43-40-4(b), the commissioner is a full-time employee serving as chief executive officer of the commission and may hold no interest in any real estate or related business while serving.

Commissioner/Employee License Status Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-5

Per O.C.G.A. § 43-40-5, the real estate licenses of the commissioner and all commission employees who are licensed are placed on inactive status during their employment, with no fee required to maintain that inactive status.

Written Compensation Agreement Requirement Georgia O.C.G.A. Title 43, Ch. 40, § 43-40-18(c)(9)

Per O.C.G.A. § 43-40-18(c)(9), a qualifying broker must ensure the firm and all licensed affiliates enter into a written agreement specifying compensation terms during affiliation and for work begun but not completed prior to termination; however, the commission does not regulate the content of or enforce those agreements.

Formulas to Know

Gross Commission IncomeSale Price × Commission Rate

Commission Split (Broker's Share)Gross Commission × Broker's Split Percentage

Commission Split (Agent's Share)Gross Commission × Agent's Split Percentage

Seller's Net ProceedsSale Price − (Commission + Seller's Closing Costs + Loan Payoff + Other Charges)

Loan-to-Value Ratio (LTV)Loan Amount ÷ Appraised Value (or Sale Price, whichever is lower)

Annual Interest on a LoanPrincipal Balance × Annual Interest Rate

Monthly Interest Payment(Principal Balance × Annual Interest Rate) ÷ 12

Prorated Item (daily rate)Annual Amount ÷ 365 × Number of Days

Property Tax ProrationAnnual Tax ÷ 365 × Number of Days Seller Owned Property in Tax Year

Net Operating Income (NOI)Gross Income − Vacancy & Collection Loss − Operating Expenses

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