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The problem has two solutions (two answers).
One answer is the sequence 12, 24, 48, found by John.
The second answer is the sequence 4, -8, 16.
Solution
The three terms are a, ar and ar^2.
From the first part of the condition ("the third term is 4 times the first term") you have
ar^2 = 4a,
which implies r^2 = 4 and, hence, r = +/- 2.
1) Let r = 2. Then you get the sequence 12, 24, 48, as John obtained it.
2) Let r = -2.
Then the second part of the condition says
ar^2 - ar = 24 ====> a*4 - a*(-2) = 24 ====> 6a = 24 ====> a = 4,
and you get the second sequence 4, -8, 16.
Solved.