Georgia Real Estate Flash Cards

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  • Should offers be changed by the listing agent when essentials are left out of the offer by a selling agent?
    The listing agent should explain to the seller what essential items appear to be left out of the offer and advise the seller to make a counter offer with those items included.
  • If an offer is accepted on the phone, is it a contract?
    No
  • May I tell a purchaser that I will represent him or her instead of the seller?
    Only if specifically authorized to do so by your broker.
  • May I work for the purchaser and be paid a fee by the seller and listing broker?
    Yes, provided you make proper disclosure.
  • May we hire unlicensed hostesses to sit in open houses and pass out brochures with information on the houses?
    May we hire unlicensed hostesses to sit in open houses and pass out brochures with information on the houses?
  • I own rental property that I obtained before I associated with my broker. Does my broker need to be told anything?
    Yes, in writing. Your broker will have to approve procedures for your holding security deposits and collecting rent.
  • "Can I file a complaint with the Commission against another company in order to collect my share of a commission?"
    No. The license law does not permit the Commission to intervene in disputes between licensees about fees.
  • I have just passed the salesperson's examination. How soon can I go to work?
    You may not begin brokerage activity until your broker receives your wall certificate and pocket card from the Commission.
  • Can I be a broker for more than one company?
    Yes
  • Can I be a broker for one company and an associate broker with another company?
    Yes, provided that you give the required notice to the broker holding your associate broker's license.
  • May I pay a fee or give a gift to a person who refers a prospect to me?
    No, unless that person is a real estate licensee.
  • Should a broker hold the earnest money or let the seller hold it when the seller is a builder?
    The party who holds the earnest money is controlled by the negotiation of the parties as expressed in the provisions of the sales contract.
  • How old does a broker have to be to be licensed?
    21
  • In the state of Georgia, do exclusive listing contracts require a definite expiration date?
    Yes
  • Who makes up the Georgia Real Estate Commission?
    The commission is composed of six real estate licensees plus the real estate commissioner.
  • What is the real estate commission?
    A budget unit of Georgia assigned to the office of the Secretary of State .
  • Is the georgia real estate commission authorized to set real estate commission rates?
    No
  • In georgia, a corporation licensed as a salesperson can have how many licensees?
    One
  • I am a licensee and I want to advertise my own property to be sold. What must I do?
    Disclose license status .
  • A $25 fee will be charged to a licensee (active or inactive) for failure to notify the commission in writing of a change of address within...
    30 days
  • When is it necessary for the Georgia Real estate commission to investigate the actions of a licensee?
    when they receive a sworn written request of a licensee concerning the acts that occurred within the last three years.
  • Is hazard insurance paid in advance?
    Yes
  • The Salesperson main role at a closing is?
    To represent both their broker and the brokers client.
  • Is the intangible tax paid by the buyer?
    No (It's negotiated by both buyer and seller)
  • Someone acting as a real estate licensee without an actual license will be guilty of what?
    A misdemeanor
  • How long do the members of the Real Estate Commission serve for?
    5 year terms
  • If a seller tries to place a restriction on the person(s) whom the property may be offered for sale to due to race. What should the licensee do?
    Refuse the listing and inform the seller that he or she can be in violation of a federal law.
  • On what basis will it be legal for a seller to discriminate two different offers?
    Financial status
  • Can a licensee take into account a prospective buyers marital status when showing residential properties?
    Yes
  • Can the commission publish the name of licensees who have their license suspended or revoked on its official site?
    Yes
  • What is the order for an investigation and hearing process?
    Complaint- investigation- hearing- final decision
  • What would be a requirement of a claimant in order to collect damages from the education research and recovery fund?
    He or she received a valid judgement from a court of competent jurisdiction.
  • If several brokers obtain written permission from a developer to market properties on a new residential subdivision, can the brokers put their for sale sign on the property?
    Yes
  • When a firm is using a trade name on a business card, for sale sign, contracts, what must be included?
    The firms name as registered with the commission.
  • How many days does a real estate firm has to secure a new qualifying broker if the qualifying broker of a real estate firm dies?
    60 days
  • Can a broker disburse trust funds with written consent of the buyer only to pay for a termite inspection?
    No
  • Must a licensee disclose their license status when advertising their own property?
    Yes
  • When does a broker need to sign a release form requested by the salesperson?
    Immediately
  • Blind advertising
    A type of advertisement that does not include the identity of the individual who placed the ad.
  • Can a broker deposit security deposits and earnest money into an interest bearing trust account?
    Yes
  • A salesperson can be licensed under more than one broker? (T/F)
    False
  • Concept designed to enable the buyer who is represented by a buyer agent, and the seller who is represented by a seller agent in the same brokerage
    Designated agency
  • On a closing statement, would a transfer tax be a debit to the seller?
    Yes
  • Can a unlicensed assistant make a listing presentation?
    No
  • Can a salesperson accept compensation from their sponsoring broker?
    Yes
  • When salesperson Henry Forbes left 123 Realty and went to work with ABC REALTORS, What happened to his listings?
    Remained with 123 Realty.
  • A listing whereby an owner lists the property for sale with a number of brokers.
    Open listing
  • John Banks gave Star Realty an exclusive agency listing on her property. If he sells the Property himself without involving Star Realty, he will owe Star Realty how much?
    No commission
  • Describe fiduciary.
    The relationship between an agent and his or her client.
  • A real estate salesperson's compensation is set by...
    Agreement between broker and salesperson.
  • A buyer should be cautious not to reveal the top asking price there are willing to pay to a...
    Seller's agent
  • Are blind ads legal?
    No
  • Highest form of legal estate in freehold land denoting complete ownership?
    Fee simple
  • If you purchase land or property on a stream, then you have rights to the stream known as?
    Riparian rights
  • Is a "barn" considered chattel?
    No
  • Deed restrictions could only be established by the “Grantor” (T/F)
    True
  • An encumbrance is a right to, interest in, or legal liability on real property that does not prohibit passing title to the property but that diminishes its value (T/F)
    True
  • When is a deed valid?
    Once its delivered and accepted
  • The document used to convey title legally to real property.
    Deed
  • What kind of lease allows the lessee to pay for all or some of the expenses of a property?
    Net lease
  • If a lessee transfers all the remaining interest of his lease to another party, who then must pay the owner is called an?
    Assignment
  • Contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset.
    Lease
  • What account is established to hold money collected by your lender to pay your hazard insurance and property taxes when they become due?
    Escrow
  • A written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law.
    Contract
  • An exchange of promises in which the terms by which the parties agree to be bound are declared either orally or in writing, or a combination of both, at the time it is made.
    Express contract
  • An agreement created by actions of the parties involved, but it is not written or spoken.
    Implied contract
  • The act of either: replacing an obligation to perform with a new obligation, or adding an obligation to perform or replacing a party to an agreement with a new party.
    Novation
  • Can a flip tax be imposed on a cooperative property?
    Yes
  • A debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments.
    Mortgage
  • Is the Department of Veterans Affairs mortgage a guaranteed loan program?
    Yes
  • A mortgage which covers two or more pieces of real estate.
    Blanket mortgage
  • The borrower in a mortgage?
    Mortgagor
  • The type of mortgage loan that has an interest rate that may increase or decrease at different times in accordance to an economic indicator.
    ARM (Adjustable Rate Mortage)
  • What is Usury?
    Charging more than the legal interest rate.
  • If a real estate broker earned a commission of $6,000 at a commission rate of 6%, at what price was the property sold?
    $100,000
  • The right of a government or its agent to expropriate private property for public use, with payment of compensation.
    Eminent domain
  • A reproduction of a technical drawing, documenting an architecture or an engineering design.
    Blueprint
  • Electrical systems are routed through a...
    Circuit box
  • A home sold for $400,000. The Broker received $32,000. What rate of Commission did this broker charge?
    8.00%
  • An examination of the prices at which similar properties in the same area recently sold.
    CMA (comparative market analysis)
  • What is the civil rights act of 1866?
    Prohibits any type of discrimination based on race.
  • The practice of denying, or charging more for a loan in certain locations.
    Redlining
  • Guiding prospective home buyers towards or away from certain neighborhoods based on their race.
    Racial steering
  • Business practice of U.S. real estate agents and building developers meant to encourage white property owners to sell their houses at a loss.
    Blockbusting
  • A law passed by Congress in 1890. It prohibits certain business activities that federal government regulators deem to be anti-competitive.
    The Sherman Antitrust Law
  • If asbestos is in area that is not disturbed is it sometimes best to leave it alone?
    Yes
  • The maximum commission a broker may charge a seller for the sale of residential income property is...
    Negotiable
  • A person holding title to real property in severalty would most likely have:
    Sole ownership
  • A “loss in value from any cause” is a common definition of...
    Depreciation
  • How many feet is in 1 square mile?
    43560 square feet
  • 1 square mile into acres
    640 acres
  • A reduction in the level of taxation faced by an individual or company.
    Abatement
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