GA RE Metro broker UPDATED Actual Exam Questions and CORRECT Answers
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GA RE Metro broker
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GA RE Metro Broker
GA RE Metro broker UPDATED Actual
Exam Questions and CORRECT Answers
How does a broker prove they are not culpable if an agent makes a mistake? - CORRECT
ANSWER- 1. Reasonable supervision was available to agent
2. Broker had nothing to do with the infraction
3. The broker did not ratify the ...
GA RE Metro broker UPDATED Actual
Exam Questions and CORRECT Answers
How does a broker prove they are not culpable if an agent makes a mistake? - CORRECT
ANSWER- ✔✔1. Reasonable supervision was available to agent
2. Broker had nothing to do with the infraction
3. The broker did not ratify the infraction (Did not see it happen without telling them to stop)
What are Trade fixtures and how can they be removed? - CORRECT ANSWER- ✔✔Trade
fixture - item of personal property attached to land or building leased by a tenant who uses
the item in a trade or business
- Can be removed before lease ends by tenant and damages cause by removal must be
repaired. If not removed by lease date become landlords by accession.
Requirements for salespersons license - CORRECT ANSWER- ✔✔- 18 years old
- Resident of GA unless qualifying under nonresident status
- HS diploma or equivalent
- 75 hour approved course
- good moral character
- pass state exam
Requirements for Broker license - CORRECT ANSWER- ✔✔- 21 years old
- Resident of GA or qualifying under nonresident
- HS diploma or equivalent
- Have held active license at least 3 of 5 past years
- 60 hour approved course or equivalent
- good moral character
- pass state exam
Attachment lien - CORRECT ANSWER- ✔✔Grants court custody of property while a law
suit is proceeding.
- stops someone from getting house out of name
,If a person buys a house and a deed is not recorded, who is the rightful buyer? - CORRECT
ANSWER- ✔✔The buyer, so long as some form of constructive notice has been given
(moving in, cultivating the land) and no subsequent recordations of title were made prior to
notice
How is an appraisal charged? - CORRECT ANSWER- ✔✔The fee charged can never be
based on the estimate of value
replacement (cost approach) - CORRECT ANSWER- ✔✔The cost of replacement of
buildings, at today's prices and using today's construction materials, with a SIMILAR or
COMPARABLE structure, to serve the same purpose. (not the same as REPRODUCTION)
Insurance proration - CORRECT ANSWER- ✔✔- paid in advance
- credited to the seller from day after closing until day Before next premium is due
Formula - Annual premium/365 = Daily rate.
Daily rate x number of days
universal agent - CORRECT ANSWER- ✔✔Authorized to perform any act the principal
could perform, has authority w out limitations
General agent - CORRECT ANSWER- ✔✔Authorized to bind their Principal in the ongoing
conduct of a particular business,
Special agent (limited) - CORRECT ANSWER- ✔✔Appointed for a specific purpose or to
act on a particular occasion (listing agent)
Actual agency - CORRECT ANSWER- ✔✔Parties have entered into an agreement
Ostensible agency - CORRECT ANSWER- ✔✔third party relies on the principal's expressed
or implied representation w/o agreement
, Implied agency - CORRECT ANSWER- ✔✔when a broker, showing a property to a
prospective buyer, causes the buyer to feel broker is acting on their behalf *RATIFICATION
Ratification - CORRECT ANSWER- ✔✔Acceptance of an agents unauthorized acts by direct
confirmation or implication
material facts - CORRECT ANSWER- ✔✔facts a party, would want to know, and could not
reasonably discover, up to a ONE MILE RADIUS
ministerial acts - CORRECT ANSWER- ✔✔acts that do not require a licensee's professional
skill or judgment
BRETA - CORRECT ANSWER- ✔✔Brokerage relationship in real estate transaction act
What is BRETA - CORRECT ANSWER- ✔✔Governs the relationships between licensees
and their clients or customers
-to prevent "detrimental misunderstandings" that common law might cause in brokerage
relationships
When will an agency contract terminate without a date? - CORRECT ANSWER- ✔✔ONE
YEAR
When to turn in earnest money? - CORRECT ANSWER- ✔✔As soon as practically possible,
to the broker. The check must be made out to the broker, not the agent.
- normally within a business day
What makes a valid deed from the grantors side? - CORRECT ANSWER- ✔✔-Must be in
writing,
-name a competent grantor, -name a grantee,
-contain a description of consideration
-contain a valid legal description,
-include a granting clause expressing grantors intent to convey
- signature of grantro\\or
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