GA RE Metro broker Exam Questions With 100% Verified Answers
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GA RE Metro broker
Institution
GA RE Metro Broker
GA RE Metro broker Exam Questions With
100% Verified Answers
How does a broker prove they are not culpable if an agent makes a mistake? - answer1.
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 ...
replacement (cost approach) - 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 - 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 - answer✔Authorized to perform any act the principal could perform, has
authority w out limitations
General agent - answer✔Authorized to bind their Principal in the ongoing conduct of a particular
business,
Special agent (limited) - answer✔Appointed for a specific purpose or to act on a particular
occasion (listing agent)
Actual agency - answer✔Parties have entered into an agreement
Ostensible agency - answer✔third party relies on the principal's expressed or implied
representation w/o agreement
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