Exam (elaborations)
GA MLS Cram Course (1)
GA MLS Cram Course (1)
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GA MLS Cram CourseHow would an unmarried couple take ownership to real property if they wanted full ownership
immediately upon death of the co-owner? - ANS-joint tenancy
In a trust, legal title to real property is transferred to a person to be held and managed by the
person for the benefit of the... - ANS-beneficiary
Several persons own property as tenants in common. One of the owners dies and the heirs
want to sell the property, whereas the other owners prefer to retain the property. If the parties
cannot reach an agreement, what action would most likely be taken by the heirs who want to
sell? - ANS-file a partition action
A father conveyed the family property to his daughter by will as a pur autre vie estate for the life
of her mother. If the daughter dies before her mother, who gains possession of the property? -
ANS-the daughter's heirs
Under cooperative ownership, the lease that grants occupancy of a specific unit to the
stockholder is called a... - ANS-proprietary lease
Which of the following transactions would most likely be subject to the state's blue-sky laws? -
ANS-Purchase securities in a timeshare ownership plan.
The owner of a residential condominium unit and a tenant under lease both have... - ANS-an
estate in the property
In Georgia, the legal description section of the listing agreement would NOT include information
about... - ANS-range and townships
The Georgia Time-Share Act requires developers of timeshare projects make disclosures to
prospective buyers of all material facts about the property, including the buyer's right to rescind
the contract within seven days. This information would be contained in the... - ANS-public
offering statement
In Georgia, the principal source of the legal description is... - ANS-the seller's warranty deed
In Georgia, when locating the point of beginning in a metes and bounds legal description, what
term would NOT render the legal description void? - ANS-exactly
In Georgia, the prevailing legal description is... - ANS-metes and bounds
, The owner in a residential subdivision gets a building permit from the county to put a fence on
his property. The fence is in violation of the subdivision's restrictions (CC&R). An adjoining
neighbor objects to the fence. If the HOA fails to enforce the restrictions, the neighbor's best
action would be to... - ANS-apply to the court for an injunction
What statement best describes a lien on real property? - ANS-A monetary encumbrance
affecting title to the property.
Broker Dole was showing a buyer different apartments for rent in a specific area. The buyer
asked Dole to find an apartment that did not allow children as the buyer desired peace and
quiet. Broker Dole should... - ANS-inform the buyer that only bona fide retirement communities
can legally restrict children
A salesperson is showing a property in a racially changing neighborhood. What statement would
be appropriate in this situation? - ANS-Based on the information you have provided, I don't think
you can afford that property.
Under the Federal Fair Housing Act, familial status would apply to... - ANS-A pregnant woman
In Georgia, two licensees affiliated with the same broker are assigned by the broker to represent
the buyer and seller, respectively, in the same transaction. Under BRRETTA this would be
considered a... - ANS-designated agency
A licensee should search the National Do Not Call Registry on a regular basis and drop
registered consumer phone numbers from their call lists. This should be done at least once
every... - ANS-31 days
Under CAN-SPAM Act, opt-out requests must be handled within... - ANS-10 business days
A potential buyer attends an open house on a listed property and inquires about the sales price.
The interested buyer is registered on the Do-Not-Call Registry. Can the salesperson call the
interested buyer? - ANS-Yes, the agent can call for up to three months (90 days) after the
consumer makes an inquiry.
A brokerage company recently had a listing expire. The seller is on the Do-Not-Call list. After the
end of the transaction, for how many months can the agents in the listing office call the seller? -
ANS-18 months (1.5 years)
What type of agency relationship does a real estate sales associate usually have with their
employing broker? - ANS-general agency
An offer to purchase with a $500 earnest money check is received Monday evening, and the
offer states that the salesperson is required to hold the money until the offer is accepted by the
seller. Your broker requires all earnest money deposits be turned over to the office manager
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