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GA MLS Real Estate Unit 1 to 4 Questions And Answers CA$16.06   Add to cart
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Exam (elaborations)

GA MLS Real Estate Unit 1 to 4 Questions And Answers
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  • GA MLS Real Estate

Eminent domain ~ The right of the government to acquire privately owned real estate for public use. Condemnation ~ The process by which the government exercises its right of eminent domain, either by judicial or administrative proceedings. Taking ~ The taking of private property by the ...

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  • August 8, 2024
  • 33
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ga mls real estate unit 1 to 4 questions and answ

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  • GA MLS Real Estate
  • GA MLS Real Estate

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GA MLS Real Estate Unit 1 to
4 Questions And Answers

Brokerage


✓~ The business of bringing people together in a real estate transaction




Broker


✓~ A person or company licensed to buy, sell, exchange, or lease real property for

others and to charge a fee for these services.




Licensed real estate salesperson


✓~ Employed by or associated with a broker to perform brokerage activities on

behalf of or for the broker (may also be referred to as a sales associate or associate

licensee)




Real estate licensee


✓~ A person who has satisfied the requirements of a licensing agency, as

authorized by state legislation

,Appraisal


✓~ The process of developing an opinion of a property's market value, based on

established methods and professional judgement.




The Appraisal Institute


✓~ Largest trade association of real estate appraisers.




Property Manager


✓~ A person or company hired to maintain and manage property on behalf of the

property owner. Basic responsibility is to protect owner investment and maximize

return on investment.




Financing


✓~ The business of providing the funds that make real estate transactions

possible.




Subdivision


✓~ The dividing of a single property into smaller parcels.




Development

, ✓~ Involves the construction of improvements that benefit the land.




Off-site Improvements


✓~ Water lines and storm sewers, etc; made on public lands to serve the new

development.




On-site Improvement


✓~ New homes and swimming pools, etc; made on individual parcels.




Home Inspection


✓~ A profession that combines a practitioner's interest in real estate with skills and

training in the construction trades.




Home Inspector's Duties


✓~ Conduct a thorough visual survey of a property's structure, systems, and site

conditions and prepares an analytical report that is valuable to both purchasers and

homeowners.




Counseling

, ✓~ Involves providing clients with competent independent advice based on sound

professional judgement.




Real Estate Counselor


✓~ Helps clients choose among various alternatives involved in purchasing, using,

or investing in property. Role is to furnish clients with the information needed to make

informed decisions.




Ethics


✓~ Refers to a system of moral principles, rules, and standards of conduct.




Code of Ethics


✓~ A written system of standards for ethical conduct.




REALTOR


✓~ Member of the National Association of Realtors




NAR


✓~ Has an established Code of Ethics that REALTORS must subscribe to.

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