Exam (elaborations)
Georgia Real Estate Class Final Exam Fully Solved!!
Georgia Real Estate Class Final Exam Fully Solved!!
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Georgia Real Estate Class FinalExam Fully Solved!!
When you list an owner's property for sale you owe them client level
services, fiduciary services which include - -confidentiality, loyalty,
obedience, full disclosure
-a recent appraisal on a property reveals that a home has a leaking roof,
dirty carpeting, updated granite countertops, central heat and air, a full
basement, but the home is affected by a busy highway. What type of
depreciation does it suffer from? - -physical depreciation due to the roof and
carpet and economic due to the highway
-An owner of a home in a subdivision has not paid their own association fees
for the past 2 years. What can be done about these past due fees? - -a
homeowners association can put a lien on the property IF the fees are
mandatory
-An Italian buyer asks you, their real estate agent, if there is an area in the
community that would be receptive to her culture and family - -you cannot
answer this question as it would be illegal steering and a violation of state
and federal laws
-while under contract but before closing, a buyer and seller wish to increase
the axle price and the seller's contribution at closing by the same amount.
What would not be true by doing this? - -as long as it is in writing and shown
on amendments signed by all parties this would NOT be mortgage fraud
-A home owner tells you, a licensed real estate agent, that you can put a
sign in the yard, hold open houses and if you are successful in selling her
home, she will list additional properties with you. What does the real estate
commission require? - -Permission to advertise must be in writing
-What are the requirements needed to obtain a real estate license? - -must
be atleast 18, have a highschool diploma or GED, complete a GREC-approved
prelicense course, can be a resident of Georgia or another state
-There are 6 members of the GA Real Estate Commission, do they all have to
be licensed for 5 years? - -no, only 5 of them do
-The person who is the administrative head of the G.R.E.C. is a full time
employee of the state of Georgia. What title do they go by? - -The
Commissioner
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