Barney Fletcher Cram Notes Booklet(Latest Update 2024)COMPLETE EXAM BUNDLE

A seller wants to list the property with a broker, but wants to avoid paying any commission should the seller be fortunate enough to sell the property. himself. Which of the following should the seller avoid signing? A. an exclusive agency listing B. an exclusive right to sell listing C. an ope...

Assemblage - ANSWER combining two or more contiguous parcels of real estate into a single parcel under one ownership plottage - ANSWER an increase in value resulting from assemblage fixture - ANSWER personal property that is permanently attached to real property and goes with the property when...

In doing a market analysis, you find a recently sold property where the owners had just gone through a divorce. It was listed for $60,000 for 3 months but sold for $40,000. Would you use this as a comparable? A. no, because it had only been listed for 3 months B. no, because of the divorce, it w...

deed - ANSWER the instrument used to transfer real property Title - ANSWER Ownership and the owner's rights Real Estate - ANSWER Land + improvements (appertenances) Physical Characteristics of Land - ANSWER 1. Immovable 2. Indestructable 3. Non-Homogenous (unique) Economic Characteris...

Within the first five years around ___% of agents leave the real estate business - ANSWER 80-90% For buyers what are the five steps of the pre-qualification process - ANSWER 1. Urgency 2. Motivation 3. Financial Ability 4. Wants and Needs 5. Agency For sellers what are the five steps to th...

An appraiser recommended tearing down a $28,000 house. There was a shopping center across the street. Which of the following appraisal principles BEST describes this situation? A. deterioration B. highest and best use C. capitalization D. substitution - ANSWER B. highest and best use What c...

Which of the following are appointed by the governor? a. Members of the Georgia Real Estate Commission. b. The Real Estate Commissioner. c. Real estate instructors. d. Georgia Real Estate Commission employees. - ANSWER a. Members of the Georgia Real Estate Commission. Bill knows that his ne...

which BEST describes the principle that a home maintains its highest value in a neighborhood with similar homes and similar type housing? A. substitution B. conformity C. highest and best use D. competition - ANSWER B. conformity If you took projected future costs from projected future inco...

Two Brokers have a dispute about a commission split. Which of the following could become involved in settling their dispute? a) a court of competent jurisdiction b) The real estate commission c) The commissioner d) The Department of Justice - ANSWER a ABC Corporation owns 10 apartment buildin...

Bundle of Rights - ANSWER the legal rights that accompany real property ownership. Real Estate or Real Property - ANSWER Land, improvements, & legal rights of ownership Appurtenance - ANSWER rights, privileges or improvements that belong to and pass with the transfer of property. Attaches to l...

What is the tax assessment rate for all real property in Georgia? - ANSWER 40% What could happen if a property is sold at foreclosure and does not bring enough money to satisfy all of the debts secured by the property? - ANSWER Outstanding debts could be pursued as a result of a deficiency judgem...

Open Listing - ANSWER a listing made available to more than one broker Novation - ANSWER substitution of a new contract for an old one Net Listing - ANSWER a listing where the net amount due to the seller us specified, rather than the selling price. The broker's commission would be any sale p...

Non-Homologous - ANSWER physical characteristic of land Investment Permanence - ANSWER economic characteristic of land

monopolistic practices - ANSWER actions that reduce the fair market competition between enterprises or entrepreneurs Group Boycotting - ANSWER Occurs when two or more businesses conspire against other businesses or agree to withold their patronage to reduce competition. CAN-SPAM Act - ANSWER A...