GA Real Estate Metro Broker Exam Practice Questions and Answers
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Course
Georgia Real Estate Broker
Institution
Georgia Real Estate Broker
How does a broker prove they are not culpable if an agent makes a mistake? 1. 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 see it happen without telling them to stop)
What are Trade fixtures a...
GA Real Estate Metro Broker Exam Practice
Questions and Answers
How does a broker prove they are not culpable if an agent makes a mistake? ✅1.
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 see it happen without telling them to
stop)
What are Trade fixtures and how can they be removed? ✅Trade fixture - item of
personal property attached to land or building leased by a tenant who uses the item in a
trade or business
- Can be removed before lease ends by tenant and damages cause by removal must be
repaired. If not removed by lease date become landlords by accession.
Requirements for salespersons license ✅- 18 years old
- Resident of GA unless qualifying under nonresident status
- HS diploma or equivalent
- 75 hour approved course
- good moral character
- pass state exam
Requirements for Broker license ✅- 21 years old
- Resident of GA or qualifying under nonresident
- HS diploma or equivalent
- Have held active license at least 3 of 5 past years
- 60 hour approved course or equivalent
- good moral character
- pass state exam
Attachment lien ✅Grants court custody of property while a law suit is proceeding.
- stops someone from getting house out of name
If a person buys a house and a deed is not recorded, who is the rightful buyer? ✅The
buyer, so long as some form of constructive notice has been given (moving in,
cultivating the land) and no subsequent recordations of title were made prior to notice
How is an appraisal charged? ✅The fee charged can never be based on the estimate
of value
replacement (cost approach) ✅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 ✅- 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 ✅Authorized to perform any act the principal could perform, has
authority w out limitations
General agent ✅Authorized to bind their Principal in the ongoing conduct of a
particular business,
Special agent (limited) ✅Appointed for a specific purpose or to act on a particular
occasion (listing agent)
Actual agency ✅Parties have entered into an agreement
Ostensible agency ✅third party relies on the principal's expressed or implied
representation w/o agreement
Implied agency ✅when a broker, showing a property to a prospective buyer, causes
the buyer to feel broker is acting on their behalf *RATIFICATION
Ratification ✅Acceptance of an agents unauthorized acts by direct confirmation or
implication
material facts ✅facts a party, would want to know, and could not reasonably discover,
up to a ONE MILE RADIUS
ministerial acts ✅acts that do not require a licensee's professional skill or judgment
BRETA ✅Brokerage relationship in real estate transaction act
What is BRETA ✅Governs the relationships between licensees and their clients or
customers
-to prevent "detrimental misunderstandings" that common law might cause in brokerage
relationships
When will an agency contract terminate without a date? ✅ONE YEAR
When to turn in earnest money? ✅As soon as practically possible, to the broker. The
check must be made out to the broker, not the agent.
- normally within a business day
, What makes a valid deed from the grantors side? ✅-Must be in writing,
-name a competent grantor, -name a grantee,
-contain a description of consideration
-contain a valid legal description,
-include a granting clause expressing grantors intent to convey
- signature of grantro\\or
-and have been delivered and accepted by the grantee or the grantee's agent DURING
the grantor's lifetime. *putting it in the mail is considered delivery*
Secondary market ✅The market where loans are bought from local lenders in order to
provide them with a constant supply of cash to originate more loans to homebuyers
Who Is included in secondary mortgage market? ✅FNMA, GNMA, FHLMC, MGIC +
other private buyers (Fannie Mae, Ginnie Mae, Federal Home Loan Mortgage Corp,
Mortgage Guaranty Insurance Company)
Capitalization Approach ✅uses net income to project and estimate of present value
What does Regulation Z not cover? ✅Loans made to corporations or organizations,
loans for farms or agricultural property, commercial and business loans, or purchase
money mortgages (aka seller financing)
What is CAM and what do they do? ✅Community Association Manager, handles tasks
involved in managing homeowner's associations
When is a tenant relieved from paying rent? ✅If the landlord's actions or omissions
allow the leased premises to become uninhabitable or violation of quiet enjoyment,
there can be a constructive eviction that allows the tenant to abandon the property and
stop paying rent. Applies in life threatening situations and only if tenant moves out.
True or false: If a buyer submits a promissory note as earnest money, the salesperson
must make note of it on the Sales Contract ✅True
Police power ✅the right of local, state or national governments to enact and enforce
laws that regulate the use of private property in order to providefor the safety, health,
morals and general well-being of the community
examples of police power ✅planning restrictions, zoning, building codes, and
environmental protection laws. (DOES NOT include eminent domain)
When can a seller request to keep earnest money as liquidated damages? ✅In the
event that the buyer defaults as long as amount is not excessive
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