Georgia Real Estate Class Final Exam Questions and Answers. (GRADED A+)

When you list an owner's property for sale you owe them client level services, fiduciary services which include - ANSWER-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? - ANSWER-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? - ANSWER-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 - ANSWER-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? - ANSWER-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? - ANSWER-Permission to advertise must be in writing