Georgia Real Estate Exam Study Guide Chapter 1 with Complete Solutions.(SCORED A+)

Broker - ANSWER-Any person who, for another, and who, for a fee, commission, or any other valuable consideration, or with the intent or expectation of receiving the same from another: Brokerage Agreement - ANSWER-An express written contract wherein the client promises to pay the real estate broker a valuable consideration or agrees that the real estate broker may receive a valuable consideration from another in consideration of the broker's producing a seller, buyer, tenant, or landlord ready, able, and willing to sell, buy, or rent the property or in consideration of the broker's performing property management services or performing community association management services Georgia Real Estate Commission - ANSWER-the authoritative body over all real estate licensees in Georgia Georgia Real Estate Commissioner - ANSWER-The real estate commissioner. (Our note: this is NOT the same as a "Commission member.") Community association - ANSWER-An owner organization of a residential or mixed use common interest realty association in which membership is mandatory as an incident of ownership within the development, such as condominiums, cooperatives, homeowner associations, timeshares, lot division with restrictions in management, and other forms of common interest or planned developments wherein there is a common management. Community Association Management services - ANSWER-The provision, for a valuable consideration, to others of management or administrative services on, in, or to the operation of the affairs of a community association, including, but not limited to, collecting, controlling, or disbursing the funds; obtaining insurance, arranging for and coordinating the maintenance to the association property; and otherwise overseeing the day-to-day operations of the association.