GA RE Metro Broker Exam – Questions &
Accurate Solutions
Save
Terms in this set (173)
How does a broker prove 1. Reasonable supervision was available to agent
they are not culpable if 2. Broker had nothing to do with the infraction
an agent makes a 3. The broker did not ratify the infraction (Did not
mistake? see it happen without telling them to stop)
Trade fixture - item of personal property attached
to land or building leased by a tenant who uses the
What are Trade fixtures item in a trade or business
and how can they be - Can be removed before lease ends by tenant and
removed? damages cause by removal must be repaired. If not
removed by lease date become landlords by
accession.
- 18 years old
- Resident of GA unless qualifying under
nonresident status
Requirements for
- HS diploma or equivalent
salespersons license
- 75 hour approved course
- good moral character
- pass state exam
- 21 years old
- Resident of GA or qualifying under nonresident
- HS diploma or equivalent
Requirements for Broker
- Have held active license at least 3 of 5 past years
license
- 60 hour approved course or equivalent
- good moral character
- pass state exam
, Grants court custody of property while a law suit is
Attachment lien proceeding.
- stops someone from getting house out of name
If a person buys a house The buyer, so long as some form of constructive
and a deed is not notice has been given (moving in, cultivating the
recorded, who is the land) and no subsequent recordations of title were
rightful buyer? made prior to notice
How is an appraisal The fee charged can never be based on the
charged? estimate of value
The cost of replacement of buildings, at today's
replacement (cost prices and using today's construction materials, with
approach) a SIMILAR or COMPARABLE structure, to serve the
same purpose. (not the same as REPRODUCTION)
- paid in advance
- credited to the seller from day after closing until
day Before next premium is due
Insurance proration
Formula - Annual premium/365 = Daily rate.
Daily rate x number of days
Authorized to perform any act the principal could
universal agent
perform, has authority w out limitations
Authorized to bind their Principal in the ongoing
General agent
conduct of a particular business,
Appointed for a specific purpose or to act on a
Special agent (limited)
particular occasion (listing agent)
Actual agency Parties have entered into an agreement
third party relies on the principal's expressed or
Ostensible agency
implied representation w/o agreement
when a broker, showing a property to a prospective
Implied agency buyer, causes the buyer to feel broker is acting on
their behalf *RATIFICATION
Acceptance of an agents unauthorized acts by
Ratification
direct confirmation or implication
, facts a party, would want to know, and could not
material facts
reasonably discover, up to a ONE MILE RADIUS
acts that do not require a licensee's professional skill
ministerial acts
or judgment
BRETA Brokerage relationship in real estate transaction act
Governs the relationships between licensees and
their clients or customers
What is BRETA
-to prevent "detrimental misunderstandings" that
common law might cause in brokerage relationships
When will an agency ONE YEAR
contract terminate
without a date?
As soon as practically possible, to the broker. The
When to turn in earnest check must be made out to the broker, not the
money? agent.
- normally within a business day
-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
What makes a valid deed
intent to convey
from the grantors side?
- 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
The market where loans are bought from local
lenders in order to provide them with a constant
Secondary market
supply of cash to originate more loans to
homebuyers
FNMA, GNMA, FHLMC, MGIC + other private buyers
Who Is included in
(Fannie Mae, Ginnie Mae, Federal Home Loan
secondary mortgage
Mortgage Corp, Mortgage Guaranty Insurance
market?
Company)
Accurate Solutions
Save
Terms in this set (173)
How does a broker prove 1. Reasonable supervision was available to agent
they are not culpable if 2. Broker had nothing to do with the infraction
an agent makes a 3. The broker did not ratify the infraction (Did not
mistake? see it happen without telling them to stop)
Trade fixture - item of personal property attached
to land or building leased by a tenant who uses the
What are Trade fixtures item in a trade or business
and how can they be - Can be removed before lease ends by tenant and
removed? damages cause by removal must be repaired. If not
removed by lease date become landlords by
accession.
- 18 years old
- Resident of GA unless qualifying under
nonresident status
Requirements for
- HS diploma or equivalent
salespersons license
- 75 hour approved course
- good moral character
- pass state exam
- 21 years old
- Resident of GA or qualifying under nonresident
- HS diploma or equivalent
Requirements for Broker
- Have held active license at least 3 of 5 past years
license
- 60 hour approved course or equivalent
- good moral character
- pass state exam
, Grants court custody of property while a law suit is
Attachment lien proceeding.
- stops someone from getting house out of name
If a person buys a house The buyer, so long as some form of constructive
and a deed is not notice has been given (moving in, cultivating the
recorded, who is the land) and no subsequent recordations of title were
rightful buyer? made prior to notice
How is an appraisal The fee charged can never be based on the
charged? estimate of value
The cost of replacement of buildings, at today's
replacement (cost prices and using today's construction materials, with
approach) a SIMILAR or COMPARABLE structure, to serve the
same purpose. (not the same as REPRODUCTION)
- paid in advance
- credited to the seller from day after closing until
day Before next premium is due
Insurance proration
Formula - Annual premium/365 = Daily rate.
Daily rate x number of days
Authorized to perform any act the principal could
universal agent
perform, has authority w out limitations
Authorized to bind their Principal in the ongoing
General agent
conduct of a particular business,
Appointed for a specific purpose or to act on a
Special agent (limited)
particular occasion (listing agent)
Actual agency Parties have entered into an agreement
third party relies on the principal's expressed or
Ostensible agency
implied representation w/o agreement
when a broker, showing a property to a prospective
Implied agency buyer, causes the buyer to feel broker is acting on
their behalf *RATIFICATION
Acceptance of an agents unauthorized acts by
Ratification
direct confirmation or implication
, facts a party, would want to know, and could not
material facts
reasonably discover, up to a ONE MILE RADIUS
acts that do not require a licensee's professional skill
ministerial acts
or judgment
BRETA Brokerage relationship in real estate transaction act
Governs the relationships between licensees and
their clients or customers
What is BRETA
-to prevent "detrimental misunderstandings" that
common law might cause in brokerage relationships
When will an agency ONE YEAR
contract terminate
without a date?
As soon as practically possible, to the broker. The
When to turn in earnest check must be made out to the broker, not the
money? agent.
- normally within a business day
-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
What makes a valid deed
intent to convey
from the grantors side?
- 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
The market where loans are bought from local
lenders in order to provide them with a constant
Secondary market
supply of cash to originate more loans to
homebuyers
FNMA, GNMA, FHLMC, MGIC + other private buyers
Who Is included in
(Fannie Mae, Ginnie Mae, Federal Home Loan
secondary mortgage
Mortgage Corp, Mortgage Guaranty Insurance
market?
Company)
