GA REAL ESTATE PRE-LICENSE COURSE REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE, VERIFIED.| latest update 2024/25|

GA REAL ESTATE PRE-LICENSE COURSE REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE, VERIFIED. Agency - -every relationship in which a real estate broker acts for or represents another as a client by the latter's written authority in a real property transaction associate broker - -a person who acts on behalf of a real estate broker in performing any act authorized to be performed by a broker broker does the following: - -*negotiates or attempts to negotiate listing, sale, purchase, exchange, renting, lease or option for any real estate *acts as referral agent in real estate *Collects rents, trust funds or assessments *is employed on behalf of owners to sell real estate and given valuable consideration brokerage agreement - -written contract where client promises to pay broker valuable consideration to produce a seller, buyer, tenant, or a landlord ready, able and willing to sell, buy, or rent property commission - -The GA real estate commission Community association - -membership mandatory as an incident of ownership within the development with a common management Community association mgt svcs - -Collect, control and disburse funds Obtain insurance Arrange and coordinate maintenance Oversee day to day operations of association Community association mgr - -Acts on behalf of real estate broker to provide mgt svcs Firm - -any business entity Licensee - -any person licensed as a comm assoc mgr, salesperson, assoc broker or broker Real estate - -condos and leaseholds, as well as any other interest in estate or land, includes mobile homes if affixed to land Purpose of Ga real estate law - -to protect the public; to protect real estate acts from unfair competition and lay out standards for licensees to abide by The administration of law falls under - -The GA Real Estate Commission 6 members of Commission, rules - -*5 of 6 must be licensees who have had license min of 5 yrs and state res min 5 yrs *6th member must not have interest in real estate industry *Terms of 5 yrs each *Only one licensee can expire each yr If a vacancy occurs on Commission - -will be filled by governor Reasons to remove a Commission member - -*incom