Real Estate GA License Exam- Study Set for Real Estate Express

Real Estate Professionals perform the following property-related functions: 1. Creation and Improvement 2. Management and Maintenance 3. Demolition 4. Investment Ownership 5. Regulation 6. Transfer What are the classifications of real estate by use? Residential Residential Income Office Retail Industrial Farm and Ranch Special Purpose Land What is the purpose of state real estate legislation? Establish Personal, educational, and professional requirements for obtaining a license and maintaining said license What are the two types of licenses that State Licensing Agencies issue? A broker's license and a salesperson's license What does a brokers license allow you to do? It allows you to represent clients by performing real estate services What is the most common brokerage identity? Sole Proprietorship What license allows a broke to perform services in another state? A non-resident license Licensees may not practice real estate with a ______________ Voided License What are the three causes of a voided license? Expiration, Suspension, Revocation What is a recovery fund? The recovery fund is a reserved account funded through license fees and collected fines. It pays portion of a money judgement on behalf of a licensee, up to a certain amount. What is an 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. What is an associate broker? A person who acts on behalf of a real estate broker in performing any act authorized by this chapter to be performed by the broker. What is a Broker? Any person who, for another, and who, for a fee, commission, or any other type of payment, negotiates, or assists in procuring an estate, acts as a referral agent, or is employed on behalf of the owner to sell real estate What is a Brokerage Agreement? An express written contract wherein the client promises to pay the real estate broker a valuable consideration or agrees that the real