Barney Fletcher Cram Notes Booklet
-6 members
-5 are active agents for last 5 years in GA
-1 member no license - consumer protection
-Chair and vice-chair come from the 6
-quorum requires 4 to vote
-commission is appointed by Governor
-full time employee, no voting rights
-commissioner and staff must be inactive license Ans✓✓✓ GREC - GA
Real Estate Commission
-62 years of age or older,
-Lender (mortgagee) pays the Borrow (mortgagor)
-Does not have to be paid back until they die or sell or move out of the
property as a personal residence Ans✓✓✓ Reverse Mortgage
-All offers must be presented unless presented after an already existing
binding contract. THEN only written offers must be presented and
accepted as BACK-UP. Ans✓✓✓ Rules of Offering
-Borrower gets equitable title (Grantor)
-Lender gets Defeasable Title (Grantee)
-Non-Judicial Foreclosure
,-2 parties Ans✓✓✓ Security: Title Theory
-Commission is Earned when an agent presents a read and willing buyer
within the terms of agreement. The Commission is paid at closing.
-Only licensed Brokers can Share commission
-Sales people can only get commission from their broker
-Only Brokers can sue for commission, not agent
-Procuring cause must happen during the listing agreement Ans✓✓✓ Is
Commission Earned and When is it Paid
-death of broker or seller
-condemnation (zoning issues)
-Foreclosure/Bankruptcy
-House burns (extinction)
-mutual agreement
-Broker loses license Ans✓✓✓ termination of listing contracts
-default
-notice
-property destruction
-death
-term expiration
-voluntary agreement
,-condemnation
-abandonment under certain conditions Ans✓✓✓ Lease Termination:
Causes
-Exemptions:
-Clients up to 18 months after exp of client relationships
-Consumers who made an inquiry for 3 months
- Ans✓✓✓ Do Not Call Registry
-Fannie Mae
-Ginnie Mae
-Freddie Mac Ans✓✓✓ Buyers of Notes on Secondary Market
-FSBO
-Doesn't own more than 3 homes
-Owner occupied 1-4 plex, renter's only (Ms murphy)
-Religious Orgs
-Private Clubs - not for profit
-RACE is NEVER OK
-Handicap: mental or physical limitation
-current drug users not exempt
-Familial status: All over 62 or 80% of units occupied by one person 55+
Ans✓✓✓ Exemptions to FHA
, -issues licenses
-pass rules and regs
-establish fees
-impose disciplinary action - DOESN'T ARBITRATE!
-Reprimand, Censure, Require Education
-Fines up to $1K single/ $5K for multiple
-downgrade from Broker License to agent
-Suspension/Revocation
-Reapply after 10 years for revocation, conviction, sentencing Ans✓✓✓
Authority of GREC
-Missing one or more essential elements to contract
-Never was a contract then Ans✓✓✓ Void
-Must be broker approved
-Must notify GREC within 30 Days
-name of bank, FDIC insured
-Designated Trust/escrow in the acct name/number
-GREC can audit Ans✓✓✓ Opening a Trust Account
-must be valid (competent parties, have offer and acceptance
communicated, consideration, and legality) Ans✓✓✓ Contracts
-6 members
-5 are active agents for last 5 years in GA
-1 member no license - consumer protection
-Chair and vice-chair come from the 6
-quorum requires 4 to vote
-commission is appointed by Governor
-full time employee, no voting rights
-commissioner and staff must be inactive license Ans✓✓✓ GREC - GA
Real Estate Commission
-62 years of age or older,
-Lender (mortgagee) pays the Borrow (mortgagor)
-Does not have to be paid back until they die or sell or move out of the
property as a personal residence Ans✓✓✓ Reverse Mortgage
-All offers must be presented unless presented after an already existing
binding contract. THEN only written offers must be presented and
accepted as BACK-UP. Ans✓✓✓ Rules of Offering
-Borrower gets equitable title (Grantor)
-Lender gets Defeasable Title (Grantee)
-Non-Judicial Foreclosure
,-2 parties Ans✓✓✓ Security: Title Theory
-Commission is Earned when an agent presents a read and willing buyer
within the terms of agreement. The Commission is paid at closing.
-Only licensed Brokers can Share commission
-Sales people can only get commission from their broker
-Only Brokers can sue for commission, not agent
-Procuring cause must happen during the listing agreement Ans✓✓✓ Is
Commission Earned and When is it Paid
-death of broker or seller
-condemnation (zoning issues)
-Foreclosure/Bankruptcy
-House burns (extinction)
-mutual agreement
-Broker loses license Ans✓✓✓ termination of listing contracts
-default
-notice
-property destruction
-death
-term expiration
-voluntary agreement
,-condemnation
-abandonment under certain conditions Ans✓✓✓ Lease Termination:
Causes
-Exemptions:
-Clients up to 18 months after exp of client relationships
-Consumers who made an inquiry for 3 months
- Ans✓✓✓ Do Not Call Registry
-Fannie Mae
-Ginnie Mae
-Freddie Mac Ans✓✓✓ Buyers of Notes on Secondary Market
-FSBO
-Doesn't own more than 3 homes
-Owner occupied 1-4 plex, renter's only (Ms murphy)
-Religious Orgs
-Private Clubs - not for profit
-RACE is NEVER OK
-Handicap: mental or physical limitation
-current drug users not exempt
-Familial status: All over 62 or 80% of units occupied by one person 55+
Ans✓✓✓ Exemptions to FHA
, -issues licenses
-pass rules and regs
-establish fees
-impose disciplinary action - DOESN'T ARBITRATE!
-Reprimand, Censure, Require Education
-Fines up to $1K single/ $5K for multiple
-downgrade from Broker License to agent
-Suspension/Revocation
-Reapply after 10 years for revocation, conviction, sentencing Ans✓✓✓
Authority of GREC
-Missing one or more essential elements to contract
-Never was a contract then Ans✓✓✓ Void
-Must be broker approved
-Must notify GREC within 30 Days
-name of bank, FDIC insured
-Designated Trust/escrow in the acct name/number
-GREC can audit Ans✓✓✓ Opening a Trust Account
-must be valid (competent parties, have offer and acceptance
communicated, consideration, and legality) Ans✓✓✓ Contracts
