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GA Real Estate Practice Exam Prep Questions and Answers Accurate Rated A
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GA Real Estate Practice Exam Prep Questions and Answers Accurate Rated A
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GA Real Estate Practice Exam P rep Questions and Answers Accurate R ated A Which of the following is not a requirement to qualify for a broker or associate broker license in the state of Georgia? -18 years of age -Resident of Georgia -Served as a salesperson for 3 years -Provide evidence to complete60 in class education courses Correct Answer -18 years of age -Must be at least 21 The mandatory post -license education requirement consists of _____. Correct Answer -25 hours of education How many years is a commission member's appointment? Correct Answer -5 years What information is required on a GREC report? Correct Answer --A summary of the past year -Number of people licensed by GREC -A research and education report which states what was done to further its goal of protecting the public Which of the following is requirement of the salesperson license in Georgia? -21 years of age -A college degree -Evidence of completion of in -class education courses -U.S. Citizenship Correct Answer -Evidence o f completion in -class education courses What does it mean to assign a contract? Correct Answer -To transfer a contract to another What is the term used to describe a scenario where an agent represents both the buyer and the seller? Correct Answer -Dual agency Which formal agreement gives an agent the sole right to sell a property? Correct Answer -Exclusive Right -to-Sell Agreement A tenant is legally allowed to removed equipment previously installed to facilitate business operations before the expiry of a lease. why is this the case? Correct Answer -The equipment is considered trade fixture Based on their contract, the lender declares the entire balance of the loan due immediately due to default by the borrower. How is this possible? Correct Answer -Acceleration clause What type of payment plan allows a borrower to make smaller payments in the early years of a mortgage with payments increasing over time? Correct Answer -Graduated mortgage What kind of mortgage should you apply for if you are buying more than an individual unit or plot? Correct Answer -Blanket mortgage A salesperson is presented with two offers on a listed property. One is above the listing price and another below, which offer should he present to the seller? Correct Answer -Both offers What is the name of a transaction where seller finances the whole sale or part of the sale of a property for the buyer? Correct Answer -Purchase money What is an assessment of the value of a property as of a specific date based on objective data? Correct Answer -Appraisal Which toxic metallic element in old paint and water pipes? Correct Answer -Lead What is the amount of space used to calculate the lease payments which includes the shared property's common and service areas? Correct Answer -Rentable square footage Which chemical compounds commonly used in coolants and refrigeration contribute to the depletion of the ozone? Correct Answer -CFCs What are some examples that liability insurance protect you from? Correct Answer --House fireThe benefits of buying summaries with Stuvia:
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