Running a "blind ad" is considered an unfair practice for a licensee in Georgia for what reasons? correct answers The ad does not include the name of the listing broker
Regarding a salesperson's decision to terminate an affiliation with the current employing broker, which of the following is tru...
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Running a "blind ad" is considered an unfair practice for a licensee in Georgia for what reasons? correct answers The ad does not include the name of the listing broker
Regarding a salesperson's decision to terminate an affiliation with the current employing broker, which of the following is true? correct answers Under no circumstances may the broker refuse the salesperson's termination request
In Georgia, prescriptive easements may be established by the open, hostile, notorious, and continuous use of property for how many years? correct answers Seven years
Real Estate Education, Research, and Recovery Fund correct answers Used by the Georgia Real Estate Commission to compensate consumers who suffer damages from a licensee and are not able to recover through normal legal channels. Max amount that can be rewarded is $25,000.
The Georgia Real Estate Commission would have the power to act in all of the following situations EXCEPT correct answers The Commission does not involve itself in broker disputes; it will discipline license law violation, investigate sworn, written complaints, and clarify positions by declaratory rulings.
When may an applicant who has passed the state exam begin working as a salesperson? correct answers Under Georgia license law, an applicant may begin practicing real estate as soon as the broker with whom the licensee will affiliate receives the wall license.
An attorney refers a friend looking to purchase a home to a broker. Subsequently, the broker contacts the attorney's friend and assists in finding a property for the friend to buy. At what point
might the broker be allowed to compensate the attorney for the referral? correct answers At no time. License law in Georgia allows a broker to pay a referral fee ONLY to another real estate broker.
Which is Not a requirement to become a licensee in the State of Georgia? correct answers Georgia license law does NOT require a licensee to be a resident of the state of Georgia
Warranty Deed correct answers A deed in which the grantor makes formal assurance as to quality of title. The warranty deed is customarily used to transfer real property in Georgia.
BRRETA contract requirement correct answers Has to be in writing NOT verbal.
CMA correct answers Comparative Market Analysis, a comparison of prices of recently sold homes that are similar to sellers home. Licensees would use this to assist the home seller in determining an appropriate listing price for the property
In negotiating the commission amount in the listing contract, the seller asks the broker to reduce the amount being discussed. What might be an appropriate response from the broker? correct answers "Because of our company's outstanding record of service to our clients, we feel this is fair compensation."
Standard real estate contracts in Georgia require the broker to disburse earnest money when: correct answers The purchaser withdraws an offer before it is accepted by the seller
When is a binding agreement created in the standard Georgia real estate sales contract? correct answers When an offeree accepts an offer by signing the contract and then communicates this acceptance to the offeror or the offeror's agent by fax or in person
buyer cost closing sheet correct answers -gives the buyer an estimate of what the monthly note might be
-informs the buyer of how much cash would be required to close
-helps buyer to decide whether to accept a seller's counteroffer
Calculating Transfer Tax correct answers Sales Price - Loan Assumed /100=Taxable amount
Taxable amount x $.10= Transfer Tax
When the Bakers sold their house, they owed a balance of $68,750 on their existing home loan, at 8% interest. If the closing took place on June 11, how would this calculation appear on the seller's closing cost form? Use the correct number of days in the month and a mortgage banker's calendar for daily interest proration. correct answers $68,750 x 8% = $5,500 divided by 360 = $15.2778 x 11 = $168.05.An accrued interest charge of $168.05 was due from the Bakers at closing
real estate closing date is May 25. The lender uses a 360-day calendar for interest proration and payments are due on the 15th day of each month. The loan balance is $84,000 with an interest rate of 8%. How much accrued interest will the seller owe at closing? correct answers $84,000 x 8% = $6,720 divided by 360 = $18.6667 x 11 (days)= $205.33.
May 15 to May 25= 11 days
If a licensee uses a wraparound loan in Georgia to sell his own property, which also has an existing home loan, what is true about the monthly installment payments the licensee will receive
from the purchaser? correct answers These payments must be placed in an escrow/trust account to assure continuing payments to the seller's lender before the remaining funds may be placed in any personal accounts
A husband and wife arrive at the closing of their home in Georgia. When the closing attorney hands the couple the documents for the transference of the title to the buyers, who must sign the deed? correct answers Whoever the seller's deed indicates as the title holder
For a purchaser who is buying a home in Georgia with an LTV of 90%, escrow establishment charges for prepaid property taxes might be estimated by a lender as an amount equal to: correct answers The number of months reflected in the tax escrow chart determined by the estimated date of the first monthly payment for the loan
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