GA MLS Real Estate Unit 1 to 4 Questions And Answers
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Course
GA MLS Real Estate
Institution
GA MLS Real Estate
Eminent domain
~ The right of the government to acquire privately owned real estate for public
use.
Condemnation
~ The process by which the government exercises its right of eminent domain,
either by judicial or administrative proceedings.
Taking
~ The taking of private property by the ...
GA MLS Real Estate Unit 1 to
4 Questions And Answers
Brokerage
✓~ The business of bringing people together in a real estate transaction
Broker
✓~ A person or company licensed to buy, sell, exchange, or lease real property for
others and to charge a fee for these services.
Licensed real estate salesperson
✓~ Employed by or associated with a broker to perform brokerage activities on
behalf of or for the broker (may also be referred to as a sales associate or associate
licensee)
Real estate licensee
✓~ A person who has satisfied the requirements of a licensing agency, as
authorized by state legislation
,Appraisal
✓~ The process of developing an opinion of a property's market value, based on
established methods and professional judgement.
The Appraisal Institute
✓~ Largest trade association of real estate appraisers.
Property Manager
✓~ A person or company hired to maintain and manage property on behalf of the
property owner. Basic responsibility is to protect owner investment and maximize
return on investment.
Financing
✓~ The business of providing the funds that make real estate transactions
possible.
Subdivision
✓~ The dividing of a single property into smaller parcels.
Development
, ✓~ Involves the construction of improvements that benefit the land.
Off-site Improvements
✓~ Water lines and storm sewers, etc; made on public lands to serve the new
development.
On-site Improvement
✓~ New homes and swimming pools, etc; made on individual parcels.
Home Inspection
✓~ A profession that combines a practitioner's interest in real estate with skills and
training in the construction trades.
Home Inspector's Duties
✓~ Conduct a thorough visual survey of a property's structure, systems, and site
conditions and prepares an analytical report that is valuable to both purchasers and
homeowners.
Counseling
, ✓~ Involves providing clients with competent independent advice based on sound
professional judgement.
Real Estate Counselor
✓~ Helps clients choose among various alternatives involved in purchasing, using,
or investing in property. Role is to furnish clients with the information needed to make
informed decisions.
Ethics
✓~ Refers to a system of moral principles, rules, and standards of conduct.
Code of Ethics
✓~ A written system of standards for ethical conduct.
REALTOR
✓~ Member of the National Association of Realtors
NAR
✓~ Has an established Code of Ethics that REALTORS must subscribe to.
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