Ga mls - Study guides, Class notes & Summaries

Conditions of terminating a contract - ANSWER REEP SAD -Revocation (client) or Renunciation (agent) -Expiration -Extinction -Performance (BEST WAY TO TERMINATE CONTRACT!!) -Supervening Illegality (eminent domain) -Agreement -Death Bundle of Legal rights - ANSWER Ownership rights to real property DEEP-C disposition enjoyment exclusion Possession control Economic Characteristics of Real Estate - ANSWER SLIP: Scarcity, Location (area preference), Improvements, Pe...

GA MLS Real Estate Practical Final Exam 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert)

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GEORGIA MLS PRACTICE CLASS (GA MLS PRACTICE CLASS) QUESTIONS WITH 100% CORRECT ANSWERS!!

GA MLS Real Estate Practical Final Exam Questions And Answers Safety Clause - ANS A negotiated period after the termination of the listing during which the listing broker may still be entitled to a commission if the property is sold to a buyer who was shown the property during the listing period Survival Clause - ANS A clause in the contract for purchase and sale that , unless otherwise expressly agreed to in writing by the buyer and seller, allows certain contractual obligations to b...

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 government for public use through the power of eminent domain is not legal unless owner is compensated fairly. Kelo vs. City of New London (2005) ~ Held that local governments can condemn homes an...

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)