Ga mls real estate - Study guides, Class notes & Summaries

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...

GA MLS Real Estate Practical Final Exam With Complete Solutions.

addendum ~ Any provision added to an existing contract that may change or be an addition to the content of the original; includes the original contract's provisions by reference. option ~ A contract by which an optionor gives an optionee the right to buy or lease the owner's property at a fixed price within a certain period of time. owner financing ~ A property purchase transaction in which the property seller provides all or part of the funds that will allow the buyer to move fo...

GA MLS Real Estate Units 17-20 Questions and correct answers | already graded a+ | verified answers

certificate of occupancy ~ A document issued by the governing authority stating that a building complies with applicable laws and permitting occupancy for its designated use. subdivider ~ A person who buys undeveloped average and divides it into smaller lots for sale to individuals or developers, or for the person's own use. developer ~ May also be a subdivider; improves the land, constructs homes or other buildings on the lots, and sells them. impact fees ~ Charges made in adv...

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...

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)

GA MLS Real Estate Practical Final Exam Study Guide. Safety Clause - answerA 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 - answerA 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 be perform...

GA MLS Real Estate Practical Final Exam Questions With Answers 2024 Solution