GA RE METRO BROKER Exam Questions and
Correct Answers 100% Verified Latest Update
Top Rated
Requirements for salespersons license - ANSWER - 18 years old
- Resident of GA unless qualifying under nonresident status
- HS diploma or equivalent
- 75 hour approved course
- good moral character
- pass state exam
Requirements for Broker license - ANSWER - 21 years old
- Resident of GA or qualifying under nonresident
- HS diploma or equivalent
- Have held active license at least 3 of 5 past years
- 60 hour approved course or equivalent
- good moral character
- pass state exam
Attachment lien - ANSWER Grants court custody of property while a law suit is
proceeding.
- stops someone from getting house out of name
If a person buys a house and a deed is not recorded, who is the rightful buyer? -
ANSWER The buyer, so long as some form of constructive notice has been given
(moving in, cultivating the land) and no subsequent recordations of title were
made prior to notice
How is an appraisal charged? - ANSWER The fee charged can never be based on
the estimate of value
Replacement (cost approach) - ANSWER The cost of replacement of buildings, at
today's prices and using today's construction materials, with a SIMILAR or
,COMPARABLE structure, to serve the same purpose. (not the same as
REPRODUCTION)
Insurance proration - ANSWER - paid in advance
- credited to the seller from day after closing until day Before next premium is due
Formula - Annual premium/365 = Daily rate.
Daily rate x number of days
Universal agent - ANSWER Authorized to perform any act the principal could
perform, has authority w out limitations
General agent - ANSWER Authorized to bind their Principal in the ongoing
conduct of a particular business,
Special agent (limited) - ANSWER Appointed for a specific purpose or to act on a
particular occasion (listing agent)
Actual agency - ANSWER Parties have entered into an agreement
Ostensible agency - ANSWER third party relies on the principal's expressed or
implied representation w/o agreement
Implied agency - ANSWER when a broker, showing a property to a prospective
buyer, causes the buyer to feel broker is acting on their behalf *RATIFICATION
Ratification - ANSWER Acceptance of an agents unauthorized acts by direct
confirmation or implication
Material facts - ANSWER facts a party, would want to know, and could not
reasonably discover, up to a ONE MILE RADIUS
Ministerial acts - ANSWER acts that do not require a licensee's professional skill
or judgment
BRETA - ANSWER Brokerage relationship in real estate transaction act
What is BRETA - ANSWER Governs the relationships between licensees and their
clients or customers
-to prevent "detrimental misunderstandings" that common law might cause in
brokerage relationships
When will an agency contract terminate without a date? - ANSWER ONE YEAR
When to turn in earnest money? - ANSWER As soon as practically possible, to
the broker. The check must be made out to the broker, not the agent.
, - normally within a business day
What makes a valid deed from the grantors side? - ANSWER -Must be in writing,
-name a competent grantor, -name a grantee,
-contain a description of consideration
-contain a valid legal description,
-include a granting clause expressing grantors intent to convey
- signature of grantro\\or
-and have been delivered and accepted by the grantee or the grantee's agent
DURING the grantor's lifetime. *putting it in the mail is considered delivery*
Secondary market - ANSWER The market where loans are bought from local
lenders in order to provide them with a constant supply of cash to originate more
loans to homebuyers
Who Is included in secondary mortgage market? - ANSWER FNMA, GNMA,
FHLMC, MGIC + other private buyers (Fannie Mae, Ginnie Mae, Federal Home
Loan Mortgage Corp, Mortgage Guaranty Insurance Company)
Capitalization Approach - ANSWER uses net income to project and estimate of
present value
What does Regulation Z not cover? - ANSWER Loans made to corporations or
organizations, loans for farms or agricultural property, commercial and business
loans, or purchase money mortgages (aka seller financing)
How does a broker prove they are not culpable if an agent makes a mistake? -
ANSWER 1. Reasonable supervision was available to agent
3. Broker had nothing to do with the infraction
4. The broker did not ratify the infraction (Did not see it happen without telling
them to stop)
What are Trade fixtures and how can they be removed? - ANSWER Trade fixture -
item of personal property attached to land or building leased by a tenant who
uses the item in a trade or business
- Can be removed before lease ends by tenant and damages cause by removal
must be repaired. If not removed by lease date become landlords by accession.
What is CAM and what do they do? - ANSWER Community Association Manager,
handles tasks involved in managing homeowner's associations
When is a tenant relieved from paying rent? - ANSWER If the landlord's actions or
omissions allow the leased premises to become uninhabitable or violation of
quiet enjoyment, there can be a constructive eviction that allows the tenant to
abandon the property and stop paying rent. Applies in life threatening situations
and only if tenant moves out.
True or false: If a buyer submits a promissory note as earnest money, the
salesperson must make note of it on the Sales Contract - ANSWER True
Correct Answers 100% Verified Latest Update
Top Rated
Requirements for salespersons license - ANSWER - 18 years old
- Resident of GA unless qualifying under nonresident status
- HS diploma or equivalent
- 75 hour approved course
- good moral character
- pass state exam
Requirements for Broker license - ANSWER - 21 years old
- Resident of GA or qualifying under nonresident
- HS diploma or equivalent
- Have held active license at least 3 of 5 past years
- 60 hour approved course or equivalent
- good moral character
- pass state exam
Attachment lien - ANSWER Grants court custody of property while a law suit is
proceeding.
- stops someone from getting house out of name
If a person buys a house and a deed is not recorded, who is the rightful buyer? -
ANSWER The buyer, so long as some form of constructive notice has been given
(moving in, cultivating the land) and no subsequent recordations of title were
made prior to notice
How is an appraisal charged? - ANSWER The fee charged can never be based on
the estimate of value
Replacement (cost approach) - ANSWER The cost of replacement of buildings, at
today's prices and using today's construction materials, with a SIMILAR or
,COMPARABLE structure, to serve the same purpose. (not the same as
REPRODUCTION)
Insurance proration - ANSWER - paid in advance
- credited to the seller from day after closing until day Before next premium is due
Formula - Annual premium/365 = Daily rate.
Daily rate x number of days
Universal agent - ANSWER Authorized to perform any act the principal could
perform, has authority w out limitations
General agent - ANSWER Authorized to bind their Principal in the ongoing
conduct of a particular business,
Special agent (limited) - ANSWER Appointed for a specific purpose or to act on a
particular occasion (listing agent)
Actual agency - ANSWER Parties have entered into an agreement
Ostensible agency - ANSWER third party relies on the principal's expressed or
implied representation w/o agreement
Implied agency - ANSWER when a broker, showing a property to a prospective
buyer, causes the buyer to feel broker is acting on their behalf *RATIFICATION
Ratification - ANSWER Acceptance of an agents unauthorized acts by direct
confirmation or implication
Material facts - ANSWER facts a party, would want to know, and could not
reasonably discover, up to a ONE MILE RADIUS
Ministerial acts - ANSWER acts that do not require a licensee's professional skill
or judgment
BRETA - ANSWER Brokerage relationship in real estate transaction act
What is BRETA - ANSWER Governs the relationships between licensees and their
clients or customers
-to prevent "detrimental misunderstandings" that common law might cause in
brokerage relationships
When will an agency contract terminate without a date? - ANSWER ONE YEAR
When to turn in earnest money? - ANSWER As soon as practically possible, to
the broker. The check must be made out to the broker, not the agent.
, - normally within a business day
What makes a valid deed from the grantors side? - ANSWER -Must be in writing,
-name a competent grantor, -name a grantee,
-contain a description of consideration
-contain a valid legal description,
-include a granting clause expressing grantors intent to convey
- signature of grantro\\or
-and have been delivered and accepted by the grantee or the grantee's agent
DURING the grantor's lifetime. *putting it in the mail is considered delivery*
Secondary market - ANSWER The market where loans are bought from local
lenders in order to provide them with a constant supply of cash to originate more
loans to homebuyers
Who Is included in secondary mortgage market? - ANSWER FNMA, GNMA,
FHLMC, MGIC + other private buyers (Fannie Mae, Ginnie Mae, Federal Home
Loan Mortgage Corp, Mortgage Guaranty Insurance Company)
Capitalization Approach - ANSWER uses net income to project and estimate of
present value
What does Regulation Z not cover? - ANSWER Loans made to corporations or
organizations, loans for farms or agricultural property, commercial and business
loans, or purchase money mortgages (aka seller financing)
How does a broker prove they are not culpable if an agent makes a mistake? -
ANSWER 1. Reasonable supervision was available to agent
3. Broker had nothing to do with the infraction
4. The broker did not ratify the infraction (Did not see it happen without telling
them to stop)
What are Trade fixtures and how can they be removed? - ANSWER Trade fixture -
item of personal property attached to land or building leased by a tenant who
uses the item in a trade or business
- Can be removed before lease ends by tenant and damages cause by removal
must be repaired. If not removed by lease date become landlords by accession.
What is CAM and what do they do? - ANSWER Community Association Manager,
handles tasks involved in managing homeowner's associations
When is a tenant relieved from paying rent? - ANSWER If the landlord's actions or
omissions allow the leased premises to become uninhabitable or violation of
quiet enjoyment, there can be a constructive eviction that allows the tenant to
abandon the property and stop paying rent. Applies in life threatening situations
and only if tenant moves out.
True or false: If a buyer submits a promissory note as earnest money, the
salesperson must make note of it on the Sales Contract - ANSWER True
