METRO BROKERS Final Exam Questions
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Latest Update 2026 Top Rated A+
Concurrent ownership: When two or more people simultaneously own rights in
the same land.
Tenancy in common: Each owner holds separate title to an undivided interest in
the property, does not have to be equal ownership shares. Each owner can sell,
mortgage, will or transferred without the consent of other owners as long as their
rights are not affected.
Joint tenancy: with right of survivorship, Co-tenants jointly own a single share,
with only one title regardless of how many tenants there are. Upon death, it is not
inheritable, but passes to other survivors
Tenancy in the entirety: This is a marital estate, which can only by created
between a husband and wife. Similar to joint tenancy
Community property: Applies only to husband and wife so long as they are
legally married, granting each spouse one half interest in any property acquired
during the marriage, regardless who holds legal title. Both spouses must sign for
any conveyance.
Tenancy in partnership: Each partner is jointly and severally liable for the
partnership obligations, can participate in management and cannot convey legal
interest in owned property without the consent of all partners.
Limited partnership: One or more general partners carry the management and
liabilities, but the limited partners are essentially just investors with liabilities
limited to their investment.
Joint venture: is a form of limited partnership created to complete a particular
business project, with no intent to establish a permanent relationship.
Limited liability company: LLC, formed by filling articles of organization with the
secretary of state. Investors are called members.
Trusts: Created through written instruments only.
,1. Testamentary trust- created by a will after the owners death
Encroachments- What are the remedy options
Is when an improvement, building, or other attachment illegally extend beyond
the boundaries of its owners land or air space.
Encroachments are generally unintentional and can be dealt with in several ways:
1. Agreement
2. Court action
3. Prescriptive easement
Net listing
Prohibited in GA
Seller authorized broker to market the property at any price and pocket the
difference
Deed restrictions- what action can you take against perpetrator?
Conditional fee - "strings attached"
Fee simple determinable- subject to limitation or based on time "so long as" will
automatically revert back
Fee simple on condition subsequent- also subject to reversion but is not
automatic, requires court action "on the condition that"
Subdivision restrictions- are typically and usually have an effective time limit and
details for removal, alteration or extensions. As a rule, changes require
unanimous agreement of all those have interest in the property.
Tax proration for seller
Include the closing date. Seller accures tax until 7/1. You will have to debit the
seller if closing is before or on 7/1.
Credit the seller if the closing is after 7/1.
Uses a 365 calendar.
ANNUAL TAX DIVIDED BY 365 = DAILY RATE
DAILY RATE X NUMBER OF DAYS
POA- Ga property owners association act
The POA was created to define the power and authority of homeowner
associations, similar to those laws governing condominium associations.
Assemblage/ Plottage
Assemblage is the combining of two or more adjoining properties into one tract
Plottage is the added value as a result of assemblage
License given by a property owner
Grants personal permission to use the land of another without creating an estate
for the user.
Will terminate upon death of either party or conveyance of property
Consequence of mortgage fraud
Fines up to $100,000 and jail terms up to 20 years
When a licensee has reason to suspect fraud, goes to closing and receives a
, commission, the presumption is the licensee participated in the crime.
Ways to terminate an agency relationship
1. Performance
2. Expiration
3. Revocation (principal can be liable for services already preformed)
4. Renunciation (breech of contract)
5. Abandonment
6. Agreement
7. Death
8. Incapacity (bankruptcy or is judged to be legally incompetent)
9. Supervening illegality
10. Extinction
What is a counter offer?
A rejection of the original offer and the simultaneous making of a new offer
Types of clauses
Defeasance Clause: Title theory states, allows borrower to defeat the mortgage
by paying the debt
Exculpatory clause: The mortgaged property becomes the lenders only security
for the debt and the lenders right to a deficiency judgment against other property
is waived.
Alienation clause: (Due on sale) A provision in a loan that makes the balance due
and payable immediately upon a sale or transfer of ownership.
Receiver clause: Relating to income property, allows court to appoint a receiver
to manage and maintain the property in event of foreclosure
Real estate commission
Appointed commission responsible for overseeing the implementation and
administration of a state's real estate license law. It usually is empowered to
grant, revoke, or suspend licenses, and otherwise discipline real estate brokers
operating in the state.
6 members, appointed by the governor and confirmed by the senate.
5 members must have been residents of GA and actively licensed in real estate
for five years
The six member is chosen for expertise in consumer affairs, and have no real
estate industry connection.
All members serve 5 year terms, staggered.
The commission selects a Chairperson and employs a commissioner
Can-SP
Establishes requirements for commercial email, spells out penalties for email
senders, and gives consumers the right to have emailers stop sending emails to
with Complete Solutions 100% Verified
Latest Update 2026 Top Rated A+
Concurrent ownership: When two or more people simultaneously own rights in
the same land.
Tenancy in common: Each owner holds separate title to an undivided interest in
the property, does not have to be equal ownership shares. Each owner can sell,
mortgage, will or transferred without the consent of other owners as long as their
rights are not affected.
Joint tenancy: with right of survivorship, Co-tenants jointly own a single share,
with only one title regardless of how many tenants there are. Upon death, it is not
inheritable, but passes to other survivors
Tenancy in the entirety: This is a marital estate, which can only by created
between a husband and wife. Similar to joint tenancy
Community property: Applies only to husband and wife so long as they are
legally married, granting each spouse one half interest in any property acquired
during the marriage, regardless who holds legal title. Both spouses must sign for
any conveyance.
Tenancy in partnership: Each partner is jointly and severally liable for the
partnership obligations, can participate in management and cannot convey legal
interest in owned property without the consent of all partners.
Limited partnership: One or more general partners carry the management and
liabilities, but the limited partners are essentially just investors with liabilities
limited to their investment.
Joint venture: is a form of limited partnership created to complete a particular
business project, with no intent to establish a permanent relationship.
Limited liability company: LLC, formed by filling articles of organization with the
secretary of state. Investors are called members.
Trusts: Created through written instruments only.
,1. Testamentary trust- created by a will after the owners death
Encroachments- What are the remedy options
Is when an improvement, building, or other attachment illegally extend beyond
the boundaries of its owners land or air space.
Encroachments are generally unintentional and can be dealt with in several ways:
1. Agreement
2. Court action
3. Prescriptive easement
Net listing
Prohibited in GA
Seller authorized broker to market the property at any price and pocket the
difference
Deed restrictions- what action can you take against perpetrator?
Conditional fee - "strings attached"
Fee simple determinable- subject to limitation or based on time "so long as" will
automatically revert back
Fee simple on condition subsequent- also subject to reversion but is not
automatic, requires court action "on the condition that"
Subdivision restrictions- are typically and usually have an effective time limit and
details for removal, alteration or extensions. As a rule, changes require
unanimous agreement of all those have interest in the property.
Tax proration for seller
Include the closing date. Seller accures tax until 7/1. You will have to debit the
seller if closing is before or on 7/1.
Credit the seller if the closing is after 7/1.
Uses a 365 calendar.
ANNUAL TAX DIVIDED BY 365 = DAILY RATE
DAILY RATE X NUMBER OF DAYS
POA- Ga property owners association act
The POA was created to define the power and authority of homeowner
associations, similar to those laws governing condominium associations.
Assemblage/ Plottage
Assemblage is the combining of two or more adjoining properties into one tract
Plottage is the added value as a result of assemblage
License given by a property owner
Grants personal permission to use the land of another without creating an estate
for the user.
Will terminate upon death of either party or conveyance of property
Consequence of mortgage fraud
Fines up to $100,000 and jail terms up to 20 years
When a licensee has reason to suspect fraud, goes to closing and receives a
, commission, the presumption is the licensee participated in the crime.
Ways to terminate an agency relationship
1. Performance
2. Expiration
3. Revocation (principal can be liable for services already preformed)
4. Renunciation (breech of contract)
5. Abandonment
6. Agreement
7. Death
8. Incapacity (bankruptcy or is judged to be legally incompetent)
9. Supervening illegality
10. Extinction
What is a counter offer?
A rejection of the original offer and the simultaneous making of a new offer
Types of clauses
Defeasance Clause: Title theory states, allows borrower to defeat the mortgage
by paying the debt
Exculpatory clause: The mortgaged property becomes the lenders only security
for the debt and the lenders right to a deficiency judgment against other property
is waived.
Alienation clause: (Due on sale) A provision in a loan that makes the balance due
and payable immediately upon a sale or transfer of ownership.
Receiver clause: Relating to income property, allows court to appoint a receiver
to manage and maintain the property in event of foreclosure
Real estate commission
Appointed commission responsible for overseeing the implementation and
administration of a state's real estate license law. It usually is empowered to
grant, revoke, or suspend licenses, and otherwise discipline real estate brokers
operating in the state.
6 members, appointed by the governor and confirmed by the senate.
5 members must have been residents of GA and actively licensed in real estate
for five years
The six member is chosen for expertise in consumer affairs, and have no real
estate industry connection.
All members serve 5 year terms, staggered.
The commission selects a Chairperson and employs a commissioner
Can-SP
Establishes requirements for commercial email, spells out penalties for email
senders, and gives consumers the right to have emailers stop sending emails to
