Metro brokers final exam 4/3/24
Study online at https://quizlet.com/_ew8dii
1. How to prove Prove that reasonable supervision was available to the agent, that the broker had
that a broker is nothing to do with the interaction and that the interaction and that the broker did
not culpable if an not ratify the action.
agent makes a
mistake?
2. If a person buys The buyer, so long as some form of constructive notice has been given (moving
a house and in, cultivating the land) and no subsequent recordation's of title were made prior
a deed is not to notice.
recorded, who is
the rightful own-
er?
3. How an appraisal The fee charged can never be based on an estimate of value.
is charged?
4. What are trade An item of personal property, attached to the land of a building, by a lessee, who
fixtures & when uses the item in trade or business.
can they be re-
moved? It may be removed at any time prior to the end of the lease, so long as it does not
cause waste.
5. Replacement The cost of replacement of buildings, at todays prices and using todays construc-
cost approach tion materials, with similar or comparable structure, to serve the same purpose.
6. Insurance prora- Paid in advance and credited to the seller from the first day after closing until
tion before the next premium is due.
Formula: Annual premium/365= Daily rate.
Daily rate x number of days
7. Requirements Broker:
for a salesperson At least 21 years old
, Metro brokers final exam 4/3/24
Study online at https://quizlet.com/_ew8dii
& brokers Resident of Georgia (unless qualifying under non-resident status)
license: High school diploma or GED
Have held an active license for at least three out of the last five years
Complete 60 hour approved course
Be of good moral character
Pass state exam
Sales person:
At least 18 years old
Resident of Georgia (unless qualifying under non-resident status)
Have a high school diploma or GED
Complete 75 hour approved course
Be of good moral character
Pass state exam
8. Three types of Universal Agent: Authorized to perform any act the principal could preform
Agents: classified
according to the General agent: Authorized to bind the principal in the ongoing conduct of a
amount of au- particular situation
thority they are
Special or limited agent: Appointed for a particular purpose or to act on a
given.
particular occasion
9. Three types of Actual agency: Parties have entered into agreement
agency relation-
ship: Ostensible agency: Third party relies on the principals expressed or implied
representation without agreement
Implied agency: When a broker, showing a property to a prospective buyer, causes
the buyer to feel broker is acting on their behalf
10. BRRETA (What its The Brokerage Relationship in Real Estate Transaction Act:
for, no expiration
Georgia law, to prevent "detrimental misunderstandings" that common law might
, Metro brokers final exam 4/3/24
Study online at https://quizlet.com/_ew8dii
date on the docu- cause in brokerage relationships. Governs the relationships between licensees
ment) and their clients or customers. Covers brokerage, brokerage relationships, bro-
kerage engagements, material facts, and ministerial acts.
If an agency contract does not have a specific date of termination, it will terminate
in ONE YEAR
Material facts- facts a party does not know, would want to know, and could not
reasonable discover, up to a one mile radius
Ministerial facts- acts that do not require a licensees professional skill or judg-
ment.
11. When to turn in As soon as possible, to the broker.
earnest money?
The check must be made out to the broker, not the agent.
12. Attachment lien An encumbrance against land when the court is granted custody to prevent the
owner from conveying title while a suit is being decided, assures property will be
avaible to satisfy and judgments, if needed
13. What makes a Must be in writing
valid deed from Name a competent grantor
the grantees Name a grantee
side? Contain a description of consideration
Contain a valid legal description
Include a granting clause expressing the grantors intent to convey
Signature of the grantor
Have been delivered and accepted by the grantee or the grantees agent during
the grantors lifetime. (Putting it in the mail is considered delivery)
14. IRV- net operat- The basis of the income approach to value is principle of anticipation, which states
ing income that the properties value is based not only on what is consists of today but on
, Metro brokers final exam 4/3/24
Study online at https://quizlet.com/_ew8dii
whatever expectation there might be for future income and benefits.
Does not include land value
The capitalization approach: uses net income to project and estimate of present
value. NOI is effective gross income minus operating expenses
I= Net operating income, R= Cap rate, V= Value
V=I/R
R= I/V
I= R x V
The higher the cap rate, the lower the value
The lower the cap rate, the higher the value
15. Regulation Z- Regulation Z- gives the lender specific guidelines to disclose to borrowers their
What does it not exact cost of credit.
cover?
It does not cover: Loans made to corporations or organizations, loans for farms
or agricultural property, commercial and business loans, or purchase money
mortgages (aka seller financing)
16. What is a CAM & Community Association Manager
what do they do?
Handles tasks involved in managing homeowners associations
17. When is a ten- If the landlord's actions or omissions allow the leased premises to become
ant relieved from uninhabitable or violation of quiet enjoyment, there can be a constructive eviction
paying rent? that allows the tenant to abandon the property and stop paying rent.
Applies in life threatening situations and only if tenant moves out.
18. Personal Note From Curtis: If a buyer submits a promissory note as earnest money, the sales-
Earnest money person must make not of it on the sales contract
Study online at https://quizlet.com/_ew8dii
1. How to prove Prove that reasonable supervision was available to the agent, that the broker had
that a broker is nothing to do with the interaction and that the interaction and that the broker did
not culpable if an not ratify the action.
agent makes a
mistake?
2. If a person buys The buyer, so long as some form of constructive notice has been given (moving
a house and in, cultivating the land) and no subsequent recordation's of title were made prior
a deed is not to notice.
recorded, who is
the rightful own-
er?
3. How an appraisal The fee charged can never be based on an estimate of value.
is charged?
4. What are trade An item of personal property, attached to the land of a building, by a lessee, who
fixtures & when uses the item in trade or business.
can they be re-
moved? It may be removed at any time prior to the end of the lease, so long as it does not
cause waste.
5. Replacement The cost of replacement of buildings, at todays prices and using todays construc-
cost approach tion materials, with similar or comparable structure, to serve the same purpose.
6. Insurance prora- Paid in advance and credited to the seller from the first day after closing until
tion before the next premium is due.
Formula: Annual premium/365= Daily rate.
Daily rate x number of days
7. Requirements Broker:
for a salesperson At least 21 years old
, Metro brokers final exam 4/3/24
Study online at https://quizlet.com/_ew8dii
& brokers Resident of Georgia (unless qualifying under non-resident status)
license: High school diploma or GED
Have held an active license for at least three out of the last five years
Complete 60 hour approved course
Be of good moral character
Pass state exam
Sales person:
At least 18 years old
Resident of Georgia (unless qualifying under non-resident status)
Have a high school diploma or GED
Complete 75 hour approved course
Be of good moral character
Pass state exam
8. Three types of Universal Agent: Authorized to perform any act the principal could preform
Agents: classified
according to the General agent: Authorized to bind the principal in the ongoing conduct of a
amount of au- particular situation
thority they are
Special or limited agent: Appointed for a particular purpose or to act on a
given.
particular occasion
9. Three types of Actual agency: Parties have entered into agreement
agency relation-
ship: Ostensible agency: Third party relies on the principals expressed or implied
representation without agreement
Implied agency: When a broker, showing a property to a prospective buyer, causes
the buyer to feel broker is acting on their behalf
10. BRRETA (What its The Brokerage Relationship in Real Estate Transaction Act:
for, no expiration
Georgia law, to prevent "detrimental misunderstandings" that common law might
, Metro brokers final exam 4/3/24
Study online at https://quizlet.com/_ew8dii
date on the docu- cause in brokerage relationships. Governs the relationships between licensees
ment) and their clients or customers. Covers brokerage, brokerage relationships, bro-
kerage engagements, material facts, and ministerial acts.
If an agency contract does not have a specific date of termination, it will terminate
in ONE YEAR
Material facts- facts a party does not know, would want to know, and could not
reasonable discover, up to a one mile radius
Ministerial facts- acts that do not require a licensees professional skill or judg-
ment.
11. When to turn in As soon as possible, to the broker.
earnest money?
The check must be made out to the broker, not the agent.
12. Attachment lien An encumbrance against land when the court is granted custody to prevent the
owner from conveying title while a suit is being decided, assures property will be
avaible to satisfy and judgments, if needed
13. What makes a Must be in writing
valid deed from Name a competent grantor
the grantees Name a grantee
side? Contain a description of consideration
Contain a valid legal description
Include a granting clause expressing the grantors intent to convey
Signature of the grantor
Have been delivered and accepted by the grantee or the grantees agent during
the grantors lifetime. (Putting it in the mail is considered delivery)
14. IRV- net operat- The basis of the income approach to value is principle of anticipation, which states
ing income that the properties value is based not only on what is consists of today but on
, Metro brokers final exam 4/3/24
Study online at https://quizlet.com/_ew8dii
whatever expectation there might be for future income and benefits.
Does not include land value
The capitalization approach: uses net income to project and estimate of present
value. NOI is effective gross income minus operating expenses
I= Net operating income, R= Cap rate, V= Value
V=I/R
R= I/V
I= R x V
The higher the cap rate, the lower the value
The lower the cap rate, the higher the value
15. Regulation Z- Regulation Z- gives the lender specific guidelines to disclose to borrowers their
What does it not exact cost of credit.
cover?
It does not cover: Loans made to corporations or organizations, loans for farms
or agricultural property, commercial and business loans, or purchase money
mortgages (aka seller financing)
16. What is a CAM & Community Association Manager
what do they do?
Handles tasks involved in managing homeowners associations
17. When is a ten- If the landlord's actions or omissions allow the leased premises to become
ant relieved from uninhabitable or violation of quiet enjoyment, there can be a constructive eviction
paying rent? that allows the tenant to abandon the property and stop paying rent.
Applies in life threatening situations and only if tenant moves out.
18. Personal Note From Curtis: If a buyer submits a promissory note as earnest money, the sales-
Earnest money person must make not of it on the sales contract
