GA RE Metro Broker Exam Questions with Complete Solutions-Gu
aranteed Success
1. How does a broker prove they are not culpable if an agent makes a mis-take?: 1.
Reasonable supervision was available to agent
2. Broker had nothing to do with the infraction
3. The broker did not ratify the infraction (Did not see it happen without telling them to
stop)
2. What are Trade fixtures and how can they be removed?: 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.
3. Requirements for salespersons license: - 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
4. Requirements for Broker license: - 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
5. Attachment lien: Grants court custody of property while a law suit is proceeding.
- stops someone from getting house out of name
6. If a person buys a house and a deed is not recorded, who is the rightful buyer?: 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 madeprior to notice
7. How is an appraisal charged?: The fee charged can never be based on the
estimate of value
8. replacement (cost approach): The cost of replacement of buildings, at today'sprices
and using today's construction materials, with a SIMILAR or COMPARABLEstructure, to
serve the same purpose. (not the same as REPRODUCTION)
9. Insurance proration: - 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
, 10. universal agent: Authorized to perform any act the principal could perform, has
authority w out limitations
11. General agent: Authorized to bind their Principal in the ongoing conduct of a
particular business,
12. Special agent (limited): Appointed for a specific purpose or to act on a partic-ular
occasion (listing agent)
13. Actual agency: Parties have entered into an agreement
14. Ostensible agency: third party relies on the principal's expressed or implied
representation w/o agreement
15. Implied agency: when a broker, showing a property to a prospective buyer,
causes the buyer to feel broker is acting on their behalf *RATIFICATION
16. Ratification: Acceptance of an agents unauthorized acts by direct confirmationor
implication
17. material facts: facts a party, would want to know, and could not reasonably
discover, up to a ONE MILE RADIUS
18. ministerial acts: acts that do not require a licensee's professional skill or judg-ment
19. BRETA: Brokerage relationship in real estate transaction act
20. What is BRETA: Governs the relationships between licensees and their clientsor
customers
-to prevent "detrimental misunderstandings" that common law might cause in bro-
aranteed Success
1. How does a broker prove they are not culpable if an agent makes a mis-take?: 1.
Reasonable supervision was available to agent
2. Broker had nothing to do with the infraction
3. The broker did not ratify the infraction (Did not see it happen without telling them to
stop)
2. What are Trade fixtures and how can they be removed?: 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.
3. Requirements for salespersons license: - 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
4. Requirements for Broker license: - 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
5. Attachment lien: Grants court custody of property while a law suit is proceeding.
- stops someone from getting house out of name
6. If a person buys a house and a deed is not recorded, who is the rightful buyer?: 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 madeprior to notice
7. How is an appraisal charged?: The fee charged can never be based on the
estimate of value
8. replacement (cost approach): The cost of replacement of buildings, at today'sprices
and using today's construction materials, with a SIMILAR or COMPARABLEstructure, to
serve the same purpose. (not the same as REPRODUCTION)
9. Insurance proration: - 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
, 10. universal agent: Authorized to perform any act the principal could perform, has
authority w out limitations
11. General agent: Authorized to bind their Principal in the ongoing conduct of a
particular business,
12. Special agent (limited): Appointed for a specific purpose or to act on a partic-ular
occasion (listing agent)
13. Actual agency: Parties have entered into an agreement
14. Ostensible agency: third party relies on the principal's expressed or implied
representation w/o agreement
15. Implied agency: when a broker, showing a property to a prospective buyer,
causes the buyer to feel broker is acting on their behalf *RATIFICATION
16. Ratification: Acceptance of an agents unauthorized acts by direct confirmationor
implication
17. material facts: facts a party, would want to know, and could not reasonably
discover, up to a ONE MILE RADIUS
18. ministerial acts: acts that do not require a licensee's professional skill or judg-ment
19. BRETA: Brokerage relationship in real estate transaction act
20. What is BRETA: Governs the relationships between licensees and their clientsor
customers
-to prevent "detrimental misunderstandings" that common law might cause in bro-
