1st MIDTERM MISSED

Question 1

Under BRRETA, which of the following brokerage relationships in Georgia must be in writing?

A. All brokerage relationships
B. Only listing brokerage engagements
C. All brokerage engagements
D. Transactional brokerage agreements

Answer 1

C. All brokerage engagements

Engagements = Listings

Question 2

A broker and seller enter into an exclusive right to sell listing agreement. The broker is compensated for…

Answer 2

Finding a READY, WILLING, and ABLE Buyer to purchase the listed property at terms acceptable to the seller.

Not ‘at closing’… if they choose not to sell, they still owe the broker.

Question 3

Real estate licensees involved in telemarketing for client prospects are required to check the Do-Not-Call Registry every:
A: 7 Days
B: 14 Days
C: 31 Days
D: 60 Days

Answer 3

C. 31 days

Question 4

A borrower has a fully amortized, level payment, fixed rate loan.

Answer 4

Same monthly payments

Reduce the principal to ZERO by the end of the loan term

Question 5

When would you do a CMA?

Answer 5

Prior to any actual brokerage engagements, as part of the licensee’s marketing presentation.

Question 6

A contract states that a seller provides financing for a purchaser.
At closing, the buyer receives EQUITABLE title and the seller keeps the LEGAL title until the home is paid off.
What kind of agreement is this?

Answer 6

Land Contract for Deed

Question 7

A purchaser assumes and agrees to pay a seller’s existing loan. Who has primary and secondary liability?

Answer 7

Purchaser = PRIMARY
Seller = SECONDARY

Question 8

When completing a CMA for a prospective listing client, a licensee might typically include:

Answer 8

CURRENT and EXPIRED listings as well as recent sales of similar homes.

Not just where we want to go, buy also where we don’t wanna go.

Question 9

A listing brokerage engagement:

Answer 9

An employment contract between broker and seller

Question 10

Agents directing customers in and out of neighborhoods where residents are primarily of the same minority background are guilty of

Answer 10

STEERING … key word “directing people in and out”

Question 11

Whether or not a real estate licensee offers a specific agency role such as dual, designated or sub agency is primarily determined by:

Answer 11

the policy and procedures of the agent’s broker

Question 12

1 Seller
1 Buyer
1 Broker
2 Agents (same company)

Answer 12

Designated Agency

Question 13

Georgia law requires that an attorney close all real estate transactions. Who does the closing attorney TYPICALLY represent?

Answer 13

The LENDER.

Question 14

If you know that a lot is zoned for industrial purposes, do you have to disclose that fact to the purchaser?

Answer 14

Yes, the lot may be MATERIAL FACT for the prospective purchaser

Question 15

Does a safety clause effect an expiration date?

Answer 15

No… it has no effect

Question 16

If a purchaser takes over the seller’s payments on a mortgage loan but does not assume liability for the loan, then the purchaser bought the home

Answer 16

Subject to the existing loan

Question 17

Intangibles tax is paid on:

Answer 17

A new 30 year conventional loan

Question 18

A real estate licensee is using a street address as a substitute for the legal description in a listing agreement. Is this practice acceptable?

Answer 18

No! Give us some more deets

Question 19

Which of the following items might an agent give a seller when getting a listing and also prior to closing?

A: Seller’s Property Disclosure Statement
B: Seller’s Loan Information Form
C: Seller’s Estimate Cost/Net of Sale Worksheet
D: HUD Uniform Settlement Statement

Answer 19

C: Seller’s Estimate Cost/Net of Sale Worksheet

Question 20

If there is no expiration date in a brokerage engagement and no authorized termination has occurred, how long will the engagement continue after the initiation?

Answer 20

ONE YEAR

Question 21

When listing a property the seller asked the agent to give them an opinion on the validity of the title. The Agent should:

Answer 21

SUGGEST THEY SEEK LEGAL ADVICE

Question 22

The real estate commission is usually calculated on the:
A: Listed Price
B: Gross Selling Price
C: Loan Amount
D: Appraised Value

Answer 22

B: Gross Selling Price

Question 23

How will unpaid property taxes and a purchase money mortgage appear on a seller’s estimated settlement form?

Answer 23

both as a DEBIT