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Real Estate Chapter 1 > Unit 1 > Flashcards

Unit 1 Flashcards

1
Q

Name the 6 Real Estate Activities

A

creation, improvement, management, maintainence, demolitionn, ownership, regulation, and the transfer of real properties

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2
Q

Property type

specializations

A

residential; residential income; office; retail; industrial; farm and ranch; special purpose; land

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3
Q

Forms of specialization

A

by property type; geographical area; type of transaction; type of client; by form of business organization; or by form of client relationship

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4
Q

What are developers, market analysts,
public and private planners, surveyors,
architects, engineers,
building contractors, public and private inspectors, space planners, mortgage brokers, mortgage lenders, bankers securities companies, title and escrow companies, attorneys, insurers, appraisers,
real estate brokers, and agents all clasified as?

A

Creators within Real Estate

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5
Q

property managers, asset managers,
maintenance engineers, maintenance
technicians, and corporate managers are all clasified as being apart of what?

A

Managing &

Maintainence

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6
Q

demolition, contractors, and excavators are all under what category?

A

Destroying

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7
Q

investors and corporate managers are classified under what category of function?

A

Holding

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8
Q

assessors. public planners,

zoning administrators, and building inspectors are all classified under what function?

A

Regulation

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9
Q

brokers, agents appraisers,
lenders, bankers, mortgage brokers, title and escrow companies, attorneys, insurers, and surveyors are classified under what function?

A

Transferring

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10
Q

property that is owned and used for habitation is reffered to as?

A

Residential property

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11
Q

retail and office properties, possibly including industrial real estate is generally reffered to as?

A

Commercial property

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12
Q

any property that is held by its owners for

investment purposes.

A

Investment property

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13
Q

Every relationship in which a real estate broker acts for or represents another as a client by the latter’s written authority in a real property transaction is what?

A

An Agency

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14
Q

A person who acts on behalf of a real estate broker in performing any act authorized by this chapter to be performed by the broker is what?

A

An Associate Broker

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15
Q

An express written contract wherein the client promises to pay the real estate broker a valuable consideration or agrees that the real estate broker may receive a valuable consideration from another in consideration of the broker’s producing a seller, buyer, tenant, or landlord ready, able, and willing to sell, buy, or rent the property or in consideration of the broker’s performing property management services or performing community association management services.

A

Brokerage agreement

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16
Q

The Georgia Real Estate Commission is called what?

A

Commision

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17
Q

is NOT the same as a “Commission member.

A

Commisioner

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18
Q

An owner organization of a residential or mixed-use common interest realty association in which membership is mandatory as an incident of ownership within the development, such as condominiums, cooperatives, homeowner associations, timeshares, lot division with restrictions in management, and other forms of common interest or planned developments wherein there is a common management.

A

Community association

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19
Q

The provision, for a valuable consideration, to others of management or administrative services on, in, or to the operation of the affairs of a community association, including, but not limited to, collecting, controlling, or disbursing the funds; obtaining insurance, arranging for and coordinating the maintenance to the association property; and otherwise overseeing the day-to-day operations of the association.

A

Community association management services

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20
Q

The provision, for a valuable consideration, to another of marketing, including referring prospective tenants; leasing; physical, administrative, or financial maintenance; and overall management of real property; or supervision of the foregoing activities for another pursuant to a property management agreement.

A

Property management services

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21
Q

Individuals and firms.

A

Person

22
Q

Those acts related to real estate brokerage activities, which a licensee or a licensee’s employee perform and which do not require discretion or the exercise of the licensee’s own judgment.

A

Ministerial acts

23
Q

Any person who is licensed as a community association manager, salesperson, associate broker, or broker.

A

Licensee

24
Q

Any business entity, including, but not limited to, a corporation, partnership, limited liability company, or sole proprietorship.

A

Firm

25
Q

A person who acts on behalf of a real estate broker in providing only community association management services.

A

Community association manager

26
Q

A person who acquired or attempts to acquire or succeeds to an interest in land.

A

Purchaser

27
Q

Condominiums and leaseholds, as well as any other interest or estate in land, whether corporeal, incorporeal, freehold or non-freehold and whether the real estate is situated in this state or elsewhere; and includes a mobile home when such mobile home is affixed to land.

A

Real estate

28
Q

Any person, other than an associate broker, who acts on behalf of a real estate broker in performing any act authorized by this chapter to be performed by the broker.

A

Salesperson

29
Q

Any state, district, territory, possession, or province of the United States or Canada and any sovereign nation or any political subdivision of such sovereign nation.

A

State

30
Q

What law gives the Real Estate Commission the authority to adopt rules and regulations, which have been designed to clarify sections of the law.

A

The liscence law

31
Q

The authority of the Georgia Real Estate Commission is based upon what tyoe of law?

A

Statutory law

32
Q

A violation of a rule is considered the same as violating the _____ itself and is subject to the same disciplinary actions.

A

License law

33
Q

The Georgia Real Estate Commission’s authority involves which four separate categories?

A

Issuing Licenses
Taking Disciplinary Action
Passing Rules and Regulations
Establishing Fees

34
Q

The Georgia Real Estate Commission is comprised of __ members. These members are appointed by the _________ of Georgia, and then must be confirmed by the Georgia _________.

A

6, Governor, State senate.

35
Q

__ of these six members must be real estate licensees, who have been actively licensed for a MINIMUM of __ years AND must have been residents of Georgia for at least __ years.

A

5, 5, 5

36
Q

Charging advance brokerage fees is

A

A duty of a broker

37
Q

The sixth member must have an interest in consumer affairs - but must NOT have ANY interest in the _________________.

A

Real estate industry

38
Q

The purpose of Commission members is

A

to protect the public from any harmful acts committed by real estate licensees.

39
Q

The Commission ensures that obtaining a real estate license is “_______ ________” to anyone who wants a license.

A

Reasonably Available

40
Q

Commission members are responsible for; developing ____________ between the members, ________ staff operations, establishing a ____ ________ process, establishing a ____ _______ process, and communicating with the ________ and _______.

A

Cooperation, evaluating, fair qualifying, fair hearing, industry, public

41
Q

Negotiates or attempts to negotiate, or assists in procuring prospects for the listing, sale, purchase, exchange, renting, lease, or option for any real estate or of the improvements.

A

Broker

42
Q

Holds himself or herself out as a referral agent for the purpose of securing prospects for the listing, sale, purchase, exchange, renting, lease, or option for any real estate.

A

Broker

43
Q

Is employed by or on behalf of the owner or owners of lots, time-share intervals, or other parcels of real estate at a salary, fee, commission, or any other valuable consideration to sell such real estate or any part thereof in lots or parcels or intervals or other disposition.

A

Broker

44
Q

The true purpose of the real estate license law and the members of the Commission who enforce it is twofold.
What is the first purpose?

A

To protect the public from any harmful acts of people acting as real estate licensees by assuring that licensees meet basic levels of competency. This includes either intentional or unintentional acts.

45
Q

The true purpose of the real estate license law and the members of the Commission who enforce it is twofold.
What is the second purpose?

A

To create a regulatory environment for the real estate industry that is reasonable and allows the licensee to attain economic success.

46
Q

According to Georgia real estate law, the Commission members have five focal points of responsibility. What Are they?

A

Developing a spirit of cooperation and unity among Commission members;
Evaluating staff operations;
Establishing a fair qualifying process;
Establishing a fair and unbiased hearing process;
Communicating with the industry and the public.

47
Q

the Real Estate Commission is ultimately an _______ body rather than a deliberative body.

A

Administrative

48
Q

The third of the Commission members’ responsibilities is to make sure the process of obtaining a license is reasonably _______ to all who wish to seek a license.

This does not mean the Commission should make it “easy” for anyone to get a license. In fact, the opposite is true. It is the members’ responsibility to assure that the process of acquiring a license is reasonably ________ to eliminate those who do not possess sufficient knowledge.

A

available, rigorous

49
Q

Commission members are only authorized to act to discipline a licensee within the procedures set forth in the ________ _______ ____ that governs all state agencies with regulatory authority.

A

Administrative Procedure Act

50
Q

The ________ ________ in Georgia has given the Real Estate Commission the authority to make rules. Keep in mind that while these rules have the force of law, the ________ ________ does not pass them.

A

General Assembly

51
Q

In proposing a rule, Commission members seek to determine whether a real need exists for the rule and what economic impact it may have. The following issues must be considered at this time:

If the implementation of a new rule will result in ______ ______ of operating businesses (which licensees will in turn pass on to consumers), then the Commission does not seek to adopt such rules unless a compelling need for the rule exists.

If a need exists and a rule is __________ ________, then the Commission member must ask two further questions:
Is the proposed rule reasonable?
Is the rule within the limits of the ________ ___?

A

higher costs, economically feasible, legislative law

52
Q

Commission members regulate in an unbiased fashion. Members protect the public interest by:

A

Assuring each individual’s right to justice and equal opportunity
Denying the right to practice to the incompetent and unscrupulous
Eliminating barriers that unreasonably limit entry into a field of practice
Refusing to use licensing or registration laws to settle private disputes
Refusing to use licensing or registration laws to advance the interest of private trade associations
Encouraging free and open markets

Real Estate Chapter 1 (4 decks)

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