Unit 23 Key Terms

Question 1

All relationships in which a real estate broker acts for or represents another as a client by written authority in a real property transaction.

Answer 1

Agency

Question 2

Any person or entity issued a broker’s real estate license by the GA Real Estate Commission pursuant to license law states.

Answer 2

Broker

Question 3

A written agency contract in which a buyer, seller, tenant, or landlord becomes a client of the broker and promises either to compensate the broker or to allow the broker to be compensated by another party in consideration that the broker produces someone ready, willing and able to sell, buy or rent the property.

Answer 3

Brokerage engagement

Question 4

Applies to any real estate broker or affiliated licensee providing brokerage services to consumers in GA.

Answer 4

BRRETA

Question 5

Individual represented by a real estate broker pursuant to a brokerage engagement.

Answer 5

Client

Question 6

Any person or company that compiles, supplies, or resources information regarding real estate for sale or lease, or other data including MLS.

Answer 6

Common source information company

Question 7

In which a broker from another company finds a buyer would be paid regardless of whem they represented.

Answer 7

Cooperation and compensation

Question 8

Person not represented by a real estate broker through a brokerage engagement and for whom a broker may only provide ministerial services in a real estate transaction.

Answer 8

Customer

Question 9

One or more broker license affiliates assigned by the broker to represent one client to the exclusion of all other clients in the same transaction, as well as to the exclusion of all other licensees affiliated with the broker.

Answer 9

Designated agent

Question 10

A broker who simultaneously has a client relationship with both the seller and buyer or both landlord and a tenant in the same transaction.

Answer 10

Dual agent

Question 11

One of the largest brokerage firms in the country that had a 1993 federal class action lawsuit regarding undisclosed dual agency.

Answer 11

Edina Realty

Question 12

Protects real estate agents from liability for not disclosing that the sellers property was the site if homicide, felony or suicide.

Answer 12

Georgia Stigmatized Property Act

Question 13

A

Answer 13

Imputed knowledge

Question 14

A brokerage engagement signed by the client giving consent for dual Agency. The clients, understand the risks involved.

Answer 14

Informed consent

Question 15

Services performed by. real estate licensees that do not require professional judgement or skill on the part of the licensee

Answer 15

Ministerial acts

Question 16

Brokers contracted by clients will exercise this in performing the duties noted in BRETTA, which promoted the clients interest, as well as any other duties as may be agreed upon by the parties in the brokerage engagement.

Answer 16

Ordinary skill and care

Question 17

The Obligation of landlords to disclosure whether the property has a propensity to flood, and the sellers obligation NOT to conceal from buyers specific information that might be important to the buyers and would probably affect a decision to purchase or not.

Answer 17

Passive concealment

Question 18

A

Answer 18

Single agency

Question 19

Representing sellers and their listing brokers.

Answer 19

Subagents

Question 20

A reasonable time for performance under the circumstances of a particular situation.

Answer 20

Timely

Question 21

A broker who does not have a client relationship with any parties to a particular real estate transaction and who offers only ministerial acts on behalf of these parties.

Answer 21

Transactional broker

Question 22

The occupation or business of real estate broker

Answer 22

Brokerage