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GA Real Estate Sales License > Unit 26 Key Terms > Flashcards

Unit 26 Key Terms Flashcards

1
Q

a

A

affiliation agreement

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2
Q

A person acting on behalf of a real estate broker in performing any act authorized to be performed by a broker.

A

associate broker

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3
Q

Any person who has completed all the requirements for a license or an approval set forth in Commission Rule and Regulations and and who has submitted a complete application with the correct fee.

A

applicant

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4
Q

Any financial institution regulated by a member of the federal financial institutions examination council.

A

bank

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5
Q

Real estate advertisement placed by an affiliated licensee that fails to disclose the name of the employing broker as it is registered with the commission.

A

blind ad

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6
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.

A

brokerage agreement

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7
Q

Any person who has not yet successfully completed, but is in the process of completing, the requirements for licensure or approval in the CRR.

A

candidate for licensure

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8
Q

Real Estate Commission can issue a ____ if any person practicing a real estate related act without a license.

A

cease and desist order

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9
Q

a

A

citations

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10
Q

Authoritative body over all licensees in GA, with the power to pass rules and regulations to administer the law.

A

commission

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11
Q

Hired by Commission members, the CEO of that government entity.

A

commissioner

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12
Q

a

A

community association management license CAM

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13
Q

Whether some component of a law or rule applies to a particular situation.

A

declaratory ruling

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14
Q

a

A

Disposition of Unclaimed Property Act

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15
Q

a

A

Fair Business Practice Act

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16
Q

a

A

Fidelity bond insurance

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17
Q

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

A

firm

18
Q

Any name, the use of which requires permission from another who has an existing and continuing right in the trade name by virtues if any state or federal law.

A

franchise name

19
Q

A firm licensee authorized to use a franchisor’s trade name as part of or in conjunction with the licensee firms name.

A

franchisee

20
Q

A business entity owning a trade name whose use by others is controlled and authorized by the owner of the trade name.

A

franchisor

21
Q

Under this statue, a candidate whose license application has been denied by the Commission has 60 days from the denial letter date to request a formal hearing.

A

Georgia Administrative Procedures Act

22
Q

A criminal history report that all applicants must submit and may not be more then 60 days old at the time of application.

A

Georgia Criminal History Report GCIC

23
Q

A time period of instruction or other learning activity of at least 50 minutes in duration.

A

an instructional hour

24
Q

Requires any real estate licensure applicant to submit a signed ______ verifying the applicants legal presence in the USA.

A

lawful presence notarized affidavit

25
Q

Any person who holds real estate license as a broker, associate broker, salesperson, or community association manager.

A

licensee

26
Q

A

A

PERSON

27
Q

A

A

policy and procedures manual

28
Q

a

A

property management services

29
Q

A broker that has a ____ contracts with licensee affiliates and is at least 21 years old.

A

qualifying broker

30
Q

An interest or estate in land, whether corporeal or incorporeal, freehold or non-freehold, in state or out of state, with the necessary service connections to be used as dwellings permanently attached to the land.

A

real estate (in Georgia)

31
Q

a

A

Real Estate Education, Research, and Recovery Fund

32
Q

GA may exempt nonresident applicants who hold licenses in those states from completing such requirements in GA.

A

reciprocity agreement

33
Q

a

A

rules and regulations

34
Q

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

A

salesperson

35
Q

a

A

sanctions

36
Q

____indicates with whom the licensee will affiliate after passing the real estate license exam.

A

sponsoring broker firm

37
Q

Brokers may act independently as ____.

A

sole proprietorship

38
Q

a

A

statutory overnight delivery

39
Q

a

A

surrendering a license

40
Q

a

A

unfair trade practices

41
Q

a

A

Uniform Deceptive Trade Practice Act

GA Real Estate Sales License (37 decks)

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