Unit 26 Key Terms

Question 1

a

Answer 1

affiliation agreement

Question 2

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

Answer 2

associate broker

Question 3

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.

Answer 3

applicant

Question 4

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

Answer 4

bank

Question 5

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.

Answer 5

blind ad

Question 6

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.

Answer 6

brokerage agreement

Question 7

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

Answer 7

candidate for licensure

Question 8

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

Answer 8

cease and desist order

Question 9

a

Answer 9

citations

Question 10

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

Answer 10

commission

Question 11

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

Answer 11

commissioner

Question 12

a

Answer 12

community association management license CAM

Question 13

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

Answer 13

declaratory ruling

Question 14

a

Answer 14

Disposition of Unclaimed Property Act

Question 15

a

Answer 15

Fair Business Practice Act

Question 16

a

Answer 16

Fidelity bond insurance

Question 17

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

Answer 17

firm

Question 18

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.

Answer 18

franchise name

Question 19

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

Answer 19

franchisee

Question 20

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

Answer 20

franchisor

Question 21

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.

Answer 21

Georgia Administrative Procedures Act

Question 22

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

Answer 22

Georgia Criminal History Report GCIC

Question 23

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

Answer 23

an instructional hour

Question 24

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

Answer 24

lawful presence notarized affidavit

Question 25

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

Answer 25

licensee

Question 26

A

Answer 26

PERSON

Question 27

A

Answer 27

policy and procedures manual

Question 28

a

Answer 28

property management services

Question 29

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

Answer 29

qualifying broker

Question 30

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.

Answer 30

real estate (in Georgia)

Question 31

a

Answer 31

Real Estate Education, Research, and Recovery Fund

Question 32

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

Answer 32

reciprocity agreement

Question 33

a

Answer 33

rules and regulations

Question 34

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.

Answer 34

salesperson

Question 35

a

Answer 35

sanctions

Question 36

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

Answer 36

sponsoring broker firm

Question 37

Brokers may act independently as ____.

Answer 37

sole proprietorship

Question 38

a

Answer 38

statutory overnight delivery

Question 39

a

Answer 39

surrendering a license

Question 40

a

Answer 40

unfair trade practices

Question 41

a

Answer 41

Uniform Deceptive Trade Practice Act