Unit 4

Question 1

Any person, firm or corporation that is a source, compiler or supplier of information regarding real estate for sale or lease. This includes, but is not limited to, multiple listing services.

Answer 1

Common source information company

Question 2

A person who is not being represented by a real estate broker in an agency capacity, but for whom a broker may perform ministerial acts with either a verbal or written agreement.

Answer 2

Customer

Question 3

An agent appointed by his or her broker to represent one client (either the buyer or seller) in a transaction to the exclusion of all other clients in the same transaction and to the exclusion of all other agents in the brokerage.

Answer 3

Designated agent

Question 4

A broker who simultaneously has client relationships with both the seller and buyer, or both the landlord and tenant, in the same real estate transaction.

Answer 4

Dual agent

Question 5

Those facts that a party does not know, could not reasonably discover, and would reasonably want to know.

Answer 5

Material facts

Question 6

Those acts that do not require the exercise of the licensee’s professional judgment or skill. These acts can be performed without creating an agency relationship.

Answer 6

Ministerial acts

Question 7

A reasonable time under the particular circumstances.

Answer 7

Timely

Question 8

A broker who has not entered into a client relationship with any of the parties to a real estate transaction. This broker performs only ministerial acts on behalf the parties, but he or she is paid valuable consideration by one or more of the parties for performing brokerage services pursuant to a verbal or written agreement.

Answer 8

Transaction broker

Question 9

As the term implies, _______ knowledge refers to what an agent actually knows - express information or facts - about a property or a client’s circumstances.

Answer 9

Actual knowledge

Question 10

_________ __________ refers to what an agent “should have known” about a property or circumstance, simply because the client, broker or another licensee may actually know it.

Answer 10

Imputed knowledge

Question 11

In a ___________ agency, a broker may appoint or designate one licensee in the firm to represent one client (either the buyer or seller) in a transaction to the exclusion of all other agents in the brokerage.

Answer 11

Designated

Question 12

is a Georgia law that governs the agency relationships of brokers with sellers, buyers, landlords and tenants.

Answer 12

BRRETA

Question 13

BRRETA

Answer 13

The Brokerage Relationships in Real Estate Transactions Act