GA real-estate cram course Flashcards

GA real-estate cram course Flashcards Client Duties includeCareObedienceAccountingLoyaltyDisclosureConfidentiality according to BRRETA, duties owed to a client are by law and any expressed in an agency agreement, listing agreement.Civil Rights Act of 1866Race onlyReal and personal property boycottingrestraint of trade, boards or MLS prohibiting membership or restriction of services to a qualified person When can you reapply for license after revocation, conviction, sentencing or release from prison?10 years If one passes the statutory time period, they suffer from?Laches or have a loss of laches. Known as the doctrine of laches Fair Housing LawsIf a licensee is in violation of federal law, they could also be in violation of GA law, local law, and/or RE laws.Intentional violations are criminal acts Who represents the broker at closing and is there to observe?the affiliate CAN-SPAM-ACT 2003Applies to e-mail and faxes - up to 16,000 fineNon-deceptive subject linesA valid physical postal addressA clear and conspicuous "opt-out" provision where the recipient is not required to pay a feeThe "opt-out" request must be honored within 10 days PartnershipQualifying broker must be a general partner Not disclosing known material fact about a false assumption is?Misrepresentation and the agent can be held liable*Advise clients to seek out experts More Fair Housing ExemptionsHandicap: Mental or physical limitationExamples: HIV aids, drug addiction in rehab ( NOT handicapped if currently addicted to drugs)Handicapped person at their expense can modify the unit but must change back to original condition (exception - widening of doors)Allow for access - ground floor or all units if elevatorMust accommodate (service animals) Do-not-call-registryProhibits telemarketing calls to numbers on the registry What does an invalid contract have?Validity has ended (listing expired) Disciplinary actions of GRECReprimand, censure, and require educationReports from accountant (trust account violations)Fines to licensees up to 1,000 for single infraction or 5,000 for multiple infractionsDowngrade from Broker license to salesperson licenseSuspension or Revocation of a licenseMay request hearing and entitled to a judicial reviewGREC must investigate a written sworn complaint and publish (on the GREC website) suspensions/revocations ( a matter of

public record) An exclusive right to sell contract would not requirethe Broker to prove procuring cause in a lawsuit for commission Commission EARNEDProducing a ready, willing, able buyer, and meeting seller's terms (procuring use)Paid at closingMay receive commission from both parties if all parties agree in writing (disclose in contract)The amount is negotiable between the broker and the one payingThe existence of a payment does

not created an agency agreement , example: transaction

broker Affiliates can only receive commissions from? their own broker Fair Housing Exemptions continuedFamilial Status(1)Exceptions are all persons 62 or over.(2)80% of the units occupied by one person 55 or older if advertising is aimed, and the facilities are designed

for seniors(3)Local, state, or federal housing programs for the elderly only How long can you have an inactive license? As long as you want as long as you pay a renewal fee