GA Salesperson Exam Prep Edge: National State Portions

GA Salesperson Exam Prep Edge: National & State Portions

Flashcards

• Jared wants to purchase property. One of the

properties his agent shows him was formerly zoned for commercial use. It has a steep drop off at the back of the property, as well as some soft spots and mounds. Should Jared's agent recommend that he have a home inspector investigate it?Yes, these are clues that the property may have been used as a waste disposal site

• Alice owned a double lot on the waterfront. She sold

the lot to Ronesha and included a deed restriction prohibiting construction of any building taller than one story.Ronesha wants a three-story house. What should she do?topic: land use controls and regulationssubtopic: private controls conform to the deed restriction

• A seller wants to break even after the broker's

commission of 5% and loan balance of $300,000 are paid.

At what price must the house sell?topic: real estate

calculationssubtopic: calculations for transactions

$315,789

• What is the best description of a deed? a document to transfer ownership/interest in real estate
• According to the Georgia Brokerage Relationships in

Real Estate Transactions Act, if no expiration date is provided in the brokerage engagement, then the

engagement will terminate ______.topic: real estate

practice in georgiasubtopic: listings and agency

one year after initiation

• Which of these depicts a Georgia licensee committing a

common real estate violation?topic: state laws and

rulessubtopic: substantive regulations

Tim includes an automatic renewal clause in his listing agreements in case his seller clients' properties don't sell by the end of the original listing agreement

• Which of the following is an example of

commingling?topic: practice of real estatesubtopic: trust/escrow accounts (general, not state specific) mixing earnest money with personal funds

• Which of the following is an eligibility requirement for a

community association manager in Georgia?be a member of the community association or a community association manager licensee

• In situations where pleased property is sold and the

tenants' security deposits will be refunded, who's responsible for refunding those security deposits?the original owner

• In a real estate transaction in which you represent the

seller, your duty to other parties is to __.treat them honestly and fairly

• Marilyn is reviewing the inspection report with her buyer

clients. Which. of the following issues in the report should Marilyn flag as most significant?presence of mold

• What must sellers provide prospective buyers of homes

built prior to 1978, in addition to the federally required

disclosure form?topic: property disclosuressubtopic: government disclosure requirements (LEAD) EPA lead safety pamphlet

• A tenant leases an apartment from Quad City Leasing.

The tenant has filed a complaint with the state real estate licensing division stating that Quad City's property manager breached her fiduciary loyalty to the tenant. Which of these

statements about this situation is true?topic: leasing and

property managementsubtopic: property manager's

fiduciary responsibilities a property manager owes fiduciary duties to the client and the apartment community

• John and Amy purchased a builder's home warranty

when they bought their home. They have found structural damage that could be a detriment to their home. On average, how many years does a home warranty cover structural damage?topic: transfer of titlesubtopic: warranties 10 years

• Stan and Margo want to redevelop an old industrial site

in order to create a microbrewery and event space.However, an environmental review found that hazardous chemicals were once used on site, and there is a possibility they will be released during redevelopment. Stan and Margo may not be liable for cleanup, under what federal law?topic: land use controls and regulationssubtopic: government controls SARASuperfund Amendments and Reauthorization Act, created an innocent landowner defense. Often, the courts will review a SARA case and determine liability.

• Stephen is an attorney, appointed by the courts to

handle matters for Mrs. Hamilton's estate, including the sale of her home. What can we conclude about Stephen?He's exempt from real estate licensing requirements, as he's the court-appointed executor of Mrs. Hamilton's estate

• Which of these is true regarding the Georgia Real Estate

Commission's licensing power?Topic: State Laws and

RulesSubtopic: Commission organization and Procedures

it may grant or revoke a firm's license

• Chrissy lives in Lake Ridge Estates, a neighborhood in

which vinyl siding may not be used on homes. This HOA

regulation is what kind of private land control?topic: land

use controls and regulationssubtopic: private controls

CC&R

• Which of the following questions can an agent in a dual

agency transaction answer without breaching her duties to either client?topic: general principles of agencysubtopic: agency and non-agency relationships are you aware of any structural issues with the property?

• Which of the following factors helps the IRS determine

whether a licensee is classified as an employee or an

independent contractor?topic: practice of real

estatesubtopic: licensee and responsibilities

whether the licensee receives benefits from the brokerage firm

• A homeowner has converted 2 rooms in his home to a

rental unit. What does the "Mrs. Murphy" exemption permit him to do?topic: practice of real estatesubtopic: federal fair housing laws and the ADA refuse to rent to a female tenant

• Which of the following is an example of a fixture that is

real property?topic: property ownershipsubtopic: real

versus personal property; conveyances shelves attached to the wall with brackets