Georgia AMP test questions Flashcards

Georgia AMP test questions Flashcards A Sales Assoc helped a buyer locate a home and the buyer made an offer to purchase. The buyer gave the RE Assoc a binder deposit payable to a title co. What must the Sales Assoc do?the Sales Assoc who prepares the contract shall indicate the name, address and tel# of the title co A son who was not a licensed RE agent assisted his father in finding buyers for his father's lots. The son received no money but the father agreed to give the son a lot, free and clear, after he provided buyers for 5 lots. The son found full time employment before finding the 5th buyer and so did not earn his free lot. What could be said about this arrangement?The son and the father both violated 475FS for intent - an unlicensed individual may not perform RE Services for compensation (anything of value) The master plan developed by planning commissions to manage local growth and preserve living conditions is

called the:

Comprehensive Plan A buyer makes a written offer on a seller's property. The seller makes a counteroffer. which seller accepts. The listing broker conveys the buyers written acceptance to the seller. At this point, the offer becomes what?an express contract (written = express, verbal = parol) During its regular monthly meeting, the Commission modified several license fees and broker advertising

requirements. These actions will be reflected in changes to:

Rule 61J2 If two or more persons have undivided interest in real property, which estate may NOT be created unless specific wording in the deed provides for right of survivorship?A.Joint TenancyB. Tenancy in commonC. Tenancy by the entiretiesD. Tenancy at will Joint Tenancy - A true joint tenancy cannot be created unless specific wording in the deed conveying the property provides for survivorship Authority to physically evict a delinquent tenant from rented

property is vested in:

The Sheriff - at the time the sheriff executes the writ of possession or any time thereafter, the landlord or the landlord's agent may remove any personal property found on the premises to or near the property line The RESPA does NOT require that:a uniform settlements statement be used for closing construction loan unless it is intended for conversion into a permanent loan A GA broker has a prospective buyer who wants to buy land in FL in order to build 200 luxury condos. The GA broker contacts a FL broker to help find suitable land.Together they work with the buyer who ends up buying a 60 acre tract for $550,000 and they evenly divide a 10% commission. What can be said about this transaction?It is a violation of sec 475.25 FS for a licensee to share a commission or pay a fee to a person not properly licensed under 475FS and to practice without a valid and current FL license.A husband and wife owned a homesteaded property. The husband also owned investment property in severalty. The

husband died testate and left his investment property to his sister. What claim(s) does the wife have on these two properties?The wife may file for an elective share (30%) of the investment property in addition to having 100% interest in

the principal residence Which type of deed will prevent the grantor the BEST assurance of no future liability?Quitclaim DeedRead the question - here it deals with the

GRANTOR

The real taxable value of a Florida resident's home will

NOT be known until the:

total existing exemptions are subtracted from the current assessed value Real Property Ads and Yard Signs MUST include the name

of the:

Brokerage Firm A RE Assoc of ABC Realty finds a piece of property while on vacation listed by XYZ Realty. He sells the property to his friend and XYZ pays the Sales Assoc a 10% commission. What can be said about this transaction?Both the Assoc and the XYZ Broker have violated FL RE Licence Law (The sales assoc can only be compensated by his employer broker - XYZ must pay the selling commission to ABC brokerage who will then distribute according to its arrangement with the sales assoc) Buyer and seller have entered into a RE contract. The broker neglected to enter a closing date on the contract.What can be said about this contract?This is a valid and enforceable contract (although a closing date is desirable, it is not a required element to make a RE contract enforceable - if nesc the courts may interpret the closing to be accomplished in "a reasonable period of time") A real estate licensee who is representing a tenant in a commercial rental wants to share part of her commission with the tenant. Can she do this legally?Real estate licensees may share their commission with a party to a lease agreement, provided it is disclosed to all interested parties Which government restriction on ownership represents the broadest power of government to limit the rights of property ownership?Police Powers gives the right to impose laws, statutes, and ordinances to protect the public health, safety and welfare and represents the broadest power of the government to limit rights of ownership A broker received an offer and earnest money deposit on Thurs 7/10 at 930AM. The owner of the property will not be in town until Weds 7/16, to consider the offer. The broker's next normal banking day will be Mon 7/14, however he has a large safe built into the wall of his office. FREC requires

the broker to:

The broker must deposit the earnest money deposit in escrow by the end of the 3rd business day following receipt of funds - therefore, the broker must deposit these funds by the close of business on Tues 7/15 Each of these is a method of acquiring legal title to real

property except:A. DescentB. Quitclaim DeedC. Eminent

DomainD. Novation

• Novation (is the term used for substitution of a new party

and/or new terms to an existing obligation For income tax purposes, the term "adjusted sales price"

means the sale price of a home:

less allowable fix-up and selling expenses (sale price minus selling expenses) A real estate co is the exclusive representative of the developer of a new subdivision. The RE Co's sales staff will temporarily work out of a mobile home that the developer placed on the property until the model home is completed.Transactions will be closed at the main office. Doe the RE Co need to register the the mobile home as a branch office?No - the mobile home is a temporary shelter and therefore not considered to be a branch office (as long as transactions are not being closed there).

if a tenant legally subrogates or subordinates the rental

space, it means the tenant has:

Subleased the lease The broker MUST give a copy of the written listing

agreement to the seller:

within 24 hours after the seller signs the agreement A broker receives conflicting demands from the buyer and the seller, The broker properly notifies the FREC and requests an EDO. However, before the order is issued the buyer and seller sue one another. What must the broker do in this situation?The broker must notify the FREC within 10 business days A lic RE assoc conducted an appraisal for a fee. The FREC found the licensee to be in violation of the Uniform Standards of Professional Practice. What penalty may the FREC impose?The licensee is subject to suspension or revocation of her RE license A licensed real estate broker and his wife jointly owned a two-person corporation for profit registered with the DBPR as an active real estate brokerage firm. The wife was registered as an officer of the corporation but had never qualified to be licensed. The broker and his wife mutually agreed to a divorce, and the court awarded the wife the profitable real estate corporation as part of the property settlement. The wife retained her married name, and her husband organized a new brokerage firm. Can the wife continue to operate the brokerage firm?It illegal for the wife to continue to operate the firm; Rule

61J2-5.015 states: "No registration shall be issued to the

corporation or licenses to any officer or director, unless the corporation shall cause to register, and biennially renew the license of at least one active officer Zone R-1A probably refers to:R usually designates "residential property" What is the difference with regard to title between a purchase money mortgage and a contract for deed?with a Contract for Deed the seller retains title until the buyer has made all the mortgage payments The clause in a mortgage in which the lender waives the right to a deficiency judgement against the borrower and

the borrower is relieved of personal liability is:

The Exculpatory Clause The term "procuring cause" is most significant in which type of listing?Open (in an open listing the broker who is the procuring cause is the only broker entitled to compensation) Which statement is true with respect to a closing statement?A. The balance due the seller is paid by the closing agentB. The balance due the seller is paid directly by the buyer

• The balance due the seller is paid by the closing agent

(the Closing Agent prepares and distributes the appropriate checks) The clause in a mortgage that ensures that the mortgage cannot be foreclosed so long as all payments are current

and other conditions are fulfilled is the:

Defeasance Clause When the broker is unable to convince the property owner that the current market value is the price at which the

property should be listed, the broker should:

diplomatically decline to accept the offer as an unrealistic price will attract few prospects in relation to the carry costs (MLS fees, advertising, etc) A member of the board of directors of RE Corp "A" is also the owner and broker of RE Corp "B". What can be said about this relationship?He may serve in a non-brokerage capacity for RE Corp A and be an active broker with RE Corp B