Georgia Real Estate U Final Exam Study Flashcards

Georgia Real Estate U Final Exam Study Flashcards The International Residential Code (IRC) recommends every room have an egress window that measures at least 4% of the square footage to allow safe egress and adequate ventilation. What is the minimum window opening requirement for an area that measures 15' X 20'?12 sq ft When a building fully complies with the local zoning ordinances, it is referred to as...?As-of-right If a licensee makes an offer on a property as part of a brokerage engagement or an extension of an engagement, the terms and conditions of the engagement must be set down in a...?Written agreement If you have a real estate license, and you are faced with a disciplinary hearing because of something the Commission finds out, you have the right to...?Judicial review of your case in the event the Commission suspends or revokes your license While talking to a client about non-federal tax liabilities, Dana mentioned local property taxes. She told her client that tax assessments are based on ............, but every district offers discounts to certain groups, such as people over 65 and permanently disabled individuals Market value Disbursing funds from a trust account requires the authorization of...?All parties to any contract where funds were collected When a property owner has a mortgage, property taxes can be paid easily through the use of what type of account Escrow Account A family is going to build their dream home, and they've looked at several house plans, but they haven't found one that is exactly right. They'd like to take some parts from one plan and combine it with parts from another, with some additional innovations of their own. They want someone who can design and plan their home and work with the contractors to build it. The person they need to find is ...?An Architect Michael is working with a business investor who wants to buy several lots in a new subdivision to build houses for sale. When the client asks for a copy of the comprehensive report, Michael tells him it isn't required, but he will ask if the developer is willing to provide one. Why wasn't the report automatically available?This type of business to business transaction is exempt from ISLA regulations.There is a mixed-use property for sale in Cassie's community, and a buyer walks into her office looking for a residential space. Should Cassie consider showing him the property zoned mixed-use?Yes, because mixed-use is a combination of commercial and residential real estate

Fill in the appropriate amounts. The activation fee to apply for a license as an individual or associate broker, salesperson, or community association manager is .............The activation fee for a new firm, school or instructor is ............. Both fees include $20 toward the Real Estate Education, Research and Recovery Fund.$45 (Dollars) / $75 (Dollars) When supply is plentiful and demand is low...? Prices drop Lisa is a real estate agent who also helps clients lease single-family homes. She advises every potential tenant to purchase HO-4, also known as ............, because it is a perils content policy.Tenant Coverage The Interstate Federal Land Sales Full Disclosure Act regulates all of the following, except?Local transactions between residents of the same county ............ is required prior to advertising property for rent, sale, lease or exchange.Written permission to advertise Any lapse longer than two years and under five years can be reinstated by paying back fees and taking the appropriate class. Which of the following is not a valid answer?For appraisers, they must take the Salespersons Prelicense Course.What is the maximum slope of a ramp under the ADA guidelines?

• inch vertical rise for every 12 inches in length

Certain industrial and commercially zoned properties are exempt from ISLA rules, providing all of the following conditions are met, with the exception of...?The buyer agrees to pay an exemption fee in the amount equal to 5% of the purchase price. (Buyer should never pay an exemption fee) The Commissioner and all Commission appointees who hold a real estate license...?Shall maintain their license as inactive while serving on the Commission Building codes establish guidelines for maximum occupancy...?On a per floor and/or per use basis. (The maximum allowed number of people in a building is determined by the use (office space, for example) per floor. Each floor may have a different occupancy requirement.) If a building totals 5,000 square feet, and the building covers 100% of the property, what is the floor area ratio if the property measures 1,000 square feet?5 A broker should keep copies of documents and records for...?

• years

To become a real estate broker, a person must have...?Experience as an agent, a broker's license, and additional education.Every broker has to maintain an accounting system to

include the following information, EXCEPT:

The name of the broker's lawyer.Proposed developments must follow standards in the established municipal or county master plan; however,...?Master plans may be modified under some circumstances.Kit Benning is a sales agent who decides to buy a property currently listed for her clients, the Winstons. Kit finds a home that the Winstons wish to purchase. While drawing up the sales contracts, she makes her purchase of the

Winstons home contingent on their extending the brokerage engagement by 60 days to allow time for the closings. Which of the following is true?This meets the requirement of the rule.The ............. helped the insurance industry develop a survey for municipalities to establish building guidelines in the early 20th century.National Board of Fire Underwriters

What is a lien theory state?The homeowner holds the deed for the property throughout the entire loan.Real estate agents work with...?Buyers and Sellers If you serve in the army reserve and are studying to be a broker, you effectively get 10 points added to your score.Which of the following is true?

• points are added in each of Information Gathering and

Decision Making sections.A licensee cannot falsify a record, or knowingly allow a record to be falsified, either orally or in writing, by a third party. This rule covers the following misinformation,

EXCEPT:

The actual real lease, sales, or exchange price Cathy wants to sell her house located outside the city limits. Buyers may want to have the well tested because...?All of the choices provided are correct- EPA does not monitor private wells- Radon occurs naturally and may infiltrate ground water- Bacteria, viruses and other contaminates can pollute well water Most homeowners insurance policies cover specific events

that fall into two different categories:

Perils and non-perils What percentage of government land assets, including lakes, rivers, and streams, are set aside as public lands designated for recreational use or managed to protect natural resources?95 Percent Prince Stover moves his Athens brokerage to a location with more foot traffic. He must notify the Commission within ............ days of his new address.30 Applicants for a real estate license in Georgia must...?Be 18 years of age, a resident of Georgia, and have a high school diploma or GED Becca, a real estate agent who serves a semi-rural area, recently learned that ............ of all post office locations are owned by individuals and leased back to the USPS. This information may be helpful when she works with investors looking for a stable, guaranteed return on investment.75 percent Single family homes are...?Private freestanding residential houses Which housing accommodation is purchased as stock or shares in a corporation, and entitles the shareholder to occupy a particular unit?Cooperative A seller has accepted an offer from John. John wants to remodel and add an outdoor pool when he has enough equity built up to cover the project. Which loan arrangement will help him build equity faster than the others?Make a 40 percent down payment upfront.Which federal agency oversees and manages the National Flood Insurance Program (NFIP)?

FEMA When representing the seller, a licensee is obligated to present ............ to procure a property for sale.Any signed offer If a broker wants to open a brokerage under a fictitious name, the brokerage license must be under the...?Fictious name