Study guides, Class notes & Summaries

A seller wants to list the property with a broker, but wants to avoid paying any commission should the seller be fortunate enough to sell the property. himself. Which of the following should the seller avoid signing? A. an exclusive agency listing B. an exclusive right to sell listing C. an open listing D. all listings - B. an exclusive right to sell listing Mr. Smith listed his farm with broker Bob. Although Smith did not tell him, Bob knew he had to sell due to poor health. What should...

Barney Fletcher Real Estate Exam

80-90% - ANSWER Within the first five years around ___% of agents leave the real estate business 1. Urgency 2. Motivation 3. Financial Ability 4. Wants and Needs 5. Agency - ANSWER For buyers what are the five steps of the pre-qualification process 1. Urgency 2. Motivation 3. Concerns 4. Expectations 5. Hesitations - ANSWER For sellers what

FBPA is a GA Law - ANSWER True Referrals are from broker to broker (licensee to licensee) - ANSWER True The secondary mortgage market is used for what? - ANSWER loans are bought and sold... provides liquidity for the primary market Accrued interest is the sellers interest since his last payment - ANSWER True In a cooperative type of ownership, the unit dweller

deed - ANSWER the instrument used to transfer real property Title - ANSWER Ownership and the owner's rights Real Estate - ANSWER Land + improvements (appertenances) Physical Characteristics of Land - ANSWER 1. Immovable 2. Indestructable 3. Non-Homogenous (unique) Economic Characteristics of Land - ANSWER 1) Situs 2) Improvements 3) Fixed Investment 4) Scarcity

monopolistic practices - ANSWER actions that reduce the fair market competition between enterprises or entrepreneurs Group Boycotting - ANSWER Occurs when two or more businesses conspire against other businesses or agree to withold their patronage to reduce competition. CAN-SPAM Act - ANSWER A federal law that placed guidelines on mass commercial emails. Each violation subject to fine of up to 16,000

Non-Homologous - ANSWER physical characteristic of land Investment Permanence - ANSWER economic characteristic of land

Open Listing - ANSWER a listing made available to more than one broker Novation - ANSWER substitution of a new contract for an old one Net Listing - ANSWER a listing where the net amount due to the seller us specified, rather than the selling price. The broker's commission would be any sale price above the target's price Net Lease - ANSWER a lease whereby the tenant pays most of the expenses of ownership

What is the tax assessment rate for all real property in Georgia? - ANSWER 40% What could happen if a property is sold at foreclosure and does not bring enough money to satisfy all of the debts secured by the property? - ANSWER Outstanding debts could be pursued as a result of a deficiency judgement When foreclosure occurs, the payment priority of most of the outstanding debts is established by: - ANSWER Date of recordation

Bundle of Rights - ANSWER the legal rights that accompany real property ownership. Real Estate or Real Property - ANSWER Land, improvements, & legal rights of ownership Appurtenance - ANSWER rights, privileges or improvements that belong to and pass with the transfer of property. Attaches to land, not owner

Two Brokers have a dispute about a commission split. Which of the following could become involved in settling their dispute? a) a court of competent jurisdiction b) The real estate commission c) The commissioner d) The Department of Justice - ANSWER a ABC Corporation owns 10 apartment buildings a) ABC employees who manage the buildings must be licensed b) the officers of the corporation must be licensed c) Employees of the corporations do not need to be licensed d) Only employees who ...

which BEST describes the principle that a home maintains its highest value in a neighborhood with similar homes and similar type housing? A. substitution B. conformity C. highest and best use D. competition - ANSWER B. conformity If you took projected future costs from projected future income, you would arrive at: A. capitalization rate B. projected net income C. projected debt service D. projected debt coverage - ANSWER B. projected net income A deed would be presumed to have ...