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43, 40 correct answers Statute ____, Chapter ____, of Georgia Statutes and Codes, fondly known as Georgia license law, was passed to protect consumers from the improper practice of real estate. Georgia Real Estate Commission correct answers The _______________, or GREC for short, was established to provide the authority to enforce the law. True correct answers The commission regulates real estate licensees by upholding license law as defined by Statute 43, Chapter 40, of Georgia Statutes a...

What happens when an appraisal comes back lower than the asking price? correct answers 1. They can acknowledge a fail 2. The buyer can increase the down payment 3. The seller can lower the asking price 4. They can compromise Real Estate Broker correct answers A person licensed as a broker who performs brokerage activities and collects compensation Real Estate Sales Agent correct answers A person who performs real estate activities while associated with a licensed real estate broker L...

Which entity creates regulations governing real estate activities in Washington? correct answers Real Estate Commission Brokers must deliver transactional documents and contracts to their managing or designated brokers within how many business days? correct answers Two Firm financial management is a designated broker responsibility in Washington, but financial oversight can be delegated to ______. correct answers Managing brokers If a Washington real estate firm has a branch office, who...

Licensee who acts on behalf of client? Principal Agent Fiduciary Non-agent Customer Client correct answers Agent Someone who has agency representation with the real estate salesperson or broker Fiduciary Principal Non-agent Client Customer Agent correct answers Client Someone who is working with a real estate salesperson or broker, but who is not represented by them? Principal Agent Fiduciary Non-agent Customer Client correct answers Customer Licensee who is in a posit...

1031 tax-deferred exchange correct answers "Section 1031 of the Internal Revenue Code allows the owner of real property to sell that property and then reinvest the proceeds in a "like-kind" property and defer paying any capital gains taxes. Ex. Real estate investors can take advantage of the 1031 tax-deferred exchange to defer capital gains taxes when selling a property provided the money is rolled into another """"like"""" purchase " abutting correct answers "Land sharing a co...

Which of these is NOT a part of the process at a trustee's sale in Arizona? correct answers Bidders make a $10,000 deposit prior to the sale. If the lender chooses to bid on the property, no other bid is accepted. The highest bid that meets the lender's minimum wins the property. The winning bidder must pay the trustee cash by the end of the next business day. Which of the following is NOT one of the five basics tests that courts use to determine whether an item is a fixture or per...

1031 tax-deferred exchange correct answers Section 1031 of the Internal Revenue Code allows the owner of real property to sell that property and then reinvest in a "like-kind" property and defer paying any capital gains taxes; strict IRS rules regulate this type of exchange Ex. Real estate investors can take advantage of the 1031 tax-deferred exchange to defer capital gains taxes when selling a property, provided the money is rolled into another "like" purchase abutting correct answers...

Informs the seller that they are granting the broker the right to use non-confidential information about the property correct answers Release of Property Data Requires the seller to give permission to the broker to reveal to buyers if there are other offers on the table. correct answers Authority to Disclose Offers Notice to seller about a brochure that explains issues regarding obtaining property insurance coverage correct answers Insurability Notice to sellers who are foreign persons ...

Which one of the following terms refers to the dimensions, physical features, and contours of the land? correct answers Topography Justin decided to build a privacy fence around his yard. He thought the fence was along the property line, but it turns out he built it one foot inside his neighbor's property. What will an inspector document as existing on the neighboring property? correct answers Encroachment The term "real estate" refers to which of the following under TRELA's general pr...

Olivia took out a 15-year loan secured with a deed of trust. She worked two jobs in order to pay the loan back and finally made her last payment this month. What happens now? correct answers Because the property deed was held by a third-party trustee instead of the lender, the trustee grants a reconveyance deed to Olivia. Warren signed a contract with the Samsons for the sale of property he didn't own. What type of contract is this? correct answers A party can't promise to do something impo...