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Barney Study Guide part 1
Barney Study Guide part 1
50 terms
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Flashcards
50 cards
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Questions
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Answers
1
Is a homeowner dies prior to an offer being excepted, the offer is terminated.
False
True
2
What results when a mortgage payment is insufficient to pay the interest for the month?
Positive amortization
Balloon payment
Regression
Negative amortization
3
The agent publishes a newsletter on a recently sold home at a higher price than the home sold at. Which is true?
Although unethical, there is no violation since Price is public record
This would be considered puffing, and would not be a violation
This is misrepresentation, and would be unethical and law violation
The newsletter is violation, reveals confidential price
4
A sales person has been receiving referral fees from Lender’s. These actions are:
Unethical, but not a legal
A violation of the federal truth in lending act
A violation of the Real Estate Settlement Procedures Act (RESPA)
A common and permissible business practice
5
Broker escrow accounts can be used for the accrual of renewal and other fees paid to GREC.
False
True
6
Seller tells Agent about termite damage, but wants to sell house as is and not disclose. What should Agent do?
Tell the client that she will be unable to follow these instructions
Respect the confidentiality of client
Don’t tell the buyer, but hint at it
Tell the client that she must tell buyers the truth, if asked
7
What is the maximum time a licensee may remain inactive?
Indefinitely
Five years
Two years
10 years
8
Which type of mortgage does the borrower make interest only payments?
Straight Mortgage
Graduated payment mortgage
FHA
Balloon mortgage
9
A legal process or status used to protect a family home from general creditors is a homestead.
False
True
10
Which best describes BRRETA provision regarding dual agency?
Only allow by associate broker’s or Broker’s
There must be a office policy stating whether it is permissible or not
Must have 10 or less agents in brokerage
Must have 10 or more agents to permit dual agency
11
A current property for sale was formally an auto repair store. What should the agent recommend to the buyer?
They should have an environmental inspection done as part of the offer
That the lender find out zoning
See if property is on 407 list
No reason to be concerned seller would disclose if there was
12
In which of these would procuring cause be least significant?
Exclusive agency
Open listing
Net listing
Exclusive right agency
13
A transaction broker can provide services beyond ministerial acts.
False
True
14
Sally is putting in an offer on a house Sam has for sale. Both work for broker Bob. She must disclose what?
Her license status and she is affiliated with Broker Bob in the contract
Not representing Seller so need no need to disclose either information
Not representing Seller so disclose license status, but not affiliation
No need to disclose license status until just prior to settlement
15
If a licensee is transferring her license to a different Broker, the former Broker should send a license to:
None of these choices
GREC
Either of these choices
The new broker
16
An owner buys a house and put in a new furnace and air conditioning unit. This is considered chattel.
True
False
17
Which is true regarding the chair of the Georgia real estate commission?
The chair person must have been license for at least five years
The chairperson serves as the commissioner
The chairs selected by the governor
The chair person is selected by the members of the commission
18
If a buyer is extending their finance contingency an additional 14 days, what is the minimum action that must be taken?
At least a phone call
An amendment must be signed by the seller and the buyer
An email sent to all parties involved
An amendment must be signed by at least the seller
19
What does acquired by interstate succession mean?
Assume loan
No will
With survivorship
No heirs known
20
An associate broker for ABC Realty is asked to be the qualifying broker for XYZ Realty. May they do so?
Yes, without any restriction
Yes, but only if he resigns as affiliation with ABC Realty
No
Yes, if he meets all requirements and has notified his broker in writing
21
Penalties for violations can include fines and junctions and triple damages with UDTPA.
False
True
22
What obligation does a Georgia licensee have to a customer?
To disclose all adverse material facts about the property that are known
To disclose adverse facts about the neighborhood within 1 mile radius
To be honest and fair
All of the above
23
What is the maximum that could be paid against one licensee under real estate education, research, and recovery fund?
$25,000
$15,000
$75,000
$65,000
24
In Georgia only a licensed attorney can conduct real estate closings.
True
False
25
Which of the following scenarios requires a Georgia real estate license?
Full-time employees of a corporation selling homes
Telling your friend about a house for sale and receiving a referral
Selling your own home
Selling real estate only through auctions
26
Sam has an inactive license, after a purchase he sues broker. What amount could he receive from REEER fund?
$0, since he a licensed salesperson
$50,000
$45,000
$5,000
27
A lead base paint exhibit required if built before ______
1982
1999
1978
2000
28
Joe is acting as the agent for his client the seller. When working with the buyer as a customer, Joe could:
Provide the buyer with a contract and help him fill in the blanks
Provide negotiating assistance
Inform Buyer that he’s required to maintain the buyers confidentiality
Suggest the seller is willing to sell for less than listed price
29
In a contract for deed, the buyers referred to as a:
Vendee
Vendor
Mortgagor
Mortgagee
30
Ministerial acts her only performed for customers.
True
False
31
If two agents in the same brokerage are representing the parties of a contract, one buyer and one seller what is true?
Designated agency, and none of the licenses are acting as dual agents
This is an example of duel agency
Designated agency, and Broker is acting is dual agent
This is a transaction broker, and none of the licenses are dual agents
32
Bob has an active license and has been offered a job and property management by major company in Georgia. Which is true?
Bob may leave his license on inactive status
Bob must obtain his brokers license
Bob must surrender his license
Bob must activate his license with a broker
33
If an apartment is leased for period of six months, tenant holds what type of estate in real property?
None
An estate in reversion
An estate for years
A leased fee estate
34
What is the Georgia requirement for continuing education before each renewal?
30
75
36
25
35
Which of the following defines an associate broker?
They own an LLC
They manage a brokerage office
They’ve been a broker for less than two years
Although they have a brokers license, they work for another broker
36
An agent encourages selling due to the ethnic characteristic of a neighborhood changing. This is ________.
Steering, which is unethical but not illegal
Redlining, which is illegal
Blockbusting, which is unethical, but not illegal
Panic selling, which is illegal
37
An attorney, in fact, relationship is created through the use of a power of attorney
False
True
38
If a resident of SC wants to become a broker in GA, would they be required to take the GA Brokers Exam?
No, in all cases
Only if they have never been licensed in Georgia
If the individual is not licensed in South Carolina, or another state
Yes, in all cases
39
If a Seller finds their own buyers, but must pay the listing agent anyway, what type of listing did the broker have?
Open listing
Net listing
Exclusive right to sell listing
Exclusive, agency listing
40
Once the agent has a sales contract, pending to close, what offers must be presented to the seller?
All written offers
None
All offers, both written and verbal
All offers that meet the terms of the listing
41
The term “fiduciary” best refers to:
An attorney in fact
Having limited obligations to another party
Duties of a principal
Person in position, requiring trust, particularly regarding money
42
If Agent is paying for an advertisement herself, there is no need to mention the name of her broker.
True
False
43
The Georgia real estate commission can act to resolve a commission dispute between two licensees.
True
False
44
Which statement is true regarding property held and joint tenancy?
It is married, couples only
All owners may occupy entire property
Ownership does not have to be equal
Either tenant can will their share
45
A Home closed on 10/22, the sellers paid property taxes on 7/1. How will proration appear on closing statement?
As a credit to the seller and a debit to the buyer
Only as a credit to the seller
Only as a debit to the buyer
As a debit to the seller and a credit to the buyer
46
In which of the following types of developments, does the unit occupant not receive an individual property tax bill?
PUD
Single-family home
Condominium
Cooperative
47
A 14-year-old boy purchased a car from the disreputable car dealer. This contract would be:
Binding on both the dealer and the boy
Binding on the boy, but voidable by the dealer
Binding on the dealer, but voidable by the boy
Voidable by either the dealer or the boy
48
In Georgia, the individual responsible for the acts of the firm, and all the licensees is:
The branch manager
The qualifying broker
Administrative Broker
Associate Broker
49
Examples of possible real estate monopolistic activities would include:
All of the above
A broker and his agents establishing commission fee
Commission fixing between two or more brokers
Exclusion from MLS because of failure to meet membership requirements
50
The Georgia real estate commission will examine a licensed brokers trust account:
At least every three years
When the brokers license is up for renewal
Either a or B
When commission believe there’s reasonable cause to do so
