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Define Broker correct answers Any person, partnership, association, or corporation who, for another, and for compensation of any kind, negotiates any form of real estate transaction. Responsibilities of a Broker correct answers Supervision of and responsibility for activities of associate brokers and salespersons who work for the broker. Must serve the public with honesty and competency. Which can work independently? Broker, Associate Broker, or salesperson? correct answers Only a Broker...

To obtain financing to fund a cooperative purchase, a buyer will apply for? correct answers Share loan One issue with guiding buyers toward or away from an area because of perceived school quality is that school quality is often used as a proxy for? correct answers Race Which of the following was designed to monitor whether financial institutions were adequately serving the credit needs of their communities and not engaging in redlining? correct answers HMDA Home buying programs for Lon...

Addendum correct answers When Dashiell received the purchase offer for his bungalow, he was surprised to see a page added to the contract requesting that an attorney review the contract. What is Dashiell looking at? Place a lien on the property Unpaid taxes become a lien on real estate. correct answers What might the government do if property owners fail to pay taxes on their property? Ajit may be liable if he operates in a state that requires licensees to make a reasonable effort to di...

What type of agency exists because of the actions and behavior of the parties? Action agency Behavioral agency Express agency Implied agency correct answers Implied agency Which entity ensures that contractors perform their work according to code by inspecting their job sites? City hall The attorney general The building department The secretary of state correct answers The building department The secondary mortgage market is comprised of _________________________. FNMA, GNMA...

What method is most expedient when asking GREC to investigate a complaint? correct answers A sworn written request for investigation of a complaint against a licensee, instructor, or license applicant is most expedient. In terms of encumbrances, what's a license? correct answers A license is permission to do something on another's land without actually possessing any interest or ownership in the land. What type of taxation does a limited liability company enjoy? correct answers LLCs enjo...

Cassie is helping her buyer client, Gus, prepare for closing. What should she encourage him to verify as soon as he receives the form? correct answers That the borrower and seller names, the property address, and the sales price are accurate and spelled correctly The ______ clause in a deed of trust allows the lender to foreclose non-judicially. correct answers Power of sale -The power-of-sale clause can be understood as the borrower granting to the lender a right to sell the property in c...

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...