Real Estate Final Quiz

If a grantee fails to neither record a deed nor occupy the property, who owns the property?

When an appraiser begins to calculate a replacement cost, what is this called?

What is the term for the amount of time that a salesperson is accused of a fair housing violation before the broker has to prove to relieve her/him?

What does the term 'trade fixtures' imply?

When a seller hires an appraiser to fix a property, what is the property known as?

What is a daily amount (per diem) charged for an insurance policy?

What are the licensing requirements for a broker in Georgia?

Real Estate Final Quiz Questions

Property Ownership: If a grantee doesn't record or occupy a property, and another person records later, the person who recorded the deed owns the property.
Appraiser Fees: An appraiser's fee is determined by the time, work, and resources needed.
Replacement Cost Approach: An appraiser begins a replacement cost approach by measuring square footage to determine cost for replacement.
Fair Housing Violations: To avoid liability if a salesperson is accused of a fair housing violation, the broker must show they provided supervision and training, and had no knowledge of the act.
Trade Fixtures: Trade fixtures are personal property unless removed before the lease's expiration; after that, they become the owner's property.
Insurance Proration: To calculate a seller's insurance proration, determine the daily amount (per diem) then multiply by the number of days from the day after closing until the end of the policy period.
Georgia Broker Licensing: To become a broker in Georgia, you need to have been active for 3 out of the previous 5 years, complete 60 hours of training, be of good moral character and pass the state exam.

Test your knowledge with this final quiz on real estate concepts including property ownership, appraisal methods, fair housing, and trade fixtures. Focus on key aspects that every real estate professional should know to navigate their field effectively.