Podcast
Questions and Answers
If a grantee fails to neither record a deed nor occupy the property, who owns the property?
If a grantee fails to neither record a deed nor occupy the property, who owns the property?
The grantor
When an appraiser begins to calculate a replacement cost, what is this called?
When an appraiser begins to calculate a replacement cost, what is this called?
The square footage
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 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?
The broker was available to supervise
What does the term 'trade fixtures' imply?
What does the term 'trade fixtures' imply?
When a seller hires an appraiser to fix a property, what is the property known as?
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 is a daily amount (per diem) charged for an insurance policy?
What are the licensing requirements for a broker in Georgia?
What are the licensing requirements for a broker in Georgia?
Flashcards
Grantee's Failure to Record/Occupy Property
Grantee's Failure to Record/Occupy Property
If a property buyer (grantee) doesn't record ownership or live on the property, and it's later sold, the person who first recorded the deed holds ownership.
Appraiser Fees
Appraiser Fees
Appraisers charge based on the time, work, and resources needed for the appraisal job, including measuring square footage.
Replacement Cost Approach
Replacement Cost Approach
An appraisal method where the cost to rebuild or replace a property is calculated.
Replacement Cost Approach Calculation
Replacement Cost Approach Calculation
The calculation begins with the measurement of the property's square footage.
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Fair Housing Violations
Fair Housing Violations
If a real estate agent is accused of breaking fair housing laws, and their broker is also charged, the broker must show they supervised and trained the agent and didn't know about the violation to avoid responsibility.
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Trade Fixtures
Trade Fixtures
Equipment used in a business are considered personal property until removed. After a commercial lease ends, they belong to the property owner.
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Seller's Hazard Insurance Proration
Seller's Hazard Insurance Proration
Calculating and distributing the cost of property insurance between the seller and buyer at closing.
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Per Diem Calculation
Per Diem Calculation
Daily cost of insurance premium for calculation in proration.
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Proration Days Calculation
Proration Days Calculation
Days from the next day of closing to the end of the insurance policy period.
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Insurance Proration Calculation
Insurance Proration Calculation
Final calculation of what the seller and buyer will each pay for using the values in the Proration Days and Per Diem calculations.
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Georgia Broker Licensing Requirements: Years Active
Georgia Broker Licensing Requirements: Years Active
To be licensed in Georgia, real estate brokers need 3 of the 5 previous years of active status.
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Georgia Broker Licensing Requirements: Coursework
Georgia Broker Licensing Requirements: Coursework
Real estate brokers in Georgia need 60 hours of coursework.
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Georgia Broker Licensing Requirements: Moral Character
Georgia Broker Licensing Requirements: Moral Character
A good reputation character is a prerequisite for being licensed in Georgia.
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Georgia Broker Licensing Requirements: Examination
Georgia Broker Licensing Requirements: Examination
Passing the state exam is needed to be licensed in Georgia.
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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.
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