Real Estate Licensing and Appraisal Basics

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What must a broker prove to alleviate liability in a fair housing violation case?

The broker had no knowledge of the act (correct)

Supervision was available (correct)

No transactions were conducted during the violation period

Training was available to the salesperson

How does an appraiser determine their fee for appraisal services?

According to the time, work, and resources required for the job (correct)

Based on the market value of similar properties

By the square footage of the property

By a fixed percentage of the property's value

Which of the following is NOT a requirement for a broker's licensing in Georgia?

Active status for 3 of the last 5 years

Completion of 60 hours of coursework

Passing the state exam

Certification of prior brokerage experiences (correct)

In the replacement cost approach, how does an appraiser typically start the valuation process?

By calculating the total cost required to replace the property (B) Signup and view all the answers

What is the first step in calculating sellers' proration of hazard insurance?

Calculate the daily amount (per diem) (D) Signup and view all the answers

What is the only fee a lender may charge when a loan estimate and Good Faith Estimate are received?

Credit report fee (B) Signup and view all the answers

What is the status of a contract that has been fraudulently signed?

Voidable (B) Signup and view all the answers

Under TRID regulations, how many days after a loan application must the Loan Estimate be delivered?

3 days (A) Signup and view all the answers

What type of properties qualifies for tax relief under IRS 1031 exchanges?

Investment properties (D) Signup and view all the answers

What is the required insurance for handling properties that are valued at $60,000 or more?

Fidelity bond (B) Signup and view all the answers

What class does someone recovering from addiction belong to under housing laws?

Protected class under Handicapped (D) Signup and view all the answers

Which of the following is a limitation on what a broker can require from an independent contractor salesperson?

Set the salesperson's hours (B) Signup and view all the answers

In the context of housing law, what type of protection is afforded to someone in recovery from addiction?

Classification as Handicapped (C) Signup and view all the answers

Which of the following can a broker legally enforce upon an employee salesperson but not an independent contractor?

Required attendance at training sessions (A) Signup and view all the answers

Which statement accurately reflects the protections available to individuals in recovery from addiction?

They are covered under the Handicapped classification. (C) Signup and view all the answers

Record or Moved in - Ownership

If multiple claims exist to the same property, the first person to record a deed or show clear, active possession as the owner takes precedence.

Appraiser Fee Calculation

Appraiser fees are based on the time, effort, and resources needed for the appraisal work.

Hazard Insurance Proration (Seller)

Calculating seller's hazard insurance proration involves finding the daily rate, counting days, and determining the seller's credit and buyer's debit.

Broker Liability (Fair Housing)

To avoid liability in Fair Housing violations, a broker must demonstrate supervision, salesperson training, and lack of knowledge of discriminatory acts.