Exam #1

When a licensee sells property that they own personally and list with their firm, he must do which of the following

A ranch house with a double garage is being valued. The house next door, which is similar EXCEPT that it lacks a garage and has an outside deck, was sold last month for $138,000. Experience in that area shows that a two car-garage is probably worth $10,000 to buyers, while in general, they will pay only $500 extra for a deck. The ranch house is MOST likely to sell for around

What is required to establish mutual assent?

In a listing contract, for a broker to earn a commission once a sale closes he/she must have

What is one of the main responsibilities of a fiduciary?

A Georgia salesperson placed a radio advertisement for one of his brokerage engagements that included the phrase, “within easy walking distane of the orthodox Jewish synagogue.” According to Georgia Real Estate Commission Rules, is it acceptable for the salesperson to have placed such an advertisement?

A court decree creates an easement by _____ to provide access to a landlocked property

A real estate licensee representing a buyer may do all of the following EXCEPT

A seller has listed a home with a broker for $112,000. The seller is leaving for a 45-day cruise midway through the listing period, and authorizes the broker through a limited power of attorney to accept any offer of all cash at a price of $108,000 or more pending his return. The broker receives an offer for $110,000 all cash. The broker

A buyer is taking out a $108,750 loan at 8.25% interest. Closing is December 21 and the buyer is responsible for the day of closing. Based on a 360-day year, how much prepaid interest is due at closing?

A house recently sold for $472,500. There was a mortgage balance of $345,800 left on the house, as well as a home equity loan of $18,542. In addition to the loans, the seller has 5% comission and $7,800 in closing costs. What was the seller’s net profit?

A Georgia salesperson is to present a seller’s counteroffer to a buyer. To determine the estimated amount of cash the buyer will need, the salesperson will need to know all of the following EXCEPT the

A homeowner is considering installing a garage in their background and want to know how much the garage will increase the value of their property. What is the best way to determine this?

In Georgia, if a buyer assumes a mortgage from a seller, who is legally liable for the debt?

A Georgia salesperson has been working with a prospective buyer who appears to be financially qualiffied for a conventional loan. However, when the buyer decides to make an offer on the sellers’ property, he tells the salesperson he will not have enough funds available until next week to make a 2% earnest money deposit. The salesperson knows that the seller insist on at least 2% earnest money deposit. Which of the following is the most reasonable course of action for the salesperson to take?

A Georgia licensee CANNOT prepare a sales contract that includes

What is an appraiser’s purpose

What is one way that a lender can reduce the buyer’s total monthly payment amount so the buyer is able to qualify for a loan?

Margret is a recently widowed farm owner and has called the agent to list a one-acre building site in order to raise the money to pay the property taxes. What should the agent do next?

A Georgia broker and an affiliated licensee are involved in a dispute over the actions of the licensee. As a result, the licensee decides to transfer to another broker. The broker feels that the licensee has acted unethically. In addition, the licensee has refused to turn over information concerning propspective clients to the broker. In this situation, the broker should

A Georgia licensee advertises property for sale on the internet. The licensee must remove such advertisement within how many days after the expiration of the listing?

A buyer had an agency relationship with a broker but it has been terminated due to operation of law. Which of the following circumstances could have caused this?

A seller is offering his property for sale in as-is condition. A buyer enters into a contract with the seller and has the home inspected. The inspection reveals a latent defect known to, but not disclosed by, the seller. The buyer

The seller responded to the buyer’s offer, proposing changes to some of the terms. In this case the seller would be the

In Georgia, when should the lender be notified that a seller is offering a loan assumption?

There are three simultaneous offers on a property, all at the listing price. What action taken by the seller is UNACCEPTABLE?

A tenant’s annual expenses included the following: $24,000 for base rent, $12,000 for percentage rent, $8,400 for taxes, insurance, and common area maintenace (triple net) The property manager receives a fee of 3% of gross annual rent. How much will the property manager receive?

The sellers accept an offer that is subject to the sale of the buyer’s present home. To avoid waiting around forever, they can insist that the contract include

In Georgia, which of the following services will be performed by an attorney who is conducting a closing for a lender?

A real estate salesperson is looking for comparable properties. During his search the salesperson finds a very similar property that has recently sold, but he can only find the sales commission information for the property. With a commission rate of 4.5% and a total commission of $17,325, how much was the sale price of the property? Round to the nearest $100.