Professions and Terminology Quiz Attempt #3

Professions and Terminology Quiz Attempt #3

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Question 1 of 14

1. Question
What is the correct term for a person who’s conveying an interest in real property?
- The grantee
- The grantor
- The mortgagor
- The buyer
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Question 2 of 14

2. Question
One who establishes the value of a property for taxation purposes is not called a
- agent
- broker
- surveyor
- All of the above
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Question 3 of 14

3. Question
Where do Georgia real estate salespersons may lawfully collect compensation
- their employing broker only
- a licensed real estate broker only
- either a buyer or a seller
- any party to the transaction or the party's representative
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Question 4 of 14

4. Question
The sale, lease, purchase, or exchange of or investment in real estate or real property or the financing thereof, is an example of what?
- Real Estate Related Financial Transactions
- Residential Property
- Property Management Service
- Ministerial Act
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Question 5 of 14

5. Question
When you need money in order to buy a property, who would you call for the finances regarding this?
- Broker
- Lender
- Developer
- Tenants
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Question 6 of 14

6. Question
Community association manager:
- Any person who is licensed as a community association manager, salesperson, associate broker, or broker.
- A person who acts on behalf of a real estate broker in providing only community association management services.
- A person who acts on behalf of a real estate attorney in providing only community association management services.
- A person who acquires or attempts to acquire or succeed to an interest in land.
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Question 7 of 14

7. Question
What job does a developer have?
- Constructs improvements on the land and usually brings in investors and lenders to fund the deal.
- Finance real estate transactions with loans that include interest rates which are determined by the perceived level of risk associated with the property
- Licensed to buy, sell, or lease real property on behalf of others in exchange for a commission.
- Specializes in real estate, and can legally broker deals.
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Question 8 of 14

8. Question
Who does a broker employee to perform real estate related services?
- Broker
- Investor
- Salesperson
- First-time Home Buyer
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Question 9 of 14

9. Question
Which of the following holds a law degree and can legally broker deals?
- Real estate counselor
- Associate broker
- Real estate attorney
- Property manager
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Question 10 of 14

10. Question
What is the name of the party that is licensed to sell, purchase, or lease real property on behalf of others?
- The Real Estate Broker
- The Investor
- The Seller
- The Real Estate Licensee
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Question 11 of 14

11. Question
Which professional is responsible for determining a property’s market value based on established guidelines?
- Lender
- Salesperson
- Appraiser
- Broker
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Question 12 of 14

12. Question
A trustee in real estate can be identified as ___________?
- is a fudiciary who holds or controls property for the benefit of another
- Is usually a job for relatives
- Is known to be trustworthy
- A person that owns property
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Question 13 of 14

13. Question
A real estate salesperson is:
- A licensed individual employed by or associated with the broker to perform real estate related services which include but not limited to buying, listing, leasing, and/or renting real property.
- An individual or firm that is licensed to buy, sell, or lease real property on behalf of others in exchange for a commission.
- An individual who is responsible for developing estimations of a property's market value based on established valuation guidelines.
- An individual who provides the capital to fund real estate deals in exchange for a return on their investment.
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Question 14 of 14

14. Question
Which of the following best describes a fiduciary?
- A principal.
- An agent.
- An interest.
- Both an agent and a principal.
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