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Aceable Agent Level Questions
What is an acre? correct answersStandard unit used to measure the area of land equal to 43,560 feet Which of the below is TRUE regarding a property's street address? correct answersIt is convenient but should not be considered legally adequate With which type of land description does a surveyor indicate direction in degrees, minutes, and seconds? correct answersmetes and bounds Which of the following terms refers to a surveyor's or developer's map that identifies lots and blocks? correct answersplat What is a benchmark? correct answersa permanent marker of known location and elevation above sea level as established by the government survey team (such as the USGS) What is a parallel? correct answersa line of latitude Which survey system uses longitude and latitude lines to map property boundaries? correct answersthe rectangular survey system If a rectangular lot has an area of 20,500 sq. ft. and a depth of 200 ft., what is the frontage of the lot? correct answers102.5 ft Which legal description will likely include the phrase "point of beginning"? correct answersmetes and bounds The Garcias' backyard is in the shape of a right triangle, with a height of 120 feet and a base of 50 feet. What is the area of the Garcias' backyard in square yards, rounded to the nearest whole number? correct answers333 sq. yards (3,000 sq. ft/9)
A rectangular living room has the dimensions of 15 ft. x 22 ft. What is the area of the living room? correct answers330 sq. ft. A 20-acre area is equal to how many square feet? correct answers871,200 sq. ft. Derek paid $5.41 per square foot for a property with dimensions of 200 ft. by 250 ft. What was the full price Derek paid for the property? correct answers$270, What is a monument? correct answersa fixed landmark, whether natural or man made, used as a reference point in a metes and bounds legal description Which of the following is a portion of a legal description? correct answerslot number A 2,100 sq. ft. house is sold for $400,000. Rounded to the nearest cent, what is the cost per square foot? correct answers$190. A lot that is 43,560 sq. ft. is how many acres? correct answersone What is a datum? correct answersa designated base reference point to elevation used by surveyors to determine the elevations of land or property in an area Logan wants to give his friend permission to camp on his property but also wants to be able to withdraw this permission at any time and not obligate any future owners to allow camping. What should Logan do? correct answersgrant his friend a license to camp on his property Who must comply with restrictive covenants? correct answersbuyers of lots within residential subdivisions In Georgia, how long does a mechanic's lien last before either expiring or being enforced with a foreclosure suit? correct answers1 year
Which of these statements about mortgage liens is true? correct answersmortgage lenders want to have the most senior lien (other than tax liens) If a property owner wants to make sure there isn't an encroachment on their property, they should consult: correct answersthe survey Which of these statements most accurately reflects how lien priority works (after tax liens are settled)? correct answersfirst in time is first in line What is a negative easement that prevents the owner of adjoining land from doing anything that could block light and air from the dominant tenement? correct answerseasement for light and air Which of the following best exemplifies a deed restriction? correct answersJenny is not allowed to have a horse on her property Which type of easement allows the owner of a landlocked parcel of land to gain access to their property? correct answerseasement by necessity Kevin has an easement appurtenant that allows him to cross Cassie's property to get to his own property. If Cassie sells her property, what happens to Kevin's easement? correct answersNothing because the easement runs with the land A subdivision includes covenants, conditions, and restrictions in the deeds for all properties. One covenant bans domiciling barnyard animals even though city laws permit it. A resident builds a chicken coop in his backyard to raise chickens. Do the neighbors have any recourse to have them removed? correct answersYes, when city and private restrictions overlap, the stricter of the 2 is applied John gave Peter the right to fish on John's property until John passes away. What type of easement is this an example of? correct answerseasement in gross Which of these statements most accurately reflects how deed restrictions are connected to a property? correct answersthey run with the land
What are some pros of cluster zoning? correct answerswalkable communities, green space and affordable housing What is a legal document from a local authority that authorizes a building to be occupied, and is issued after the building has passed all required inspections? correct answerscertificate of occupancy What can NOT be exchanged via a 1031 exchange? correct answersa primary residence Which of these is most likely to have caused a brownfield? correct answersdry cleaner A city recently changed their zoning to require larger lots, restrict density, and increase the setback and side yard requirements. Which term best describes this action? correct answersdownzoning A department of buildings will only issue a permit to a plan that conforms to what? correct answersbuilding codes The Clean Air Act is a federal law that does what? correct answersprotects people and the environment from the harmful effects of air pollution Under CERCLA and other environmental legislation, a landowner: correct answersmay be liable for contamination cleanup regardless of whether the contamination is the result of the landowner's actions or those of others Which of these is a detailed written statement required by the National Environmental Policy Act for a proposed major federal action significantly affecting the quality of the human environment? correct answersenvironmental impact statement Which of these zoning concepts attempts to ensure that all of the buildings in a particular area have the same general look and style? correct answersaesthetic zoning
What is the governmental act of seizing private land through exercise of power of eminent domain? correct answerscondemnation The government sends you a notice stating that the houses on your road will be demolished to build a new landfill. You are paid fairly for your home and move. The act of seizing your home is called: correct answerscondemnation Laura wants to request a zoning variance for her home. How would she go about it? correct answersapply to the zoning board of appeals Which is a federal law that provides broad Federal authority to respond directly to releases or threatened releases of hazardous substances that may endanger public health or the environment? correct answersCERCLA The Safe Drinking Water Act is a federal law that does what? correct answersprotects public drinking water supplies b instituting standards for drinking water quality Unless a permit is obtained, the Clean Water Act makes it unlawful to: correct answersdischarge any pollutant from a point source into navigable waters Rachel bought a piece of land to build a house on that is very narrow on one side. Because of that, to fit the house in, she wants to build with a 10-foot setback instead of the 15-foot setback specified by the zoning ordinances in her area. What does she need to do this? correct answersan area variance When Geni told Matt, her broker, that she wanted to take her house off the market even though there were 4 months to go in their listing agreement, Matt kindly agreed to let her out of the contract in exchange for reimbursement of his expenses. This is an example of: correct answersaccord and satisfaction. Accord and satisfaction is an agreement, in accordance with state law, in which the parties agree to discharge the original contract in favor of a new one, wherein accepted performance is often less than what was initially owed. What is the word used to describe something valuable that each party exchanges in order to demonstrate that they agree to the contract's terms? correct answersconsideration
Even if the statute of limitations has not expired, a court may rule that a plaintiff has taken too long to make a claim against the other party? Under what legal concept would the court do this? correct answersdoctrine of laches When a purchase contract for real estate converts into a deed, this is an example of contract discharge by way of: correct answersmerger A legitimate complaint for a performance failure related to a valid contract will not be considered if: correct answersthe statute of limitations has expired What is the only form of acceptance of a unilateral offer? correct answersperformance When Jane signed the contract to buy Melba's Mercedes convertible, neither party realized the contract listed the wrong vehicle identification number (VIN). This contract is: correct answersvoid Which of these is a breach of contract legal remedy that requires the defaulting party to perform in accordance with the terms of the contract? correct answersspecific performance Candi reviews Joey's offer to buy her home and makes one change to the terms he is proposing. Can Candi bind Joey to a counteroffer by signing her modified version of Joey's offer? correct answersNo. Joey is free to accept or reject the counteroffer The following are all common types of unilateral contracts, EXCEPT: correct answerspurchase agreements. Other options were (contests, commissions, reward offers) What do contingency clauses do? correct answersthey serve as triggering events that allow for cancellation or termination of the contract with or without penalty, depending on the circumstances A contract that is essentially valid but is without legal remedy is said to be: correct answersunenforceable
The five basic elements of a valid contract are: correct answerslegally competent parties, offer and acceptance, reality of consent, consideration, lawful objective The term "cooling-off period" refers to: correct answersThe term cooling-off period refers to a window of time within which a party has the right to rescind specific types of contracts for any reason and without liability. What is the term used to describe a contractual promise to NOT do something? correct answersforbearance Why does alteration of contract result in discharge of the contract? correct answersbecause the new terms/conditions no longer represent the original intent of the parties Which of the following is NOT true regarding bilateral and unilateral contracts? correct answersthe primary distinction is how many parties are involved With respect to offers made, which of the following is NOT true about the concept of "reasonable time"? correct answersif an offer says time is of the essence then the offeree is allowed a reasonable time to accept the offer. Why might a buyer deposit earnest money? correct answersto show the seller that they are serious about an offer Emily, a broker in Georgia, fills in the blank for "legal description" in a sales contract with the property's street address. Can the sales contract be enforced? correct answersNo, the street address is not enough. Without a legal description, the sales contract can't be enforced. If a seller is still accepting counteroffers, what is true about their property? correct answersIt is not yet officially under contract. The Georgia Land Sales Act requires that: correct answerssales contracts for certain kinds of subdivisions provide contract rescission rights to purchasers
Who has rights and obligations under the sales contract? correct answersboth the buyer and the seller A legal description in a sales contract MUST: correct answersdescribe a property in a precise and distinct manner When it comes to a sales contract, a license holder should do all of the following EXCEPT: correct answersgive legal advice about it What is a back-up contract? correct answersa contract that can serve as plan b if the original contract falls through for some reason What is the purpose of a due diligence period? correct answersfor the buyer to be 100% sure they want to go through with the purchase. Marie agreed to a contract in which she can lease a house for a period of two years and then has the option to buy the home if she can secure financing. What type of contract is this? correct answerslease- option agreement When a seller receives an offer from a buyer, their options are to: correct answersaccept, ignore, reject, or counter What is right of first refusal? correct answersthe right of a party to be the first one to have the opportunity to buy or lease a property, if the owner decides to sell or lease the property How can personal property be conveyed along with real property? correct answersthe sales contract can include a section for listing any personal property that will be transferred with the real property You are a buyer's agent. Your buyer says, "The seller must answer my offer first because it came in first!" What should you say? correct answersSorry pal. Offers don't need to be presented in the same order in which they are received.
Cody, a broker in Georgia, is helping his client understand a purchase agreement. The client wants Cody to advise him about the legal consequences of defaulting. What should Cody say? correct answersCody should refer the client to legal counsel. It is against the law for a license holder to give legal advice. What is the advantage of using a binder to submit an offer? correct answersit simplifies the offer process, so a full contract doesn't need to be drawn up for every offer. A listing agreement is an agency agreement between whom? correct answersa seller and a broker What is the most desirable cause of agency termination? correct answersperformance or fulfillment of purpose All of the following is true about the difference between general agency and universal agency EXCEPT: correct answersAn example of a universal agency relationship would be that of broker and sales agent Which of the following is NOT one of an agent's duties to the principal or client? correct answerscompensation Which of these duties is the obligation of an agent to carry out the legal and ethical instructions of their client? correct answersobedience Why is oral agency less preferable to written agency? correct answersit's not enforceable against the principal, is more likely to lead to complaints or lawsuits, and doesnt allow a listing agent to use the MLS Which of these is an individual upon whom is placed the highest levels of trust and confidence when acting on behalf of another? correct answersfiduciary What are the duties owed to a customer? correct answershonesty, fairness, reasonable care, disclosure, accounting Agent Anita has discussed real estate with Buyer Bernie, but Bernie has not yet agreed to enter an agency relationship with Anita. Buyer Bernie is Agent Anita's: correct answerscustomer
If an agency relationship terminated by operation of law due to the loss of license by the sponsoring broker, what would a sponsored licensee need to do to continue working with a client? correct answersThey would need to find another sponsoring broker and create a new agency agreement with the client A real estate agent has the ability to sign a listing agreement on behalf of their broker under: correct answersgeneral agency Why do license holders operating as property managers typically have the classification of agency that they do? correct answersthey typically have general agency because their responsibilities are ongoing, and they need the ability to bind Which of the following most accurately describes an agent's relationship with the parties to a transaction? correct answersthe agent works with the third party and for the client What are the two primary classifications or categories for causes of agency termination? correct answersoperation of law and acts of the parties Seller Al and Agent Alice mutually decide to end their agency relationship. Which duties does the agent continue to owe the seller? correct answersconfidentiality and accounting What type of agency does a broker have with a seller client? correct answersspecial agency In what way are agency relationships different in Georgia with respect to fiduciary duties than many other states? correct answersGeorgia brokers do not automatically have fiduciary duties to their clients or other parties unless specifically stated in the agency contract. What is the term for when a client unilaterally terminates an agency contract? correct answersrevocation In order to place a listing in the MLS, a broker would need to create what form of agency with their seller client? correct answersexpress written agency
What is the most complete description of a designated sales agent? correct answersa license holder appointed by their broker to represent the interests of one of the two parties in an in-house real estate transaction Which is the most accurate description of undisclosed dual agency? correct answersa form of agency created when both parties to a real estate transaction are unknowingly represented by the same broker Because facilitators (transaction brokers) operate under a non-agency status in a transaction, they: correct answersshould provide written disclosure of that lack of agency relationship to both parties involved All of the following statements about buyer's agent are true EXCEPT: correct answersa buyer's agent is a relatively recent phenomenon Which of the following is NOT a synonym for the other three terms? correct answersgrantor Seller Jenny and buyer Kelsey are both represented by broker Whitney in the same transaction, but neither is aware that they share the same agent. What is the term for this? correct answersundisclosed dual agency Emily consented to dual agency when it turned out that the house she liked best was listed by her broker Seth. But she was frustrated with his non-answers to questions like, "How much do you think the seller will take?" What was lacking in Emily's and Seth's agency relationship? correct answersundivided loyalty The opposite of single agency is: correct answersdual agency Which of the following is TRUE regarding subagency in Georgia? correct answerssubagency is legal in Georgia but not practiced very often What is the disclosure obligation of an agent to their principal if the agency relationship changes from what was originally agreed to? correct answersf an agency relationship with a principal changes, the agent has a duty to fully disclose the change to the principal
In order to legally receive compensation from both parties in a real estate transaction, a license holder must: correct answersdisclose to all parties o the transaction that compensation from both sides will take place and receive informed consent (written) from both parties. Which of the following can be described as an agency agreement between a seller and a listing agent where the listing agent is only guaranteed compensation if they are the procuring cause for the buyer? correct answersopen listing Jenna, a seller, and Jami, a buyer have agreed to a sales price for Jenna's property. They only want an agent to help facilitate the paperwork for the transaction. What type of agreement do they want to sign with an agent? correct answerstransaction coordinator agreement Which of the groups of descriptors below BEST describes an exclusive agency agreement? correct answersexclusive relationship with seller; seller can also procure sale Audrey can earn compensation on a listing unless the seller procures the buyer or if another man (named Thomas Goldberg) purchases the property. What kind of listing does Audrey probably have? correct answersexclusive agency listing Thomas is working in a real estate transaction for both the buyer where he owes no fiduciary duties and is only responsible for facilitating their paperwork. What type agreement did he sign? correct answerstransaction coordinator agreement If there isn't an allotment for commission for cooperating brokers in the listing agreement, who pays the buyer's agent? correct answersthe buyer is ultimately responsible for the compensation of the buyer's agent Which of the statements about written brokerage engagements below is MOST accurate? correct answersthey are governed by both agency and contract law Leanna, a licensed real estate agent, has an agreement with Yamina, a seller. In the agreement, Yamina says that Leanna earns any compensation that remains after her desired price point of $300,000. What type of listing agreement do they likely have? correct answersnet listing agreement
Which of the agreements below is MOST likely to have a listing price clause? correct answersexclusive right to sell listing agreement Why is it particularly important that a transaction coordinator agreement contain a clause releasing the broker from liabilities in the transaction? correct answersthe broker has no fiduciary duties to either party, which requires the parties to take on more responsibility themselves Which of the following clauses sets the initial asking price of a property on sale? correct answerslisting price clause Michael is a listing agent in an agency agreement where the seller has agreed to give him any money he receives in the sale of the house that is over $200,000. Which of the following BEST describes which agency agreement this is an example of? correct answersnet listing Which of the following MUST a written brokerage engagement have? correct answersan expiration date Why is the protected period in a buyer rep agreement important? correct answersit protects you in the event that you and your client part ways, and then they decide to put in an offer on a home you showed them. What is a limited service agreement? correct answersa specific form mandated when an agent is not going to provide the standard services that are mentioned in the agency disclosure form Which of the following is the BEST definition of protection period? correct answersa limited time frame after an agency agreement ends where an agent can be owed compensation if certain situations occur Janelle is a listing agent for the seller at 1302 Krollton Drive. She was able to help the seller through the entire process, eventually ending in a dream sales price. What is this BEST an example of? correct answersperformance Home warranty plans generally cover all of the following EXCEPT: correct answersdishwashers
With regard to home inspections, sales contracts typically: correct answerscontain inspection contingencies that allow the buyer to arrange for inspections Which of these is a human-made insulation material that becomes dangerous because of the gases released from the material after it hardens? correct answersUFFI Under which of the following circumstances could an agent be liable for the actions of the principal or client? correct answersan agent's seller asks him not to disclose a property defect and the agent complies What is carbon monoxide? correct answersan odorless, colorless gas that occurs as a by-product due to incomplete combustion when burning such fuels such as wood, oil, and natural gas. Which of the following provides the BEST definition of "latent defect"? correct answersany structural defects that cannot be detected by ordinary inspection. A latent defect, in context of disclosure of property condition, means hidden or concealed. And specifically, with respect to the subject property, it would refer to any defect that is visually undetectable in the course of a reasonably diligent inspection. In the event of a home's resale: correct answersall choices are correct. The seller can decline to purchase a policy prior to the sale and let the buyer purchase it on their own, a new home warranty can be purchased if the policy has expired, the home warranty can be transferred to the new buyer if it is still in effect What is the first phase in an environmental assessment? correct answersinvestigation Which of the following is an example of a patent defect? correct answersa flooded lawn All of the following are phases of an environmental site assessment EXCEPT: correct answerscompensation Which of the following is TRUE about home warranties? correct answerscoverage and exclusions may vary from one company to the other
