GA Real Estate Practice

What phrase or words are required on a deed and are considered an "act of conveyance"?

"Hereby conveys"

How long does a broker have before notifying the commission that a trust fund account has been established?

30 days

Who's responsible for the proper management and recordkeeping of trust accounts?

A broker or qualifying broker of a brokerage firm

If the foreclosure sale doesn't satisfy the debt, ______.

A deficiency judgment against the borrower may be issued

In Georgia, which of the following contracts doesn't have to be in writing to be enforceable?

A lease that is for one year or less

Which of the following situations would be classed as familial status under fair housing laws in Georgia?

A married couple in the process of adopting a child

Who's entitled to reimbursement from the Real Estate Education, Research, and Recovery Fund?

Aggrieved members of the public affected by a license or certificate holder's wrongdoing

The ______ clause is also known as a due-on-sale clause.

Alienation

Albert wants to sell his house to his cousin, who's willing to assume his FHA loan. What clause in Albert's mortgage requires him to obtain the lender's permission to do this?

Alienation clause

When completing a sales contract, licensees may only alter standard language with ______ review.

An attorney's

What organization offers the Community Association Manager certification exam in Georgia?

Applied Measurement Professionals

Stefan is an unlicensed assistant for the Ace Team at Acme Realty in Georgia. Which of these activities can he perform?

Calculate commissions for team members.

Craig's loan is secured by a mortgage. Who holds legal title when this security instrument is used?

Craig

Which of the following terms describes the actions required to transfer a title by deed?

Delivery and acceptance

What is the primary focus of the Fair Housing Division?

Eliminate housing discrimination

GAFLA targets predatory lending by prohibiting which of the following?

Excessive late fees and financing of credit insurance

Which activity requires a license?

Explaining terms to a client

In order to better supervise their independent contractors, many brokers may ask them for additional information. Which of these would brokers NOT typically ask for?

Family status

Which method for requesting the investigation of a complaint is most effective?

Filing a sworn written complaint with GREC

Of the following, what is the main distinguishing feature between a mortgage, a deed of trust, and Georgia's security deed?

Foreclosure process

As a real estate licensee in Georgia, if you advertise or otherwise market using lies, deceit, misrepresentations, fraud, or other unethical practices, what are you in violation of?

Georgia Fair Business Practices Act

In Georgia, what does GREC stand for?

Georgia Real Estate Commission

What must Georgia's governor do in order to remove a commission member from GREC?

Give notice and a hearing opportunity to the member.

As part of Georgia's tax code, a broker can be assessed a(n) ______ on any commission earned in a city or county even if the broker's office is in another city or county.

Gross receipts tax

New construction multifamily dwellings in Georgia must provide basic accessibility to people with disabilities. This applies to which of the following?

Ground floor units in a 10-unit building with no elevator

Alicia is about to sign an exclusive buyer agency agreement with her new client, Eric. Which form will she use?

Her broker's buyer agency agreement form

Licensee Doris is moving to Savannah and wants to transfer her license to a firm there. Her broker in Atlanta may/must do any of the following EXCEPT ______.

Hold her license until she repays all the money she owes

Dolcita is an unlicensed assistant for licensee Glynnis at Acme Realty. Which of the following best describes how Dolcita can be compensated for her work?

Hourly, salaried, or per activity

When discussing brokerage compensation policies, brokers must disclose ______.

How brokers representing other parties will be paid

Which one of the following contract types defines the terms of the independent contractor's working relationship with the broker?

Independent contractor agreement

Which of the following is true about GREC's licensing authority?

It may revoke individual or firm licenses.

What makes a binder a valid contract?

It's in writing and signed by all parties.

Representing the sales price on a home as an amount greater than what it actually sold for is considered ______.

Kiting

What's the name of the clause in a promissory note where this language appears: "If the Note Holder has not received the full amount of any monthly payment by the end of ______ calendar days after the date it is due, I will pay a late charge to the Note Holder"?

Late charge provision

Which lenders are covered by GAFLA?

Loan brokers, servicers, and purchasers or assignees

Georgia's license law allows ______ the opportunity to practice real estate in Georgia while residing in another state.

Non-resident licensees

A beneficiary, trustor, and trustee are the parties involved when the finance instrument is a ______.

Note with deed of trust

Similar to the deed of trust, the security deed contains a clause that allows lenders to foreclose on and sell the property non-judicially if the buyer is in default. What is this clause?

Power-of-sale clause

The document that describes the loan amount and the terms for repaying and is attached to a security instrument is called the ______.

Promissory note

Within a brokerage, who's responsible for supervising a team's unlicensed personal assistant?

Qualifying broker

Which clause in the deed of trust and Georgia's security deed is the equivalent of the defeasance clause in the mortgage?

Reconveyance

Isabel received a citation from GREC that gave her notice of an unfair practice and included a fine. It also gave her the chance to ______.

Request a contested case hearing

If you're a licensee subject to disciplinary action, which penalty is more severe?

Sanction

In Georgia, the three types of finance instruments that can be used when financing a real estate purchase are the note with mortgage, note with deed of trust, and note with ______.

Security deed

Which of the following is NOT a benefit of affiliating with a Georgia broker?

Split commissions with the broker

An investigation found evidence that suggests Emmie may have violated Georgia license law and a hearing has been scheduled. What are Emmie's rights at the hearing?

Subpoena witnesses and documents.

GREC members serve five-year terms. If a member ends her term early, what will happen?

The governor will appoint another member to fill the vacancy.

In Georgia, what's the first step in the foreclosure process (sometimes called pre-foreclosure)?

The lender notifies the borrower and attempts to have the default cured.

Adrian signed a non-exclusive buyer agreement with Georgia licensee Derrick. What's a disadvantage to a buyer working with a salesperson non-exclusively?

The licensee may put the buyer's needs behind those of exclusive clients.

When considering the sanctions to hand down to a licensee for an unfair trade practices law violation, what does GREC consider?

The licensee's history in matters of deception, fraud, or unethical behavior

In situations where a leased property is sold and the tenants' security deposits will be refunded, who's responsible for refunding those security deposits?

The original owner

Why is a fiduciary relationship between Georgia brokers and their clients not required?

The state attempts to protect brokers from an unreasonable legal standard.

GREC will investigate a complaint if that complaint occurred within how many years?

Three years

Which clause in the sales contract says that all dates in the contract are strictly enforceable?

Time is of the Essence

What's the reason for using employee and independent contractor agreements?

To define the terms of the broker and worker's professional relationship

Which type of broker performs ministerial acts for parties to a transaction but doesn't represent a client?

Transaction broker

When a borrower fails to cure any default within 120 days of the lender's original notification, the lender may begin the foreclosure process. In Georgia, borrowers may redeem the property ________________.

Up to five days before the scheduled foreclosure sale

Which of the following is an example of a net brokerage agreement?

When a licensee agrees to a commission of any amount above a certain sales price

In which of these situations will a letter of intent most likely be used?

When purchasing a condominium in a new development

Barb is a qualifying broker in Georgia. She must ensure that all contracts prepared by her licensees are reviewed ______.

Within 30 days