Exam 7 part 1
Clara has been called to be an official witness to a deed signing. Who is Clara?
A notary public
What's a major disadvantage of a non-exclusive buyer brokerage agreement?
Agents are more likely to put the client's needs behind those of their clients who have signed exclusive buyer brokerage agreements with them.
Loretta is an unlicensed assistant. Which of the following tasks is she permitted to perform for her broker?
Assemble closing documents.
In Georgia, what does due diligence mean in a real estate transaction?
Buyers will thoroughly investigate the property while retaining the right to terminate the sales contract if the results are unsatisfactory.
Which of the following is the responsibility of a Georgia closing attorney?
Calculate prorations
Which of the following written statements is required in a dual agency disclosure in Georgia?
Confidential information won't be provided to the opposite party.
Phil is a Georgia qualifying broker. He may do all of the following activities EXCEPT ______.
Delegate trust account supervision to his assistant
In Georgia, what are the requirements for security deposits when a landlord owns 10 or more units?
Deposit the funds in an escrow account and notify each tenant in writing what bank holds the deposit.
How many members of the six-member Georgia Real Estate Commission are licensed real estate brokers?
Five
Which of the following is a true statement about Georgia's real estate education, research, and recovery fund?
Fund money may be invested and interest is deposited back into the fund.
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
James has just received his salesperson's license. Which of the following statements is true regarding his need for additional education?
He must take 25 hours of post-licensing education in his first year, and an additional 36 hours of continuing education before his four-year renewal.
Which service providers are exempt from GAFLA provisions?
Insurance providers
What's the purpose of the Transfer and Assignment clause in the purchase agreement?
It permits either party to assign interest in the contract to another person who will perform the contract's terms.
Gina's mortgage payment arrives late one month. What language in the promissory note allows the lender to charge her a fee as a result?
Late charge provision
As a state agency, how is GREC funded?
License fees
Georgia's license law allows ______ the opportunity to practice real estate in Georgia while residing in another state.
Non-resident licensees
Which of these statements is true regarding counter-offers?
Once a counter-offer has been made, the prior offer is cancelled.
The ______ clause in a deed of trust allows the lender to foreclose non-judicially.
Power of sale
Which clause is standard in a deed of trust or security deed and affects the foreclosure process that can be used if the borrower defaults?
Power of sale
Kristin is going over an exclusive buyer brokerage agreement with potential buyer client Beau. Which of these is NOT a feature of the agreement?
Resolve issues and disagreements
What is a statutory right of redemption?
The right of a borrower to redeem the property by paying amounts owed plus costs, even after the foreclosure sale
Which of the following is a requirement to obtain a Georgia broker's license?
The successful completion of 60 hours of brokerage coursework
Valdosta licensees Ken, Sharon, and Kate dislike a lender in town and agree to direct business away from that lender and discourage their clients from using it. Which Georgia unfair trade practice act does this violate, if any?
This violates the Georgia Uniform Deceptive Trade Practices Act.
Which of these depicts a Georgia licensee committing a common real estate violation?
Tim includes an automatic renewal clause in his listing agreements in case his seller clients' properties don't sell by the end of the original listing agreement.
What is the trustee's role when a deed of trust is used to secure property for a loan?
To hold legal title to the property on behalf of the beneficiary until the loan is repaid
Jacob lost his job in an economic slump and is behind on his mortgage. Georgia is a non-judicial foreclosure state. Which section of his security deed gives his lender to right to sell the property if he defaults?
Transfer of Rights in Property
Assuming no tenant is moving out, when a leased property is sold, the previous owner must either refund tenants' security deposits or ______.
Transfer the security deposits to the new owner
What do unfair trade practice laws in Georgia prohibit?
Unfair and deceptive business acts or practices
When is a promissory note most often used in Georgia?
When an owner finances the sale of their property