GA exam questions

What's the continuing education requirement for a community association manager?

36 hours every four years

What makes a binder a valid contract?

A binder must be in writing, signed by all parties to be valid, and the acceptance communicated.

What is a binder?

A written outline of the sales transaction.

What does the Exclusive Buyer Brokerage Engagement Agreement state about dual agency?

Buyers don't have to consent to dual agency.

In Georgia, real estate taxes are prorated on the basis of what kind of year?

Calendar year - 365 days

What does BRRETA outline as a buyer broker's responsibility?

Disclose adverse facts related to the buyer's financial ability to meet the contract terms

Gina is buying a condo in Tybee Island. Unless otherwise negotiated, which of the following closing costs will she pay?

Intangible tax

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?

The Transfer of Rights in Property section gives the lender power of sale.

Who's the mortgagee in a mortgage?

The lender

Chloe, a licensee in Alabama who wants to be licensed in Georgia, may do so, provided she meets GREC's requirements. Which of these options best depicts GREC requirements?

The requirements include proof of licensure, pay applicable fees, affiliate with a Georgia broker, and submit a written statement that they'll abide by Georgia law and cooperate with investigations, among other things.

GREC won't investigate a complaint unless the incident prompting the complaint occurred within the past ______.

Three years

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

alienation

Mortgagor

borrower