Georgia Real Estate

How old must a broker be in Georgia?

21

How many post-licensing hours must licensees complete to continue their real estate license upon passing the licensing exam?

25

How many days does a Georgia licensee have to appeal a decision that was the result of a hearing?

30

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

30 days

The seller countered buyer Addie's initial offer. Which of these statements is true about the situation? A buyer may opt to "counter the counter" by submitting a counter-offer to the seller's counter-offer. A buyer must accept a seller's counter-offer to the buyer's initial offer. A seller can counter a buyer's initial offer, but a buyer can't counter the seller's counter-offer. Each counter-offer is considered an addendum to the original offer.

A buyer may opt to "counter the counter" by submitting a counter-offer to the seller's counter-offer.

A due-on-sale clause is also known as a(n) ______ clause. Acceleration Alienation Exculpatory Subordination

A due-on-sale clause is also known as an alienation clause.

What type of tax can a Georgia county charge real estate licensees who don't have an office in that county for doing business there?

A gross receipts tax

There are several essential elements to a deed. Which of the following must be included in a deed? Both the grantee's signature and the legal description Grantee's signature Haberdasher clause Legal description

A legal description must be included in a deed for it to be considered valid.

In a deed of trust, who is the trustee?

A neutral third party

security deed

A security instrument which conveys title to the lender until the debt is satisfied. At which time the instrument is cancelled.

A due on sale clause, is also know as a ______________ clause

Alienation

All fair housing complaints must be filed with the Fair Housing Division within ______ of the alleged violation. Five years One year Six months Three years

All complaints must be filed within one calendar year.

When completing a sales contract, licensees may only alter standard language with ______ review. A GREC member's An attorney's The commissioner's Their broker's

An attorney's, Licensees may complete listing, sales, or lease contracts that an attorney has prepared for their broker's use without engaging in the unauthorized practice of law. Licensees can't alter the contract without attorney review.

Andrea's lender has notified her of its intent to foreclose. Her loan is secured with a security deed. What rights does she have to redeem her property? Andrea can cure the default and reinstate the loan. Andrea can negotiate a new loan with the trustee of her current loan and regain title to the property. Andrea can purchase the property from the auction winner who is required to transfer title for 102% of the sale price. Andrea has a statutory right of redemption; she can redeem the property after the foreclosure sale.

Andrea can cure the default and reinstate the loan. The security deed gives Andrea the right to cure the default and reinstate the loan, but no rights of redemption after the sale.

What must Georgia associate brokers do in order to work independently as brokers? Have written consent from all brokers involved. Sit for a qualifying broker license exam. Spend three of the most recent five years working under a broker's supervision. Take a GREC-approved business management course.

Associate brokers may work independently as a qualifying broker with written consent of all brokers involved.

Darcy signed an exclusive right-to-sell agreement with licensee Shane, which gives Shane authority to ______. Authority to negotiate the contract Determine the list price Make counter-offers on Darcy's behalf Refer all sales-related inquiries to the broker

Authority to negotiate the contract

Who's the mortgagor in a mortgage?

Borrower

In a deed of trust, who is the trustor? Agent Borrower Lender Neutral third party

Borrower, The trustor establishes the trust on behalf of another. In this case, the borrower establishes the trust for the benefit of the lender, who is the beneficiary.

What does the Exclusive Buyer Brokerage Agreement state about dual agency? Brokers need only disclose dual agency to buyers. Buyers don't have to consent to dual agency. Buyers in dual agency relationships shouldn't expect broker confidentiality. Dual agency isn't permitted in an exclusive buyer broker relationship.

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)

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

Craig, The borrower holds legal title to the property that secures the loan when a mortgage instrument is used.

Joe Bob is the grantor of a deed, and is in the final stages of transferring a deed to the new owner, Frank. What must Joe Bob do in order to satisfy delivery and acceptance of the deed to Frank?

Deliver the deed to Frank, his agent or attorney, or the title company issuing the title

Which of the following terms describes the actions required to transfer a title by deed? Acknowledgment Delivery and acceptance Granting clause Habendum

Delivery and acceptance

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. Disclose adverse neighborhood conditions to potential buyers and tenants. Seek a lease at the price and terms stated in the brokerage engagement Seek a property to lease at acceptable price and terms.

Disclose adverse facts related to the buyer's financial ability to meet the contract terms. The buyer's broker has a responsibility to disclose material adverse facts related to the buyer's financial situation.

When the Georgia attorney general's office finds that the investigation's evidence has legal grounds, the office will either propose a consent settlement for the commission to review and approve or ______.

File a notice of hearing with the Office of State Administrative Hearings

Which of the following statements about continuing education requirements is true for real estate licensees in Georgia? For each renewal cycle, 25 hours of post-licensing education and 36 hours of continuing education are required. For the first four-year renewal, only the 25 hours of post-licensing are required. For subsequent renewals, 36 hours of continuing education are required. For the first license renewal, licensees may opt to complete the 25 post-licensing hours and the 36 hours of continuing education at any time during the four-year renewal period. For the first renewal cycle, 25 hours of continuing education must be completed within one year of license issuance, and another 27 hours of continuing education are required.

For the first renewal cycle, 25 hours of continuing education must be completed within one year of license issuance, and another 27 hours of continuing education are required. The requirement for the first year is 25 hours of post-licensing education, and nine of those hours count toward the 36-hour CE requirement for the first four-year renewal cycle, leaving 27 hours of CE to be completed.

Which of the following statements about continuing education requirements is true for real estate licensees in Georgia? For each renewal cycle, 25 hours of post-licensing education and 36 hours of continuing education are required. For the first four-year renewal, only the 25 hours of post-licensing are required. For subsequent renewals, 36 hours of continuing education are required. For the first license renewal, licensees may opt to complete the 25 post-licensing hours and the 36 hours of continuing education at any time during the four-year renewal period. For the first renewal cycle, 25 hours of continuing education must be completed within one year of license issuance, and another 27 hours of continuing education are required.

For the first renewal cycle, 25 hours of continuing education must be completed within one year of license issuance, and another 27 hours of continuing education are required. The requirement for the first year is 25 hours of post-licensing education, and nine of those hours count toward the 36-hour CE requirement for the first four-year renewal cycle, leaving 27 hours of CE to be completed.

Which service providers are exempt from GAFLA provisions? Insurance providers Mortgage brokers Primary mortgage market players Secondary mortgage market players

GAFLA provisions do not address insurance providers, but they do address loan brokers, loan servicers, and purchasers or assignees, and GAFLA imposes stiff penalties violations of the act.

What's true about the right of redemption in Georgia? Georgia law doesn't provide a right of redemption after foreclosure except in cases of tax sales. It only exists with judicial foreclosures in Georgia. It's a statutory right. The security deed gives borrowers 30 days after a foreclosure sale to redeem the property.

Georgia law doesn't provide a right of redemption after foreclosure except in cases of tax sales. Georgia is a non-judicial foreclosure state.

Georgia licensee Greg and buyer Sandra's exclusive buyer agency agreement was set to expire on March 1. On Feb 10, Sandra signed a contract with a seller, but it fell through 10 days later due to a home inspection issue. What's the termination date of Greg and Sandra's buyer agency agreement?

Greg and Sandra's buyer agency agreement is extended to accommodate the 10 days they were under contract, so the new expiration date is March 11.

In Georgia, how many years do we have to go back to trace the chain perfectly, with no gaps in ownership? 10 years 20 years 40 years 50 years

In Georgia, a chain dating back 50 years is considered sufficient to show marketable title.

Mel, a Georgia real estate salesperson, recently declined to represent a Serbian couple who recently moved to Atlanta. He feels they require more detailed explanations of real estate transactions. In what way is Mel violating the unfair trade practices law? Mel is acting outside the scope of his license. Mel is being dishonest. Mel is discriminating. Mel is showing a conflict of interest.

Mel is discriminating against members of a protected class: national origin.

According to the Georgia Brokerage Relationships in Real Estate Transactions Act, if no expiration date is provided in the brokerage engagement, then the engagement will terminate ______.

One year after initiation

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

Promissory note

What option does a Georgia licensee have when a notice for a hearing has been received?

Reach a settlement with the commission, halting the hearing process. The licensee can reach a settlement with the commission, resulting in disciplinary actions of the commission's choosing. This will end the licensee's hearing process.

Kristin is going over an exclusive buyer brokerage agreement with potential buyer client Beau. Which of these is NOT a feature of the agreement? Clarify expectations between parties Develop mutual loyalty Outline payment details Resolve issues and disagreements

Resolve issues and disagreements

In Georgia, upon what amount is the transfer tax calculated? Appraisal amount Down payment amount Loan amount Sales price

Sales price

Genevieve has just passed her broker's exam and completed the requirements for licensure. She wants to operate under her own name in Georgia. What must happen first? She must be affiliated with a broker as an associate broker for two years. She must receive her license and post it on her office wall. She must receive new business cards. She must take an additional 75 hours of continuing education.

She must receive her license and post it on her office wall. While new business cards are in order, Genevieve must have her license and it must be posted before she can operate under her own name.

With a security deed in Georgia, how may a lender release the deed when the loan is paid off?

Sign the security deed verifying release of the collateral and re-recording the security deed. When the debt is fully repaid, the lender is required to sign the document verifying release of the collateral and re-recording the security deed. Or the lender may instead execute and record a document called a Cancellation of Deed to Secure Debt.

Forms provided by the Georgia Association of REALTORS® cover all of the following situations EXCEPT ______. Buyers who don't want to be represented Sellers who want multiple agents marketing their property Tenants looking solely for rent-to-own situations Tenants searching for a property to lease

Tenants looking solely for rent-to-own situations There is no specific GAR form for rent-to-own engagements.

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? Acceleration of Release Assumption Due on Sale Transfer of Rights in Property

The Transfer of Rights in Property section gives the lender power of sale, meaning the lender can sell the property without judicial proceedings if the borrower defaults.

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? Acceleration clause Alienation clause Non-recourse clause Transfer clause

The alienation clause requires the property owner to obtain lender permission for a buyer to assume the loan, or risk having the loan accelerated.

When discussing brokerage compensation policies, brokers must disclose ______. How brokers representing other parties will be paid How much compensation the broker collected in the last year The average out-of-pocket expenses required in an engagement The guaranteed maximum commission the client will pay

The broker is required to disclose how other brokers will be compensated.

In Georgia, who or what sets the requirements for security deposit disbursal when a lease terminates? GREC State license law The landlord The lease terms

The lease terms will typically lay out how the security deposit is to be disbursed upon lease termination, but it should be within 30 days of the tenant vacating.

Who's the mortgagee in a mortgage?

The lender is the mortgagee, and the borrower is the mortgagor. This is because the borrower establishes the mortgage as a security instrument on the lender's behalf.

What information is considered optional when placing any form of advertisement in Georgia?

The licensee's telephone number

In the complaint investigation process, a "respondent" is ______.

The person accused of a violation is a respondent. The person filing the complaint is known as a complainant.

The termination agreement ______. Lists provisions regarding copyright protection of items such as photos, videos, or virtual tours for listings Provides proof that the licensee has completed all required continuing education States that all proprietary firm and client confidential information is to remain confidential States what happens when the agent separates from the firm

The termination agreement states what happens when the agent separates from the firm, such as who owns any active listings, how keys are to be returned, etc.

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

Three years

What is the trustee's role when a deed of trust is used to secure property for a loan? To collect payments and service the loan To hold funds in escrow To hold legal title to the property on behalf of the beneficiary until the loan is repaid To hold the note to the property on behalf of the trustor until the loan is repaid

To hold legal title to the property on behalf of the beneficiary until the loan is repaid

When is a promissory note most often used in Georgia? In commercial transactions In unimproved land sales When an owner finances the sale of their property When the consideration is something other than financial

When an owner finances the sale of their property In Georgia, a promissory note is most often used when an owner finances the sale of their property and records and holds the note. The lender in this case is the owner.

In which of these situations will a letter of intent most likely be used? When purchasing a condominium in a proposed condominium development When purchasing a cooperative When purchasing a historic home When purchasing an existing condominium

When purchasing a condominium in a proposed condominium development The letter of intent outlines the parties' intentions to move forward, but the sales contract serves as the legally binding agreement once it's signed by all parties.

How's the Georgia intangible tax computed? It's a flat $10 fee for any mortgage subject to the Georgia Residential Mortgage Act. It's based on .1% of the sales price. It's based on the amount borrowed, and is $1.50 per each $500 or fractional part thereof, with a maximum of $25,000. It's based on the sales price, and is $1.50 per each $500 or fractional part thereof with a maximum of $25,000.

he intangible tax is based on the loan amount and is $1.50 per each $500 or fractional part thereof with a maximum of $25,000.

In Georgia, who owns the property on the day of closing?

seller