Georgia state exam practice
Note with deed of trust
A beneficiary, trustor, and trustee are the parties involved when the finance instrument is a ______.
One year
All fair housing complaints must be filed with the Fair Housing Division within ________ of the alleged violation.
Handling and managing trust fund such as tenant security deposits
Drake, an unlicensed employee at The Best Nest Brokerage in Savannah, works with broker Allison's property management clients. Which of the following task can he NOT perform legally?
She's an officer of the corporation.
Georgia licensee Estella is the qualifying broker for a firm that's incorporated. Which of the following must be true about her?
25 hours of post - licensing education
How many post-licensing hours must licensees complete to continue their real estate license ?
The person accused of a violation
In the complaint investigation process, a " respondent" is ______.
Kate will need to complete the pre-licensing course requirements and pay all applicable fees for her license to be reinstated
Kate allowed her license to lapse more than two years ago. What does she need to do to reinstate her license ?
No, because it wasn't an intentional misrepresentation.
Kathy mistakenly duplicates reporting an asset on her mortgage loan application. Is she in violation of Georgia's Mortgage Fraud Act?
She has not identified herself as the buyer's agent.
Susie is a licensee accompanying her buyer client, Jeff, to an open house. The seller's agent approaches her and introduces herself. "Hi there. I'm Susie. Great house! I was just talking to Jeff here about all that great closet space. And that backyard is to die for! Jeff has three dogs, so he's very excited about that." What, if anything, has Susie done wrong?
Security Instruments
The mortgage, security deed, and the deed of trust are __________ that pledge property as collateral for a loan.
Legal Description
These are several essential elements to a deed. Which of the following must be included in deed?
The right of a borrower to redeem the property by paying amount owed plus costs, even after the foreclosure sale
What is a statutory right of redemption?
A purchase agreement written at the same time as the listing agreement
What legal agreement is required when a licensee guarantees the sale of a property?
The rule applies to advertising through any form of media.
What type is advertising fall under GREC's rule 520-01-.09?
When an owner finances the sale of their property
When is a promissory note most often used in Georgia?
Reconveyance
Which clause in the deed of trust and Georgia's security deed is the equivalent of the defeasance clause in the mortgage?
Order title work
Which of the following tasks is a closing attorney's responsibility?
If the broker compensates Genevieve for her referrals to the firm, he'd be paying an unlicensed individual for referrals, which is prohibited under Georgia law.
Genevieve, who's taking a pre-license course, work as an unlicensed salaried employee at a Decatur brokerage. She's very good at bringing in new clientele, and the broker wants to reward her for her commitment to the firm. What do we know about this situation?
Inspection Contingency
Glynnis is ready to close on her new house, but her agent told her that they have to wait for the homeowner to fix the electrical box as agreed. What clause in her contract allowed her to request the repair?
The lender notifies the borrower and attempts to have the default cured.
In Georgia, what's the first step in the foreclosure process (sometimes called pre-foreclosure)?
The licensee must turn the trust fund over to their broker as soon as possible.
What's required of a licensee who receives trust funds from a client?
The borrower is required to maintain the property and pay property taxes and insurance.
Which of these features is shared by the mortgage, the deed of trust, and Georgia's security deed?
It may grant or revoke a firm's license.
Which of these is true regarding the Georgia Real Estate Commission's licensing power?