missed test
How many post-licensing hours must licensees complete to continue their real estate license?
25 hours of post-licensing education
Which of these statements is NOT true regarding a licensee who wants to transfer to another broker?
Both the original broker and the new broker may charge the licensee a $50 fee to cover administrative costs of the transfer
Which of the following is FALSE about GREC's members?
Broker members may continue to practice real estate during their term on the commission.
In Georgia, what's true about working with a buyer as a customer?
Brokers are entitled to a commission if they identify the property that the buyer customer purchases.
Your buyer client, Percival, was pre-approved for the exact amount he needed to buy the home of his dreams, and he made an offer that was accepted by the seller. What's his next step?
Complete a loan application
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 into the funds
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 -unit building
What hazard do mining activities, landfills, or agricultural pesticides contribute to?
Groundwater contamination
Which physical characteristic of land addresses the concept that the geographic location of a piece of land is fixed and can never be changed?
Immobility
Which one of the following tasks must a licensee perform for seller clients?
Inform sellers of their responsibility to make all required property condition disclosures.
How's the Georgia intangible tax computed?
It's based on the sales price, and is $1.50 per each $500 or fractional part thereof with a maximum of $25,000.
A mortgage is a legally binding document that creates a lien on a piece of property and gives the lender the right to foreclose on the property if the borrower defaults. Who or what entity is considered the mortgagee?
Lender
What's one of the most fundamental of all fiduciary duties, and is the one that underlies all other duties?
Loyalty
Which of these is an example of bulk zoning?
Misty Falls restricts building any structure within 15 feet of a roadway.
A county may not charge brokers a fixed tax unless they maintain a ______ in the county.
Physical office
Marcus bought two adjoining pieces of land that were zoned for commercial use. When he realized that combining the two parcels would dramatically increase the land's value, he jumped at the opportunity. What's this an example of?
Plottage
What type of arrangement allows the buyer to retain title to the property but places a security interest in the property on behalf of the seller?
Purchase money mortage
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
Who or which entity has the authority to bring injunctive action against a real estate licensee for the violation or the potential violation of Georgia license law and GREC's established rules?
The Georgia attorney general
Who, or which entity, appoints the members of the Georgia Real Estate Commission?
The Georgia governor
Select the statement that correctly exemplifies the covenant term.
The covenant of quiet enjoyment promises that the grantee won't be disturbed by a title defect the grantor passes on.
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.
Who holds the promissory note while it's being repaid?
The obligee
Which of the following is a true statement about when a promissory note is sold?
The promissory note is endorsed to the new owner of the loan.
Developer A has a project planned that does not conform to the community zoning regulations and wants to make a change request. Which local land use group would the developer ask, and for what?
The zoning board of appeals for either a variance or a special use permit
What may happen to Georgia licensees who haven't paid back disbursements made on their behalf from the real estate education, research, and recovery fund?
Their license will be suspended until they pay back disbursements and interest.
A borrower has a 30-year, $500,000 loan with an interest rate of 6.25%. His monthly principal and interest payment is $3,078.59. What's the total amount he'll pay back over the life of the loan?
To find the total amount paid back, multiply the monthly payment by the total number of payments: $3,078.59 x 360 = $1,108,292.40.
Kenneth entered into a contract to sell his home to Valerie, who put down a $5,000 earnest money deposit. At the last minute, Valerie backed out of the deal and Kenneth kept the earnest deposit. This is an example of ______.
aCCEPTING LIQUIDATED DAMAGES