Real estate u Georgia

The Commission keeps electronic licensing records for...?

15 years

The tenant has the right to inspect the property for..... business days after moving out?

5

Candidates taking a licensee exam who are eligible active duty military and reserve personnel receive a...?

5 point credit

If a broker's renewal fees aren't paid, what happens to the licenses of the licensees working under the broker?

All licenses for licenses under the broker will lapse

Which of these con convey property through a deed?

Any person or entity

How is property conveyed from a deceased person to their heirs when there is a will?

By executor's deed, according to the will.

How are deeds and other real estate records maintained?

Deeds are catalogued by book and page based on their order of recording by the country real estate records clerk.

Judgement liens are also called?

Equitable liens

What type of leasehold estate exists when occupation is for an undefined period of time and can be terminated by the landlord or the tenant?

Estate at will

Of the choices, which is the best land to build on?

Flat land near roads

Banks and mortgage lenders protect their interests with what type of lien?

Mortgage lien

What causes a bank foreclosure?

The owner not paying their mortgage.

Water rights can be described as a property owner's rights in water that flows...?

Through or over their property

The activation fee to apply for a license as an individual or associate broker, salesperson, or community association manager is.......... The activation fee for a new firm, school, or instructor is ........ Both fees include $20 toward the real estate education, research and Recovery fund

$45/$75

Loan Origination Fees are usually equal to or less then........ percent of the total loan amount.

1 (one)

The International Residential Code (IRC) recommends every room have an egress window that measures at least 4% of the SF to allow safe and adequate ventilation. What is the minimum window opening requirement for an area that measures 15' x 20'?

12 SF

Every sales person has to provide the commission with evidence that they completed a ...... post license course within 1 year of obtaining their license.

25-hours

The landlord or their agent is required to inspect the property and make a list of any damages and itemized costs within........ days of the tenant moving out?

3

What percentage of the government land assets, including lakes, rivers, and streams, are set aside as public lands designed for recreational use or managed to protect natural resources?

95%

For which of the following lease terms might you find in a ground lease?

99 year lease

What does the lienholder have when a lien is filed?

A claim to a portion of the property's value

Section 8 of the lease for residential property agreement addresses pets. If a landlord decides to accept peta, what else is required under the agreement?

A separate pet exhibit

One benefit of using a "Confession of judgment" provision in a commercial lease is that?

A tenant has waived their right to notices and court hearings.

What would describes the property owners right to sell or transfer their property to someone else?

Alienable

After your license has been denied or suspended you can?

Appeal to the commission and then ask for a judicial review if you are not satisfied with the outcome.

Members of the Georgia Real Estate Commission are?

Appointed by the governor

The monetary gain resulting from the increase in the market value of an investment, excluding additions of capital, is known as.....?

Appreciation

In which of the following articles is the relationship of the landlord and tenant defined?

Article I

When a building fully complies with the local zoning ordinances, it is referred to as...?

As-of-right

How is real property conveyed to heirs when a person dies without a will?

By administrator's deed according to state law.

How does a corporation convey real estate through a deed?

By designating a representative to sign on the corporation's behalf.

What is constructive notice?

By recording a deed in the public land records, everyone is deemed to have notice of the recording of the deed, even if they physically don't see it

Before advertising a buyer/client to sign a contract to purchase a lot in a subdivision under development, real estate agents should help them obtain a ...... which discloses valuable information about the developers obligations and constructions timelines?

Comprehensive report

Mortgage lenders generally require a policy that covers specific perils for structures and dwellings at full replacement value without depreciation. However, they do not require coverage for?

Content

Possession of property under a lease entitles the tenant to the lawful right to possess the land and says the landlord cannot substantially interfere. What is this right also known as?

Covenant of quiet enjoyment

According to article 4 of the act the landlord has the power to........ immediately if the tenant tries to remove property at the time that they owe rent.

Distrain

Seizing property because money is owned is known as?

Distrain

What is the word that describes a situation where property reverts to the state because there are no identifiable heirs capable of assuming ownership of it?

Escheat

What type of leasehold estate is created if a lease is for a definite, limited period of time?

Estate for years

In order to remove a deed restriction, a homeowner would need to?

Go to court for a judge's ruling.

A type of lease for land that may be secured by improvements the tenant makes to the land is called a...?

Ground lease

Mark is trying to decide if he should rent or own a home. His job requires that he travels, sometimes even for long periods of time. As Mark's real estate agent, what should you suggest to Mark?

He should rent a home, as it offers more flexibility.

Which of these would not be part of a raw land sale?

House

Real estate is considered a ......... asset?

Illiquid

One benefit of buying a home is...?

Long-term appreciation

........... involves licensees with property management relationships with their clients. Any written property management agreement must identify the property being managed and list the terms and conditions of the manager's responsibility.

Management agreements

Which statement is true about home owners and insurance coverage in the US?

Many US homeowners are under insured.

Proposed developments must follow standards in the established municipal or county master plan; however,...?

Master plans may be modified under some circumstances

The 3 most common methods of description are?

Metes and bounds, government survey, and lot and block.

Is land destructible?

NO

Katie owns 100 percent of her home and wants to add a small kitchen to a master suite to create a mini apartment she can rent out to help defray the costs of owning her home. Can she still deduct all eligible expenses as personal home expenses?

No. Renting a portion of a home that can be considered a complete home, makes some expenses ineligible.

Shaina wrote a deed to convey her property to Dennis with all of the required elements. Dennis did not give anything to Shaina for the property. Is this a valid real estate transaction?

No. There must be consideration, the exchange of something of value.

A use that is not permitted by the current zoning ordinances is referred to as an?

Non-Conforming use

A life estate based on someone else's lifetime is called a?

Per autre vie life estate

A tenant who unrestricted use of their property while facing a distress warrant may do which of the following?

Post bond

Single family homes are?

Private freestanding residential houses.

When a commercial tenant in a strip mall signs a double net lease, how is the amount of property taxes and insurance they pay calculated?

Prorated based on the size of the space they are renting

If you've been subject to disciplinary actions for any licensing agency all the following info must be taken before applying for a real estate license in Georgia, Except?

Provide a copy of his license in the associated jurisdiction.

A developer of a subdivision may impose easements for which of the following reasons?

Provide access to a lot

Sam wants to sell his real estate to Betty. But there's a mortgage lien on the title. Both parties are ok with the mortgage lien staying on the title. Which type of deed should Sam use?

Quick claim deed

A 30th-floor condominium unit with built-in central AC is best described as...?

Real property

....... Suspended due to nonpayment or failure to meet educational requirements costs $100 if submitted within 4 months of the lapse.

Reinstating a license

The Georgia Residential Landlord-Tenant Act is only applicable to?

Residential leases

Which EPA regulation covers water sources like lakes, rivers, springs, streams, and underground wells?

Safe Water Drinking Act (SWDA)

What is consideration?

Something of value exchanged for the deed.

Schools and churches are considered....... Properties?

Special purpose

Many factors can increase or reduce monthly mortgage payments. Assume that a buyer is planning to buy a $150,000 home, and any loan payments will NOT include closing costs or insurance. Which scenario will produce the highest monthly payment?

Taking out a 20 year fixed rate private owner mortgage at 4.25% with 5% down.

Which of the following liens typically has the highest priority?

Tax lien

This refers to the trade or exchange of one real property for another without the need to pay income taxes on the gain at the time of trade?

Tax-deferred exchange

What type of leasehold estate represents the illegal occupation of the leased premises by the lessee?

Tenancy at Sufference

Under which of these scenarios would using a % lease make the most sense?

Tenant is a coffee shop in a strip mall.

What is considered legal capacity in relation to a deed?

The ability to sign the deed as the owner or on behalf of the owner.

Rent controls are a type of police power that limits?

The amount a landlord can charge for rent

What is one universal requirement for all deeds to be recorded?

The deed must be signed by the grantor

When an oil and gas lease is set to expire, but drilling is underway, what usually happens?

The lease will remain in effect

What is the grantor of a deed?

The party selling or conveying the property.

Who is the grantor on the deed?

The person or entity conveying title to the property.

Which party or parties can transfer their rights under the Georgia "Lease for residential property agreement?"

The property owner/landlord

What is the maximum time period a fee simple estate holder has rights over their property?

There is no time limit or fixed duration

What is the purpose of a lien?

To make sure a creditor gets paid either by the debtor or when the property is sold.

Riparian rights mean that property owners have the right to use and enjoy the water as long as their use or enjoyment doesn't impact the rights of?

Upstream or downstream owners with riparian rights

In what circumstances will a sheriff's deed be issued?

When a court orders real property to be sold and the sheriff conducts the sale.

What is escheat?

When a person dies without heirs to take property from the estate.

Which is a significant rule of real estate transactions?

You can only convey that which you own

Property types are generally categorized by the ...... that applies to that property.

Zoning laws

What types of laws protect homeowners from the types of issues that can come from an industrial building being built in a residential neighborhood?

Zoning laws

Early building code development and enforcement was driven by a need to protect...?

assets

Stan sold his real property to Bella by Warranty Deed. A day later, Stan sold his real property again to Len. Who owns the property?

bella

An estate that will end automatically when the stated event or condition occurs is known as...?

fee simple determinable

Which of the following is a form of involuntary alienation?

foreclosure

Because land is unique, the value of land...?

increases

Land is considered

indestructible

Who may file an involuntary lien?

judgment creditor

The person who retains the life estate interest is called the?

life tenant

Buyers are purchasing a lot in a subdivision, and they want to see how it fits into the overall plan, where the streets are, how the blocks are laid out, and what the lots around them look like. Their real estate agent suggests she needs a ...?

plat map

When someone contracts with a property owner to lease real estate from them, one of the benefits they are getting is the right to possess the unit or parcel being leased. This is known as the right of?

possession

A court may create this type of easement if an encroachment was open, notorious, hostile, and continuous for a period of years?

prescriptive easement

Property taxes fund all the following except?

private schools

A lack of supply is known as?

scarcity

Landlord tenant law is primarily governed by?

state law