78% Real Estate attempt Missed

In a deed of trust, who is the trustee? (a) A neutral third party (b) The agent (c) The borrower (d) The lender

(a) A neutral third party (The trustee is the one who holds the trust on behalf of the beneficiary (the lender).)

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

(a) Authority to negotiate the contract

Which of the following individuals must have a real estate license to perform real estate activities? (a) Blake, an attorney, who's selling his cousin's home for a fee (b) Carmen, an interior designer, who helps her client sell her home at no charge (c) Daniel, a CPA, who provides advice to his client who's purchasing a development, and charges $600 per hour (d) Edwina, a carpenter, who is selling her own home

(a) Blake, an attorney, who's selling his cousin's home for a fee (Although Blake is an attorney, the real estate services he's providing for his cousin aren't incidental, and he's charging a fee. He must have a license.)

A licensee must notify GREC of a conviction of a crime ______. (a) Immediately (b) Within 30 days (c) Within 60 days (d) Within seven days

(a) Immediately (A licensee is required to notify GREC of a conviction of a crime immediately. The license will be revoked within 60 days, unless the licensee requests a hearing.)

Genevieve, who's taking a pre-licensing course, works 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? (a) Because Genevieve is a salaried employee of the firm, the broker may pay her an annual bonus for her referrals, per Georgia license law. (b) 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. (c) If the broker compensates Genevieve, he'd be in violation of unfair trade practice law based on undisclosed compensation for real estate services, per Georgia license law. (d) It's okay for the broker to compensate Genevieve for referrals because she's a pre-licensing student, which is an exception to the law.

(b) 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. (Only a licensee may receive referral fees.)

Rental property owners are exempt from fair housing laws if which of the following conditions is met? (a) The owner doesn't own more than four single-family homes. (b) The owner occupies a building with not more than four families. (c) The owner occupies a building with not more than six families. (d) The owner uses a real estate licensee to rent the dwelling.

(b) The owner occupies a building with not more than four families.

How many hours of post-licensing education and continuing education (nine hour credit of post-licensing deducted) must a licensee complete after license issuance, and before the four-year license renewal in Georgia? (a) 25 (b) 36 (c) 52 (d) 61

(c) 52 (Licensees must complete 25 hours of post-licensing education within their first year, and an additional 36 hours prior to their four-year license renewal. Nine of the 25 hour post-licensing hours count towards the 36 hours of continuing education. 25 + 36 - 9 =52.) "This some bs"

Buyer duties outlined in the Exclusive Buyer Brokerage Engagement Agreement include ______. (a) Accepting broker recommendations for legal and financial advice (b) Agreeing to see all properties identified by the broker (c) Being available during the agent's regular working hours to visit properties (d) Taking responsibility for broker compensation

(c) Being available during the agent's regular working hours to visit properties (Buyers who sign the Exclusive Buyer Brokerage Engagement Agreement are agreeing to be available during my regular working hours to visit properties, along other responsibilities.)

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

(c) It's based on the amount borrowed, and is $1.50 per each $500 or fractional part thereof, with a maximum of $25,000.

In a deed of trust, who is the beneficiary? (a) Agent (b) Borrower (c) Lender (d) Neutral third party

(c) Lender (The beneficiary is the lender; the trust is held by a neutral third party on behalf of both the borrower and the beneficiary.)

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? (a) GREC (b) The commissioner (c) The Georgia attorney general (d) The U.S. attorney general

(c) The Georgia attorney general (The Georgia attorney general has the authority to bring injunctive action against a licensee. GREC can make the request, but the attorney general has the authority.)

Who's the mortgagee in a mortgage? (a) The beneficiary (b) The borrower (c) The lender (d) The trustee

(c) The lender (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.)

In Georgia, upon what amount is the transfer tax calculated? (a) Appraisal amount (b) Down payment amount (c) Loan amount (d) Sales price

(d) Sales price (Transfer tax is calculated based on the sales price.)