Georgia Real Estate Prep Exam

Alienation

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

Alienation Clause

Albert wants to sell his house to his cousin, who's willing to assume his FHA loan. What clause in Albert's mortgage requires his to obtain the lender's permission to do this?

The brokerage's name as it appears on the license

All business that a licensee of a brokerage firm conduct must be in ______.

License Status and License Number

Aside from your name, what else must be included on every page of your website, according to GREC's rules?

A definitive end to the brokerage engagement agreement

Broker engagement agreements must include all parties signature. Anyone who signs the agreement must receive a photocopy. What else is required?

Authority to negotiate the contract

Darcy signed an exclusive right-to-sell agreement with licensee Shane, which gives Shane authority to _______.

Excessive late fees and financing of credit insurance

GAFLA targets predatory lending by prohibiting which of the following?

March 11

Georgia licensee Greg and buyer Sandra's exclusive buyer agency agreement was set to expire on March 1. On Feb. 1. 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?

36

How many Hours of post-licensing education and continuing education must a licensee complete after license issuance, and before license renewal?

Prepare a Cancellation of Dept Secured by Deed Form.

In Georgia, lenders use one of two methods to release the security deed when the promissory note is paid in full. One method is to simple note on the original deed that it's being released. What's the second method?

A neutral third party

In a deed of trust who is the trustee?

Lender

In a deed of trust, who is the beneficiary ?

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

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 satisfy delivery and acceptance of the deed to Frank?

January 1 of the current year through December 31 of the current year.

Marty receives his Georgia real estate tax bill on May 1st. What's the period of time covered by this tax bill?

Certification

The Certified Business intermediary designation is an ______ that is available in the specialized field of business brokerage.

GREC

To whom dose Georgia's Real Estate Commissioner report?

Disclose adverse facts related to the buyer's financial ability to meet the contract terms.

What does BRRETA outline as a buyer broker's responsibility?

The contract becomes legally binding.

What happens once the buyer and seller both sign the sale contract and acceptance of the last offer is communicated to the offeror?

A written outline of the sales transaction

What is a binder?

A net brokerage engagement

What type of brokerage engagement agreement is against the law in Georgia?

It extends the agreement term if a binding contract falls through for any reason.

What's true about the extension clause in Georgia's brokerage agreement?

Georgia law doesn't provide a right of redemption after foreclosure except in cases of tax sales.

What's true about the right of redemption in Georgia

The note is endorsed and the mortgage is assigned.

When a mortgage is sold, what happens?

An Attorney's

When completing a sale contract, licensees may only alter standard language with __________ review.

How brokers representing other parties will be paid

When discussing brokerage compensation policies, brokers must disclose ________.

Fund money may be invested and interest is deposited back into the fund.

Which of the following is a true statement about Georgia's education, research, and recovery fund?

When a licensee agrees to a commission of any amount above a certain sales price.

Which of the following is an example of net brokerage agreement?

There is no one standard form for the sale contract.

Which of the following is true about the sale contract form in Georgia?

Transaction Broker

Which type of broker performs ministerial acts for parties to a transaction but doesn't represent a client?

The Georgia Governor

Who or which entity, appoints the members of the Georgia's Real Estate Commission?