WRONG ANSWERS 9/28

A due-on-sale clause is also known as a(n) ______ clause. Acceleration Alienation Exculpatory Subordination

Alienation

Business brokers in Georgia can seek credentials such as all of the following EXCEPT ______. Accredited Business Intermediary (ABI) Business Intermediary Endorsement (BIE) Certified Business Intermediary (CBI) State association credentials

Business Intermediary Endorsement (BIE)

In Georgia, what are the requirements for security deposits when a landlord owns 10 or more units? Deposit the funds in a checking account and provide all tenants access to a secure online ledger showing all deposits and withdrawals from the account. Deposit the funds in a money market account with an FDIC insured bank and notify the tenant in writing of the bank's name and address and the amount of the deposit. Deposit the funds in an escrow account and notify each tenant in writing what bank holds the deposit. Deposit the funds in separate, designated, interest-bearing accounts for each unit and provide the tenants in writing with the bank's name and address and the applicable account numbers.

Deposit the funds in an escrow account and notify each tenant in writing what bank holds the deposit.

To whom does Georgia's real estate commissioner report? GREC The governor The public service commissioner The secretary of state

GREC

What's true about the right of redemption in Georgia? Georgia law doesn't provide a right of redemption after foreclosure except in cases of tax sales. It only exists with judicial foreclosures in Georgia. It's a statutory right. The security deed gives borrowers 30 days after a foreclosure sale to redeem the property.

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

All of these EXCEPT one depict licensee Claudia's adherence to Georgia license laws. Which one does NOT? Claudia identified herself as a licensee in the ad she created to market her own home. Even though Claudia's seller client had accepted an offer already, she continued presenting him with offers that came in. In an addendum to a listing agreement, Claudia guaranteed her seller client that she'd sell his condo in two months or buy it herself. To be on the safe side at her brokerage firm, Claudia kept all transactional records for three-and-a-half-years.

In an addendum to a listing agreement, Claudia guaranteed her seller client that she'd sell his condo in two months or buy it herself.

In a deed of trust, who is the beneficiary? Agent Borrower Lender Neutral third party

Lender

Jacob lost his job in an economic slump and is behind on his mortgage. Georgia is a non-judicial foreclosure state. Which section of his security deed gives his lender to right to sell the property if he defaults? Acceleration of Release Assumption Due on Sale Transfer of Rights in Property

Transfer of Rights in Property

In Georgia, how many years do we have to go back to trace the chain perfectly, with no gaps in ownership? 10 years 20 years 40 years 50 years

50 years

In Georgia, a person performing real estate activities under the judgment or order of a court, such as a trustee in a bankruptcy, is ______. An exception to the real estate licensing requirement Required to have a broker license Required to have at least an associate broker license Required to have at least a salesperson license

An exception to the real estate licensing requirement

Which of the following is an eligibility requirement for a community association manager in Georgia? Be a member of the community association or a community association manager licensee Be a member of the National Association of REALTORS® Be at least 16 years old Must also be a resident of Florida

Be a member of the community association or a community association manager licensee

Regarding their employment classification, unlicensed assistants in Georgia are most often ______. Dependent contractors Employees Independent contractors Unpaid interns

Employees

On a security deed in Georgia, what is the borrower referred to? Beneficiary Grantee Grantor Trustor

Grantor

A holographic will is a will that is ___________. Captured on videotape Handwritten Verbally communicated Written in invisible ink

Handwritten

What's true about the extension clause in Georgia's brokerage agreements? It extends the agreement term if a binding contract that falls through for any reason. It's only valid if the parties agree to the extension. It's the same thing as the protected period. The parties decide on the extension period when signing the agreement.

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

Lacey works for a government agency as an office space location specialist. Her role is to gather information and locate office space for government agencies. Does she need a real estate license? If her compensation is tied to the transaction being completed, she needs a real estate license. No, government employees are an exception to the real estate license requirement. Yes, any individual involved in locating office space, whether for a government agency or non-government entity, must have a license. Yes, government employees must obtain a real estate license.

No, government employees are an exception to the real estate license requirement.