GA State portion 2
Mindy is a high school junior and would like to practice real estate. At what age will she be old enough to apply for a real estate salesperson license?
18, provided she has a high school diploma or equivalent.
What's the continuing education requirement for a community association manager?
36 hours every four years.
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?
52
Which of the following situations would be classed as familial status under fair housing laws in Georgia?
A married couple in the process of adopting a child.
A due-on-sale clause is also known as a(n) ______ clause.
Alienation
When completing a sales contract, licensees may only alter standard language with ______ review.
An attorney's
Andrea's lender has notified her of its intent to foreclose. Her loan is secured with a security deed. What rights does she have to redeem her property?
Andrea can cure the default and reinstate the loan.
Loretta is an unlicensed assistant. Which of the following tasks is she permitted to perform for her broker?
Assemble closing documents.
Buyer duties outlined in the Execute Buyer Brokerage Engagement Agreement include______.
Being available during the agent's regular working hours to visit properties.
In a deed of trust, who is the trustor?
Borrower
What does the Exclusive Buyer Brokerage Engagement Agreement state about dual agency?
Buyers don't have to consent to dual agency.
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 to satisfy delivery and acceptance of the deed to Frank?
Deliver the deed to Frank, his agent or attorney, or the title company issuing the title.
Some brokers may opt to attach other documents to an independent contractor agreement. Which of the following is NOT one of these such attachments?
Employee agreement
GAFLA targets predatory lending by prohibiting which of the following?
Excessive late fees and financing of credit insurance.
What does the acronym GAFLA stand for?
Georgia Fair Lending Act.
On a security deed in Georgia, what is the borrower referred to?
Grantor
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 10-unit building with no elevator
What must Georgia associate brokers do in order to work independently as brokers?
Have written consent from all brokers involved.
James has just received his salesperson's license. Which of the following statements is true regarding his need for additional education?
He must take 25 hours of post-licensing education in his first year, and an additional 36 hours of continuing education before his four-year renewal.
Holly's license lapsed 18 months ago because she hadn't completed the 36-hour continuing education requirement. What does this mean for Holly?
Holly will need to complete all required continuing education as well as pay all applicable fees for her license to be reinstated.
There are several essential elements to a deed. Which of the following must be included in a deed?
Legal description
Financing for a real estate transaction can use a note with a ______, a note with a deed of trust, or, in Georgia, a note with a security deed.
Mortgage
Which of the following would disqualify an individual from applying for a broker's license in Georgia?
Not having a high school diploma or GED
Which of these statements is true regarding counter-offers?
Once a counter-offer has been made, the prior offer is cancelled.
The _____ clause in a deed of trust allows the lender to foreclose non-judicially?
Power of sale
Similar to the deed of trust, the security deed contains a clause that allows lenders to foreclose on and sell the property non-judicially if the buyer is in default. What is this clause?
Power-of-sale clause
In Georgia, a real estate license may not be needed in the exchange of business entities of interests as long as______ is/are not part of the transaction.
Real property interests.
Which real estate finance instrument in GA may include the pledging of collateral and the release of that collateral in the same document?
Security deed
Which real estate finance instrument in Georgia may include the pledging of collateral and the release of that collateral in the same document?
Security deed
Business brokerage in Atlanta is hopping, and Azra would like to get into the field. But she doesn't have a real estate license. What are her options?
She can broker transactions that involve business entities themselves and no transfer of real property.
Tagger has made the final payment on his loan according to the loan terms. What must the note holder do to acknowledge that the debt has been repaid?
Sign the note, mark it "Paid in Full," and return it to Tagger.
Forms provided by the Georgia Association of REALTORS® cover all of the following situations EXCEPT ______.
Tenants looking solely for rent-to-own situations.
Per the independent contractor agreement, who owns the photos and brokerage listings if the licensee is the one who secured them?
The broker
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.
There are two parties to the Georgia security deed. Who are they?
The lender and the borrower.
What's required of a licensee who receives trust funds from a client?
The licensee must turn the trust funds over to their broker as soon as practically possible.
When a mortgage is sold, what happens?
The note is endorsed and the mortgage is assigned.
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.
What can be said about a designated agent's duties?
They're the same as a single agent's duties.
Valdosta licensees Ken, Sharon, and Kate dislike a lender in town and agree to direct business away from that lender and discourage their clients from using it. Which Georgia unfair trade practice act does this violate, if any?
This violates the Georgia Uniform Deceptive Trade Practices Act.
Which clause in the sales contract says that all dates in the contract are strictly enforceable?
Time is of the Essence
When a borrower fails to cure any default within 120 days of the lender's original notification, the lender may begin the foreclosure process. In Georgia, borrowers may redeem the property ________________.
Up to five days before the scheduled foreclosure sale.
Barb is a qualifying broker in Georgia. She must ensure that all contracts prepared by her licensees are reviewed ______.
Within 30 days
As a state agency, how is GREC funded?
license fees