state exam
How many hours of post-licensing education and continuing education must a licensee complete after license issuance, and before the four-year license renewal?
61
In a deed of trust, who is the trustee?
A neutral third party
Clara has been called to be an official witness to a deed signing. Who is Clara?
A notary public
Eduardo works in Fayetteville as a broker. How does Georgia license law define his status?
A person who, for a commission or other valuable consideration, performs specific real estate-related acts for another person
What is a binder?
A written outline of the sales transaction
Albert wants to sell his house to his cousin, who's willing to assume his FHA loan. What clause in Albert's mortgage requires him to obtain the lender's permission to do this?
Alienation Clause
GREC may deny a license application for several reasons. Which of the following would likely NOT be a reason for an application denial?
An associate broker applicant was convicted of theft in high school 15 years ago.
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
Who's the mortgagor in a mortgage?
Borrower
Which of the following written statements is required in a dual agency disclosure in Georgia?
Confidential information won't be provided to the opposite part
Phil is a Georgia qualifying broker. He may do all of the following activities EXCEPT ______.
Delegate trust account supervision to his assistant
What does BRRETA outline as a buyer broker's responsibility?
Disclose adverse facts related to the buyer's financial ability to meet the contract terms.
What is true about seller disclosure in Georgia?
Disclosure is required even if the seller opts out of using the disclosure form.
GAFLA prohibits which of the following?
Financing of credit insurance
Of the following, what is the main distinguishing feature between a mortgage, a deed of trust, and Georgia's security deed?
Foreclosure process
How's the Georgia intangible tax computed?
It's based on the amount borrowed, and is $1.50 per each $500 or fractional part thereof, with a maximum of $25,000.
What provisions are standard when any security instrument is used but are included in the promissory note rather than the security instrument?
Late charge
Which of the following actions is a violation of unfair trade practices law?
Misrepresenting the facts about the reasons for a price decrease
Karen and Joe are purchasing a six-unit apartment complex for $450,000. The loan is secured by the property being purchased. Is this purchase subject to GRMFA provisions?
No, because of the number of units.
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
includes tasks that should be done regularly before problems develop
Preventive maintenance
What option does a Georgia licensee have when a notice for a hearing has been received?
Reach a settlement with the commission, halting the hearing process.
Which of the following scenarios is an example of corrective maintenance that may be overseen by a property manager?
Replacing a section of roof after a leak
Buyer duties outlined in BRRETA include ______.
Responding to broker communications in a timely fashion
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
Charlene signed a lease and is getting ready to pay her security deposit. Which of the following statements is true about security deposits in Georgia?
Security deposits are typically equal to one month's rent.
Which parties must be identified on the promissory note?
The borrower and the lender
How does Georgia license law define real estate?
The land and all those items that are attached to it, such as improvements on, above, or below the ground
One difference between a judicial foreclosure and a non-judicial foreclosure is that with a non-judicial foreclosure, ______.
There is no statutory right of redemption
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?
Transfer of Rights in Proeperty
What do unfair trade practice laws in Georgia prohibit?
Unfair and deceptive business acts or practices
is an activity tat occurs after a problem or defect exists
correct maintenance
Who holds the promissory note while it's being repaid?
the obligee
Which Georgia agency houses the Fair Housing Division?
Georgia Commission on Equal Opportunity
Genevieve has just passed her broker's exam and completed the requirements for licensure. She wants to operate under her own name in Georgia. What must happen first?
She must receive her license and post it on her office wall.
With a security deed in Georgia, how may a lender release the deed when the loan is paid off?
Sign the security deed verifying release of the collateral and re-recording the security deed.
Valdosta licensee Sonya represents a buyer, Damon, an African American who wants to purchase a home in a neighborhood where his children will only play with children of his race. Which of the following is Sonya's responsibility?
Sonya should show Damon properties in specific areas he requests, but she should refrain from commenting on the ethnic composition of the neighborhoods.
Forms provided by the Georgia Association of REALTORS® cover all of the following situations EXCEPT ______.
Tenants looking solely for rent-to-own situations
How does Georgia license law define the commission?
The authority that regulates license law in georiga
