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GA REAL ESTATE EXAM PREP / HARD
Terms in this set (102)
you take continuing education?
Every 4 years
In Georgia, which of the following is
a cost or expense of owning a home?
, license fee costs how much?
All of the following, exist in Georgia
. Ad valorem Taxation, Special Assessments, Statutory Right of Redemption, Equitable Right of Redemption
Statutory Right of Redemption
Which of the following statements about a
It is FALSE that
: it requires the Property Manager to work diligently to maximize the Licensee's rate of return.
An item of
cost to repair is more than the value it ads.
. An Associate Broker may perform any real estate brokerage act that requires a license.
. An Associate Broker acts on behalf of a Broker.
The squared or rectangles used in Georgia legal description are:
Does Georgia allow
Tenancy by the Entirety
How many hours of continuing education are required to renew a 4 year real estate
The status provided to a homeowner's principal residence that
protects the home against judgement
, up to a specified amount.
Which of the following is
Covenant of Warranty
Georgia General Warranty Deed
a Covenant of,
To keep a Georgia Sales Associate License, an individual must do all of the following
Take at least ten quarter hours or six semester hours of college courses in real estate.
Based on the ability to accept assignments,
which appraiser has the most latitude
The real estate records in Georgia are maintained by the:
Clerk of Superior Court
To be recorded in Georgia, the deed must be witnessed by:
one official witness and one unofficial witness.
A buyer signs a contract to purchase a commercial building in Savannah. The contract is silent as to who bears the risk of loss proper to closing.
After the contract is signed, but before the closing
, the building burns to the ground.According to Georgia law the.
must bear the risk of loss or damage before the closing.
In Georgia, the Landlord's eviction of a tenant is generally known as:
Real property legal descriptions in Georgia can be based on all of the following
: Land Lots, Township, Georgia Militia Districts, Districts.
Under Georgia law, to claim adverse possession, the claim
Accompanied by a
Claim of Right
Free of Fraud.
The relationship between
Broker and Seller
is generally what type of agency?
is responsible for the implementation of the
Georgia Lead Paint Prevention Act
Georgia Department of Natural resources
In Georgia, the legal document that pledges the property as collateral for repayment of the loan is the:
A community that merges, housing, recreation and commercial units into one self contained development is called a :
The period of time in Georgia in which
Seven (7) years under Color of Title.
Is Georgia a
Community Property State?
Does Georgia have
owed to a client:
Are determined by
Brokerage Relationships in Real Estate Transaction's act
Georgia uses which of the following
theories of mortgage (security deed)
An auctioneer who auctions real estate
a Real Estate Sales Person's or Broker's license and an Auctioneer's license.
A man has been a Georgia licensed Sales Person for four years. When his license is renewed,
he must furnish the commission evidence of completing approved continuing education courses totaling at least how many hours for each year of the renewal period?
6 hours per year or 24 hours total for four years
Under the Georgia Condominium Act, which of the following must be in the Condominium Declaration?
Both the name of the condominium, which must contain the word "condominium".
In Georgia, when a lender wants to
prevent a future purchaser of the property from being able to assume the loan
, what clause does the lender place into the Security Deed?
license fee costs how much?
The states in which the
owner gives up legal title
of mortgaged real estate are known as:
Title Theory States
Which is not necessary for a valid contract?
which of the following form(s) of Co-ownership?
If a landlord has a tenant who has not paid rent and is removing personal belongings from the property, the landlord can file an Affidavit for:
Who is responsible for maintaining a habitable property, and for complying with local housing and building codes?
Georgia Real Estate Commission
may initiate an investigation of an applicant for
Licenseure or a License
By either its own motion or upon written request
In Georgia, the statute of limitations to bring legal action based on a real estate sales contract is:
Which of the following
the concept of equity?
Current market value minus property debt
In Georgia, which legal document
the property as collateral for the lender to receive a return of funds at a foreclosure sale?
A broker is responsible if an
affiliated licensee violates any provisions
of the Georgia Real Estate License Law unless the Broker is able to demonstrate:
That the Broker
did not participate or ratify
For a Salesperson, each of the following is considered an unfair practice under The Georgia License Law,
Indicating a fixed date of expiration in a listing agreement.
A man buys a house in Macon for $264,550. What is the amount of Georgia Real Estate Transfer Tax that must be paid upon filing the deed?
Transfer Tax Formula is $264,550 x .001 = $264.55
The principal method of
delineating property boundaries or legal descriptions
in Georgia is known as the:
Metes and Bounds.
Which type of
is recognized in Georgia?
All of the following agreements must be in writing
Two agents who work for the Realty Company find themselves working on the same transaction, one with the seller as a client, and one with the buyer as the client. In this situation under Georgia's
Brokerage Relationships in Real Estate Transactions Act
defines this as
NOT, Dual Agency.
Under Georgia Law,
disclosure of an
must be made:
at the time the offer is made
Purchase and Sales Agreement,
the responsibility for a satisfactory inspection for termites and other wood-destroying insects rests with:
In Georgia, a Broker is representing a couple who has purchased a lot, and is contemplating the construction of a new home. The Broker should advise them of all of the following
how the couple should take title.
The types of
that a company offers are stated in:
The Company's Policy Manual
The type of
that has a beginning and ending date is the:
Estate For Years
If the tenant were to die during the lease period, which type of
would pass to the tenant's estate?
Estate for Years, and Tenancy from Year to Year
landlord and the tenant
do not specify the rental period, the manner of which the rent is paid creates
this type of occupancy
Estate from Year to Year
When the rent payment is a
fixed amount for the term of the lease
, it is called:
is most often used in:
Which form of
How many acres are in a lot described as E 1/2 of NW 1/4 of SE 1/4?
20 Acres, .......but I don't know how to get that answer
Parole evidence Rule
Will allow oral evidence to explain, but not contradict a written contract
relate to matters involving
fraud, Mistake and Ambiguities
Which is the
form of Obsolescence?
, out of owners control.
What two methods of appraising property are most similar?
Gross Rent Multiplier and Income Approach to Value Method
Which term or terms is/are used with
section 1031 of the Internal Revenue Code?
All of the above.
Peter wants to buy his first house and has a gross monthly income of $3,000. How much payment can he afford?
$3,000 x 28% = $840,
The best appraisal methods to be used to establish the
Current Market Value of a Shopping Center
Someone who engages in the procedure of estimating the real value of
Real Property or Personal property
A contract for a lump sum or scheduled premiums that are paid out.
is defined as:
The percentage of periodic payment that is applied to the reduction of the principal.
that states that the highest property values are realized when
improvements are proportional to one another
and the land in size and shape.
To use the
to appraising, you need the.
Owed or Due
may be technically defined as:
Rights or Interest
which a person has in the thing owned.
Who is the individual who obtains a real estate loan by signing a note and a mortgage?
Which of the following describes a mortgage that uses both real and personal property as security?
A mortgage must include a
power of sale clause
to be foreclosed by:
In many states, by paying the debt after a foreclosure sale, the mortgagor has the right to regain the property. What is that right called?
Statutory right of redemption.
*In a title theory state, the
Mortgagee takes title to the mortgaged property, during the TERM of the mortgage.
A woman qualified to obtain an FHA loan for the purchase of a new home. From
of the following may she obtain this loan?
Federal Housing Administration
in a mortgage requires that the mortgagee execute:
A mortgage loan that requires monthly payments of $1,175.75 of 20 years and a final payment of $25,095 is
The difference between the
on the property is the owner's
Fannie Mae and Ginnie Mac
are both involved in the
can be filed when
a foreclosure does not produce sufficient funds to pay a mortgage debt in full.
When a buyer assumes the mortgage, which of the following is
who assumes a mortgage becomes liable for the debt.
The loan which is
Graduated Payment Mortgage
Which of the following is
Purchase Money Mortgage
The seller finances a portion of the purchase price and places a
on the property.
Who is the
Deed of Trust Security Instrument
used in a
title theory state (Georgia).
Adjustable Rate Mortgages
remain constant over the life of the loan.
A defaulted borrower's
right to redeem property before a foreclosure
is called the
Equitable Right of Redemption
Laws that determine the
maximum interest rate
a lender can charge are called
Which of the following requires that
be stated as an
annual percentage rate?
Truth in Lending Act
An owner negotiated a home equity loan on his property. the owners
right to rescind this agreement within 3 days
is provided by.
Which of the following parties must sign the note and the mortgage?
Mortgagor and Promissor
A construction loan is an example of
The federal act that prohibits a
from discriminating based on race, color, religion, national origin, sex, marital status, age, or source of income is the
Equal Credit Opportunity Act
A veteran is negotiating a GI Loan.
will use a
Certificate of Reasonable Value
The act of
to the lender without giving up possession rights is called:
Which federal law requires a loan originator to
provide a potential borrower with a loan estimate within three days of application?
TILA-RESPA INTEGRATED DISCLOSURE RULE
A correct radio add for lake properties......
TILA or Truth in Lending Act.
Which of the following constitutes an
unfair trade practice
a real estate salesperson gives a client an appraisal opinion of the clients cabin.
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