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GA REAL ESTATE EXAM
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Which of the following statements about a Management Agreement is FALSE? - Correct Answer-It is FALSE that: it requires the Property Manager to work diligently to maximize the Licensee's rate of return. An item of Functional Obsolescence is considered incurable if the: - Correct Answer- cost to repair is more than the value it ads. What is TRUE about an Associate Broker in Georgia? - Correct Answer-Both A&B: A. An Associate Broker may perform any real estate brokerage act that requires a license. B. An Associate Broker acts on behalf of a Broker. How often must you take continuing education? - Correct Answer-Every 4 years. In Georgia, which of the following is NOT a cost or expense of owning a home? - Correct Answer-Taxes on personal property. A Broker's, license fee costs how much? - Correct Answer-$170 All of the following, exist in Georgia EXCEPT. Ad valorem Taxation, Special Assessments, Statutory Right of Redemption, Equitable Right of Redemption - Correct Answer-Statutory Right of Redemption The squared or rectangles used in Georgia legal description are: - Correct Answer- Land Lots and Districts. Does Georgia allow Joint Tenancy or Tenancy by the Entirety? - Correct Answer- Georgia allows Joint Tenancy. How many hours of continuing education are required to renew a 4 year real estate Salespersons, license? - Correct Answer- 24 What is Homestead Protection? - Correct Answer-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 NOT, a Covenant of Warranty in a Georgia General Warranty Deed? - Correct Answer-NOT a Covenant of, Further Assurance. To keep a Georgia Sales Associate License, an individual must do all of the following EXCEPT: - Correct Answer-EXCEPT 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? - Correct Answer-Certified General The real estate records in Georgia are maintained by the: - Correct Answer-Clerk of Superior Court To be recorded in Georgia, the deed must be witnessed by: - Correct Answer-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. - Correct Answer-BUYER must bear the risk of loss or damage before the closing. In Georgia, the Landlord's eviction of a tenant is generally known as: - Correct Answer-a DISPOSSESSION. Real property legal descriptions in Georgia can be based on all of the following EXCEPT: Land Lots, Township, Georgia Militia Districts, Districts. - Correct Answer- EXCEPT, Township. Under Georgia law, to claim adverse possession, the claim Must be: - Correct Answer-Must be, Accompanied by a Claim of Right and Free of Fraud. The relationship between Broker and Seller is generally what type of agency? - Correct Answer-Special. Which State Agency is responsible for the implementation of the Georgia Lead Paint Prevention Act of 1994? - Correct Answer-Georgia Department of Natural resources. In Georgia, the legal document that pledges the property as collateral for repayment of the loan is the: - Correct Answer-Security Deed. A community that merges, housing, recreation and commercial units into one self contained development is called a : - Correct Answer-pud. The period of time in Georgia in which Adverse Possession ripens is: - Correct Answer-Seven (7) years under Color of Title.
In Georgia, the statute of limitations to bring legal action based on a real estate sales contract is: - Correct Answer-6 years Which of the following BEST EXPRESSES the concept of equity? - Correct Answer- Current market value minus property debt In Georgia, which legal document pledges the property as collateral for the lender to receive a return of funds at a foreclosure sale? - Correct Answer-Security Deed 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: - Correct Answer- That the Broker did not participate or ratify the violation. For a Salesperson, each of the following is considered an unfair practice under The Georgia License Law, EXCEPT - Correct Answer-EXCEPT 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? - Correct Answer-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: - Correct Answer-system of Metes and Bounds. Which type of agency is recognized in Georgia? - Correct Answer-Designated Agency All of the following agreements must be in writing EXCEPT - Correct Answer-an OPEN LISTING 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 (BRRETA): - Correct Answer-BRRETA defines this as Designated Agency NOT, Dual Agency. Under Georgia Law, WRITTEN disclosure of an Agency Relationship must be made:
- Correct Answer-WRITTEN disclosure happens, at the time the offer is made In the Purchase and Sales Agreement, the responsibility for a satisfactory inspection for termites and other wood-destroying insects rests with: - Correct Answer-the Buyer 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 EXCEPT - Correct Answer-how the couple should take title.
The types of Agency Relationships that a company offers are stated in: - Correct Answer-The Company's Policy Manual The type of tenancy that has a beginning and ending date is the: - Correct Answer- Estate For Years If the tenant were to die during the lease period, which type of leasehold would pass to the tenant's estate? - Correct Answer-BOTH Estate for Years, and Tenancy from Year to Year If the landlord and the tenant do not specify the rental period, the manner of which the rent is paid creates this type of occupancy. - Correct Answer-Estate from Year to Year When the rent payment is a fixed amount for the term of the lease, it is called: - Correct Answer-A Gross Lease. A Percentage Lease is most often used in: - Correct Answer-Shopping Centers Which form of ownership involves a Proprietary Lease? - Correct Answer-Co- operative How many acres are in a lot described as E 1/2 of NW 1/4 of SE 1/4? - Correct Answer- 20 Acres, .......but I don't know how to get that answer The Parole evidence Rule - Correct Answer-Will allow oral evidence to explain, but not contradict a written contract AND Does not relate to matters involving fraud, Mistake and Ambiguities Which is the least curable form of Obsolescence? - Correct Answer-Economic Obsolescence, out of owners control. What two methods of appraising property are most similar? - Correct Answer-Gross Rent Multiplier and Income Approach to Value Method Which term or terms is/are used with section 1031 of the Internal Revenue Code? - Correct Answer-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? - Correct Answer-$3,000 x 28% = $840, The best appraisal methods to be used to establish the Current Market Value of a Shopping Center would be? - Correct Answer-Cost Income method. An Appraiser is: - Correct Answer-Someone who engages in the procedure of estimating the real value of Real Property or Personal property
The difference between the market value and any liens on the property is the owner's - Correct Answer-Return Fannie Mae and Ginnie Mac - Correct Answer-are both involved in the Secondary Market. A Deficiency Judgement can be filed when - Correct Answer-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 TRUE - Correct Answer-The Buyer who assumes a mortgage becomes liable for the debt. The loan which is Most Likely to create negative amortization is the - Correct Answer-Graduated Payment Mortgage Which of the following is True regarding a Purchase Money Mortgage? - Correct Answer-The seller finances a portion of the purchase price and places a junior lien on the property. A veteran is negotiating a GI Loan. The appraiser will use a - Correct Answer- Certificate of Reasonable Value The act of Pledging Property to the lender without giving up possession rights is called: - Correct Answer-Hypothecation Which federal law requires a loan originator to provide a potential borrower with a loan estimate within three days of application? - Correct Answer-TILA-RESPA INTEGRATED DISCLOSURE RULE A correct radio add for lake properties...... - Correct Answer-TILA or Truth in Lending Act. Which of the following constitutes an unfair trade practice in Georgia? - Correct Answer-a real estate salesperson gives a client an appraisal opinion of the clients cabin. Who is the Beneficiary in the Deed of Trust Security Instrument used in a title theory state (Georgia). - Correct Answer-Lender On Adjustable Rate Mortgages the, margin will - Correct Answer-remain constant over the life of the loan. A defaulted borrower's right to redeem property before a foreclosure is called the - Correct Answer-Equitable Right of Redemption Laws that determine the maximum interest rate a lender can charge are called - Correct Answer-usury laws
Which of the following requires that finance charges be stated as an annual percentage rate? - Correct Answer-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. - Correct Answer-Regulation Z Which of the following parties must sign the note and the mortgage? - Correct Answer- Mortgagor and Promissor A construction loan is an example of - Correct Answer-a Nonamortized Loan The federal act that prohibits a lender from discriminating based on race, color, religion, national origin, sex, marital status, age, or source of income is the - Correct Answer-Equal Credit Opportunity Act
