GA REAL ESTATE EXAM PREP HARD Flashcards

GA REAL ESTATE EXAM PREP / HARD Flashcards All of the following, exist in GeorgiaEXCEPT. Ad valorem Taxation, Special Assessments, Statutory Right of Redemption, Equitable Right of Redemption Statutory Right of Redemption

APercentage Leaseis most often used in:Shopping Centers

In Georgia, the Landlord's eviction of a tenant is generally

known as:

aDISPOSSESSION.Which of the following describes a mortgage that uses both real and personal property as security?Package Mortgage The act ofPledging Propertyto the lender without giving up

possession rights is called:

Hypothecation The states in which theowner gives up legal titleof

mortgaged real estate are known as:

Title Theory States 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".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 types ofAgency Relationshipsthat a company offers

are stated in:

The Company's Policy Manual The loan which isMost Likelyto createnegative amortizationis the Graduated Payment Mortgage To use theCapitalization Approachto appraising, you need the.Net Income Which is theleast curableform of Obsolescence? Economic Obsolescence, out of owners control.What two methods of appraising property are most similar?Gross Rent Multiplier and Income Approach to Value Method 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 followingEXCEPT how the couple should take title.Under Georgia law, to claim adverse possession, the

claimMustbe:

Must be,Accompanied by aClaim of RightandFree of Fraud.Which of the following requires thatfinance chargesbe stated as anannual percentage rate?Truth in Lending Act Which of the following parties must sign the note and the mortgage?Mortgagor and Promissor To keep a Georgia Sales Associate License, an individual

must do all of the followingEXCEPT:

EXCEPTTake at least ten quarter hours or six semester hours of college courses in real estate.Which form ofownershipinvolves aProprietary Lease?Co-operative 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'sBrokerage Relationships in

Real Estate Transactions Act(BRRETA):

BRRETAdefines this asDesignated AgencyNOT, Dual Agency.

A woman qualified to obtain an FHA loan for the purchase of a new home. Fromwhichof the following may she obtain this loan?A qualifiedFederal Housing Administrationmortgagee.Georgia law,ALLOWSwhich of the following form(s) of Co-ownership?Community Property The squared or rectangles used in Georgia legal

description are:

Land LotsandDistricts.Amortization Rateis defined as:The percentage of periodic payment that is applied to the reduction of the principal.Which federal law requires a loan originator toprovide a potential borrower with a loan estimate within three days of application?

TILA-RESPA INTEGRATED DISCLOSURE RULE

TheGeorgia Real Estate Commissionmay initiate an investigation of an applicant forLicenseure or a License By either its own motion or upon written request.An amountOwed or DueDebit *In a title theory state, theMortgagee takes title to the mortgaged property, during the TERM of the mortgage.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.BUYERmust bear the risk of loss or damage before the closing.A community that merges, housing, recreation and commercial units into one self contained development is

called a :

pud.Is Georgia aCommunity Property State?No 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?

• hours per year or 24 hours total for four years

ASalespersonlicense fee costs how much?$170 In Georgia,Broker Dutiesowed to a client: Are determined byBRRETAorBrokerage Relationships in Real Estate Transaction's act A broker is responsible if anaffiliated licensee violates any provisionsof the Georgia Real Estate License Law unless

the Broker is able to demonstrate:

That the Brokerdid not participate or ratifythe violation.Which type ofagencyis recognized in Georgia? Designated Agency The type oftenancythat has a beginning and ending date is

the:

Estate For Years OnAdjustable Rate Mortgagesthe,marginwill remain constant over the life of the loan.For a Salesperson, each of the following is considered an unfair practice under The Georgia License Law,EXCEPT EXCEPTIndicating a fixed date of expiration in a listing agreement.Which term or terms is/are used withsection 1031 of the Internal Revenue Code?All of the above.

Under Georgia Law,WRITTENdisclosure of anAgency

Relationshipmust be made:

WRITTENdisclosure happens,at the time the offer is made When the rent payment is afixed amount for the term of the

lease, it is called:

AGross Lease.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 How oftenmustyou take continuing education? Every 4 years.

AnAppraiseris:Someone who engages in the procedure of estimating the

real value ofReal Property or Personal property 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.The difference between themarket valueand anylienson the property is the owner's Return In Georgia, the statute of limitations to bring legal action

based on a real estate sales contract is:

• years

What isHomestead Protection?The status provided to a homeowner's principal residence thatprotects the home against judgement, up to a specified amount.In Georgia, which of the following isNOTa cost or expense of owning a home?Taxes onpersonal property.Which is not necessary for a valid contract? due Date To be recorded in Georgia, the deed must be witnessed by:one official witness and one unofficial witness.TheParole evidence RuleWill allow oral evidence to explain, but not contradict a written contractANDDoesnotrelate to matters involvingfraud, Mistake and Ambiguities A veteran is negotiating a GI Loan.The appraiserwill use aCertificate of Reasonable Value 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, Who is responsible for maintaining a habitable property, and for complying with local housing and building codes?Lessor How many hours of continuing education are required to renew a 4 year real estateSalespersons, license?24 Which of the following isNOT, aCovenant of Warrantyin aGeorgia General Warranty Deed?NOTa Covenant of,Further Assurance.In Georgia, which legal documentpledgesthe property as collateral for the lender to receive a return of funds at a foreclosure sale?Security Deed The federal act that prohibits alenderfrom discriminating based on race, color, religion, national origin, sex, marital status, age, or source of income is the Equal Credit Opportunity Act Which of the following statements about aManagement AgreementisFALSE?

It is FALSE that: it requires the Property Manager to work

diligently to maximize the Licensee's rate of return.Who is theBeneficiaryin theDeed of Trust Security Instrumentused in atitle theory state (Georgia).Lender