GA REAL ESTATE FINAL EXAM Flashcards

GA REAL ESTATE FINAL EXAM Flashcards Federal law, implemented as Regulation X, dealing with real estate closings that provides specific procedures and guidelines for the disclosure of settlement costs.Real Estate Settlement Procedures Act (RESPA) Under what conditions might a licensed salesperson in Georgia hold an active license with more than one Georgia broker?By signed agreement between the two Georgia brokersWith the written permission of the Georgia Real Estate CommissionerIf the salesperson is not a full-time affiliateUnder no conditions Under no conditions If the Real Estate Commission votes to revoke a license,

Georgia law gives the licensee the right to:Bring the case

before the Real Estate Commissioner incorrect!Appeal to the courtsHave the Secretary of State interplead on the licensee's behalfPay damages in lieu of surrendering the license Appeal to the courts A buyer pays $185,000 for a house using a maximum FHA loan. How much intangible tax would be due on this transaction?$185$535.50$555$542.40 $535.50$185,000 x 96.5% = $178,525(rounding down to the nearest 100 dollar amount)--$178,500 divided by 500 = $357 --$357 x 1.50 = $535.50.Which of the following penalties would the real estate commission NOT have authority to impose on a person found to be practicing real estate activities without a license?-$ 1,000 fine-Additional fines for each day that the unauthorized person ignores the cease and desist order-A six-month jail term-An order for the individual to "cease and desist" the unauthorized activity Impose a Jail term.The Georgia Real Estate Commission has no authority to impose jail terms; it may issue a cease and desist order, assess an initial fine up to $1,000, and then impose an additional daily fine if the cease and desist order is ignore To receive a broker's license in Georgia, an applicant

must:o receive a broker's license in Georgia, an applicant

must:Successfully complete 75 hours of state-approved

real estate coursesBe at least 20 years of ageHave held an active real estate license for two years incorrect!Present an acceptable GCIC report to the Commission correct!Acceptable GCICTo receive a broker's license in Georgia, one must be actively engaged in real estate for three years, complete a 60-hour prelicense course, and pass a GCIC background check.Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) A federal law enacted by Congress in 1980 to create a tax on the chemical and petroleum industries and provided broad authority to respond directly to releases or threatened releases of hazardous substances that may endanger public health or the environment. Also known as Superfund.A homebuyer is assuming the seller's hazard insurance policy of $650, which was paid in advance for one year beginning on February 15. If the closing of the sale occurs on December 31 of the same year, how much of the

prorated policy would the buyer owe the seller? Use the exact number of days in a month to count prorated days and a normal calendar year.$80.14$568.08$83.70$81.91 $80.14 The buyer will owe the seller for prorated days beginning on January 1 through the ending day of the policy on February 14, for a total of 45 days. So, the policy ($650) is divided by 365 to equal $1.7808 per day x 45 for

a total of $80.14 owed by the buyer to the seller.A Georgia resident dies without a will and is survived by his wife and four children. The couple has community property worth $250,000 and the husband has a separate estate of $300,000. How will this estate be distributed?Divided by intestate succession. As Georgia does not recognize community property law, the estate will be distributed by the laws of descent and distribution under intestate succession.A real estate salesperson wants to sell investment property that he owns but decides not to use his broker's name in advertising the property. Under these circumstances, what would be true?-The salesperson may deposit any earnest money received in his personal bank account-The salesperson must have the written consent of his employing broker and must also disclose that he is a licensed real estate salesperson-The salesperson need only inform his employing broker in writing of his plans-The salesperson must list the home with a broker if a licensee wants to sell personal property without using the employing broker's name in advertising the property, the licensee must receive written permission from the broker as well as disclose his or her real estate license status in any advertising. The salesperson, though, is not under any obligation to list the home with any broker.If a broker submits a contract to a lender that is different

from the binding agreement signed by the buyer and seller:

his type of situation involves mortgage fraud; the broke A Georgia real estate company hires an office manager to run one of the branch offices. The office manager's duties include downloading information from agent listings to the local MLS, supervising clerical personnel, and making sure agents adhere to office policy in filling out their independent contractor compensation forms. In these capacities, the

office manager:-Only needs a salesperson's license-Must

have a broker's license-Would need no real estate license-Violates Georgia license law The office manager is performing ministerial, non-real estate activities and, therefore, is exempt from licensing requirements.Homestead Exemptionrefers to a property tax reduction available to a homeowner/occupant who files for the deduction within the tax jurisdiction's specified time limit.A real estate license is necessary for persons involved in which of the following business activities?-Someone who owns and personally manages a 10-unit apartment complex-A woman who has power of attorney to negotiate the sale of her brother's home-The director of the local MLS-An individual who, for compensation or the promise of compensation, assists in the buying, selling, leasing, exchange, or auctioning of real property Georgia law requires a real estate license for any situation where persons are engaged in real estate activity for compensation or the promise of compensation. Exempt from licensing requirements are owners who manage their own properties. Personnel who manage or work for multiple listing services, or individuals who have written authority to negotiate the sale of a relative's property.Round Table ClosingA closing conducted with all parties present. Also called a Face-to-Face Closing.A property owner asks a licensed salesperson to find someone to lease his home. Interviewing potential tenants, the licensee would NOT be in violation of Fair Housing laws if he refused to rent to which of the following?A pregnant

single womanTwo college studentsA person infected with the AIDS virusA nonresident couple from China Two college students.Handicapped/disabled, familial status, and national origin are all protected classes under Fair Housing laws. College students are not.