GA Real Estate PSI Exam Flashcards

GA Real Estate PSI Exam Flashcards Title insurance has allowed for more accessible loans for your buyers. This is because it reduces the risk of loss due to title defects Which methods for requesting the investigation of a complain is most effective?Filing a sworn written complain with GREC The seller has required that the buyer must use his title insurance company. The seller has been told that if the buyer uses the title company, they will pay part of his real estate commissions, increasing his net proceeds from the sale. Is this a legally permissible arrangement?This is illegal according to RESPA A person acquires an option to purchase a parcel of another's person's land. Which of the following statements is correct?The terms and conditions of the sale must be stated if the option is a valid contract A city has rules requiring that a four-unit apartment building MUST be on a lot of at least 15,000 sq ft and provide a MINIMUM of two off-street parking spaces per unit. These rules are examples of eminent domain "river" rights, or the more narrow, closed bodies of water.The Buyer is the one who assumes the mortgage from the Seller, and the lender should be notified as soon as possible, because the lender must approve this, and the buyer must be qualified to do so.An owner signed a contract to sell an apartment building.Just before closing, the owner informed the buyer that she had changed her mind and would NOT sell the property. A lawsuit filed by the buyers would be for Specific Performance "I hear they're moving in...) is an example of Blockbusting, which is unethically inducing sellers to sell their homes.Steering is unethically persuading your buyers to consider certain neighborhoods.Redlining is illegal practice by the bank to not lend to certain demographics by drawing "redlines" throughout the map on which areas they won't serve.The primary role of a salesperson at closing is to represent their broker, and the broker's client. This means doing things like reviewing closing disclosures with the client, collecting keys and yard signs (if working with seller), or doing final walkthroughs and arranging to get keys from the listing agent (if working with buyers).When a sales contract is signed by both parties what time of title is given to the vendee?Equitable title Which of the following substances is a colorless, tasteless, and odorless radioactive gas?Radon Which of the following differentiates a bilateral contract from a unilateral contract?Performance obligations of the parties involved A seller pays 2 discount points when selling a house to a buyer with an FHA mortgage loan. Who receives this money?

FHA

A real estate contract such as a contract for deed, a sales contract, and a lease contract are examples of Bilateral contracts A client is considering listing an industrially zoned 10-acre site. It has been vacant for several years and was formerly used as an automobile junkyard. What would you recommend the seller consider obtaining prior to putting the property on the market?An environmental site assessment What amount of earnest money, if any, must a buyer deposit with an offer to purchase to make the purchase agreement enforceable?An earnest money deposit is not required in any real estate transaction Risk of negative amortization is associated with ______ mortgages.Adjustable rate Seller provides disclosures in a Seller Property Disclosure statement.ONLY the Seller fills this out...the agent never should, because liability can fall back on you if something is inaccurate.Mary knew that her marriage was on shaky ground when she bought a house in her own name. She was hoping to save the relationship, so she wrote a quitclaim deed conveying the property from herself to herself and her husband as joint tenants, NOT as tenants in common with full rights to survivorship. She told her husband she had done this, but this deed was NOT recorded. When Mary and her husband finally divorced, the deed disappeared. In a state, which is NOT a community property or curtesy state, does the ex have a claim to the property?As he did not sign the original conveyance as granted, it was not a legal deed Which of the following types of deeds provides the purchaser of real estate the GREATEST protection general warranty deed In what type of lease does a tenant pay a fixed amount, and the landlord pays expenses?Gross lease What does the mortgage lender most often rely on when deciding how much is safe to lend on a parcel of real estate?Appraisal report Contract with an intoxicated person-VOIDABLE by the intoxicated person only. Otherwise, it's valid An owner who lives out of state contacts a licensee who is in the state where the owner's property is located. The owner hires the licensee to sell the property for $150,000.The licensee realizes that the land is in the area that has recently been rezoned for a higher use. He tells the owner he will purchase the property himself. He does so, and, 3 weeks later, sells the same property for $175,000. Which of the following statements about this situation is correct?The licensee can legally purchase the property only after informing the owner of the zoning change and how it will affect the property When a landowner uses his land as security for a loan the encumbrances created is called A mortgage or deed of trust lien

A listing has expired with one firm. A licensee from another firm wants to contact the owner to list the property. The licensee may call the owner only if the Licensee gets written approval from his responsible broker

Time is of the essence:As soon as possible

Female seeking female is permissible "if" it's a shared housing living arrangement, despite it being otherwise discriminatory according to Federal Fair Housing laws.Seller is interested in providing financing to the buyer of her home, but she wants to retain title until the loan balance is paid off. Which of the following would be the BEST loan option?Subordination of deeds Which of the following in an advertisement would be an example of non-discriminatory language under HUD's fair housing guidelines?female seeking female roomate A tenant has an option to purchase leased property. The price that the tenant will pay for the property is determined

by the:

property's market value at the time of exercising the option Which of the following is applicable to housing for persons with disabilities?Newly constructed residential structures of 4 unites or more must have wheelchair A broker has listed a property for $225,000. AN offer of $210,000 contingent upon inspection comes in the first week and the seller accepts it. Another offer of $205,000 comes in the second week. The seller accepts it as a secondary offer contingent upon the termination of the first offer. The first offeror demands the seller spends $5,000 in repairs before going through with the purchase. The seller may do all of the following EXCEPT...Ignore the demand and sell the property to the second offeror Which of the following analyses must be prepared by a certified appraiser?A property valuation report supporting a federally-related loan application Which of the following will NOT be considered relevant if HUD investigates a prospective home buyer's allegation of discrimination by a licensee in a brokerage office?Whether the licensee believed she was acting in the best interest of the prospective buyer A property was listed with a broker, but the owners advertising the property found a buyer and negotiated the sale themselves. After the closing, the owners paid a full commission to the broker. The broker MUST have had an Exclusive right to sell In order to obtain a favorable judgement a complaint in a discrimination case under the Federal Fair Housing Act

must prove:

that discrimination occurred and was not provoked Can I prepare a 6 month lease without an attorney, can I consult with my broker?No, you may not, only an attorney can A licensee must provide disclosure of licensed status when

acting as a principal if:

The licensee has any economic interest in the property A specific lien is one that covers a specific property or piece of real estate. A general lien can cover everything a

person owns (like when you are sued). An involuntary lien is one put on the property for statutory reasons (like a tax lien or a mechanic's lien for nonpayment...these are examples of involuntary specific liens). A voluntary lien is one that you voluntarily put on your property (such as when a person takes out a 2nd mortgage on their home. This is a voluntary, specific lien).Contracts need to be kept on file for a minimum of ______ years, in case an investigation arises where the broker has