GA Real Estate Reciprocity - State Portion Only Flashcards

GA Real Estate Reciprocity - State Portion Only Flashcards Buyer Allen's brokerage agreement with Atlanta licensee, Maria, states that he must pay an $800 non-refundable retainer fee that will be deducted from her 2.5% commission at closing. Allen buys a FSBO property for $100,000 and the seller won't pay the commission. Since Allen has already paid the retainer, how much will be responsible for paying Maria at closing?

$1,700

Which of the following is true about the Georgia Fair Housing Law?It essentially mirrors the federal Fair Housing Act.It mirrors the federal Fair Housing Act. Because it's essentially the same, it's neither stricter nor more lenient than the federal equivalent.What occurs after an investigation if the Georgia attorney general finds reason for disciplinary action?Notification that the licensee is to appear at a hearing. A hearing notice will be sent to the licensee being investigated for the violation and the licensee's broker.Savannah licensee Andrei wants to make certain to stay on the right side of Georgia's fair housing laws. Which of these is a good option for him?Ask his broker to review his client qualification process.Andrei should ask his broker to review his client qualification process to help him make sure he's not inadvertently discriminating against anyone.All business that a licensee of a brokerage firm conducts must be in ______.The brokerage's name as it appears on the license Describe the organization of the commission: 1 member of the public, and 5 brokers who have at least 5 consecutive years of real estate experience may be appointed to serve on the commission.Which of the following could be a valid deed? A written document containing all of the required elements and adhering to all document formatting requirements. As required by the statute of frauds, every deed must be in writing and must contain all required elements and formatting requirements.What is the minimal requirement for an individual applying for a broker's license in Georgia?A high school diploma or GED Which of these would fulfill the educational requirement for a Georgia community association manager (CAM) license?Complete a 25-hour Community Association Manager pre-licensing course. Completing the 25-hour Community Association Manager pre-licensing program would fulfill the educational requirement for the CAM license.Broker engagement agreements must include all parties' signatures. Anyone who signs the agreement must receive a photocopy. What else is required?A definitive end date to the brokerage engagement agreement An exclusive brokerage engagement agreement must have a definite expiration date. Open-ended exclusive agreements and automatic renewal clauses are both prohibited.Which of these is NOT a reason that the Georgia governor might remove a commission member from GREC?Failure to pay renewal fees. The governor may remove a member from GREC for negligence, dishonesty,

incompetence, inability to perform, and disciplinary sanctions from any licensing agency.

Jackson, a broker, regularly places his client's trust funds in the brokerage firm's business checking account and keeps a clean record of the deposit and the disbursement of the funds. What's the problem with this approach?Jackson is commingling funds, which is a violation of Georgia license law.What may represent an exemption from Georgia fair housing laws?Owning a four-plex. Living in one unit and renting out the others.Paula provided her seller client, Amy, with a property disclosure form. Amy didn't claim any known structural or mechanical defects. One of the visitors at Paula's open house was a plumbing contractor who had repaired some pipes in the house and knew there was a major underlying problem. He was very upset that the issue wasn't disclosed. Is Paula legally liable for providing fraudulent information?No, licensees are not responsible for providing false information if they didn't know it was false. Brokers can't be held responsible for false information if they didn't know the information was false.Which of the following is true about the sales contract form in Georgia?In Georgia, the sales contract form used is based on the type of real estate sales transaction.Which clause in the deed of trust and Georgia's security deed is the equivalent of the defeasance clause in the mortgage?Reconveyance With a security deed in Georgia, how may a lender release the deed when the loan is paid off?Sign the security deed verifying release of the collateral and re-recording the security deed.Andrea's lender has notified her of its intent to foreclose.Her loan is secured with a security deed. What rights does she have to redeem her property?Andrea can cure the default and reinstate the loan. The security deed gives Andrea the right to cure the default and reinstate the loan, but no rights of redemption after the sale In Georgia, what kind of contract doesn't have to be in writing to be enforceable?A lease that is for one year or less Which real estate finance instrument in Georgia may include the pledging of collateral and the release of that collateral in the same document?Security deed In Georgia, which of the following closing costs is usually paid by the seller?Transfer tax In Georgia, the three types of finance instruments that can be used when financing a real estate purchase are the note with mortgage, note with deed of trust, and note with

______.

Security Deed, The security deed is the primary security instrument used in Georgia.In Georgia, after the commissioner reviews an investigator's report on a complaint, the commissioner may take one of several actions. Which of these is NOT an option?Impose sanctions against the licensee. The commissioner won't impose sanctions against the licensee at this point in the investigation and hearing process.What kind of action would be a violation of unfair trade practices law?Misrepresenting the facts about the reasons for a price decrease. Unfair trade practices are those using deceptive, fraudulent, or unethical means to obtain business.In Georgia, what must be filed for the eviction process to begin?An affidavit. The eviction process is handled by the court, and it begins when a landlord files an affidavit.

(True/False) A person who receives a $500 gift certificate for performing real estate activities on a friend's behalf must have a real estate license.True - With limited exceptions, a license is required for someone to receive compensation of any kind, including a gift card, for performing real estate activities for others.What does BRRETA outline as a buyer broker's responsibility?Disclose adverse facts related to the buyer's financial ability to meet the contract terms.What's the transfer tax on a Georgia home sold for $215,000 with a mortgage loan of $180,000?$215 - 1% of sales price What makes a binder a valid contract?It's in writing, signed by all parties, and communicated to the offeror.GAFLA targets predatory lending by prohibiting which of the following?Excessive late fees and financing of credit insurance GAFLA provisions prohibit excessive late fees and financing of credit insurance or debt cancellation charges.The act does not address origination fees, discount points, or fair housing issues.The document that describes the loan amount and the terms for repaying and is attached to a security instrument is called the ______.Promissory note, which is a borrower's contractual promise to repay the lender. The mortgage and the deed of trust are security instruments that are attached to a promissory note Genevieve, an unlicensed pre-licensing student, works for Peachtree Real Estate as an office assistant. She's very good at networking and bringing in new clientele. She receives a salary as a full-time employee of the firm. The qualifying broker wants to reward Genevieve for her commitment to the firm and for drumming up great business. What do we know about this situation?If the broker compensated Genevieve for her referrals to the firm, he would be in violation of the unfair trade practices law because he would be paying an unlicensed individual for referrals, which is prohibited in statute 43-40-25 of Georgia license law. According to Georgia statute 43-40-25, paying unlicensed individuals for referrals is an unfair practice related to compensation.What must Georgia associate brokers do in order to work independently as brokers?Disassociate with their broker and inform GREC of their decision. Georgia associate brokers already have all the same required training and licensure as brokers do, so in order to work independently, they need only disassociate with their broker and inform GREC of their decision.Which of these is true regarding the Georgia Real Estate Commission's licensing power?It may grant or revoke a firm's license. GREC may grant, sanction, suspend, revoke, or deny both individual and firm licenses.Why is the recording of a deed so vital? It protects new owners from former sellers claiming they still own the property. Acknowledgment and recording of a deed are vital in protecting new owners from former sellers claiming they still own the property.What requirements must salespersons in Georgia complete within the first year of licensure?New licensees must complete a 25-hour post-licensing course within one year of issuance of their license. An additional 27 hours of CE is required before the end of the first four-year renewal period, which must include a three-hour, GREC-approved Georgia license law course.When is dual agency allowed in Georgia?With both parties' consent. Dual agency is allowed in Georgia if both parties consent in advance.Georgia's license law allows ______ the opportunity to practice real estate in Georgia while residing in another