Georgia Candidate Handbook-Real Estate Examination Program

Georgia Candidate Handbook-Real Estate Examination Program Flashcards

• Which of the following statements BEST identifies the

meaning of the term, "rescission of a contract"?1. A ratification of a contract by all parties.2. A return of all parties to their condition before the contract was executed3. A transfer or assignment of a particular responsibility from one of the parties to another.4. A review of the contract by the legal counsel of either party that may result in a cancellation without penalty or further obligation.

• A return of all parties to their condition before the

contract was executed

• Which of the following single-family residences would

get the MOST accurate appraisal by applying the reproduction cost approach to value?1. A rental property.2.A vacant property.3. A new property.4. An historic property

• An historic property

Scheduling an examination appointmentYou may schedule an exam by one of the following

methods:1. Online Scheduling. You may schedule an

examination appointment online at any time by using our Online Application/Scheduling service at

http://schedule.psiexams.com. To use this service on our

website, follow these easy steps: Go to

http://schedule.psiexams.com and select "Begin

Scheduling."- Follow the step-by-step instructions to choose your examination program and register for the examination. Please have your credit card available for online payment of examination fee.

• Which of the following clauses in a mortgage allows the

lender to demand loan repayment if a borrower sells the property?1. Defeasance2. Prepayment3. Acceleration4.Alienation

• Alienation

Taking the ExaminationYour examination will be given by computer at a PSI Test Center. You do not need any computer experience or typing skills to take your examination. On the day of your examination appointment, report to the Test Center no later than your scheduled testing time. Look for signs indicating PSI Test Center Check-in. IF YOU ARRIVE MORE THAN

15 MINUTES AFTER THE SCHEDULED TESTING TIME,

YOU WILL NOT BE ADMITTED.

Salesperson Supplement ExaminationTopicII. Real Estate Practice In GeorgiaReal Estate PracticeSales ContractsListings and AgencyProperty ManagementCommunity Association Management((( 21 ))) Approximate Number of Questions

Obtaining your license at the Test Center PSI can issue licenses either "active" or "inactive" as the applicant chooses. If you desire an "Active" license, you must also bring to the test center a completed "Sponsoring Broker Statement." (See page 22.) An "Inactive" license does not require that form.Obtaining your license at the Test Center The Georgia Real Estate Commission (GREC) has contracted with PSI to administer its qualifying examinations and to provide those candidates who passed the exam with their new licenses. These licenses are issued only at the PSI Test Centers. Licensing is available Monday through Friday between 9:00 a.m. - 12:00 p.m. and 2:00 p.m. - 4:45 p.m. A candidate who takes and passes the examination during the afternoon session will be unable to license the same day.Community Association Manager ExaminationTopic 1. Laws and RulesProperty LawLaw of AgencyGeorgia Real Estate License Law((( 14 ))) Approximate number of questions11. PracticeForms of OwnershipContracts and Transaction DocumentsReal Estate instruments and conveyancesFinancing and Accounting((( 34 ))) Approximate number of questions

Required Attachments:-If you are satisfying the Prelicense course requirement

with a course from another state, you must include the certificate of completion for the course with your application.-If you are satisfying the Prelicense course requirement with courses at a college, university or school of law, you must include an official transcript with your application.-If you are satisfying the experience requirement for the Broker exam with experience gained in another jurisdiction, you must include a certified license history, not more than one year old, from the licensing agency.If you are a Florida resident applying for the Georgia Supplement Exam, you must include a certified license history, not more than one year old, from the licensing agency.How the examination is administeredThe Georgia Real Estate Licensing Examinations are administered by computer at PSI Test Centers in Decatur, Duluth, Fayetteville, Macon, Marietta and Savannah,

Georgia. Visit http://schedule.psiexams. com for a complete

listing of PSI Test Center locations. The examinations are administered by appointment only Monday through Saturday. Appointment starting times may vary by location.Required fees-The License Fee is $170. Payment may be made by credit card (VISA, MasterCard, American Express or Discover) OR cashier's check or money order made payable to the Georgia Real Estate Commission (GREC).-Company

checks, personal checks and cash are not accepted.-Credit card transactions that are declined will be subject to a $25 handling fee. You will be required to send a certified check or money order for the amount due, including the handling fee to cover any declined credit card transaction.

• How much cash MUST a buyer furnish in addition to a

$2,500 deposit if the lending institution grants a 90% loan on an $80,000 property1. $5,5002. $6,9753. $7,4504. None

of the above

1. $5,500

Salesperson Supplement ExaminationTopicIII. Finance and ClosingFinanceClosing Procedures((( 15 ))) Approximate number of questions