Georgia real estate salesperson PSI exam Flashcards

Georgia real estate salesperson PSI exam Flashcards a brokercan own and or manage a real estate business can supervise salespersons must be 21 years old have held an active license for three of the past five years complete a 60-hour approved course or educational equivalent truth in lending Tilapromotes informed use of credit estate from period to periodperiodic tenancy month-to-month or typically scan continues until the party gives notice not terminated by sale or death of either party Federal Equal Credit Opportunity Actprohibits discrimination in lending because of race religion sex national origin marital status or age lien theory statesthe mortgage loan only creates the lien it does not convey title the lender has a monetary claim when the loan is repaid the lien is removed by recording a satisfaction non-judicial foreclosure compensationrebates commission Prosthetics excetera must be disclosed on the settlement statement or on a separate document provided by The Brokerage company at or before closing and must be paid to the brokerage firm Interstate land sales full disclosure Act requires a factual report to be delivered to the buyer before entering into purchase agreement allows a 7-Day cooling off period for the buyer to have option to rescind the contract abandoned trust fundsowner can't be found must be handled in accordance with the state's disposition of unclaimed property Act legal titleactual full ownership right to sell right of first refusalif landlord decides to sell it must be offered to the tenant before anyone else conservation districtsto protect areas of natural beauty or ecological significance property managerGeneral agent procuring causechain of events that leads to closing blanket mortgage loanusually for financing a subdivision valid contractfour Essential Elements competent parties Mutual assent consideration and lawful purpose buy Downsa builder buys down the loan 2% in the first year 1% in the second the Builder pays the lender to make up the difference Regulation Ztruth in lending law the regulations provided lenders and those who help arrange credit for borrower specific guidelines to follow in disclosing to borrowers their exact cost of credit must State APR

Open listing agreementseller only pays the broker that brings a ready willing and able buyer interest only loaninterest-only is paid in early years a fully amortized loan is acquired at a specific time mostly the same as a straight term tax sheltergives owner income tax advantages an associate brokerhas the same requirements as a broker but chooses to work as a salesperson under another broker camWorks within the guidelines established by the board of directors to monitor rules regulations covenants and restrictions are being followed cam license not authorized to sell or List property 25 hours of study and pass exam termination of leasesexpiration notice mutual agreement merger condemnation eviction destruction of premises or death dual agencyresponsibility is to both sides acting as agent for both seller and buyer ground leaserental of unimproved land with tenant having permission to construct a building or make other improvements at the tenants expense commonly ground leases are for 50 years or more non-judicial foreclosureused in Georgia Linder can take the house without going to court land contract installment contractseller retains the title until the buyer has paid all installments under the contract seisina promise the grantor owns the property and has the right to convey functions of the property managerdeveloping a plan marketing renting the space collecting rents keeping tenants Property Maintenance maintain accounting and Reporting sale of the property if the property is sold management contract ends licensees may be charged reasonable feein the following situations failure to notify Georgia real estate commission within 30 days of address change failing to join a new firm within 30 days of terminating affiliation with broker failing to respond within 30 days when asked for additional information on any application writing a check that fails to clear requirements for licensing a brokerage firm when a corporation partnership or LLC wants to acquire a real estate license a person holding a Brokers license must be named the qualifying broker the qualifying broker is responsible for all Affiliated agents and a business transactions under the name of the brokerage company the qualifying broker must have the authority to bind the firm in any case before the commission licenses are sent to the qualifying broker who must keep them in custody

master plana blueprint for future development handling earnest moneyearnest money must be submitted to the broker the next business day the broker has five banking days to deposit earnest money subject to the instructions and sales contract a licensee who sells rents their own property must deposit all earnest money in the Brokers trust account and less contract States otherwise licensees acting as principal may have their own trust as long as broker approves and is registered with the commission gross leaseflat leaf straight lease tenant pays fixed amount at specified intervals landlord pays taxes Insurance repairs and maintenance common for residential rentals equitymarket value minus amount of existing liens bilateral contracta promise or a promise a contract in which both parties mutually exchange promises obligating both handling transactionsthe license number of all agent and brokerage firms must be shown in all contracts installment notepromissory note with specific principal and interest negative amortizationpayment is less than interest amount owing increases percentage leaseleasing retail space or any tenant whose business depends on sales volume it provides the tenant pay a fixed minimum or base rent plus a percent of either gross sales gross profit or net profit budget mortgage loan Pitiprincipal interest taxes and insurance the lender requires 1/12 of the taxes and insurance to be included in the payment building codesregulating design and construction building permit need to Begin work certificate of occupancy is needed before building can be occupied historic districtsfor the preservation of historic sites g r e c feesdid commission sets in collect fees for the insurance and renewal of licenses licenses will lapse for non-payment of renewal fees licenses can be reinstated at any time within two years as long as fees and penalties are paid if more than 2 years but less than 5 all fees and possible educational requirements they may be required for more than 5 all requirements of a new license unilateral contractonly one party is making a promise a contract involving the promise of only one party in exchange for an act or forbearance of another only the party making the promise is obligated to perform Step Up leaserent increases in predetermined amounts example tenant pays 800 in the first year 900 in the second and 1000 in the third

open-end mortgage loanequity loan a line of credit secured by a mortgage percent of equity customerno agency relationship another agent's client board of directorsthe decision Authority for a community property managerGeorgia real estate license required the manager is an agent with a fiduciary responsibility of absolute loyalty and seeking to maintain preserve and enhance the owner's investment in the property over its economic life owner is principal Community Association Management camreal estate license not required property manager only has one client Community managers constantly interact with multiple clients tax deduction for homeownersinterest paid on mortgages changing zoningfile rezoning petition public hearing scheduled and advertised in newspaper signposted on subject property principle of Leveragebusiness tool to earn profit like a landlord with rent tenant remedies if landlord defaultsconstructive eviction if property becomes uninhabitable sue for damages licensee advertising their own properties must show seller landlord hold a Georgia real estate license and show license number attorneylegal advice represents the lender at closing nonconforming usegrandfathered property can remain as long as it stays in business wrap-around mortgage loana second or Junior mortgage includes balance of First Mortgage plus additional financing needed rarely made Novationnew changing old obligation for a new one straight notepromissory note principal do in one lump sum at the end of the loan term graduated payment mortgage GPMmonthly payments are reduced in early years in exchange for higher payments later in the anticipation of increased future income payments increase over time a Community Association manageris limited to managing homeowners associations must be at least 18 years old be a resident of Georgia or qualifying under non-residential status complete a 25-hour approved course or equivalent pass state exam tax baseassessed valuation in a city alienation clausedue on sale Clause the entire loan balance is due when sold or exchanged FICOmost commonly used credit rating system time is of the essencetime limits of the contract must be strictly observed eminent domainright of the government to take ownership with compensation PMImay possibly be eliminated when the loan-to-value is reduced to below 80% of the original purchase price or a new appraisal if a borrower does not request cancellation A