Georgia State Exam Practice
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Questions and Answers

What is the period of time covered by Marty's Georgia real estate tax bill?

  • Depends on the county where Marty lives
  • May 1 of the current year through April 30 of the next year
  • April 30 of the previous year through May 1 of the current year
  • January 1 of the current year through December 31 of the current year (correct)
  • What makes a binder a valid contract?

  • A binder is not a binding contract
  • It must be signed by all parties and communicated to the offeror (correct)
  • It must be in writing (correct)
  • It is binding until it's been converted into a letter of intent
  • Which clause of the sales contract indicates it is the only contract between the parties?

  • Notice of Binding Agreement Date
  • Survival of Agreement
  • Entire Agreement, Modification and Assignment (correct)
  • Time is of the Essence
  • Regarding buyer representation agreements, Georgia REALTORS® ______.

    <p>Offers several sample agreements that a brokerage can use as is or adapt</p> Signup and view all the answers

    In Georgia, who conducts the closing?

    <p>A closing attorney</p> Signup and view all the answers

    In Georgia, what does due diligence mean in a real estate transaction?

    <p>Buyers will thoroughly investigate the property while retaining the right to terminate the sales contract if the results are unsatisfactory</p> Signup and view all the answers

    Which option must be included on a deed for it to be valid?

    <p>Names of grantor/grantee</p> Signup and view all the answers

    What is the required number of continuing education hours to maintain the certified CAM designation in Georgia?

    <p>36 hours every four years</p> Signup and view all the answers

    Which entity is responsible for administering license law in Georgia?

    <p>Georgia Real Estate Commission</p> Signup and view all the answers

    When exchanging business interests that do not involve real estate, what may not be required?

    <p>A real estate license</p> Signup and view all the answers

    After a GREC disciplinary hearing, what does Sheila have 30 days to do?

    <p>File an appeal</p> Signup and view all the answers

    Before applying for relief from the recovery fund, what must Georgia consumers do after receiving a judgment against a licensee?

    <p>Exhaust other legal remedies</p> Signup and view all the answers

    If a business exchange does not involve the transfer of ownership, which of the following is typically not necessary?

    <p>A real estate license</p> Signup and view all the answers

    What is the consequence for Sheila if she fails to file an appeal within 30 days after a GREC disciplinary decision?

    <p>Cannot challenge the decision later</p> Signup and view all the answers

    What is the correct timeline for completing required education to maintain CAM certification?

    <p>Every four years</p> Signup and view all the answers

    What must be included in a binder for it to be considered valid?

    <p>Written form, signed by all parties, with communication of acceptance</p> Signup and view all the answers

    What is the primary purpose of the Entire Agreement clause in a sales contract?

    <p>To declare that the contract is the only agreement between the parties</p> Signup and view all the answers

    Which of the following best describes the role of Georgia REALTORS® in relation to buyer representation agreements?

    <p>They provide sample agreements that can be adapted by brokerages</p> Signup and view all the answers

    Who is primarily responsible for conducting the closing in a real estate transaction in Georgia?

    <p>A closing attorney</p> Signup and view all the answers

    In Georgia real estate, what does the term 'due diligence' imply?

    <p>Buyers have the right to explore the property and terminate the contract based on findings</p> Signup and view all the answers

    Which responsibility is NOT typically associated with a closing attorney in Georgia?

    <p>Conducting property inspections</p> Signup and view all the answers

    What type of agreement does Georgia REALTORS® provide related to buyer representation?

    <p>Sample agreements that can be used or adjusted by brokerages</p> Signup and view all the answers

    Which of the following statements is true regarding the acceptance of a sales contract?

    <p>Acceptance must be communicated and all parties need to sign the binder</p> Signup and view all the answers

    Which action by Claudia does NOT adhere to Georgia license laws?

    <p>Guaranteeing the sale of the condo in two months</p> Signup and view all the answers

    Who sets the requirements for security deposit disbursal when a lease terminates in Georgia?

    <p>The lease terms</p> Signup and view all the answers

    In the event of a sale termination, the earnest money is returned to which party?

    <p>Whichever party it belongs to based on the agreement terms</p> Signup and view all the answers

    What is a necessary step for a licensee in Georgia who guarantees to sell a property by a set date?

    <p>Enter into a purchase agreement with the seller</p> Signup and view all the answers

    How long should transactional records be kept by a brokerage in Georgia?

    <p>Three-and-a-half years</p> Signup and view all the answers

    Which of the following is a common reason contracts may be terminated?

    <p>Mutual consent of parties</p> Signup and view all the answers

    What type of engagement agreement is prohibited in Georgia?

    <p>Net listings</p> Signup and view all the answers

    What is the maximum period for disbursing a security deposit after a tenant vacates?

    <p>30 days</p> Signup and view all the answers

    What can a buyer do during the due diligence period if they are not satisfied with the property's investigation?

    <p>Terminate the sales contract</p> Signup and view all the answers

    Why are the names of grantor and grantee required on a deed?

    <p>To ensure legal identification and transfer of ownership</p> Signup and view all the answers

    What must a real estate professional do in relation to fair housing laws?

    <p>Provide consistent and professional services to all clients</p> Signup and view all the answers

    What responsibility does Andy have regarding the homeowners association's rules?

    <p>He must read the rules within the contingency period</p> Signup and view all the answers

    What happens to promissory notes when they are sold?

    <p>They can be sold as they remain valid financial instruments</p> Signup and view all the answers

    How can a real estate licensee ensure a comprehensive property assessment?

    <p>By conducting a detailed comparative market analysis</p> Signup and view all the answers

    What is the primary purpose of a contingency period in real estate transactions?

    <p>To conduct necessary investigations and reviews</p> Signup and view all the answers

    Which of the following actions would be considered unethical for a real estate licensee?

    <p>Rejecting clients based solely on their ethnicity</p> Signup and view all the answers

    What is the primary difference between a mortgage and a deed of trust in the foreclosure process?

    <p>A deed of trust involves a trustee, whereas a mortgage does not.</p> Signup and view all the answers

    What typically serves as the first step in the foreclosure process?

    <p>The lender notifies the borrower of the default.</p> Signup and view all the answers

    Which type of properties are option contracts on multiple properties most commonly associated with?

    <p>Commercial properties</p> Signup and view all the answers

    In the event that a broker is transferred, how is an agency agreement typically terminated?

    <p>By mutual agreement with no repercussions.</p> Signup and view all the answers

    What is the term for the right of the lender to inspect the property during the loan period?

    <p>Right of access</p> Signup and view all the answers

    Which of the following is NOT a common reason for the termination of a buyer brokerage agreement?

    <p>Increased price of the property</p> Signup and view all the answers

    How must a lender typically proceed if a borrower defaults on a loan?

    <p>Attempt to have the default cured.</p> Signup and view all the answers

    What outcome occurs if a buyer brokerage agreement is mutually agreed to be terminated?

    <p>It becomes void with no penalties.</p> Signup and view all the answers

    Study Notes

    Exam Performance Overview

    • Achieved score: 95% with a passing threshold of 80%
    • Correct answers: 57 out of 60
    • Incorrect answers: 3 out of 60

    Subject Breakdown

    • Finance and Closing: 100%
    • Real Estate Practice in Georgia: 92%
    • State Laws and Rules: 95%

    Key Topics and Concepts

    Tax Bill Coverage

    • Georgia real estate tax bills cover the period from January 1 to December 31 of the year the bill is issued, regardless of the issue date.

    Valid Binder

    • A binder requires written documentation, signatures from all parties, and communication of acceptance to be considered a valid contract.

    Entire Agreement Clause

    • The "Entire Agreement" clause within a sales contract indicates that the contract is the sole agreement between the involved parties.

    Buyer Representation Agreements

    • Georgia REALTORS® offers sample buyer representation agreements for brokerages to use or modify according to their needs.

    Closing Responsibilities

    • Only a closing attorney is responsible for conducting the closing in Georgia, which includes document management and fund distribution.

    Due Diligence in Transactions

    • Due diligence allows buyers to thoroughly investigate a property and retain the right to terminate the contract if findings are unsatisfactory.

    Valid Deed Requirements

    • A valid deed must include the names of the grantor and grantee for legal recognition.

    Real Estate Scenario

    • An example involving an interracial couple working with a real estate professional highlights the ongoing dynamics in property searching and homeowners associations.

    Sales Contracts

    • A valid binder must be in writing, signed by all parties, and acceptance communicated.
    • The "Entire Agreement, Modification and Assignment" clause asserts the sales contract as the sole agreement between parties.

    Buyer Representation Agreements

    • Georgia REALTORS® provide various sample buyer representation agreements for brokerages to use or modify, not just a single required form.

    Closing Procedures

    • In Georgia, a closing attorney is responsible for conducting the closing, including collecting and distributing documents and managing closing funds.

    Due Diligence

    • Due diligence allows buyers to thoroughly investigate a property and retain the right to terminate the sales contract if investigation results are unsatisfactory.

    Validity of Deeds

    • For a deed to be valid, it must include the names of both the grantor and grantee.

    Fair Housing Laws

    • Real estate professionals must adhere to fair housing laws and treat all clients equitably, providing ethical services regardless of the clients' backgrounds.

    Promissory Notes

    • It is essential to understand that promissory notes can be sold, contrary to the misconception that they cannot.

    License Administration

    • The Georgia Real Estate Commission (GREC) administers real estate license laws within the state.

    Business Interest Exchanges

    • Some exchanges of business interests may not require a real estate license if real estate transfer is not involved.

    GREC Disciplinary Hearing

    • A licensee has 30 days to file an appeal following a GREC disciplinary hearing decision.

    Recovery Fund Application

    • Consumers must exhaust all other legal remedies before applying for relief from the recovery fund following a judgment against a licensee for wrongdoing.

    Compliance with License Laws

    • Real estate licensees must follow regulations strictly; guaranteeing property sales within specific timeframes requires proper agreements.

    Security Deposit Disbursal

    • Security deposit disbursal upon lease termination is typically dictated by the lease terms, to be completed within 30 days of tenant vacating.

    Earnest Money Distribution

    • The purchase agreement terms dictate who receives earnest money if a contract is terminated, based on specified conditions.

    Brokerage Engagement Agreements

    • Certain arrangements in brokerage engagements, particularly those contravening state laws, are not permissible.

    Termination of Buyer Brokerage Agreement

    • Buyer brokerage agreements may be terminated through mutual agreement among parties without penalties.

    Option Contracts

    • Option contracts are most frequently seen in commercial real estate for multiple properties.

    Foreclosure Process

    • The initial step in the foreclosure process involves the lender notifying the borrower of default, attempting to cure it before any formal action.

    Authority in Exclusive Right-to-Sell Agreement

    • An exclusive right-to-sell agreement grants the licensee authority to act on behalf of the seller in property transactions.

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    Georgia State Exam Practice PDF
    Georgia State Exam Practice PDF

    Description

    Prepare for the Georgia State Exam with this practice quiz that evaluates your knowledge across various topics. Achieve a passing score of 80% and review your performance breakdown to identify areas for improvement.

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