Podcast
Questions and Answers
What is the period of time covered by Marty's Georgia real estate tax bill?
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?
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?
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® ______.
Regarding buyer representation agreements, Georgia REALTORS® ______.
In Georgia, who conducts the closing?
In Georgia, who conducts the closing?
In Georgia, what does due diligence mean in a real estate transaction?
In Georgia, what does due diligence mean in a real estate transaction?
Which option must be included on a deed for it to be valid?
Which option must be included on a deed for it to be valid?
What is the required number of continuing education hours to maintain the certified CAM designation in Georgia?
What is the required number of continuing education hours to maintain the certified CAM designation in Georgia?
Which entity is responsible for administering license law in Georgia?
Which entity is responsible for administering license law in Georgia?
When exchanging business interests that do not involve real estate, what may not be required?
When exchanging business interests that do not involve real estate, what may not be required?
After a GREC disciplinary hearing, what does Sheila have 30 days to do?
After a GREC disciplinary hearing, what does Sheila have 30 days to do?
Before applying for relief from the recovery fund, what must Georgia consumers do after receiving a judgment against a licensee?
Before applying for relief from the recovery fund, what must Georgia consumers do after receiving a judgment against a licensee?
If a business exchange does not involve the transfer of ownership, which of the following is typically not necessary?
If a business exchange does not involve the transfer of ownership, which of the following is typically not necessary?
What is the consequence for Sheila if she fails to file an appeal within 30 days after a GREC disciplinary decision?
What is the consequence for Sheila if she fails to file an appeal within 30 days after a GREC disciplinary decision?
What is the correct timeline for completing required education to maintain CAM certification?
What is the correct timeline for completing required education to maintain CAM certification?
What must be included in a binder for it to be considered valid?
What must be included in a binder for it to be considered valid?
What is the primary purpose of the Entire Agreement clause in a sales contract?
What is the primary purpose of the Entire Agreement clause in a sales contract?
Which of the following best describes the role of Georgia REALTORS® in relation to buyer representation agreements?
Which of the following best describes the role of Georgia REALTORS® in relation to buyer representation agreements?
Who is primarily responsible for conducting the closing in a real estate transaction in Georgia?
Who is primarily responsible for conducting the closing in a real estate transaction in Georgia?
In Georgia real estate, what does the term 'due diligence' imply?
In Georgia real estate, what does the term 'due diligence' imply?
Which responsibility is NOT typically associated with a closing attorney in Georgia?
Which responsibility is NOT typically associated with a closing attorney in Georgia?
What type of agreement does Georgia REALTORS® provide related to buyer representation?
What type of agreement does Georgia REALTORS® provide related to buyer representation?
Which of the following statements is true regarding the acceptance of a sales contract?
Which of the following statements is true regarding the acceptance of a sales contract?
Which action by Claudia does NOT adhere to Georgia license laws?
Which action by Claudia does NOT adhere to Georgia license laws?
Who sets the requirements for security deposit disbursal when a lease terminates in Georgia?
Who sets the requirements for security deposit disbursal when a lease terminates in Georgia?
In the event of a sale termination, the earnest money is returned to which party?
In the event of a sale termination, the earnest money is returned to which party?
What is a necessary step for a licensee in Georgia who guarantees to sell a property by a set date?
What is a necessary step for a licensee in Georgia who guarantees to sell a property by a set date?
How long should transactional records be kept by a brokerage in Georgia?
How long should transactional records be kept by a brokerage in Georgia?
Which of the following is a common reason contracts may be terminated?
Which of the following is a common reason contracts may be terminated?
What type of engagement agreement is prohibited in Georgia?
What type of engagement agreement is prohibited in Georgia?
What is the maximum period for disbursing a security deposit after a tenant vacates?
What is the maximum period for disbursing a security deposit after a tenant vacates?
What can a buyer do during the due diligence period if they are not satisfied with the property's investigation?
What can a buyer do during the due diligence period if they are not satisfied with the property's investigation?
Why are the names of grantor and grantee required on a deed?
Why are the names of grantor and grantee required on a deed?
What must a real estate professional do in relation to fair housing laws?
What must a real estate professional do in relation to fair housing laws?
What responsibility does Andy have regarding the homeowners association's rules?
What responsibility does Andy have regarding the homeowners association's rules?
What happens to promissory notes when they are sold?
What happens to promissory notes when they are sold?
How can a real estate licensee ensure a comprehensive property assessment?
How can a real estate licensee ensure a comprehensive property assessment?
What is the primary purpose of a contingency period in real estate transactions?
What is the primary purpose of a contingency period in real estate transactions?
Which of the following actions would be considered unethical for a real estate licensee?
Which of the following actions would be considered unethical for a real estate licensee?
What is the primary difference between a mortgage and a deed of trust in the foreclosure process?
What is the primary difference between a mortgage and a deed of trust in the foreclosure process?
What typically serves as the first step in the foreclosure process?
What typically serves as the first step in the foreclosure process?
Which type of properties are option contracts on multiple properties most commonly associated with?
Which type of properties are option contracts on multiple properties most commonly associated with?
In the event that a broker is transferred, how is an agency agreement typically terminated?
In the event that a broker is transferred, how is an agency agreement typically terminated?
What is the term for the right of the lender to inspect the property during the loan period?
What is the term for the right of the lender to inspect the property during the loan period?
Which of the following is NOT a common reason for the termination of a buyer brokerage agreement?
Which of the following is NOT a common reason for the termination of a buyer brokerage agreement?
How must a lender typically proceed if a borrower defaults on a loan?
How must a lender typically proceed if a borrower defaults on a loan?
What outcome occurs if a buyer brokerage agreement is mutually agreed to be terminated?
What outcome occurs if a buyer brokerage agreement is mutually agreed to be terminated?
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.
Studying That Suits You
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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.
