Real Estate Concepts and Regulations

What does a subordination clause mean in a mortgage?

What is a Statute of Fraud?

Explain what ones has to do to enforce an agreement for leases of one year or less in writing?

Which of these are obligations an agent owes to their client? (Select all that apply.)

How/what ways can a lease be terminated?

If a lease cannot become up when the landlord sells the property, who should they refer the client to?

A theory of lien or title theory state is *NON-*Judicial State?

What must a Non-Judicial state do in order for foreclosure? They have to advertise in the county newspaper for 4 consecutive weeks, then they can foreclose the first Tuesday of the following month.

Title Theory and Lien-Judicial State?

Another frame 'meeting of the minds' is?

Consider contract legally bonded, it must be executed, have competent parties, for a consideration, and legal purpose?

When solving a purchase loan option and multiply expressed to thousand dollars, what do you do next?

Real Estate Questions

Subordination Clause: In a mortgage, a clause that allows a later lender to have priority over an earlier lender if the property value increases.
Statute of Frauds: Real estate contracts must be in writing to be legally enforceable, except for leases under one year.
Agent's Obligations: Real estate agents owe their clients performance, obedience, loyalty, accountability, and notice (due care).
Lease Termination: Leases can be terminated through a merger (landlord sells to tenant) or other legal means.
Client Referral: If a licensee cannot establish a listing price due to unique circumstances, they should refer the client to an appraiser.
Georgia's Foreclosure Procedure: Georgia is a title theory and non-judicial state. For non-judicial foreclosure, the lender must advertise in a county newspaper for four consecutive weeks, and foreclose on the first Tuesday of the following month.
Mutual Assent: Another name for "meeting of the minds" in contract law.
Contract Requirements: To be legally effective, a contract needs execution, competent parties, consideration, and legal purpose.
Loan Calculation: Loan amount is determined using the purchase price, loan-to-value ratio and payment amount. The process involves multiplying the purchase price by the loan-to-value ratio, dividing by 1000, and multiplying this factor by the expressed payment to establish the actual loan amount.

Legal Concepts

Lien Theory/Title Theory: Georgia is a title theory state with non-judicial foreclosure procedures.
Mutual Assent: This is essential to a valid contract, meaning both parties agree to the terms.
Competent Parties: All parties involved must be capable of entering into a contract (legally allowed).

Additional Information

Page References: Specific pages are given for further information

Test your knowledge on essential real estate concepts including clauses, obligations of agents, lease termination, and foreclosure procedures. This quiz covers important legal aspects and practices that every real estate professional should know, especially in Georgia.