GA Real Estate Practice Exam 1 Questions and Correct Answers
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Course
GA REAL ESTATE
Institution
GA REAL ESTATE
GA Real Estate Practice Exam 1 GA Real Estate Practice Exam 1 GA Real Estate Practice Exam 1 GA Real Estate Practice Exam 1 GA Real Estate Practice Exam 1 GA Real Estate Practice Exam 1 GA Real Estate Practice Exam 1 GA Real Estate Practice Exam 1 GA Real Estate Practice Exam 1 GA Real Estate Pract...
GA Real Estate Practice Exam 1 Questions and
Correct Answers
To whom does Georgia's real estate commissioner report?
✓ ~~~ GREC
Which service providers are exempt from GFLA provisions?
✓ ~~~ Insurance Providers
which parties must be identified on the promissory note?
✓ ~~~ Borrower and Lender
In Georgia what does the duty to cooperate clause mean in a sales contract?
✓ ~~~ All involved parties agree to move the process along in a timely fashion.
A beneficiary, trustor, and trustee are the parties involved when the finance
instrument is a ______.
✓ ~~~ note with deed of trust
in Georgia what can a broker do for a buyer customer as compared to a client?
✓ ~~~ Ministerial tasks
Genevieve has just passed her broker's exam and completed the requirements for
licensure. She wants to operate under her own name in Georgia. What must happen
first?
✓ ~~~ Post her license on her office wall
which real estate finance instrument in Georgia may include the pledging of collateral
and the release of that collateral in the same document?
✓ ~~~ Security Deed
In Georgia, what are the requirements for security deposits when a landlord owns 10
or more units?
✓ ~~~ Deposit the funds into an Escrow account and notify each tenant in writing what
bank holds the deposit
the mortgage, security deed, and the deed of trust are ______ that pledge property
as collateral for a loan
, ✓ ~~~ security instruments
Kate allowed her license to lapse two and a half years ago. What does she need to
do to reinstate her license?
✓ ~~~ Kate will need to complete all required continuing education as well as pay all
applicable fees for her license to be reinstated
which activity requires a license?
✓ ~~~ Explaining terms to a client
Robert, the qualifying broker of a firm, was convicted of fraud and embezzlement.
What will happen to the brokerage as a result?
✓ ~~~ The commission will revoke the firms license
Provided other requirements are met, a non-resident licensee from which of these
states isn't required to hold a Georgia license to practice real estate in Georgia?
✓ ~~~ Tennessee
Valdosta licensees Ken, Sharon, and Kate dislike a lender in town and agree to
direct business away from that lender and discourage their clients from using it.
Which Georgia unfair trade practice act does this violate, if any?
✓ ~~~ This violates the Georgia Uniform Deceptive Trade Practices Act
What do unfair trade practice laws in Georgia prohibit?
✓ ~~~ Unfair and deceptive business acts or practices
who or which entity has the authority to bring injunctive action against a real estate
licensee for the violation or the potential violation of Georgia license law, and GRECs
established rules?
✓ ~~~ Ga attorney General
Georgia licensee Chloe is writing some ads for her broker to review. Per Georgias
fair housing laws, which of the following is unacceptable to use in real estate
advertising?
✓ ~~~ Able-Bodied
All business that a licensee of a brokerage firm conducts must be in ______.
✓ ~~~ The brokerage's name as it appears on the license
what is the primary focus of the fair housing division?
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