GEORGIA LICENSE EXAMINATION STUDY GUIDE

GEORGIA LICENSE EXAMINATION STUDY GUIDE (1) A FARMER TEMPORARILY INSTALLS PRODUCE COOLERS IN A LEASED FARM STAND IN ORDER TO PREVENT SPOILAGE. THE COOLERS WOULD BE CONSIDERED WHICH OF THE FOLLOWING? - Correct Answer TRADE FIXTURES THAT ARE PERSONAL PROPERTY. (2) PROPERTY CAN BE CONVERTED FROM REAL TO PERSONAL PROPERTY AND FROM PERSONAL PROPERTY TO REAL PROPERTY BY MEANS OF WHICH PROCESSES, RESPECTIVELY? - Correct Answer SEVERANCE AND AFFIXING (3) THE HIGHEST FORM OF OWNERSHIP INTEREST RATE ONE CAN ACQUIRE IN REAL ESTATE IS THE... - Correct Answer ABSOLUTE FEE SIMPLE ESTATE (4) THE DISTINGUISHING FEATURE OF A DEFEASIBLE FEE SIMPLE ESTATE IS THAT... - Correct Answer THE ESTATE MAY REVERT TO A GRANTOR OR HEIRS IF THE PRESCRIBED USE CHANGES (5) MARIA ACQUIRES A PROPERTY FROM HER UNCLE ALFONSO. WHEN MARIA DIES, THE ESTATE WILL PASS TO ALFONSO'S OTHER NIECE, SERENA. THEY TYPE OF ESTATE THAT MARIA HAS IN THE PROPERTY IS A... - Correct Answer CONVENTIONAL LIFE ESTATE (6) ONE DIFFERENCE BETWEEN A COOPERATIVE ESTATE AND A CONDOMINIUM ESTATE IS THAT... - Correct Answer A CONDOMINIUM OWNER OWNS A UNIT OF AIR SPACE WHEREAS THE CO-OP OWNER OWNS A PROPRIETARY LEASE. (7) WHO ARE THE ESSENTIAL PARTIES INVOLVED IN AN ESTATE IN TRUST? - Correct Answer TRUSTOR, TRUSTEE AND BENEFICIARY (8) A CONDOMINIUM OWNER ENJOYS A... - Correct Answer FEE SIMPLE OWNERSHIP OF THE AIRSPACE IN A UNIT AND AN UNDIVIDED SHARE OF THE ENTIRE PROPERTY'S COMMON AREAS. (9) WITH VARIOUS TYPES OF JUNIOR LIENS, THE ORDER OF PAYMENT PRIORITY IS GENERALLY ESTABLISHED ACCORDING TO ... - Correct Answer THE DATE OF RECORDATION (10) WHAT IS LIEN THEORY STATE IN CONTRAST TO A TITLE THEORY STATE? - Correct Answer A STATE IN WHICH A MORTGAGOR RETAINS TITLE TO THE PROPERTY WHEN A MORTGAGE LIEN IS CREATED. (11) A PROPERTY OWNER HAS AN EASEMENT APPURTENANT ON HER PROPERTY. ONE DAY THE PROPERTY IS SOLD TO ANOTHER PARTY WHO IS OPPOSED TO THE EASEMENT. FOLLOWING THE CLOSING, THE PARTICULAR FORM OF EASEMENT... - Correct Answer TRANSFERS WITH THE PROPERTY. (12) WHAT FUNDAMENTAL LEGAL PURPOSE IS FULFILLED BY TITLE RECORDS? - Correct Answer GIVING CONSTRUCTIVE NOTICE OF ONE'S RIGHTS AND INTERESTS IN THE PROPERTY. (13) WHAT IS "CHAIN OF TITLE"? - Correct Answer A CHRONOLOGY OF SUCCESSIVE OWNERS OF RECORD OF A PARCEL OF REAL ESTATE. (14) WHICH OF THE FOLLOWING PROVIDES THE STRONGEST EVIDENCE OF MARKETABLE TITLE? - Correct Answer TITLE INSURANCE. (15) A STORE OWNER ENTERS INTO A LEASE THAT CHARGES RENT PER SQUARE FOOT, A COMMON ARE FEE, AND A PORTION OF THE STORE OWNER'S GROSS INCOME FROM THE PROPERTY. THIS KIND OF LEASE IS A ... - Correct Answer PERCENTAGE LEASE. (16) AN OWNER LEASES A PROPERTY TO A BUSINESS IN EXCHANGE FOR RENT. THE TENANT IS REQUIRED TO PAY ALL OPERATING EXPENSES AS WELL. THIS IS AN EXAMPLE OF A... - Correct Answer NET LEASE. (17) A LEASE AUTOMATICALLY TERMINATES UNDER WHICH OF THE FOLLOWING CIRCUMSTANCES? - Correct Answer THE LEASED PROPERTY IS FORECLOSED. (18) A COUNTY OR MUNICIPAL AUTHORITY USUALLY GRANTS A CERTIFICATE OF OCCUPANCY FOR NEW CONSTRUCTION ONLY AFTER... - Correct Answer THE CONSTRUCTION CONFORMS TO BUILDING CODES. (19) A PROPERTY OWNER IS PRECLUDED BY DEED RESTRICTION FROM DEVELOPED A THIRTY FOOT BOAT DOCK. THE LIMITATION PROMPTS THE OWNER TO SELL TO ANOTHER PARTY. THE NEW OWNER... - Correct Answer TAKES TITLE SUBJECT TO THE SAME RESTRICTION. (20) EMILY SELLS RYCOLE A PROPERTY CONTAINING A DEED CONDITION. THE CONDITION STIPULATES THAT THE FORESTED PORTION OF THE PROPERTY MUST NEVER BE RAZED FOR DEVELOPMENT. THREE MONTHS LATER, RYCOLE PROCEEDS TO HARVEST THE TREES AND TURN THE AREA INTO AN EXECUTIVE GOLF COURSE. WHAT RECOURSE, IF ANY, DOES EMILY HAVE UNDER THE DEED CONDITION? - Correct Answer SHE HAS THE RIGHT TO RE-POSSESS THE PROPERTY BECAUSE THE GRANTEE HAS VIOLATED THE CONDITION. (21) WHAT IS THE ESSENTIAL PURPOSE OF LEGAL DESCRIPTIONS OF REAL PROPERTY? - Correct Answer TO CREATE A CONSTITENT, UNCHANGING STANDARD FOR UNIQUELY LOCATING A PROPERTY. (22) WHICH OF THE FOLLOWING CHARACTERISTICS METES AND BOUNDS DESCRIPTIONS? - Correct Answer THEY IDENTIFY AN ENCLOSED AREA, BEGINNING AND ENDING AT THE SAME POINT. (23) A BUYER AGREES TO ALL TERMS OF A SELLER'S OFFER ECEEPT THE LENGTH OF TIME FOR A CONTINGENCY TO PROCURE FINANCING. THE BUYER EXTENDS THE FINANCING PERIOD IN THE OFFER BY ONE WEEK, SIGNS THE FORM, AND MAILS IT BACK TO THE SELLER. AT THIS POINT, THE SELLER'S OFFER... - Correct Answer IS VOID. (24) REAL ESTATE CONTRACTS THAT ARE NOT PERSONAL SERVICE CONTRACTS... - Correct Answer MAY BE ASSIGNED. (25) WHICH OF THE FOLLOWING CONTRACTS MUST BE IN WRITING TO BE ENFORCEABLE? - Correct Answer A TWO-YEAR LEASE. (26) AGENT BOB, WHO WORKS FOR BROKER BILL, OBTAINS AN OWNER LISTING TO LEASE A BUILDING. BILL'S OTHER AGENT, SUE, LOCATES A TENANT FOR BOB'S LISTING. BROKER BILL IN THIS INSTANCE IS... - Correct Answer A DUAL AGENT. (27) A TRANSACTION BROKER SHOULD DISCLOSE HIS OR HER AGENCY RELATIONSHIP TO PROSPECTIVE BUYERS AND SELLERS... - Correct Answer UPON FIRST SUBSTANTIVE COMMUNICATION. (28) A TRANSACTION FACILITATOR IN A RESIDENTIAL TRANSACTION REPRESENTS... - Correct Answer NEITHER SELLER NOR BUYER. (29) A PRINCIPAL INSTRUCTS AN AGENT TO INFORM MINORITY BUYERS THAT THE PROPERTY FOR LEASE WAS JUST LEASED AN HOUR AGO AND IS NO LONGER AVAILABLE. THE AGENT REFUSES TO COMPLY. IN THIS CASE, - Correct Answer THE PRINCIPAL HAS PROPOSED AN ILLEGAL ACT, WHICH SHOULD NOT BE OBEYED. (30) THE AMOUNT OF A REAL ESTATE BROKER'S COMMISSION IS ESTABLISHED BY... - Correct Answer NEGOTIATION WITH CLIENTS (31) A CLIENT REVOKES AN EXCLUSIVE RIGHT-TO-SELL LISTING TWO MONTHS PRIOR TO EXPIRATION. THE REASON STATED THE CLIENT IS TOO BUSY TO MEET WITH THE AGENT. IN THIS CASE... - Correct Answer THE CLIENT MAY BE LIABLE FOR A COMMISSION AND MARKETING EXPENSES. (32) A PROTECTION PERIOD CLAUSE IN AN EXCLUSIVE LISTING PROVIDES THAT... - Correct Answer THE AGENT HAS A CLAIM TO A COMMISSION IF THE OWNER SELLS OR LEASES TO A PARTY WITHIN A CERTAIN TIME FOLLOWING THE LISTING'S EXPIRATION. (33) REAL ESTATE ADVERTISING MUST CONFORM TO REGULATORY STANDARDS AND REQUIREMENTS. ONE REQUIREMENT IS... - Correct Answer THE ADVERTISING MUST NOT BE DECEPTIVE. (34) THE THREE PRINCIPAL BROKERAGE FIRMS IN A MARKET AGREE TO PAY SALES AGENTS 15% MORE THAN ANY OTHER COMPETITOR CURRENTLY IN PRACTICE. THIS IS AN EXAMPLE OF... - Correct Answer COLLUSION. (35) TWO LEADING AGENCIES JOINTLY AGREE TO RAISE COMMISSIONS CHARGED TO RESIDENTIAL SELLERS TO 7.5% OF THE SALES PRICE. WHICH OF THE FOLLOWING IS TRUE? - Correct Answer THE BROKERS HAVE ILLEGALLY FIXED PRICES. (36) A SALE CONTRACT CONTAINS AN OPEN-ENDED FINANCING CONTINGENCY; IF THE BUYER CANNOT OBTAIN FINANCING WITHIN A REASONABLE TIME, THE DEAL IS OFF. SIX MONTHS LATER, THE BUYER STILL CANNOT SECURE FINANCING. WHICH OF THE FOLLOWING IS TURE? - Correct Answer THE SELLER MAY CANCEL THE CONTACT, SINCE IT CAN BE RULED INVALID. (37) IN THE EVENT OF A BUYER'S DEFAULT, A PROVISION FOR LIQUIDATED DAMAGES IN A SALE CONTRACT ENABLES A SELLER TO ... - Correct Answer CLAIM THE DEPOSIT AS COMPENSATED DAMGES FOR THE BUYER'S FAILURE TO PERFORM. (38) WHICH OF THE FOLLOWING IS TURE OF A OPTION-TO-BUY AGREEMENT? - Correct Answer THE OPTIONOR MUST PERFORM IF THE OPTIONEE TAKES THE OPTION, BUT THE OPTIONEE IS UNDER NO OBLIGATION TO DO SO. (39) IF A MANUFACTURER THAT IS THE MAJOR EMPLOYER IN A SMALL CITY MOVES ITS OPERATIONS TO ANOTHER CITY, IT IS REASONABLE TO EXPECT... - Correct Answer A DECLINE IN DEMAND FOR ALL TYPES OF REAL ESTATE IN THE REAL ESTATE MARKET. (40) IF A COMMERCIAL REAL ESTATE MARKET IS UNDERSUPPLIED, IT IS LIKELY THAT... - Correct Answer RENTAL PRICES IN THAT MARKET WILL RISE. (41) THE AMOUNT OF AVAILABLE PROPERTY THAT BECOMES OCCUPIED OVER A PERIOD OF TIME IS CALLED... - Correct Answer ABSORPTION (42) THE ROOF OF A PROPERTY COST $20,000. THE ECONOMIC LIFE OF THE ROOF IS 20 YEARS. ASSUMING THE STRAIGHT-LINE METHOD OF DEPRECIATION, WHAT IS THE DEPRECIATED VALUE OF THE ROOF AFTER 3 YEARS? - Correct Answer $17,000 (43) THE INCOME CAPITALIZATION APPROACH TO APPRAISING VALUE IS MOST APPLICABLE FOR WHICH OF THE FOLLOWING PROPERTY TYPES? - Correct Answer APARTMENT BUILDINGS. (44) IN THE INCOME CAPITALIZATION APPROACH, AN APPRAISER.. - Correct Answer ESTIMATES NET INCOME AND APPLIES A CAPITALIZATION RATE TO IT. (45) NET OPERATING INCOME IS EQUAL TO... - Correct Answer POTENTIAL GROSS INCOME MINUS VACANCY AND CREDIT LOSS MINUS EXPENSES. (46) IF NET INCOME ON A PROPERTY IS $40,000 AND THE CAP RATE IS 10% THE VALUE OF THE PROPERTY USING THE INCOME CAPITALIZATION METHOD IS... - Correct Answer $400,000 (47) THE KEY FEATURE OF AN ADJUSTABLE MORTGAGE LOAN IS THAT... - Correct Answer THE INTEREST RATE MAY VARY. (48) WHY IS A WRAPAROUND MORTGAGE LOAN POTENTIALLY INTERESTING TO A HOME SELLER AS AN INVESTMENT? - Correct Answer A WRAPAROUND LENDER CAN PROFIT WHEN THE INTEREST RATE OF THE WRAPAROUND EXCEEDS THAT OF THE UNDERLYING MORTGAGE. (49) A BUILDER IS REQUIRED TO SECURE A LOAN WITH MORTGAGES ON THREE PROPERTIES. THIS IS N EXAMPLE OF... - Correct Answer A BLANKET MORTGAGE LOAN. (50) WHICH OF THE FOLLOWING IS TRUE OF A LOAN WITH NEGATIVE AMORTIZATION? - Correct Answer PAYMENTS ARE NOT SUFFICIENT TO RETIRE THE LOAN. (51) THE LOAN-TO-VALUE RATIO IS USED AS AN UNDERWRITING MECHANISM BECAUSE... - Correct Answer THE LOAN AMOUNT NEEDS TO BE LESS THAN THE PROPERTY'S VALUE (52) IN THE PAST, BORROWERS WERE OFTEN SURPRISED BY UNEXPECTED OR UNDISCLOSED BORROWING FEES AND EXPENSES AT CLOSING. THIS PHENOMENON HAS BEEN LARGELY CORRECTED THROUGH DISCLOSURE REQUIREMENTS MANDATED BY WHICH OF THE FOLLOWING LAWS? - Correct Answer TRUTH-IN-LENDING LAWS (53) WHICH OF THE FOLLOWING IS AN IMPORTANT FUNCTION OF THE SECONDARY MORTGAGE MARKET? - Correct Answer PARTICIPANTS SELL MORTGAGE-BACKED SECURITIES IN ORDER TO BUY POOLS OF LOANS. (54) CASH FLOW IS A MEASURE OF HOW MUCH PRE-TAX OR AFTER-TAX CASH AN INVESTMENT PROPERTY GENERATES. TO DERIVE CASH FLOW IT IS THEREFORE NECESSARY TO EXCLUDE... - Correct Answer COST RECOVERY EXPENSE (55) THE METHOD FOR DERIVING AN INVESTOR'S RETURN ON INVESTMENT, OR ROI, IS BY... - Correct Answer DIVIDING NET INCOME BY THE PRICE PAID FOR THE PROPERTY. (56) WHICH OF THE FOLLOWING ITEMS WOULD AFFECT A HOMEOWNER'S ADJUSTED BASIS? - Correct Answer INSTALLING A HIGHER CAPACITY AIR CONDITIONING AND PURIFYING SYSTEM. (57) WHICH OF THE FOLLOWING IS TRUE WITH RESPECT TO REAL PROPERTY TAXATION BY THE FEDERAL GOVERNMENT? - Correct Answer THERE ARE NO FEDERAL AD VALOREM TAXES ON REAL PROPERTY. (58) AD VALOREM TAXES ARE BASED ON... - Correct Answer THE ASSESSED VALUE OF PROPERTY. (59) A RETIREMENT FACILITY PROHIBITS OWNERSHIP OF ANY UNIT BY PERSONS UNDER 55 YEARS OF AGE. THE ASSOCIATION CLAIMS IT HAS MADE THE PROHIBITION PROPERLY. WHICH OF THE FOLLOWING IS TRUE? - Correct Answer THE PROHIBITION MAY BE LEGAL IF PERFORMED CORRECTLY. (60) AN OWNER SUDDENLY PULLS A PROPERTY OFF THE MARKET AFTER HEARING FROM THE AGENT ON THE PHONE THAT THE AGENT HAD RECEIVED A FULL-PRICE FROM A MINORITY PARTY. THE AGENT THEN INFORMS THE OFFEROR THAT THE HOME HAS BEEN REMOVED FROM THE MARKET AND IS UNAVAILABLE. WHICH PARTY OR PARTIES, IF ANY, HAVE VIOLATED FAIR HOUSING LAWS? - Correct Answer THE AGENT AND THE OWNER. (61) WHICH OF THE FOLLOWING ARE EXAMPLES OF CLOSING ITEMS NOT PRORATED BETWEEN BUYER AND SELLER? - Correct Answer INSPECTION FEES (62) WHICH OF THE FOLLOWING ACTIVITIES IS NOT ALLOWED UNDER THE REAL ESTATE SETTLEMENTS AND PROCEDURES ACT? - Correct Answer A LENDER PAYING A FEE TO A BROKER FOR REFERRING A BORROWER TO THE LENDER. (63) WHICH OF THE FOLLOWING COMMUNICATION RECORDS MUST (AS OPPOSED TO SHOULD) BE KEPT? - Correct Answer COPIES OF REQUIRED COMMUNICATIONS TO PRINCIPALS. (64) TO MINIMIZE THE RISK OF VIOLATING FAIR HOUSING LAWS, A LICENSEE SHOULD... - Correct Answer REFUSE TO USE TERMS THAT REFER TO OR DESCRIBE ANY OF THE CLASSES OF PERSONS PROTECTED BY THE LAWS. (65) WHAT ARE "TENANT IMPROVEMENTS"? - Correct Answer MODIFICATIONS TO A RENTAL SUITE TO CONFORM TO A TENANT'S USAGE SPECIFICATIONS (66) FOR THE PROPER HANDLING OF CLIENT AND OWNER MONIES, A PROPERTY MANAGER IS GENERALLY REQUIRED TO... - Correct Answer MAINTAIN A SPECIAL TRUST ACCOUNT IN A QUALIFIED FINANCIAL DEPOSITORY. (67) JENNIFER ADVISED HER CLIENTS THEY NEEDED TO PAINT THEIR LIVING ROOM BEFORE SHOWING THE PROPERTY. THE WALLS OF THESE ROOMS WERE ALL 8' HIGH. THE WALL LENGTHS WERE 14', 18', 16', AND 18'. IF A GALLON OF PAINT COVERS 200 SF, HOW MANY WHOLE GALLONS WOULD THE HOMESELLERS HAVE TO BUY? - Correct Answer 3 (68) AN INVESTOR JUST PURCHASED A RECTANGULAR 2-ACRE RETAIL LOT FOR $250 A FRONTAGE FOOT. IF SHE PAID $100,000 TOTAL, WHAT WAS THE DEPTH OF THE LOT? - Correct Answer 218' (69) ANDRA CAN AFFORD TO SPEND $5,000 IN CLOSING COSTS TO REFINANCE HER HOME. THE LENDER QUOTES CLOSING COSTS OF $800 PLUS 2 POINTS. THE HOUSE APPRAISED OUT AT $240,000, AND SHE CAN GET AN 80% LOAN. CAN ANNIKA AFFORD TO REFINANCE? - Correct Answer YES, WITH $360 LEFT OVER. (70) A LENDER OFFERS AN INVESTOR A MAXIMUM 70% LTV LOAN ON THE APPRAISED VALUE OF A PROPERTY. IF THE INVESTOR PAYS $230,000 FOR THE PROPERTY, AND THIS IS 15% MORE THAN THE APPRAISED VALUE, HOW MUCH WILL THE INVESTOR HAVE TO PAY AS A DOWN PAYMENT? - Correct Answer $90,000 (71) A HOME IS BEING APPRAISED USING THE SALES COMPARISON APPROACH. THE HOUSE HAS THREE BEDROOMS, TWO BATHROOMS, AND A PATIO. THE APPRAISER SELECTS A COMPARABLE HOUSE THAT HAS THREE BEDROOMS, 2.5 BATHROOMS, AND NO PATIO. THE COMPARABLE HOUSE JUST SOLD FOR $1000,000. A HALF-BATH IS VALUED AT $5,000, AND A PATIO AT $1000. ASSUMING ALL ESLE IS EQUAL, WHAT IS THE ADJUSTED VALUE OF THE COMPARABLE? - Correct Answer $96,000 (72) A FAMILY PURCHASED A $90,000 LOT TO BUILD A CUSTOM HOME. AT THE DATE OF CLOSING, THE LOT WAS ASSESSED AT $84,550 AND THE TAX RATE WAS $1.91/$100 ASSESSED VALUATION. WHEN THEY COMPLETED THE HOME, THE ASSESSMENT INCREASED BY $235,000 TO INCLUDED THE NEW CONSTRUCTION. IF THE MONTHLY TAX ESCROW IS BASED ON THE ASSESSED VALUE, WHAT WILL THE MONTHLY TAX ESCROW BE? - Correct Answer $508 (73) THE JAMES FAMILY PURCHASED A HOME FOR $180,000 FIVE YEARS AGO AND OBTAINED AN 80% LTV LOAN. NOW THE PROPERTY HAS APPRECIATED 25%. IN ADDITION, THE LOAN HAS BEEN PAID DOWN $11,000. WHAT IS THE JAMES'S CURRENT EQUITY IN THE HOME? - Correct Answer $92,000 (74) GEORGE AND MARY HAVE OWNED A RENTAL HOUSE FOR 10 YEARS. THEY BOUGHT IT FOR $240,000 AND ESTIMATED THE LAND VALUE @ 25%. IF THE PROPERTY IS DEPRECIATED ON A 39-YEAR SCHEDULE, AND APPRECIATION TOTALS 50% OVER THE PERIOD, WHAT IS THEIR GAIN IF THEY SELL THE PROPERTY TODAY? - Correct Answer $166,150 (75) ADELPHA'S HOME IS VALUED AT $250,000. SHE HAS INSURANCE COVERAGE OF $160,000 IWTH AN 80% CO-INSURANCE CLAUSE. IF ADELPHA HAS A DAMAGE CLAIM AMOUNTING TO $100,000, HOW MUCH WILL SHE RECEIVE TFROM HER POLICY? - Correct Answer $80,000 (76) THE GEORGIA FAIR HOUSING CODE PROHIBITS WHICH OF THE FOLLOWING ACTS? - Correct Answer INDICATING THAT A PROPERTY IS NOT AVAILABLE FOR SALE OR RENT WHEN IT IS AVAILABLE (77) WHICH OF THE FOLLOWING STATEMENTS IS TRUE REGARDING ADVERTISING? - Correct Answer A LICENSEE DISCOVERING A CLIENT HAS USED MISLEADING ADVERTISING MUST IMMEDIATELY TAKE STEPS TO STOP THE ADVERTISING UNTIL IN COMPLIANCE. (78) LICENSEES ARE REQUIRED TO REMOVE "FOR SALE" SIGNS FROM EXPIRED LISTINGS WITHIN ______________ OF EXPIRATION. - Correct Answer 10 DAYS (79) WHICH OF THE FOLLOWING STATEMENTS IS TRUE REGARDING TAXES? - Correct Answer TRANSFER TAX IS BASED ON THE SALE PRICE , AND THE INTANGIBLE RECORDING TAX IS BASED ON THE LOAN AMOUNT. (80) WHICH OF THE FOLLOWING STATEMENTS IS FALSE REGARDING SUPPORT PERSONNEL WORKING WITH AFFILIATED LICENSEES? - Correct Answer AN INDIVIDUAL ACTIVELY LICENSED WITH ONE FIRM MAY NOT WORK AS SUPPORT PERSONNEL FOR A DIFFERENT FIRM. (81) BROKERS ARE REQUIRED TO DO WHICH OF THE FOLLOWING? - Correct Answer REVIEW ALL CLIENT CONTRACTS WITHIN 30 DAYS FOR COMPLIANCE WITH RULES AND REGULATIONS (82) JOHN, A LICENSEE AFFILIATED WITH BROKER BOB, IS SELLING AN UNLISTED INVESTMENT PROPERTY HE OWNS. JOHN MUST DO ALL THE FOLLOWING EXCEPT... - Correct Answer DEPOSIT THE EARNEST MONEY INTO HIS PERSONAL ACCOUNT. (83) REGARDING ENVIRONMENTAL ISSUES, LICENSEES - Correct Answer MUST DISCLOSE ENVIRONMENT ISSUES OF WHICH THEY ARE AWARE. (84) WHICH OF THE FOLLOWING IS TRUE REGARDING MINISTERIAL ACTS? - Correct Answer A BROKER ENGAGED BY A CLIENT DOES NOT VIOLATE THE BROKERAGE ENGAGEMENT BY PROVIDING ASSISTANCE TO THE OTHER PARTY IN THE TRANSACTION BY PERFORMING MINISTERIAL ACTS. (85) WHILE ON VACATION IN HAWAII, BROKER JANE MET DONNA WHO IS WANTING TO BUY HER FIRST HOME. IF JANE PROVIDES DONNA'S CONTACT INFORMATION TO A HAWAII BROKER FOR A REFERRAL FEE, WHAT, IF ANYTHING, IS JANE REQUIRED TO DISCLOSE TO DONNA? - Correct Answer JANE MUST OBTAIN DONNA'S WRITTEN PERMISSION FOR THE REFERRAL AND DISCLOSE THE FACT THAT JANE WILL RECEIVE A REFERRAL FEE. (86) WHICH OF FOLLOWING INDIVIDUALS MUST HAVE A REAL ESTATE LICENSE WHEN REPRESENTING AN OWNER IN A REAL ESTATE TRANSACTION? - Correct Answer AN AUCTIONEER SELLING REAL ESTATE (87) A BROKER MAY BE HELD RESPONSIBLE FOR LICENSE LAW VIOLATIONS OF AFFILIATED LICENSEES UNLESS THE BROKER... - Correct Answer HAD REASONABLE PROCEDURES IN PLACE FOR SUPERVISING AFFILIATES' ACTIONS AND DID NOT PARTICIPATE IN OR RATIFY THE VALIDATION. (88) LICENSEE ARE REQUIRED TO DISCLOSE WHICH OF THE FOLLOWING? - Correct Answer A HOMICIDE OR SUICIDE ON THE PROPERTY, IF ASKED BY A POTENTIAL BUYER (89) WHICH OF THE FOLLOWING WOULD BE AN UNFAIR TRADE PRACTICE? - Correct Answer REPRESENTING OR ATTEMPTING TO REPRESENT A BROKER, OTHER THAN BROKER HOLDING LICENSE, WITHOUT KNOWLEDGE AND CONSENT OF BROKER HOLDING LICENSE (90) IF A LICENSEE HAS BEN FOUND GUILTY OF A VIOLATION AS A RESULT OF A HEARING AND HAS EXHAUSTED ALL ADMINISTRATIVE REMEDIES, HE HAS THE OPTION OF ... - Correct Answer REQUESTING JUDICIAL REVIEW IN THE COUNTY OF THE COMMISSION'S DOMICILE. (91) AN ASSOCIATE BROKER - Correct Answer ACTS ON BEHALF OF AND PERFORMS BROKERAGE ACTIVITY ON BEHALF OF THE BROKER. (92) THE COMMISSION WILL RESOLVE COMPENSATION DISPUTES... - Correct Answer UNDER NO CIRCUMSTANCES (93) COMMISSION CITATIONS MAY RESULT IN ALL THE FOLLOWING EXCEPT... - Correct Answer REVOKING A LICENSE. (94) THE STATUTE OF LIMITATIONS FOR COLLECTION FROM THE REAL ESTATE EDUCATION, RESEARCH AND RECOVERY FUND IS _____________ YEARS. - Correct Answer TWO (95) WHICH OF THE FOLLOWING STATEMENTS IS TRUE REGARDING LEASES? - Correct Answer IF THE TENANT DOES NOT GIVE UP POSSESSION AS REQUIRED IN THE LEASE, A DISPOSSESSORY AFFIDAVIT CAN BE FILED IN COURT. (96) REGARDING MORTGAGE LAW, GEORGIA IS A - Correct Answer TITLE THEORY STATE. (97) IN GEORGIA, THE ___________IS THE TYPE OF DEED THAT IS COMMONLY REFERRED TO IN OTHER STATES AS THE SPECIAL WARRANTY DEED. - Correct Answer LIMITED WARRANTY DEED (98) IN GEORGIA, WHICH OF THE FOLLOWING COVENANTS IS NOT INCLUDED IN GENERAL WARRANTY DEEDS? - Correct Answer COVENANT OF FURTHER ASSURANCE (99) TYPICALLY, THE TITLE SEARCH PERIOD IN GEORGIA IS... - Correct Answer 50 YEARS (100) WHICH CATEGORY OF APPRAISER MAY APPRAISE ANY TYPE OF PROPERTY WITHOUT REGARD TO PURPOSE? - Correct Answer STATE CERTIFIED GENERAL APPRAISER