Chapter 27- Other Georgia Laws-
Questions and Answers.
ad valorem tax - Answer a tax levied on the assessed value of real and personal property
Property in Georgia is assessed at ______ of fair market value - Answer 40%
Agricultural property is assessed at ______ of the value that other real property is assessed -
Answer 75%
occupation tax - Answer license or professional tax that may be charged to brokers based on
gross receipts of real estate transactions located in the same county
transfer tax - Answer Tax stamps required to be affixed to a deed by state and/or local law; $1
per $1000 and .10 per $100 of sale price in state of Georgia, state tax and no county transfer tax
intangible tax - Answer taxes charged on loan amount; $1.50 per $500; tax on long-term notes
secured by real estate; must be recorded in county of property within 90 days; not applicable to
loans for less than 3 years
Priority of Liens - Answer Property taxes and special assessments, then in order of time and
date files (pure race), except mechanics lien, which dates to date labor began or materials were
first provided.
Mechanic's Lien - Answer A statutory lien levied on property by a person who is wrongfully
not compensated after providing labor (mechanic) or material (material-man) for the
improvement to land. (Only on the specific property where the work was complete.) Not on
personal property; expires within 12 months unless court action is taken; does not prevent
home from being sold; cannot exceed the amount of the costs agreed in the contract; must be
filed within 90 days of completion of work
Notice of Commencement - Answer A document recorded by a property owner indicating the
date upon which construction began on the property
With _____ days of filing a lien, the individual or firm placing the lien must send the owner
notice by registered or cerified mail or overnight delivery - Answer 2
lien holder misf deliver cancellation of the notice of lien rights within _____ days of final
payment - Answer 10
, Equitable Right of Redemption - Answer The right of a defaulted property owner to recover
the property prior to its sale by paying the appropriate fees and charges
final damage statement - Answer summary of landlord's inspection after tenant lease has
terminated, includes list of damages and cost to repair or replace; done within 3 business days,
tenant inspects within 5 days
Writ of Possession (Eviction) - Answer Allows a landlord who prevails in an eviction suit to
regain possession of the premises that were in dispute; provided by court, allows sheriff to
remove tenant
dispossessory affadavit - Answer filed in court by landlord, due to tenant not giving up
possession of property after lease has expired, or tenant is in default; tenant has 7 days to
respond
The Georgia Fair Business Practices Act - Answer prohibits unfair and deceptive acts that
involve the sale, lease, or rental of goods, services, or property for personal, family, or
household purposes; prohibits making misleading statements about another business or its
goods or services
Uniform Deceptive Trade Practices Act - Answer An act to protect consumers against false,
misleading, and deceptive business practices or omissions and permits an injured party to take
legal action
Georgia Apartment Ownership Act - Answer regulates condos that were created prior to July
1975
Georgia Condominium Act - Answer a law that requires extensive disclosures and allows the
buyer a 7 day right of rescission on a new condo; resolved
replaced the former Georgia Apartment Ownership Act
Leasehold condominium - Answer one in which each unit owner owns an estate for years or
leasehold estate in his or her unit
Condominium Disclosure Package - Answer must contain the plats, floor plans, and
Declaration of Condominium, which includes encumbrances, boundaries, common elements
information, legal descriptions, and shared liability for common expenses, plus additional
information
Questions and Answers.
ad valorem tax - Answer a tax levied on the assessed value of real and personal property
Property in Georgia is assessed at ______ of fair market value - Answer 40%
Agricultural property is assessed at ______ of the value that other real property is assessed -
Answer 75%
occupation tax - Answer license or professional tax that may be charged to brokers based on
gross receipts of real estate transactions located in the same county
transfer tax - Answer Tax stamps required to be affixed to a deed by state and/or local law; $1
per $1000 and .10 per $100 of sale price in state of Georgia, state tax and no county transfer tax
intangible tax - Answer taxes charged on loan amount; $1.50 per $500; tax on long-term notes
secured by real estate; must be recorded in county of property within 90 days; not applicable to
loans for less than 3 years
Priority of Liens - Answer Property taxes and special assessments, then in order of time and
date files (pure race), except mechanics lien, which dates to date labor began or materials were
first provided.
Mechanic's Lien - Answer A statutory lien levied on property by a person who is wrongfully
not compensated after providing labor (mechanic) or material (material-man) for the
improvement to land. (Only on the specific property where the work was complete.) Not on
personal property; expires within 12 months unless court action is taken; does not prevent
home from being sold; cannot exceed the amount of the costs agreed in the contract; must be
filed within 90 days of completion of work
Notice of Commencement - Answer A document recorded by a property owner indicating the
date upon which construction began on the property
With _____ days of filing a lien, the individual or firm placing the lien must send the owner
notice by registered or cerified mail or overnight delivery - Answer 2
lien holder misf deliver cancellation of the notice of lien rights within _____ days of final
payment - Answer 10
, Equitable Right of Redemption - Answer The right of a defaulted property owner to recover
the property prior to its sale by paying the appropriate fees and charges
final damage statement - Answer summary of landlord's inspection after tenant lease has
terminated, includes list of damages and cost to repair or replace; done within 3 business days,
tenant inspects within 5 days
Writ of Possession (Eviction) - Answer Allows a landlord who prevails in an eviction suit to
regain possession of the premises that were in dispute; provided by court, allows sheriff to
remove tenant
dispossessory affadavit - Answer filed in court by landlord, due to tenant not giving up
possession of property after lease has expired, or tenant is in default; tenant has 7 days to
respond
The Georgia Fair Business Practices Act - Answer prohibits unfair and deceptive acts that
involve the sale, lease, or rental of goods, services, or property for personal, family, or
household purposes; prohibits making misleading statements about another business or its
goods or services
Uniform Deceptive Trade Practices Act - Answer An act to protect consumers against false,
misleading, and deceptive business practices or omissions and permits an injured party to take
legal action
Georgia Apartment Ownership Act - Answer regulates condos that were created prior to July
1975
Georgia Condominium Act - Answer a law that requires extensive disclosures and allows the
buyer a 7 day right of rescission on a new condo; resolved
replaced the former Georgia Apartment Ownership Act
Leasehold condominium - Answer one in which each unit owner owns an estate for years or
leasehold estate in his or her unit
Condominium Disclosure Package - Answer must contain the plats, floor plans, and
Declaration of Condominium, which includes encumbrances, boundaries, common elements
information, legal descriptions, and shared liability for common expenses, plus additional
information
