©THEBRIGHT EXAM STUDY SOLUTIONS 8/26/2024 11:32 AM
The CE Shop: Georgia State Exam Practice
Questions And Correct Answers
The Real Estate Education, Research, and Recovery Fund Exists for the Benefit of whom?
-Agents with low sales volume
-Brokers who pay out commissions
-GREC members
-The public - answer✔✔*The public*
Who, or which entity, appoints the members of the Georgia Real Estate Commission?
-Georgia real estate association members
-The Georgia governor
-The mayors of every city in Georgia, through a vote
-The public, by election - answer✔✔*The Georgia Governor*
*How's the Georgia intangible tax computed?*
-it's a flat $10 fee for any mortgage subject to the Georgia Residential Mortgage Act
, ©THEBRIGHT EXAM STUDY SOLUTIONS 8/26/2024 11:32 AM
-It's based on .1% of the sales price
-It's based on the amount borrowed, and is $1.50 per each $500 or fractional part thereof, with a
maximum of $25,000
-It's based on the sales price, and is $1.50 per each $500 or a fractional part thereof with a
maximum of $25,000 - answer✔✔*It's based on the amount borrowed, and is $1.50 per each
$500 or fractional part thereof, with a maximum of $25,000*
The intangible tax is based on the loan amount and is $1.50 per each $500 or fractional part
thereof with a maximum of $25,000
In Georgia, upon what amount is the transfer tax calculated?
-Appraisal Amount
-Down Payment Amount
-Loan Amount
-Sales Price - answer✔✔*Sales Price*
Krista is obtaining a loan to buy a home. Her loan agreement consists of one document called a
note and one called a deed of trust. What's the role of the note?
-Conveys legal title to the property to the lender
-Describes the home requiring the loan
-Lists the names of the mortgagor and mortgagee
, ©THEBRIGHT EXAM STUDY SOLUTIONS 8/26/2024 11:32 AM
-States who owes money to whom, how much, and how it will be repaid - answer✔✔*States
who owes money, to whom, how much, and how it will be repaid
*Which of the following is NOT a legal activity for a business broker?*
-Assisting the buyer with due diligence
-Concealing the business's identity to protect the owner's privacy
-Conducting an appraisal of the business
-Requiring the prospective buyer to sign a confidentiality agreement - answer✔✔*Conducting an
appraisal of the business*
Only licensed appraisers may conduct appraisals
Joe Bob is the grantor of a deed and is in the final stages of transferring a deed to the new owner,
Frank. What must Joe Bob do in order to satisfy delivery and acceptance of the deed to Frank?
-Deliver the deed to Frank, his agent or attorney, or the title company issuing the title
-Get Frank's signature on the official acceptance letter notarized and recorded at the county
clerk's office
-Send the deed via certified mail so that the shipment is officially tracked
-Submit delivery and acceptance paperwork to the Board of Submission and Acceptance -
answer✔✔*Deliver the deed to Frank, his agent or attorney, or the title company issuing the
title*
*What must Georgia's governor do in order to remove a commission member from GREC?*
The CE Shop: Georgia State Exam Practice
Questions And Correct Answers
The Real Estate Education, Research, and Recovery Fund Exists for the Benefit of whom?
-Agents with low sales volume
-Brokers who pay out commissions
-GREC members
-The public - answer✔✔*The public*
Who, or which entity, appoints the members of the Georgia Real Estate Commission?
-Georgia real estate association members
-The Georgia governor
-The mayors of every city in Georgia, through a vote
-The public, by election - answer✔✔*The Georgia Governor*
*How's the Georgia intangible tax computed?*
-it's a flat $10 fee for any mortgage subject to the Georgia Residential Mortgage Act
, ©THEBRIGHT EXAM STUDY SOLUTIONS 8/26/2024 11:32 AM
-It's based on .1% of the sales price
-It's based on the amount borrowed, and is $1.50 per each $500 or fractional part thereof, with a
maximum of $25,000
-It's based on the sales price, and is $1.50 per each $500 or a fractional part thereof with a
maximum of $25,000 - answer✔✔*It's based on the amount borrowed, and is $1.50 per each
$500 or fractional part thereof, with a maximum of $25,000*
The intangible tax is based on the loan amount and is $1.50 per each $500 or fractional part
thereof with a maximum of $25,000
In Georgia, upon what amount is the transfer tax calculated?
-Appraisal Amount
-Down Payment Amount
-Loan Amount
-Sales Price - answer✔✔*Sales Price*
Krista is obtaining a loan to buy a home. Her loan agreement consists of one document called a
note and one called a deed of trust. What's the role of the note?
-Conveys legal title to the property to the lender
-Describes the home requiring the loan
-Lists the names of the mortgagor and mortgagee
, ©THEBRIGHT EXAM STUDY SOLUTIONS 8/26/2024 11:32 AM
-States who owes money to whom, how much, and how it will be repaid - answer✔✔*States
who owes money, to whom, how much, and how it will be repaid
*Which of the following is NOT a legal activity for a business broker?*
-Assisting the buyer with due diligence
-Concealing the business's identity to protect the owner's privacy
-Conducting an appraisal of the business
-Requiring the prospective buyer to sign a confidentiality agreement - answer✔✔*Conducting an
appraisal of the business*
Only licensed appraisers may conduct appraisals
Joe Bob is the grantor of a deed and is in the final stages of transferring a deed to the new owner,
Frank. What must Joe Bob do in order to satisfy delivery and acceptance of the deed to Frank?
-Deliver the deed to Frank, his agent or attorney, or the title company issuing the title
-Get Frank's signature on the official acceptance letter notarized and recorded at the county
clerk's office
-Send the deed via certified mail so that the shipment is officially tracked
-Submit delivery and acceptance paperwork to the Board of Submission and Acceptance -
answer✔✔*Deliver the deed to Frank, his agent or attorney, or the title company issuing the
title*
*What must Georgia's governor do in order to remove a commission member from GREC?*
