GA REAL ESTATE POST-LICENSE COURSE
Conformity - Answers :This principle states that maximum value is realized if the use of
land conforms to existing neighborhood standards (e.g. design, construction, size, and
age)
Blockbusting - Answers :Illegal practice of inducing homeowners to sell their properties
by telling them that a certain people of a certain race, national origin or religion are
moving into the area
Deed of Trust - Answers :used to secure a debt with real property
Special Warranty Deed - Answers :The grantor warrants against defects that have
occurred after the grantor acquired title. (No warrantee forever-only for the time the
grantor owns the property)
Balloon Mortgage - Answers :a mortgage in which the entire remaining balance of the
loan is due in one single payment
Police powers - Answers :land-use controls are an example of the application of a
government's
Latent Defect - Answers :adverse material fact that is hidden or not readily discoverable
by inspection
Article 1 of NAR Code of Ethics mandates that real estate professionals: - Answers
:Promote the best interest of their clients
What type of listing agreement is most commonly used for properties listed on the
Multiple Listing Service (MLS)? - Answers :Exclusive right to sell listings
Under the GA FLA, prohibited unfair lending practices include: - Answers :Charging a
borrower an unauthorized late payment charge unless it is authorized in the loan
documents, is only imposed if the payment is past due for 10 days or more, and the
charge does not exceed 5 percent of the amount of the late payment.
Under the GA FLA, prohibited unfair lending practices include: - Answers :Charging a
processing fee for a loan payoff statement of more than $10.00; if this fee is charged a
statement must be provided within a reasonable time but in any event no more than 5
business days after the request.
Brokers must maintain records for - Answers :3 years
violations of Fair Housing laws - Answers :Steering, blockbusting, and redlining
violation of the Real Estate Settlement Procedures Act (RESPA) - Answers :kickbacks
, The Georgia Fair Housing Act is enforced by: - Answers :GA COEO
A real estate license belongs to: - Answers :the Board
When there is a breach of contract, which of the following could the breaching party be
facing if found guilty? - Answers :Loss of earnest money deposit or other payments
made under the contract
Who appoints the members of the Georgia Real Estate Commission (GREC)? -
Answers :Appointed by the Governor and confirmed by the Senate for 5 year terms
Beatrice feels her lender is in violation of GA Fair Lending Laws and intents to file a
complaint, where should she file a complaint? - Answers :The commissioner of banking
and finance
Telemarketers and sellers must check the do not call registry every _____ days and
drop registered consumer phone numbers from their call lists. - Answers :31
The government power that causes unclaimed real property to transfer (revert) to the
state is called: - Answers :escheat
If an owner of real estate dies intestate, who may become the new owner of the real
estate? - Answers :the state
Article 6 of the NAR code of Ethics mandates that real estate professionals: - Answers
:Shall not accept any commission without the client's knowledge and consent
A number is valid on the National Do Not Call Registry for how many years? - Answers
:Until the consumer takes action to remove it
What is the main difference between a fixture and a trade fixture? - Answers :Trade
fixtures are personal property AND Trade fixtures are typically more easily removable
The Real Estate Settlement Procedures Act (RESPA) requires lending institutions to
provide a Loan Estimate of closing costs: - Answers :Within 3 days of the loan
application
The transfer of title from the government to an individual is called a(n): - Answers
:Public grant
Georgia mortgage brokers must maintain a bond in the amount of _______________. -
Answers :$50,000
Penny recently bought a condo unit in the Everly Condominium complex. Penny has
sole ownership of her unit but also has partial ownership of the common areas within
Conformity - Answers :This principle states that maximum value is realized if the use of
land conforms to existing neighborhood standards (e.g. design, construction, size, and
age)
Blockbusting - Answers :Illegal practice of inducing homeowners to sell their properties
by telling them that a certain people of a certain race, national origin or religion are
moving into the area
Deed of Trust - Answers :used to secure a debt with real property
Special Warranty Deed - Answers :The grantor warrants against defects that have
occurred after the grantor acquired title. (No warrantee forever-only for the time the
grantor owns the property)
Balloon Mortgage - Answers :a mortgage in which the entire remaining balance of the
loan is due in one single payment
Police powers - Answers :land-use controls are an example of the application of a
government's
Latent Defect - Answers :adverse material fact that is hidden or not readily discoverable
by inspection
Article 1 of NAR Code of Ethics mandates that real estate professionals: - Answers
:Promote the best interest of their clients
What type of listing agreement is most commonly used for properties listed on the
Multiple Listing Service (MLS)? - Answers :Exclusive right to sell listings
Under the GA FLA, prohibited unfair lending practices include: - Answers :Charging a
borrower an unauthorized late payment charge unless it is authorized in the loan
documents, is only imposed if the payment is past due for 10 days or more, and the
charge does not exceed 5 percent of the amount of the late payment.
Under the GA FLA, prohibited unfair lending practices include: - Answers :Charging a
processing fee for a loan payoff statement of more than $10.00; if this fee is charged a
statement must be provided within a reasonable time but in any event no more than 5
business days after the request.
Brokers must maintain records for - Answers :3 years
violations of Fair Housing laws - Answers :Steering, blockbusting, and redlining
violation of the Real Estate Settlement Procedures Act (RESPA) - Answers :kickbacks
, The Georgia Fair Housing Act is enforced by: - Answers :GA COEO
A real estate license belongs to: - Answers :the Board
When there is a breach of contract, which of the following could the breaching party be
facing if found guilty? - Answers :Loss of earnest money deposit or other payments
made under the contract
Who appoints the members of the Georgia Real Estate Commission (GREC)? -
Answers :Appointed by the Governor and confirmed by the Senate for 5 year terms
Beatrice feels her lender is in violation of GA Fair Lending Laws and intents to file a
complaint, where should she file a complaint? - Answers :The commissioner of banking
and finance
Telemarketers and sellers must check the do not call registry every _____ days and
drop registered consumer phone numbers from their call lists. - Answers :31
The government power that causes unclaimed real property to transfer (revert) to the
state is called: - Answers :escheat
If an owner of real estate dies intestate, who may become the new owner of the real
estate? - Answers :the state
Article 6 of the NAR code of Ethics mandates that real estate professionals: - Answers
:Shall not accept any commission without the client's knowledge and consent
A number is valid on the National Do Not Call Registry for how many years? - Answers
:Until the consumer takes action to remove it
What is the main difference between a fixture and a trade fixture? - Answers :Trade
fixtures are personal property AND Trade fixtures are typically more easily removable
The Real Estate Settlement Procedures Act (RESPA) requires lending institutions to
provide a Loan Estimate of closing costs: - Answers :Within 3 days of the loan
application
The transfer of title from the government to an individual is called a(n): - Answers
:Public grant
Georgia mortgage brokers must maintain a bond in the amount of _______________. -
Answers :$50,000
Penny recently bought a condo unit in the Everly Condominium complex. Penny has
sole ownership of her unit but also has partial ownership of the common areas within
