Georgia Salespersons Pre-License Study Guide

These flashcards cover key concepts from the Georgia Salespersons Pre-License Study Guide to help students prepare effectively for their exams.

What is the main purpose of the Georgia Salespersons Pre-License Study Guide? 1. To provide a history of property taxation in Georgia. 2. To assist students in preparing for both the Aceable course exam and the state real estate exam. 3. To serve as a guide for mortgage lenders only. 4. To list all available properties in the Georgia MLS.

2. To assist students in preparing for both the Aceable course exam and the state real estate exam.

Which three components are essential to establish a valid contract? 1. Signature, seal, and delivery. 2. Offer and acceptance, consideration, and legally competent parties. 3. Listing agreement, MLS entry, and commission. 4. Earnest money, home inspection, and title insurance.

2. Offer and acceptance, consideration, and legally competent parties.

Which of the following describes the bundle of rights associated with real property? 1. The rights of exclusion, possession, transfer, quiet enjoyment, and control. 2. The rights of eminent domain, taxation, forfiture, and escheat. 3. The rights to buy, sell, lease, and trade only. 4. The right to build whatever the owner wants without regulation.

1. The rights of exclusion, possession, transfer, quiet enjoyment, and control.

What is the purpose of a comparative market analysis (CMA)? 1. To perform a formal appraisal for a mortgage company. 2. To track the inflation rate in the national economy. 3. To estimate the market value of a property by comparing it to recently sold or listed similar properties. 4. To calculate the exact replacement cost of a structure.

3. To estimate the market value of a property by comparing it to recently sold or listed similar properties.

What is the Georgia Real Estate Commission (GREC)? 1. A private trade organization for Georgia realtors. 2. A federal agency overseeing interstate land sales. 3. The regulatory body in Georgia responsible for enforcing real estate licensing laws. 4. A division of the IRS for property tax collection.

3. The regulatory body in Georgia responsible for enforcing real estate licensing laws.

What is the difference between a mortgage and a deed of trust? 1. A mortgage involves two parties (borrower and lender), while a deed of trust involves three parties and allows for non-judicial foreclosure. 2. A deed of trust involves two parties, while a mortgage involves three and allows for judicial foreclosure. 3. A mortgage cannot be foreclosed upon, whereas a deed of trust can. 4. A deed of trust is only used for commercial properties in Georgia.

1. A mortgage involves two parties (borrower and lender), while a deed of trust involves three parties and allows for non-judicial foreclosure.

What are the primary duties of a property manager? 1. Marketing, tenant relations, rent collection, maintenance, and financial oversight. 2. Selling the owner's property for a commission. 3. Providing legal advice to tenants. 4. Performing structural architectural changes to the building.

1. Marketing, tenant relations, rent collection, maintenance, and financial oversight.

What does the Fair Housing Act prohibit? 1. Selling a house for more than the appraised value. 2. Discrimination in housing based on race, color, religion, sex, national origin, familial status, or disability. 3. Charging interest rates higher than $5\%$. 4. Zoning land for commercial use only.

2. Discrimination in housing based on race, color, religion, sex, national origin, familial status, or disability.

What is an encumbrance in real estate? 1. A claim or liability attached to a property that may affect its transferability or value. 2. The legal process of inheritance. 3. A document that transfers title. 4. The physical survey of the land.

1. A claim or liability attached to a property that may affect its transferability or value.

How is the loan-to-value ratio (LTV) calculated? 1. By dividing the appraised value by the loan amount. 2. By multiplying the loan amount by the interest rate. 3. By dividing the loan amount by the appraised value of the property. 4. By subtracting the down payment from the sale price.

3. By dividing the loan amount by the appraised value of the property.