REVIEW GA EXAM
ASSESSMENT RATE
40% for all taxable properties
Leasehold Estate is considered
Real Property
Power of Sale clause
gives the lender the right to sell property if borrower defaults
Security deed
Secured instrument with the P.O.S clause
We are a Title Theory State with
Non-judicial Foreclosure rights
Intangible Tax
Charged to record the Security Deed
This is a state tax collected at the county when the Security Deed is recorded
Intangibles Tax
Abstractor is required to
Search title back 50 years in Ga
Only a licensed attorney can
Conduct a closing in Ga
Georgia laws that address Anti-Trust issues
Ga. FBPA and Ga. UDTPA
When a licensee has a question regarding a contract,
Seek advice from his / her
Broker. If Broker is not available, follow company policy directions
All licensees are required to take a minimum of
36 hours of continuing education in each renewal period of four (4) years unless grandfathered
How many hours of continuing education must be in license law
3
Those licensees who obtained their license prior to January, 1980, do not have a
CE requirement
License numbers 100,000 and up
Require CE
A new license will recieve how many hours of credit
9 hrs
Credit toward his CE requirement upon the completion of
His 25-hour Post Licensing requirement
Regarding any conflict in contracts:
Handwritten will take precedence over typewritten or preprinted, and typewritten will take precedence over preprinted
There is no longer a Usury ceiling for
Mortgage loans in Ga
State law requires that
Purchasers of a time share project in Georgia be given a right to rescind the contract within seven (7) days
Interstate Lands Sales requires registration with
HUD -- Housing and Urban Development
Georgia recognizes the formal will that has two witnesses and a nuncupative will (oral will, aka death bed will)
If put into writing within 30 days and witnessed by two objective witnesses - do not recognize a handwritten will with no witnesses
Georgia does not require a brokerage or licensees to have
Errors and Omissions Insurance; AKA: E & 0 Insurance.
however, it is a good business practice to obtain
GEORGIA does not require sellers to provide a Seller's Disclosure Statement, but
The requirement may be a company policy
The three (3) Legal Life Estates, state laws dictate :
Dower
Curtesy
Homestead Protection
Georgia is NOT a Dower or Curtesy State, but
Do have Homestead Protection
Mortgage and Tax foreclosures are exempt from
Homestead Protection in Ga
According to our state law of decent or succession
If a wife dies intestate with a husband and 3 grown children, her husband will get 1/3 of her real property
A person can petition the court for a
Prescriptive Easement in Georgia with seven (7) years of Continuous, Open, and Notorious/ Hostile (without owner's permission) use
CONE
Continuous, Open, Notorious, & Exclusive use
A person can petition the court for
Adverse Possession in Georgia after Twenty (20) years of CONE
This timeframe may be shortened to seven (7) years if person seeking adverse possession has
Color of Title
Color of Title
Title condition which appears to be good but in fact is not valid due to a certain defect, such as a forged deed
Payment of taxes for that prescribed period may also cause the court to grant
Adverse possession after seven years
Adverse Possession would be granted by
The court through a Quiet Title Suite
VA will only make a loan for
30 years
All elevations throughout the country are measured from
New York Harbor, which is mean/zero sea level
Although not encouraged, FHA will make loans for a
40-year duration
Benchmark
Permanent marker set by geologists or surveyors
Datum
The basic point from which vertical land (air and mineral rights) is described
Georgia uses two legal descriptions:
The metes and bounds and the Lot/Block or Short Form (which references a recorded plat book and page)
Only the first thirteen colonies and Texas use
The metes and bounds legal description
Ga. does not use
The Rectangular Survey (Government Survey)
Rectangular Survey (Government Survey)
Uses Meridian Lines going north and south, and Base Lines going east and west
36- square-mile townships are measured
off the base lines
Each township has
36 sections
Each section is
One mile square
Each section is one mile square, which has
640 acres
How many sq ft are in a acre?
43,560 sq ft
Developers of new homes and subdivisions in metropolitan areas of Georgia are often required to pay
Impact Fees
Impact Fees
Fees sometimes charged by local jurisdictions to pay for new schools and utilities that an increase in the local population will entail
Someone with Aids or HIV positive would be considered to have
Disability
Someone with Aids or HIV positive would be protected under the
Handicap Status in Title VIII - Federal Fair Housing
We do not discuss disabilities - even if we know about them - as it would be a violation of
Fed. Fair Housing
The three ways one can take title in Ga.
Severalty
Tenants in Common
Joint Tenancy with the right of Survivorship - Voluntary - must request