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