GEORGIA REAL ESTATE
FUNDAMENTALS FINAL EXAM 2025
TEST BANK QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS)
Genevieve has just passed her broker's exam and
completed the requirements for licensure. She wants to
operate under her own name in Georgia. What must
happen first?
She must be affiliated with a broker as an associate broker
for two years.
She must receive her license and post it on her office wall.
She must receive new business cards.
She must take an additional 75 hours of continuing
education. Correct Answer She must receive her license
and post it on her office wall.
While new business cards are in order, Genevieve
must have her license and it must be posted before
she can operate under her own name.
When is a promissory note most often used in Georgia?
,In commercial transactions
In unimproved land sales
When an owner finances the sale of their property
When the consideration is something other than financial
Correct Answer When an owner finances the sale of their
property
In Georgia, a promissory note is most often used
when an owner finances the sale of their property and
records and holds the note. The lender in this case is
the owner.
How long does a broker have before notifying the
commission that a trust fund account has been
established? Correct Answer 30 days
Albert wants to sell his house to his cousin, who's willing to
assume his FHA loan. What clause in Albert's mortgage
requires him to obtain the lender's permission to do this?
Acceleration clause
Alienation clause
Non-recourse clause
Transfer clause Correct Answer The alienation clause
requires the property owner to obtain lender
permission for a buyer to assume the loan, or risk
having the loan accelerated.
In a deed of trust, who is the trustor?
Agent
Borrower
Lender
,Neutral third party Correct Answer Borrower, The trustor
establishes the trust on behalf of another. In this case,
the borrower establishes the trust for the benefit of
the lender, who is the beneficiary.
What does the Exclusive Buyer Brokerage Agreement
state about dual agency?
Brokers need only disclose dual agency to buyers.
Buyers don't have to consent to dual agency.
Buyers in dual agency relationships shouldn't expect
broker confidentiality.
Dual agency isn't permitted in an exclusive buyer broker
relationship. Correct Answer Buyers don't have to consent
to dual agency.
security deed Correct Answer A security instrument which
conveys title to the lender until the debt is satisfied. At
which time the instrument is cancelled.
Who's the mortgagee in a mortgage? Correct Answer The
lender is the mortgagee, and the borrower is the
mortgagor. This is because the borrower establishes the
mortgage as a security instrument on the lender's behalf.
Which of the following terms describes the actions
required to transfer a title by deed?
Acknowledgment
Delivery and acceptance
Granting clause
Habendum Correct Answer Delivery and acceptance
, In Georgia, how many years do we have to go back to
trace the chain perfectly, with no gaps in ownership?
10 years
20 years
40 years
50 years Correct Answer In Georgia, a chain dating
back 50 years is considered sufficient to show
marketable title.
What is the trustee's role when a deed of trust is used to
secure property for a loan?
To collect payments and service the loan
To hold funds in escrow
To hold legal title to the property on behalf of the
beneficiary until the loan is repaid
To hold the note to the property on behalf of the trustor
until the loan is repaid Correct Answer To hold legal title to
the property on behalf of the beneficiary until the loan is
repaid
According to the Georgia Brokerage Relationships in Real
Estate Transactions Act, if no expiration date is provided
in the brokerage engagement, then the engagement will
terminate ______. Correct Answer One year after initiation
Darcy signed an exclusive right-to-sell agreement with
licensee Shane, which gives Shane authority to ______.
Authority to negotiate the contract
Determine the list price
Make counter-offers on Darcy's behalf
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