Georgia Real Estate State Portion Questions and Answers. (Graded A+)

Based on the ability to accept assignments, which appraiser has the most latitude? - ANSWER-certified general Which state agency is responsible for the implementation of the Georgia Lead Paint Prevention Act of 1994? - ANSWER-GA Dept of Natural Resources How far back does a normal Georgia title search go? - ANSWER-50 years A Georgia fee or tax imposed on the recording of a warranty deed is - ANSWER-transfer tax Real property legal descriptions in Georgia can NOT be based on - ANSWER-townships A Salesperson license fee costs how much? - ANSWER-175 Standing trees would be considered - ANSWER-real property Mortgage "discount" points only apply if which of the following conditions are met? - ANSWER-The interest rate on the mortgage loan has been lowered by 1% for each point charged Does GA have homestead laws - ANSWER-Yes Homeowners in Georgia may deduct all of the following expenses when preparing their income tax return EXCEPT - ANSWER-Mortgage interest on a 3rd home A couple bought a house in 1975 for $30,000 and have lived in it ever since. Today, the neighborhood is very fashionable, and the house sells for $500,000. How much of the gain is taxable on the couple's joint return this year? - ANSWER-NONE A community that merges housing, recreation, and commercial units into one self-contained development is called a - ANSWER-MUD