Georgia Salesperson Supplement Examination

Joint tenancy carries the right of survivorship with equal interests, so a deceased tenant's interest passes automatically to the surviving joint tenants, while tenants in common may hold unequal shares and each owner's interest passes to their heirs.

An easement appurtenant benefits a specific parcel (the dominant estate) and transfers automatically with that land, while an easement in gross benefits a person or entity (such as a utility company) and has no dominant tenement.

Under an exclusive agency listing the seller keeps the right to sell the property themselves without owing a commission, whereas under an exclusive right-to-sell the broker earns a commission no matter who sells the property.

Clients receive fiduciary duties including loyalty, obedience, and confidentiality (with loyalty requiring the agent to place the client's interests above the agent's own financial interests), while customers are owed only fair and honest dealing.

Fannie Mae and Freddie Mac are government-sponsored enterprises that purchase mortgages (Fannie Mae primarily conventional loans) in the secondary market rather than lending directly to consumers, while Ginnie Mae neither buys nor sells loans but guarantees securities issued by private offerors and backed by pools of FHA-insured, VA-guaranteed, and USDA loans.

A condominium unit owner holds fee simple title to the unit individually (in severalty) plus an undivided interest in the common elements as a tenant in common, while a cooperative purchaser buys shares (personal property) in the corporation that holds title and receives a proprietary lease for the unit.

With a purchase money mortgage the buyer receives legal title immediately and gives the seller a security interest in the property, while under a land contract the seller retains legal title until all payments are made and the buyer holds only equitable title.

A buyer who takes title subject to the mortgage is not personally obligated for the debt, so a foreclosure deficiency is not the buyer's liability and the original seller/borrower may remain liable, whereas an assuming buyer becomes personally obligated on the debt.

In a fee simple determinable title reverts automatically when the limitation occurs, while in a fee simple subject to a condition subsequent the estate does not automatically terminate and the holder of the right of reentry must bring a legal action in court.

Commingling is mixing client monies with personal or general business funds (such as depositing earnest money in the broker's operating account) and is always illegal, while conversion is the illegal use of entrusted money.

The Georgia Real Estate Education, Research, and Recovery Fund pays no more than $25,000 per transaction regardless of the number of persons aggrieved or parcels involved (and no single claimant may ever obtain more than $25,000), while fund liability for the acts of any one licensee ends when court orders authorize payments aggregating $75,000 on that licensee's behalf.

Statutory nonemployee treatment under IRC/26 U.S.C. § 3508 requires all three conditions — a current real estate license, substantially all compensation tied to sales production or output rather than hours worked, and a written contract stating the person is not an employee for federal tax purposes — so commission pay and self-set hours alone do not qualify, and a broker who pays hourly wages and controls hours, dress, and meeting attendance creates an employer-employee relationship (written agreements carry little weight if actual conduct contradicts them).