59.

Sally makes an offer to purchase Fred's property. Sally wants to make sure that she gets the earnest money back if she does not qualify for the loan. The best way to accomplish this would be to:

Select one:

a. Get the buyer pre-approved for the loan before the offer is made

b. Include a mortgage contingency clause / addendum to the contract

c. Make sure the seller verbally agrees to this condition

d. Make sure the listing broker is agreeable to this condition

60.

Louie formerly held a Georgia broker's license. He has served a two-year prison sentence for forgery. He has now turned his life around and can provide numerous references to support that contention. He wants to re-apply for a Georgia broker's license. Louie cannot be granted the license until at least:

Select one:

a. 5 years after his conviction

b. 7 years after his release from prison

c. 8 years after his conviction

d. 10 years after his release from prison

61.

A Georgia real estate sale closes on March 12th. How many days of accrued interest must the seller pay?

Select one:

a. 19

b. 12

c. 11

d. 0

62.

Broker Bob has a listing on Seller Steve's house. Broker Bob is acting as agent of the seller. Buyer Bill has made an offer on the property and put up an earnest money deposit of $8,000, which is being held by Broker Bob. Seller Steve accepted the offer. A dispute now exists between the buyer and the seller. Buyer Bill maintains that Seller Steve defaulted on the contract while Seller Steve maintains that Buyer Bill has defaulted on the contract. The parties are unable to come to an agreement. What should Broker Bob do with the earnest money deposit?

Select one:

a. Since Broker Bob is acting as agent of the seller, he should give the deposit to the seller

b. Broker Bob should hold the deposit indefinitely until the parties come to an agreement

c. Broker Bob should disburse the deposit to whichever party he feels has the better argument

d. Broker Bob should file an interpleader action in court