160 exam terms, connected for mastery
Georgia Real Estate Exam Glossary
160 connected exam terms with a complete definition, Georgia distinction, worked example, common trap, original practice check, detailed explanation, source note, mastery tracker, and recommended next lesson.
160
Complete term pages
49
Georgia-specific rules
14
Official content areas
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Showing 160 of 160 terms
BRRETA
BRRETA is Georgia's Brokerage Relationships in Real Estate Transactions Act.
Real Estate Practice in Georgia
Security deed
A security deed, also called a deed to secure debt, is Georgia's customary instrument for securing a real estate loan.
Finance and Closing
Title theory
Title theory describes a financing system in which the security instrument places legal title with the lender until the secured debt is satisfied, while the borrower keeps equitable ownership and possession.
Finance and Closing
Client
A client is a person who enters a brokerage engagement with a broker.
Real Estate Practice in Georgia
Customer
A customer is a party in a real estate transaction whom a broker does not represent but may assist through ministerial acts.
Real Estate Practice in Georgia
Designated agency
Designated agency is a Georgia arrangement in which a broker assigns one affiliated licensee to represent one client and another affiliated licensee to represent the opposing client in the same transaction.
Real Estate Practice in Georgia
Dual agency
Dual agency occurs when one broker represents both buyer and seller in the same transaction.
Real Estate Practice in Georgia
Transfer tax
Georgia real estate transfer tax is an excise tax on a taxable conveyance of real property.
Finance and Closing
Intangible recording tax
Georgia intangible recording tax applies when a qualifying long-term note secured by real estate is recorded.
Finance and Closing
Assessment ratio
The assessment ratio is the percentage of fair market value used to establish taxable assessed value.
Finance and Closing
Due-diligence period
A due-diligence period is a negotiated contract window during which a buyer may investigate the property and exercise the termination rights stated in the agreement, often for any reason when the contract grants that broad right.
Real Estate Practice in Georgia
Escheat
Escheat is the state's acquisition of property when an owner dies without a valid will and no lawful heirs can be found.
Transfer of Title
Eminent domain
Eminent domain is the government's power to take private property for a public use upon payment of just compensation.
Land Use Controls and Regulations
Encroachment
An encroachment is an unauthorized physical intrusion by an improvement onto another parcel or into a protected area, such as a fence, garage, or roof crossing a boundary line.
Property Ownership
Nonconforming use
A nonconforming use is a land use that lawfully existed before a zoning change but no longer conforms to the current ordinance and is allowed to continue subject to local rules.
Land Use Controls and Regulations
Specific performance
Specific performance is an equitable remedy ordering a party to carry out a contract.
Contracts
Counteroffer
A counteroffer is a response to an offer that changes a term and proposes a new bargain.
Contracts
Puffing
Puffing is an exaggerated statement of opinion or sales enthusiasm that a reasonable person would not understand as a verifiable fact, such as calling a view the finest in town.
Practice of Real Estate
Steering
Steering is guiding a housing prospect toward or away from neighborhoods, properties, or communities because of the person's protected-class status or the protected-class composition of an area.
Practice of Real Estate
Loan-to-value ratio
Loan-to-value ratio, or LTV, expresses the loan amount as a percentage of the lender's value base.
Financing
Discount point
A discount point is prepaid interest paid to a lender at closing, commonly to reduce the loan's interest rate.
Financing
Capitalization rate
Capitalization rate, or cap rate, is the annual net operating income divided by the property's value or price.
Valuation and Market Analysis
Trust account
A trust account is a separate, federally insured account in which a Georgia broker holds money belonging to others in connection with real estate activity, including earnest money when the broker receives it.
State Laws and Rules
Real Estate Education, Research and Recovery Fund
Georgia's Real Estate Education, Research and Recovery Fund supports authorized education and research purposes and may compensate an eligible person who cannot collect a qualifying final judgment against a licensee, subject to statutory conditions and limits.
State Laws and Rules
Inactive license
An inactive Georgia real estate license is current but not authorized for brokerage activity.
State Laws and Rules
Georgia Real Estate Commission (GREC)
The Georgia Real Estate Commission, or GREC, is the state regulatory body that administers Georgia real estate license law, adopts rules, approves education, issues licenses, investigates complaints, and imposes authorized discipline.
State Laws and Rules
Active license
An active Georgia real estate license authorizes the holder to perform acts within that license class while properly affiliated, supervised, renewed, and compliant with applicable education and legal requirements.
State Laws and Rules
Georgia salesperson
A Georgia salesperson is an individual licensed to perform real estate brokerage activity on behalf of a broker.
State Laws and Rules
Associate broker
An associate broker is an individual who holds a Georgia broker license but works on behalf of another broker or licensed firm rather than serving as the qualifying broker responsible for that brokerage.
State Laws and Rules
Broker
A Georgia broker is a person licensed at the broker level to perform brokerage activities and exercise the authority allowed to that license class.
State Laws and Rules
Qualifying broker
A qualifying broker is the broker designated to GREC as responsible for a licensed firm's brokerage activity, affiliated licensees, trust funds, records, advertising, and compliance with Georgia license law and Commission rules.
State Laws and Rules
Sponsoring broker
A sponsoring broker is the Georgia broker with whom a salesperson or certain other licensee affiliates so the license can be active and the licensee can perform brokerage activity through that broker.
State Laws and Rules
Community association manager (CAM)
A community association manager is a Georgia licensee authorized within the CAM license class to perform specified management services for condominium, cooperative, homeowner, and similar property-owner associations for compensation.
Real Estate Practice in Georgia
Firm license
A firm license is the Georgia license issued to a business entity conducting brokerage activity through a qualifying broker.
State Laws and Rules
Brokerage engagement
A brokerage engagement is a written contract in which a seller, buyer, landlord, or tenant becomes a client of a Georgia broker and the parties state the brokerage services, duties, terms, and compensation arrangement.
Real Estate Practice in Georgia
Transaction broker
A transaction broker is a Georgia broker who has not entered a client relationship with a party but performs permitted ministerial acts and the statutory duties owed without representing that party as an agent.
Real Estate Practice in Georgia
Ministerial act
A ministerial act is an administrative or clerical service that does not require the licensee to exercise professional judgment or discretion on behalf of a person, so it can be performed without creating a client relationship.
Real Estate Practice in Georgia
Material fact
A material fact is information a reasonable party would consider important when deciding whether or on what terms to enter a real estate transaction.
Property Disclosures
Material defect
A material defect is a problem with the property or its improvements that would significantly affect value, safety, intended use, or a reasonable buyer's decision.
Property Disclosures
Adverse material fact
An adverse material fact is significant information that is unfavorable to a party's interests, such as an actually known condition materially affecting the physical condition of the property or its immediate neighborhood, as described by Georgia law.
Real Estate Practice in Georgia
Earnest money
Earnest money is a deposit a buyer provides under a purchase agreement to show seriousness and support the transaction.
Real Estate Practice in Georgia
Trust funds
Trust funds are money or property a Georgia broker receives on behalf of another person in a real estate matter, including earnest money, rents, security deposits, and other client or customer funds when held by the broker.
State Laws and Rules
Commingling
Commingling is the improper mixing of money belonging to clients, customers, tenants, owners, or other persons with a broker's personal or operating funds.
State Laws and Rules
Conversion
Conversion is the unauthorized taking, use, transfer, or exercise of control over money or property belonging to another person, including trust funds held in a real estate transaction.
State Laws and Rules
Unfair practice
An unfair practice is conduct prohibited by Georgia real estate license law or Commission rules because it is dishonest, misleading, incompetent, unsafe, or inconsistent with the duties of a licensee.
State Laws and Rules
Post-license education
Post-license education is the Commission-approved 25-hour course a newly licensed Georgia salesperson must complete within the first year of original licensure to maintain the license as required.
State Laws and Rules
Continuing education
Continuing education, or CE, is approved instruction required to maintain an active Georgia real estate license.
State Laws and Rules
GCIC criminal-history report
A GCIC criminal-history report is the certified Georgia Crime Information Center record a Georgia resident obtains for the real estate license application.
State Laws and Rules
Veteran preference points
Veteran preference points are 5 or 10 points that may be added to a qualifying Georgia real estate examination grade after an eligible veteran first receives a failing result and submits the required documentation on time.
State Laws and Rules
Certification of Accuracy Statement
The Certification of Accuracy Statement is the PSI licensing record produced after a passing Georgia examination.
State Laws and Rules
Power of sale
A power-of-sale clause authorizes the secured creditor to sell the collateral after default through the contractually authorized nonjudicial foreclosure process, provided Georgia's notice, advertisement, time, place, and sale requirements are met.
Finance and Closing
Satisfaction or cancellation of security deed
Satisfaction or cancellation of a Georgia security deed is the formal record that the secured debt has been paid and the security deed has been canceled, which operates to reconvey title as provided by Georgia law.
Finance and Closing
Millage rate
A millage rate is a property-tax rate stated in mills, with one mill equal to $1 of tax for each $1,000 of taxable assessed value.
Finance and Closing
Fair market value
Fair market value is the amount a knowledgeable, willing buyer and seller would agree upon in an arm's-length transaction when neither is compelled and both have reasonable exposure to the market.
Valuation and Market Analysis
Assessed value
Assessed value is the taxable value produced by applying the legal assessment ratio to fair market value before subtracting any exemption the problem or jurisdiction directs.
Finance and Closing
Ad valorem tax
Ad valorem tax is a tax based on property value.
Finance and Closing
Homestead exemption
A homestead exemption reduces the taxable value of a qualifying owner's principal residence for specified property-tax levies when the owner meets the applicable state and local eligibility and filing requirements.
Finance and Closing
Closing attorney
A closing attorney is the Georgia-licensed lawyer who conducts the legal closing, oversees execution and disbursement, and handles the conveyancing and title-related legal work that constitutes the practice of law.
Finance and Closing
Fixture
A fixture is personal property that has become part of the real property through attachment, adaptation, intention, or agreement, so it normally transfers with the real estate unless the contract provides otherwise.
Property Ownership
Trade fixture
A trade fixture is an item a commercial tenant installs for business use that generally remains the tenant's personal property and may be removed before the tenancy ends, subject to the lease and repair of damage.
Property Ownership
Bundle of legal rights
The bundle of legal rights describes the separable ownership rights to possess, control, enjoy, exclude others, and dispose of real property, subject to private restrictions and government powers.
Property Ownership
Severalty
Severalty is ownership of real property by one legal person or entity alone rather than by co-owners.
Property Ownership
Tenancy in common
Tenancy in common is concurrent ownership in which each co-owner holds a separate undivided interest, interests may be unequal, and no automatic right of survivorship exists.
Property Ownership
Joint tenancy
Joint tenancy is concurrent ownership created with the required language and characteristics, commonly including a right of survivorship under which a deceased joint tenant's interest passes to the surviving joint tenant or tenants.
Property Ownership
Life estate
A life estate is a freehold interest that lasts for the lifetime of a named person.
Property Ownership
Remainder
A remainder is a future interest created in a third party that becomes possessory when a prior estate, such as a life estate, naturally ends.
Property Ownership
Reversion
A reversion is the future interest a grantor retains when the grantor transfers a smaller estate and has not given the remaining future interest to a third party.
Property Ownership
Easement appurtenant
An easement appurtenant is a nonpossessory right that benefits one parcel, the dominant tenement, and burdens another parcel, the servient tenement.
Property Ownership
Easement in gross
An easement in gross is a nonpossessory right to use land that benefits a person or organization rather than another parcel of land.
Property Ownership
License in real property
A license in real property is personal, revocable permission to enter or use another person's land for a stated purpose.
Property Ownership
Lien
A lien is a nonpossessory legal claim or charge against property that secures payment of a debt or performance of an obligation.
Property Ownership
Adverse possession
Adverse possession is a method of acquiring title through possession that satisfies every statutory element for the required period, commonly including possession that is actual, open, notorious, exclusive, continuous, and hostile to the true owner's rights.
Property Ownership
Metes and bounds
Metes and bounds is a legal-description method that traces a parcel's boundary using directions, distances, monuments, and a point of beginning, then closes by returning to that point.
Property Ownership
Lot and block
Lot and block is a legal-description method that identifies a parcel by its lot and block numbers within a named subdivision and refers to a recorded plat for boundaries and dimensions.
Property Ownership
Rectangular survey system
The rectangular survey system, also called the government survey system, describes land through principal meridians, baselines, townships, ranges, sections, and fractional parts of sections.
Property Ownership
Zoning variance
A zoning variance is official permission to depart from a specific zoning requirement when the applicant satisfies the ordinance's legal standard, commonly involving a property-specific hardship rather than personal convenience.
Land Use Controls and Regulations
Police power
Police power is the government's authority to regulate private property and conduct to protect public health, safety, morals, and general welfare, including zoning, building codes, and environmental regulation.
Land Use Controls and Regulations
Appraisal
An appraisal is an independent, supportable opinion of value developed by a qualified appraiser for a stated property interest, effective date, intended use, and set of assignment conditions.
Valuation and Market Analysis
Comparative market analysis (CMA)
A comparative market analysis is a broker's analysis of relevant market data and comparable properties to help a seller choose a listing strategy or a buyer evaluate an offer.
Valuation and Market Analysis
Broker price opinion (BPO)
A broker price opinion is a real estate broker's estimate of a property's probable selling price, often prepared for a lender, servicer, investor, or other client for a permitted purpose.
Valuation and Market Analysis
Automated valuation model (AVM)
An automated valuation model is a computer-based system that estimates property value by applying statistical or machine-learning methods to public records, property characteristics, and market data.
Valuation and Market Analysis
Highest and best use
Highest and best use is the reasonably probable use of land or improved property that is legally permissible, physically possible, financially feasible, and maximally productive.
Valuation and Market Analysis
Depreciation
In appraisal, depreciation is loss in value from any cause.
Valuation and Market Analysis
Net operating income
Net operating income, or NOI, is annual effective gross income minus operating expenses, before debt service, income taxes, depreciation expense, and owner-specific financing costs.
Valuation and Market Analysis
Gross rent multiplier
Gross rent multiplier, or GRM, is the relationship between a property's sale price or value and its gross periodic rent.
Valuation and Market Analysis
Promissory note
A promissory note is the borrower's written promise to repay a debt under stated principal, interest, payment, maturity, and default terms.
Financing
Amortization
Amortization is the scheduled reduction of loan principal through periodic payments that include interest and principal.
Financing
Balloon mortgage
A balloon mortgage requires a substantial final payment because the periodic payment schedule does not reduce the principal to zero by the loan's maturity date.
Financing
Acceleration clause
An acceleration clause permits the lender, after a defined default and required process, to declare the entire unpaid loan balance immediately due rather than collect only the missed installment.
Financing
Alienation clause
An alienation clause, often called a due-on-sale clause, allows a lender to require repayment of the outstanding loan when the borrower transfers the secured property without the lender's permitted assumption or consent.
Financing
PITI
PITI stands for principal, interest, taxes, and insurance, the four common components included when estimating a borrower's total monthly housing payment.
Real Estate Calculations
Private mortgage insurance (PMI)
Private mortgage insurance protects a conventional mortgage lender against part of the loss if a borrower defaults.
Financing
Real Estate Settlement Procedures Act (RESPA)
RESPA is the federal law governing specified settlement practices for covered federally related mortgage loans.
Financing
Truth in Lending Act (TILA)
TILA is the federal consumer-credit law requiring standardized disclosure of credit costs and terms, including finance charges and annual percentage rate, and governing specified advertising and rescission rights through Regulation Z.
Financing
TILA-RESPA Integrated Disclosures (TRID)
TRID is the federal integrated-disclosure framework that combines specified TILA and RESPA mortgage information into the Loan Estimate and Closing Disclosure for most covered closed-end consumer mortgages.
Financing
Equal Credit Opportunity Act (ECOA)
ECOA is the federal law prohibiting creditors from discriminating in any aspect of a credit transaction on protected bases specified by the Act and Regulation B.
Financing
Primary mortgage market
The primary mortgage market is where borrowers obtain new mortgage loans directly from originators such as banks, credit unions, mortgage companies, and other lenders.
Financing
Secondary mortgage market
The secondary mortgage market is where existing mortgage loans and mortgage-backed securities are purchased, sold, pooled, or securitized, providing liquidity that helps originators make new loans.
Financing
Option contract
An option contract gives the optionee the right, but not the obligation, to buy or lease property on stated terms within a stated time, in exchange for consideration supporting that promise.
Contracts
Statute of Frauds
The Statute of Frauds is the legal rule requiring specified agreements, including contracts for the sale of land, to be evidenced by a sufficient writing signed by the party against whom enforcement is sought.
Contracts
Void contract
A void contract has no legal effect from the outset because an essential legal requirement is absent or the agreement is for an unlawful purpose.
Contracts
Voidable contract
A voidable contract is a valid contract that one protected party may affirm or avoid because of a legal condition such as fraud, duress, misrepresentation, incapacity, or another recognized defense.
Contracts
Unenforceable contract
An unenforceable contract is an agreement that may otherwise be valid but cannot be enforced in court because of a legal defense such as failure to satisfy the Statute of Frauds or expiration of a limitation period.
Contracts
Bilateral contract
A bilateral contract is formed by an exchange of promises, with each party becoming both a promisor and a promisee.
Contracts
Unilateral contract
A unilateral contract is an offer of a promise that is accepted by completing the requested performance rather than by making a return promise.
Contracts
Executed contract
An executed contract is a contract in which all parties have completed the promised performance.
Contracts
Executory contract
An executory contract is a valid agreement under which one or more parties still have material performance due, such as a purchase contract between acceptance and closing.
Contracts
Addendum
An addendum is an additional document attached to and made part of a contract to add terms, disclosures, or provisions not contained in the main form, usually at or before contract formation.
Contracts
Amendment
An amendment is a later agreement that changes, deletes, or replaces terms in an existing contract.
Contracts
Assignment
An assignment transfers a party's contractual rights to another person, the assignee, without necessarily releasing the original party from contractual obligations.
Contracts
Novation
Novation is the substitution of a new party or obligation for an existing one with the agreement of the necessary parties and release of the replaced party or duty.
Contracts
Rescission
Rescission is the cancellation or unwinding of a contract, with the goal of restoring the parties as closely as possible to their precontract positions.
Contracts
Liquidated damages
Liquidated damages are an amount or measure the parties agree in advance will be recoverable after a specified breach, when the clause is enforceable rather than an unlawful penalty.
Contracts
Contingency
A contingency is a contract condition that makes a party's duty, right to terminate, or obligation to proceed depend on a stated event, standard, deadline, or approval.
Contracts
Right of first refusal
A right of first refusal gives its holder the opportunity to match or accept terms the owner is prepared to take from another buyer before the owner sells to that third party.
Contracts
Agency
Agency is a legal relationship in which an agent is authorized to act for a principal and owes duties arising from the relationship, the agreement, and applicable law.
Agency
Fiduciary duty
Fiduciary duty is the heightened obligation of loyalty, obedience within lawful authority, disclosure, confidentiality, accounting, and reasonable care that an agent owes the principal, as shaped by statute and agreement.
Agency
Listing agreement
A listing agreement is a written brokerage engagement in which an owner authorizes a broker to market property and perform stated services under defined terms, duration, duties, and compensation provisions.
Agency
Buyer brokerage agreement
A buyer brokerage agreement is a written brokerage engagement authorizing a broker to represent a buyer in locating, evaluating, negotiating for, or acquiring property under stated terms.
Agency
Power of attorney
A power of attorney is a written instrument by which a principal grants an agent, called an attorney-in-fact, authority to act within the powers described in the document.
Agency
Latent defect
A latent defect is a property defect that is hidden or not readily discoverable through a reasonable ordinary observation or inspection of the type described in the question.
Property Disclosures
Patent defect
A patent defect is a property defect that is open, observable, or discoverable through the reasonable level of observation or inspection described in the transaction.
Property Disclosures
Stigmatized property
A stigmatized property is real estate some people perceive negatively because of a nonphysical event or association, such as a death or crime, even though the event may not affect the property's structure or title.
Property Disclosures
Lead-based paint disclosure
Federal lead-based paint disclosure rules generally require sellers and landlords of most pre-1978 housing to provide the EPA information pamphlet, disclose known lead information and records, include the required warning language, and give buyers the prescribed inspection opportunity unless properly changed by agreement.
Property Disclosures
Environmental hazard
An environmental hazard is a condition or substance that can threaten health, safety, use, or value, such as radon, asbestos, lead, mold, contaminated soil, leaking tanks, or hazardous waste.
Property Disclosures
Property management agreement
A property management agreement is a written contract authorizing a manager or brokerage to operate rental property for an owner within stated powers, duties, fees, term, reporting, leasing, maintenance, trust-fund, and termination provisions.
Property Management
Security deposit
A security deposit is money a landlord holds to secure a tenant's performance, such as payment of rent and responsibility for damage beyond ordinary wear, subject to the lease and applicable landlord-tenant law.
Property Management
Deed
A deed is a written instrument by which a grantor conveys an interest in real property to a grantee.
Transfer of Title
General warranty deed
A general warranty deed conveys the grantor's interest with broad title covenants protecting the grantee against covered title defects arising both during and before the grantor's ownership.
Transfer of Title
Limited warranty deed
A limited warranty deed conveys the grantor's interest with covenants limited to title claims arising by, through, or under that grantor, not defects created before the grantor acquired title.
Transfer of Title
Quitclaim deed
A quitclaim deed transfers whatever interest, if any, the grantor presently has in the property without covenants that the grantor owns the property or that title is free of defects.
Transfer of Title
Marketable title
Marketable title is title reasonably free from substantial doubt, material defects, and probable litigation, such that a prudent purchaser would accept it under the contract.
Transfer of Title
Insurable title
Insurable title is title a title insurer is willing to cover under a policy, subject to the policy's terms, exclusions, exceptions, limits, and premium.
Transfer of Title
Title insurance
Title insurance is an indemnity contract protecting an owner or lender against covered loss from specified title defects that exist as of the policy date, subject to exclusions, exceptions, limits, and conditions.
Transfer of Title
Constructive notice
Constructive notice is knowledge the law imputes to a person because information was properly recorded in public records or because visible possession or conditions would prompt reasonable inquiry.
Transfer of Title
Actual notice
Actual notice is direct, personal knowledge of a fact, claim, right, or condition, whether learned through documents, conversation, observation, or another source.
Transfer of Title
Recordation
Recordation is filing an eligible real estate instrument in the appropriate public land records so it becomes part of the chain of title and provides the notice and priority effects given by law.
Transfer of Title
Short sale
A short sale is a sale in which the anticipated net proceeds are insufficient to pay the mortgage debt and related claims in full, so the secured creditor's approval is needed for a release on agreed terms.
Transfer of Title
Probate
Probate is the court-supervised process for proving a will when required, appointing a personal representative, identifying assets and creditors, administering the estate, and transferring property to those entitled to receive it.
Transfer of Title
Fair Housing Act
The federal Fair Housing Act prohibits discrimination in covered housing sales, rentals, advertising, financing, brokerage, and related services because of race, color, religion, sex, familial status, national origin, or disability.
Practice of Real Estate
Protected class
A protected class is a group defined by a characteristic that anti-discrimination law prohibits decision-makers from using as a basis for specified housing, credit, employment, or public-accommodation conduct.
Practice of Real Estate
Blockbusting
Blockbusting is inducing or attempting to induce owners to sell or rent by suggesting that people of a protected class are entering or may enter the area and that negative consequences will follow.
Practice of Real Estate
Redlining
Redlining is denying, limiting, pricing, or discouraging lending, insurance, brokerage, or other housing-related services because of the racial, ethnic, protected-class, or geographic character of an area rather than legitimate individual risk factors.
Practice of Real Estate
Disparate treatment
Disparate treatment is intentional discrimination in which similarly situated people receive different housing or credit treatment because of a protected characteristic.
Practice of Real Estate
Reasonable accommodation
A reasonable accommodation is a necessary change, exception, or adjustment to a housing rule, policy, practice, or service that gives a person with a disability an equal opportunity to use and enjoy a dwelling.
Practice of Real Estate
Reasonable modification
A reasonable modification is a necessary physical change to a dwelling or common area that enables a person with a disability to fully use and enjoy the housing.
Practice of Real Estate
Americans with Disabilities Act (ADA)
The Americans with Disabilities Act is the federal civil-rights law prohibiting disability discrimination in covered employment, government services, public accommodations, commercial facilities, transportation, and communications.
Practice of Real Estate
Antitrust
Antitrust law protects competition by prohibiting agreements and conduct that unreasonably restrain trade, including price fixing, market allocation, and certain group boycotts among competitors.
Practice of Real Estate
Price fixing
Price fixing is an agreement among competitors to set, stabilize, raise, lower, or otherwise coordinate prices or price-related terms instead of deciding them independently.
Practice of Real Estate
Market allocation
Market allocation is an agreement among competitors to divide customers, territories, property types, price ranges, or other markets so they avoid competing with one another.
Practice of Real Estate
Group boycott
A group boycott is coordinated action by competitors to refuse to deal with a person, firm, platform, supplier, or customer as a way to exclude, punish, coerce, or restrain competition.
Practice of Real Estate
Do-Not-Call Rule
The Do-Not-Call Rule is the federal telemarketing framework requiring covered sellers and telemarketers to scrub call lists against the National Do Not Call Registry, honor company-specific requests, keep required records, and call only when an exemption or permission applies.
Practice of Real Estate
Independent contractor
An independent contractor is a worker treated as operating independently rather than as an employee under the legal test relevant to the issue.
Practice of Real Estate
Seller net proceeds
Seller net proceeds are the amount a seller receives after subtracting payoff amounts, brokerage compensation, taxes, closing costs, debits, and other seller obligations from the gross sale proceeds, then adding any seller credits.
Real Estate Calculations
Buyer funds needed at closing
Buyer funds needed at closing are the buyer's purchase-price obligation plus buyer closing costs and debits, minus loan proceeds, deposits already paid, seller credits, and other credits shown in the problem.
Real Estate Calculations
Proration
Proration is the allocation of a periodic income or expense between buyer and seller according to the portion of the period each party owns or occupies the property and the closing convention stated in the problem.
Real Estate Calculations
Equity
Equity is the owner's financial interest in property, calculated in a basic exam problem as current property value minus debts and liens against it.
Real Estate Calculations
Loan origination fee
A loan origination fee is a charge for the lender's work in making, processing, or underwriting a loan.
Financing
Debt-to-income ratio
Debt-to-income ratio, or DTI, compares required monthly debt payments with gross monthly income.
Financing
Effective gross income
Effective gross income, or EGI, is potential gross income minus vacancy and collection loss, plus other property income.
Valuation and Market Analysis
What makes this glossary exam-ready?
Complete lesson context
Each term is linked to its official PSI content area and the full lesson that teaches it.
Connected concept map
Related terms form deliberate clusters, so contracts, title, agency, finance, and Georgia law reinforce one another.
Retrieval before recognition
An original check and browser-saved mastery tracker turn passive reading into a measurable study action.
Visible source trail
Georgia and federal claims point to regulator, statute, or government authority instead of anonymous study notes.
The mastery sequence for every term
- 1. Define it: state the rule in plain English without looking.
- 2. Distinguish it: explain why the nearest answer choice is wrong.
- 3. Localize it: state the Georgia rule or confirm the national rule controls.
- 4. Apply it: solve the worked example and a fresh original check.
- 5. Revisit it: use the linked lesson and spaced practice until recall survives a delay.
Georgia glossary questions
Facts checked against the current PSI Candidate Information Bulletin and GREC sources. Editorial standards.
Does this glossary cover the complete Georgia real estate exam vocabulary backlog?
Yes. It publishes all 160 planned exam terms. Each page adds the definition, nearest distinction, Georgia treatment, worked example, common trap, original check, sources, mastery tracking, and recommended lesson. The glossary works with the complete curriculum rather than replacing it.
Which terms are specifically different in Georgia?
49 entries carry a Georgia-specific marker. They include BRRETA relationships, security deeds, title theory, Georgia transfer and intangible recording taxes, the 40 percent assessment ratio, trust funds, license roles, attorney closings, and state candidate operations.
How should I study real estate definitions for the exam?
Retrieve the definition without looking, separate it from the closest answer choice, apply it to a scenario, explain the Georgia rule, and answer a fresh question. Reading a list repeatedly creates familiarity, not exam-ready recall.
Are these copied PSI exam questions?
No. The pages are mapped to the official PSI content outline, but all examples and practice checks are original. Pass Georgia does not claim access to live or recalled examination items.