PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM GLOSSARY
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
Distressed transfer
Define, distinguish, apply, retrieve
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PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDEBuild the complete exam definition
Learn the rule, separate it from the nearest distractor, then apply it to a Georgia fact pattern.
What does Short sale mean?
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.
How do you separate the nearest exam answer?
A short sale is an owner sale requiring lender approval. Foreclosure is creditor enforcement after default.
What changes or stays the same in Georgia?
A Georgia lender's approval of the sale price does not by itself prove the remaining debt is forgiven. The written approval controls release, deficiency, deadlines, and closing conditions.
The loan payoff is $310,000, but the best supported offer produces only $280,000 before other costs, so the lender evaluates a reduced payoff.
Seller acceptance does not create lender approval, and lender approval does not automatically release every borrower obligation.
PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDERetrieve the rule under exam conditions
Answer before reading the explanation. Then explain why every distractor belongs to a different term.
A seller owes $310,000, and the best offer nets $280,000 after costs. The seller accepts, and the lender sends a letter approving the reduced payoff that says nothing about the remaining balance. What is true?
- A
The $30,000 shortfall is forgiven once the price is approved
- B
Approval alone does not show the $30,000 shortfall is forgiven
- C
The lender had to approve once the seller accepted the offer
- D
The sale became a foreclosure because the lender took a loss
In a short sale the lender agrees to accept less than the payoff, but approving the price does not by itself release the borrower from the rest of the debt. The written approval governs release and deficiency terms. A short sale is still an owner sale, not a foreclosure.
Mark each box only when you can perform the skill without looking.
I can define the term in one precise sentence.
I can separate it from the closest look-alike.
I can explain the Georgia rule or confirm that the national rule applies.
I can answer the practice check and explain every option.
PASS GEORGIA
REAL ESTATE EXAM PREPGEORGIA REAL ESTATE EXAM
GLOSSARY TERM GUIDEConnect the term to the wider exam
Use these relationships to move from isolated recall to a connected exam model.
Transfer of Title complete lesson
https://www.passgeorgiarealestate.com/study-guide/transfer-of-title/special-transfers
Official exam administration and content-outline source.
https://test-takers.psiexams.com/api/content/bulletin/4672Current Georgia security-deed, cancellation, lien, and power-of-sale authority through the state-authorized code portal.
https://www.lexisnexis.com/hottopics/gacode/Default.asp