Where this fits on the exam
| Official syllabus topic | Finance and Closing: Finance; Closing Procedures |
|---|---|
| Official PSI group | Finance and Closing |
| Published group count | 15 of the 52 Georgia questions |
| Exam portion | Georgia salesperson supplement |
| Source edition | PSI Georgia Candidate Information Bulletin dated July 1, 2026 |
The Rule
PSI publishes 16, 21, and 15 items for the three Georgia groups. It does not publish a guaranteed subtopic count. The statute, current GREC rule, contract, or other cited primary authority controls each lesson.
The lesson
Lender conditions
Closing does not cure missing underwriting conditions. The lender controls loan approval and funding authorization.
Payoffs
Payoff statements identify the amount and deadline needed to release existing liens. Expired or unverified figures can leave title problems.
Good funds
A deposit confirmation is not always final collected money. The closing lawyer follows governing law, bank status, lender instructions, and professional duties before disbursement.
Wire safety
Unexpected email instructions or changed account details should be treated as a stop signal. Verify by calling a known number, not one supplied in the suspicious message.
Decision rule
Georgia rule and national contrast
Worked Georgia example
Scenario. Hours before closing, a buyer receives an email that appears to come from the attorney and changes the destination account.
Reason it through. Last-minute changes are a classic business-email-compromise signal. Replying to the same email does not independently verify it.
Answer. Pause the wire and call the closing firm using a previously verified number before sending funds.
Common exam traps
- Trusting an email display name
- Calling the number in the changed instructions
- Disbursing before funds clear
- Treating lender approval as recordation
Original practice questions with detailed explanations
These are original instructional questions mapped to the July 1, 2026 PSI outline. They are not copied from PSI or a live examination. Choose an answer before opening the explanation.
Question 1Hours before closing, a buyer gets an email that appears to come from the closing attorney with new wiring instructions. What should the buyer do first?
- A. Reply to the email and ask the sender to confirm the account
- B. Call the phone number listed in the new instructions
- C. Wire the funds, since the display name matches the firm
- D. Call the firm at a number known from earlier, not the email
Show answer and explanation →
Answer: D. Call the firm at a number known from earlier, not the email
A last-minute change to wire instructions is a classic business email compromise signal, so the buyer should stop and verify through a trusted, independent channel. A phone number supplied in the suspicious message may reach the fraudster. Replying to the email feels like verification, but it goes straight back to whoever sent it.
- A. Incorrect. A reply may go directly to a compromised account or the fraudster.
- B. Incorrect. The new message may include a fraudulent phone number as well as fraudulent account details.
- C. Incorrect. A display name can be spoofed and does not authenticate changed wiring instructions.
- D. Correct. Use the independently known firm number to verify the change before sending money.
Question 2At a Georgia closing, who controls the receipt and disbursement of closing funds?
- A. The closing attorney
- B. The listing broker
- C. The lender's loan officer
- D. The title insurance agent
Show answer and explanation →
Answer: A. The closing attorney
A Georgia closing is conducted by a Georgia-licensed attorney, who receives the funds and disburses them only with proper authority and good funds. Brokers do not disburse closing funds, and the lender authorizes funding without running the closing. The title-agent answer reflects closing models used in other states, not Georgia.
- A. Correct. The closing attorney controls receipt and authorized disbursement of the closing funds.
- B. Incorrect. The listing broker coordinates brokerage tasks rather than disbursing the attorney's closing funds.
- C. Incorrect. The lender controls its funding authorization, but the loan officer does not conduct closing disbursements.
- D. Incorrect. A title agent acting alone does not replace the attorney's Georgia closing role.
Question 3The seller's payoff statement expired two days before a delayed closing. What is the right step?
- A. Use the old figure, since the principal has not changed
- B. Add an estimate of extra interest and close on that figure
- C. Get an updated payoff before any funds are disbursed
- D. Close now and let the seller settle any shortage later
Show answer and explanation →
Answer: C. Get an updated payoff before any funds are disbursed
A payoff statement gives the amount and the deadline needed to release the existing lien. An expired figure can leave part of the debt unpaid and the security deed uncanceled. Estimating the extra interest sounds practical, but only a current payoff from the lender or servicer is reliable.
- A. Incorrect. Interest, fees, and validity dates may change the required payoff even if principal has not changed.
- B. Incorrect. A private estimate does not establish the lender's current amount required for release.
- C. Correct. A current payoff statement identifies the amount and conditions needed to discharge the secured debt.
- D. Incorrect. Closing with an unresolved shortage can leave the security deed uncanceled.
Ready to move on?
You are ready for the next lesson when all of these are true.
- Explain why a lender can still withhold funding after documents are signed.
- Identify the payoff amount, expiration date, and instructions that must be verified.
- Describe how to verify a changed wire instruction using a trusted phone number.
- Answer the practice questions without looking back, then explain why the other choices fail.
- Explain the worked example in your own words and identify the fact that decides the answer.
- Retest this topic on another day in a mixed question set.
Recommended next lesson
Continue with Georgia Finance and Closing Scenario Workshop. The workshop pulls this lesson together with the note, security deed, title, and tax lessons, so you can work a full Georgia closing and decide which document, base, party, or moment each answer choice describes.
Return to the Finance and Closing hub for the complete official branch and the full lesson list for this Georgia group.