Finance
Georgia's 'First-Time Homebuyer Programs' through the Georgia Dream program are administered by:
AA. GREC
BB. The Georgia Department of Community Affairs (DCA)✓ Correct
CC. The Georgia Banking Department
DD. The Federal Reserve Bank of Atlanta
Explanation
Georgia Dream is administered by the Georgia Department of Community Affairs. It provides down payment assistance, below-market interest rates, and homebuyer education to qualifying first-time homebuyers and others who meet income and purchase price limits.
People Also Study
Related Georgia Questions
- A 'purchase money second mortgage' provided by a seller or down payment assistance program is:Finance
- A Georgia homebuyer is obtaining an FHA loan. The maximum loan-to-value (LTV) ratio for an FHA purchase loan with minimum down payment is approximately:Finance
- A buyer is assuming a seller's existing mortgage of $185,000. The seller's original purchase price was $230,000. If the home is selling for $295,000, what cash does the buyer need for down payment (before closing costs)?Real Estate Math
- The Community Development Block Grant (CDBG) program in Georgia provides federal funds for:Land Use & Zoning
- The Georgia Dream Home Ownership Program is administered by:Finance
- A Georgia apartment complex advertises 'No Assistance Programs Accepted' and is located in a community with a large racial minority population. This policy may be found to violate fair housing law because:Fair Housing
- A Georgia homebuyer qualifies for a $280,000 loan. The purchase price is $350,000. What is the LTV ratio?Finance
- The Georgia Real Estate Education, Research, and Recovery Fund provides compensation to members of the public who suffer losses due to:Georgia License Law
Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Math Concepts
State-Specific Concepts
DRE RegulationGREC Regulation
Study This Topic
Practice More Georgia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Georgia Quiz →