Conducting the Closing Quiz Attempt #4

Conducting the Closing Quiz Attempt #4

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*Real Estate Settlement Procedures Act*

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Question 1 of 15

1. Question
A broker or sales person may not do which of the following?
- explain closing procedures to both buyer and seller and anticipate decision-making alternatives.
- coordinate inspections and deliver documents and escrow monies to the appropriate attorney.
- provide approximate closing expenses for either the buyer or the seller.
- conduct any title searches that might be required.
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Question 2 of 15

2. Question
____ is not entered on a profit and loss statement.
- expenses concerning operating
- evidence showing purchases
- money earned by the property manager
- each mortgage loan principal
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Question 3 of 15

3. Question
A rental property in Georgia is closing on December 15. The tenants pay rent on the 1st of each month. What happens at the closing?
- 17 days worth of rent is due to the buyer from the seller
- 17 days worth of rent is due to the seller from the buyer
- 16 days worth of rent is due to the buyer from the seller
- 16 days worth of rent is due to the seller from the buyer
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Question 4 of 15

4. Question
What are the requirements for a school offering a salesperson post-license course in Georgia?
- – It must be an accredited college or University
- – It must be an accredited public agency
- – It must be an accredited nonprofit organization
- None of the above, but it must have a license from the Georgia Real Estate Commission
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Question 5 of 15

5. Question
What is the maximum amount an individual who was defrauded by a real estate licensee may receive from the Georgia Education, Research, and Recovery Fund?
- $25,000
- $75,000
- $15,000.00
- $200,000
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Question 6 of 15

6. Question
What is a salesperson or broker allowed to perform in preparation for the closing?
- deliver document and escrow monies to the appropriate attorney
- coordinate inspections
- explain closing procedures to both buyer and seller
- all of the above
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Question 7 of 15

7. Question
A buyer decides to give their agent an extra $500 for working so diligently at the end of a very difficult transaction. Which of the following is accurate?
- the agent can get money only from her broker
- the check can be accepted if it's put into a special escrow account
- although unusual, the agent can accept the check
- the agent can take the check but the broker must get 80%
Correct

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Question 8 of 15

8. Question
Which of the following should not appear on a seller’s closer statement?
- accrued mortgage interest
- prepaid property taxes.
- accrued mortgage interest
- listing broker's commission
Correct

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Question 9 of 15

9. Question
What inspection is the buyer responsible for?
- Electrical issues
- Termites and wood damage
- Asbestos
- all of the above
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Question 10 of 15

10. Question
In the seller’s closing statement, _______ would NOT appear as debt.
- accrued mortgage interest
- listing broker's commission
- prepaid property taxes
- rent prorations
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Question 11 of 15

11. Question
What would a buyer need to have in addition to the signed note at the closing when financing the purchase of a home in Georgia?
- Mortgage contract, conveying a lien to the lender
- Trust deed, conveying title to a trustee
- Security agreement
- Security deed, conveying title to the lender
Correct

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Question 12 of 15

12. Question
Which of the following sets of people may attend the closing of a real estate transaction in Georgia?
- salesperson, lender, broker
- broker, lender, and buyer
- lender, broker, licensed attorney
- more than one answer is correct
Correct

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Question 13 of 15

13. Question
The deal when you sell your house but you continue to live in the home as a renter is:
- lease for one year past closing
- Delayed possession
- sale-leaseback
- None of the above
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Question 14 of 15

14. Question
In the state of Georgia, the most important player to have present when closing a real estate transaction is the:
- lawyer
- broker
- attorney
- lender
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Question 15 of 15

15. Question
In Georgia, the amount of the intangibles tax included in the closing costs for a real estate transaction are:
- $1.00 per $1,000 or part thereof of the sales price.
- $1.50 per $500 or part thereof of the new loan amount.
- $1.50 per 500 square feet of land.
- $2.50 per $500 of the value of personal property accompanying the transaction.
Correct

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