Final Exam Version #3

The ______ are known as a person’s financial obligations.

Which answer is false regarding the APR?

A ___________ is an individual qualified by education, training, and experience to estimate the value of real property and personal property. Some work for lenders, but most are independent.

The term “balloon payment” refers to the following

Pulling out money for personal use can be achieved by refinancing a mortage at a higher amount than the current loan, what term best describes this process

Which of the following statements are not true?

what is the short-term interim loan for financing the cost of construction?

Which of the following statements is correct?

_____would not be paid by escrow disbursements

Removing an occupant from a real property by law is called

What type of mortgage has a rate that does not change?

Home equity conversion mortgage includes which of the following

A ____ is a written agreement between the propety owner and a tenant stipulating the conditions under which the tenant may possess the property for a specified period of time and the when the payment is due is a/an

Lender are responsbile for

What does a margin represent?

How would one best define a mortgage broker?

What does the term “note rate” mean?

When an owner fails to make their mortgage payment, what will they receive?

A ____________ is a payment that is less than the scheduled monthly payment on a mortgage loan.

What does PITI stand for

The term “prepayment” refers to:

A closing in Georgia involving rental property takes place on December 15th. Tenants pay rent on the first day of each month. Rent for the day after closing through the last day of the month belongs to _____.

In Georgia, a borrower will sign a _______ note, which establishes the amount of the debt, the terms of repayment, and the interest rate for the loan.

Insturctors in georgia wishing to teach prelicense classes must be _______ to teach prelicense classes:

After purchasing a new lot a couple thinks of building a new home their broker should advise them on _____?

Which of the following provides information on the types of agency relationships that a company offers?

Which of the following can a salesperson do without entering into an agency relationship:

Which of the following is true regarding preprinted real estate contracts in Georgia?

A seller decided that his house was no longer listed for sale a month after signing the listing agreement with a broker. Which of the following is true?

Under BRRETA, if an agency agreement does not contain a termination date, the engagement will terminate after:

A salesperson may accept compensation from somone other than the broker, with whom the salesperson is affiliated, only under the following scenario:

Any interest earned, in Georgia, on a tenant’s security deposit:

A buyer brokerage agreement, in Georgia, may be canceled by:

Residential sales contracts, in Georgia, generally afford to buyer some confidence about the structural condition of the property, because the offer may be made subject to a(n):

After accepting it, the seller notifies the broker that he withdraws the acceptance of the buyer’s offer. What can the broker do?

A real estate salesperson is representing a buyer in the buyer’s search for a new home, and helps the buyer negotiate for his dream house, the salesperson might perform the following:

How is a commission divided between listing and selling brokers in Georgia?

Routine real estate services that do NOT require a license professional

In Georgia, if a loan is involved in a real estate closing, the attorney is representing the:

If a seller lists with a different brokerage after his/her initial listing agreement expires, which of the following is true about the initial listing agent?

If a broker recieves an offer on a property that is higher in price than the one the seller had initially accepted to create a binding agreement, what should the broker do?

Commissions that is earned by brokers in any real estate sales transaction is determined by

According to BRRETA, which of the following is a licensee NOT required to disclose when taking a listing?

Georgia regulations require that brokers or salespersons disclose in writing their ________ in a timely manner, but no later than the time of an offer being made by the buyer.

a broker or licensed salesperson is obligated to ______ upon obtaining a listing.

A reference to recorded subdivision maps, noting book and page number of the recorded information can be notes as ______ in Georgia documents and contracts.

Which statement is NOT a requirement of Georgia real estate offices?

What is the best defionition for impact fees:

The following is a list of duties that a qualifying broker is responsible for, EXCEPT:

Buyer-brokerage contracts ________ in Georgia.

A broker tells a seller that he will buy the property himself if it does not sell within 60 days. Which statement is TRUE?

In Georgia, which one is correct regarding the gross receipts tax imposed by some local jurisdictions?:

A salesperson is working with a buyer prospect who does not wish to enter into a buyer agency agreement. The buyer wnats to make an offer on a property that is “for sale by owner.” The salesperson approaches the seller about listing the property with her real estate company, but the seller does not want to list his property with any broker. If the salesperson agrees to help the buyer and seller complete the transaction, then the salesperson in this situation is acting as a:

In the following situation, a buyer who is a broker’s client wants to purchase a house that the broker has listed with a seller. Which of the following applies?

Which statement best reflects a summary of the captial gains tax homestead exemption:

i) $500,000 for a single person if the individual has owned the house for at least two years and it was their primary residence for two of the last five years

ii) $250,000 for a single person if the individual has owned the house for at least two years and it was their primary residence for two of the last five years

iii) $500,000 for a couple if the couple has owned the house for at least two years and it was their primary residence for two of the last five years

iv) $250,000 for a couple if the couple has owned the house for at least two years and it was their primary residence for two of the last five years

Who enacts zoning ordinances in Georgia?

What can’t a broker legally do when listing a property for sale.

Which of the following is an example of price fixing as defined by the Sherman Act?

If an adult and a minor enter into a contract. That contract is

On a settlement statement, earnest money typically appears as which one of the following:

How are bilateral contracts and unilateral contracts distinguishable from one another?

A buyer is being told by the seller that they must use a particular title insurance company. This is

According to real estate license law, which of the following would be a violation by a broker?

What is an advantage of a buydown for the borrower?

________ is a type of loan that is calculated based off of public index that fluctuates based on market conditions.

In Georgia, licensee can keep their license on inactive status for

What is BEST option for eliminating a title defect on a property?

____ arises from forces outside of the property.

What is the minimum number of years must a Georgia broker keep copies of documents, such as sales contracts, closing statements, brokerage engagements?

In Georgia, which of the following has to legally be included in land description?

A broker advertises a property for rent only on a French website. The advertisement contains the fair housing logo and no discriminatory language. This is _____

What is a reason the lead paint addendum be signed for each property before 1979?

How long does a Georgia licensee have to remove a listing advertisement off the internet once it has expired?

When advertising, what is it called when a home’s positive attributes are overemphasized?

Telling a property owner that their property values will decline because a minority group is moving into the neighborhood is an example of

In Georgia, how are members of the Georgia Real Estate Commission appointed?

Frank’s license is revoked by the Georgia Real Estate Commission, how long will Vincent have to wait to reapply for a new real estate license?

Greg owns 9 properties in the metro Atlanta area and has an intern manage the mortgage payments on each. This intern has forgotten to pay the mortgage on one of the properties and it now has a foreclosure notice. Greg finds out about this once he gets a letter in the mail. What can he do to recover his property?

The Georgia Real Estate Commission members must focus on all of the following areas of responsibility EXCEPT:

To act as a real estate licensee without an actual state issued license will make any person guilty of

When a licensee shows houses to a buyer in certain neighborhoods or areas based on their race, this is called

Which of the following advertisements is permissible under the HUD Fair Housing Advertising guidelines?

Who pays the intangible taxes at closing in Georgia?

Which deed gives the buyer the best assurance that the seller has good title to the property?

When Howard’s sister passed away 6 years ago, he had her cremated and planted a tree on his property from his remains. The tree is an example of:

In Georgia, an associate broker affiliated with a licensed firm is offered a position as the qualifying broker for another firm. The associate broker

Once a Georgia salesperson’s license is issued, how long does the salesperson have in order to complete the 25 hour course and examination?

Is it a violation to pay a referral fee to a licensed agent who is currently on inactive status?

What is the maximum commission rate a broker may charge on the sale of a property they listed?

The amount of the loan will impact all of the following EXCEPT

A brother and sister own a piece of property together and the sister dies. What type of tenancy do they hold title in if the brother automatically becomes sole owner of the property?

When transferring license from one firm to a new firm, if you have any current listings that are still in the listing period, what happen to those listings when you leave the original firm?

When a seller has made a counteroffer to a buyer and then later receives an offer from another buyer that she would like to accept. What must be done first?

What type of properties are permitted for a VA loan?

What clause in a mortgage allows the lender to require the entire loan balance to be paid when a property is sold?

Which of the following is an objective of the Sherman Antitrust Act?

Unless a license is renewed, how long after issuance of a Georgia salesperson will the license lapse?

Which of the following statements is typically true in regards to judgment liens?

Who is th most common source of funds for a purchase money mortgage?

Which of the following loans has the highest loan-to-value ratio?

Who would the Georgia Real Estate License Law apply to?

In determing the value of a 6-unit apartment complex, which method would be most accurate?

A buyer signs an offer and their agent emails it to the seller. The seller signs it and gives it to their spouse to give to the buyer. Which of the following statements about this example is true?

A home warranty would most likely cover which of the following?

Tenant Joe and Landlord Jane have a 12 month lease on a particular property. After the twelfth month, the Tenant Joe continues to pay rent and Landlord Jane continues to accept it. Landlord Jane decides she wants to sell the property. What must Landlord Jane do in order for the tenant to vacate the property?

Which of the following is legal for a broker according to license law?

What is most important for a lender to determine how risky a loan is?

Joe is purchasing a home that was listed at $385,000. He originally offerred $390,000 but went under contract for $400,000. He is putting down a 10% down payment and has to pay 2.5 discount points. How much will he own for points?

Assuming 100% LTV, a buyer purchases a home with a mortgage of $265,000 and the lender charges an origination fee of 2.5%. How much is the origination fee?

What are enviornmental hazards and should be brought to the attention of the property manager?

A Georgia landlord faces increasing property taxes. His tenants are currently leasing units on his property. The landlord can:

Which of the following is the best classification of a property management agreement?

All of the following is the leasing agent’s responsibility EXCEPT:

What is the most reasonable reason for a property manager to raise rent prices?

Which action can be taken against a holdover tenant?

Which of the following is what Americans with Disabilities Act (ADA) requires?

Requesting to build an adult day care facility would require:

Ownership based on the lifetime of another person is known as:

If ownership of an apartment is transfered, what happens to the current month’s rent and the security deposit?

A buffer zone is used to

Which of the following best describe a lis pendens?

A tax that specifically targets homeowners is called:

An example of an encumbrance is which of the following?

In order to determine how a property needs to be used, one would need to look at the

If a property is destoyed, does the tenant still have to honor commitments of the lease?

Which of the following type of the real estate ownership does the holder of the property have all rights associated with that property?

Which of the following is/are true regarding the government’s police powers?

Which of the following must a valid lease include?

An owner shares with a tenant the cooperative and proprietary leases to their units. What type of ownership is this?

A seller tells his/her listing agent that the commission rate seems a bit high. What should the agent tell the seller?

In Georgia, can a broker have agency agreements with both the buyer and seller in a transaction?

Including return of any deposit, what action returns a contract’s parties to their positions before the contract?:

Which of the following determines the amount of earnest money deposit?

After the listing agreement expired, the seller re-lists his house with another agent. The agent from the original listing agreement finds a ready and willing buyer interested in the seller’s home. The listing agent:

Once an agent secured a listing, the broker/agent should:

In Georgia, brokers are required to do all EXCEPT:

Real estate contracts in Georgia:

If a buyer has signed a contract agreeing to pay commission to the buyer broker with the intentions of the seller actually paying the commission, but the seller has not agreed to a sharing of the commission with the buyer agent, who in this situation has breached the contract ?

If the salesperson discloses confidential information to a prospective buyer about price, :

The following is a contract that conveys the right to the possess the real property of another. However, it does not convey title. What type of contract is it?

How much is the transfer tax if: a buyer purchases a home for $260,000 and assumes the existing loan of $58,000?

How is the transfer tax in the state of Georgia applied?

If a buyer in GA owes the seller, on the day of closing which is August 11, $1,371.23 for property taxes that the seller had already paid, what would the annual propertty taxes be?

Who grants a security deed in Georgia?

How is the amount of earnest money deposited determined?

In Georgia, the closing of a real estate transaction may be conducted by a:

Which document does a buyer recieving a mortgage loan sign at closing?

Which of the following are true?

When a borrower in default on a loan has not made payments after being contacted by the lender, the lender:

Determine the net amount the salesperson would recieve given the following information: salesperson list her house with her broker, broker will recieve 7% commission, and the home sells for $220,000.