Proctored Final Exam Version #4

How much capital gains can be deducting if the capital gains homestead exemption is utilized:

i. $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

ii. $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

iii. $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

iv. $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 year

Which entities establish zoning ordinances?

According to real estate license law, a broker that has a property listed cannot:

The following situation is an instance of price fixing?

A licensee takes a listing of a family friend even though the property is 2 hours away. If the licenseee does not show the property, what has the agent violated?

A seller is requiring that the buyer use a particular title insurance company and the buyer is paying for the title insurance. This is ______

The key difference between a bilateral contract and a unilateral contract is:

Which one of the following could result in a broker being disciplined by GREC?

Why would a buyer want to implement a buydown when getting a loan?

The type of loan where the interest rate is determined by adding the margin to a publicly available index rate is _____________

According to Georgia Real Estate license law, how long can an agent keep their license on inactive status?

What is the best way to eliminate a cloud on the title for a property?

A property that is in good condition value declines due to a declining neirborhood is experiencing _________ depreciation.

A broker advertises a property for rent only on a Irish website. The advertisement contains the fair housing logo and non discriminatory language. This is _____

What is the purpose for signing the lead based paint exhibit?

A Georgia property is being advertised on the internet which needs to be removed by the licensee. How much time after the expiration date must it be taken down?

Overemphasizing a home positive attributes is called what?

Stephen’s license is revoked for fair housing violations by the Georgia Real Estate Commission, how long is Stephen automatically eligible for a new license?

GREC commission members must focus on all of the following areas of responsibility EXCEPT:

In Georgia, impersonating a real estate licensee without an actual license will have that party found of which of the following consequences?

When working with a Hispanic client, Todd makes an effort to show them homes in primarily Hispanic communities. What is this 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

In Georgia, how is the maximum percentage a broker is able to charge for a listing determined?

All of the following will be influence by the mortgage amount EXCEPT:

Two cousins own a piece of property together and one of the cousins dies. How is title held if one of the causes automatically becomes sole owner of the property upon the others death?

A licensee is selling a listing while in the process he decides he wants to transfer his license to a firm, what happens to that listing when he moves to the new firm?

_____ in a loan document requires full payment on the sale of the property and can prevent future purchasers of the property from assuming the loan.

What is the main objective of the Sherman Act?

How long after being originally licensed will a salesperson’s license lapse?

What can be said about judgment liens?

The money for a purchase money mortgage generally comes from where?

Someone would have to abide by the Georgia Real Estate License Laws in which scenario?

What is the best way to determine the value of a 6-unit apartment complex

Which of the following is home warranty most likely to cover?

Out of the following, which is permissible for a broker?

Which of the following is most important for a lender to determine how risky an investment is?

If there is a 0.55 LTV ratio, a buyer purchases a home for $525,000 and the lender charges an origination fee of 1.5%. What is the amount of the origination fee?

Which approach would an appraiser use for a library with several acres of land around it?

If someone dies with property willed to his niece, when will full title and possession pass to his niece?

A metes-and-bounds legal description :

If a divorce attorney hires a broker to determine the value of the property the couple owns, the broker will prepare ________.

The following appraisal methods uses a rate of investment return in estimating a property’s value :

A deed must be signed by whom ?

Calculate the following legal description contains how many acres : the S ½ of the SE ¼ of the NW ¼ of the NE ¼ of the Section 7?

To account for amenities present is the comparable, but not in the subject property, the appraiser will:

Which of the following is the historical record of all owners and encumbrances of a specific parcel of real estate?

Defects that are found _____ are protected by a title insurance policy.

A home with one bath and four bedrooms is described as having:

A subdivision plat would be BEST described as:

If a married couple own a parel of property together with the right of survivorship, what type of ownership would they have?

Angie owns an undivided 60% share in a parcel of real estate, and John owns an undivided 40% share in the same property. What kind of title ownership would Angie and John have?

The first thing an appraiser would determine when using the cost approach to find value would be:

An appraisals purpose is:

When a property description uses a starting point, this best describes:

Which category of depreciation is cause by the wear and tear on a property?

Depreciation describes which of the following:

Which of the following would be accomplished by filing a quiet title suit?

Which of the following constitutes an unfinished area?

Which of the following is not the characteristics of value?

After real estate has been sold by the state or county to satisfy a delinquent property tax lien, if state law permits, which is a example of a right of a defaulted owner?

Under its police powers, a municipality may regulate all of the following about housing in a development and which of the following is untrue?

If you attempt to acquire or succeed to an interest in land what are you?

Those acts related to real estate brokerage activities, which a licensee or a licensee’s employee perform and which do not require discretion or the exercise of the licensee’s own judgment:

Which term matches the definition: ________ is the period of time that the ROI (Return on Investment) will be realized over

“Regardless of any man-made or natural changes, land remains basically the same.” best describes which physical characteristic?

Identify loan program available for clients.

Which of these is a major determining factor in whether a loan applicant will receive a home loan?

When posting online, you should never what?

Who pays a salesperson when a transaction involved a listing agent, a selling agent, and several subagents

Which of the following is not one of the kinds of laws that dictate agency relationships and the duties an agent owes to their client

Statutory laws are

The statute of fraud, written agreement must include which of the following.

Which is a general lien

A lienee is a(n) ___

Ownership of benefits within a trust us received by

All are examples of non-ad valorem taxes except:

A homestead exemption is

How does Planned Unit Development zoning vary from ordinary zoning?

Which of the following situations is most likely to represent an illegal nonconforming use?

An extended coverage protects

A cloud on title can be defined as

A seller must show that the title is free of what to show marketable title

The purpose of a deed restriction is to enable an owner to specify

A property owner who is selling her land wants to control how it is used in the future. she might accomplish her aim by means of

Under the Federal Housing Administration (FHA) – insured, what percentage is needed for a down payment and what is the minimum credit score required?

How many sections are there in a township?

In the Rectangular Survey System, a section contains how many acres?

Which of the following situations is most likely to represent an illegal nonconforming use?

A couple who has purchase a lot and is thinking about construction of a new home. The couple should receive advice from who about how they should take the title?

What does an extended coverage protect?

Any encumbrance that delays the conveyance of a property is a

To show marketable title, a seller must show that the title is free of:

When a person dies with a valid will, he/she is said to have died

______ of a title is a promise by the grantor that certain conditions of the title exist.

A promise that the grantee will not suffer interference from others having superior claim to the title is defined as?

What is the name of the clause in a deed that comveys the rights of ownership?

A written opinion that the title identifying the fee owner of the property with anyone with a real interest or right to a property is….

As you continue to make payments, the certificate of title is held by…

Rent is determined by ___ in most markets.

What is a person who money is owed to called?

Someone who estimates the value of real and personal property is an

A mortgage for the remaining balance at a specific time is _____

The date for an ARM or adjustable-rate mortgage is described as

What is a two-step mortgage?

Which of the following are government loan programs?

Appreciation is a term best described as ________

What is the name of an unwritten body of law based on general customs in England that is used in some states?

For which of the following would PITI reserves apply?

All of the following are correct about “revolving debt” EXCEPT

What is a person’s financial obligations known as?

Which of the following statements is correct?

A report prepared to determine an applicants creditworthiness is called

A license:

What is encroachment?

An encroachment is best defined as:

An interest in real property that gives the holder the right to use portions of the legal owner’s real property in a defined way

Improvments that intrude on another’s property is called:

Which of the following is included in the management agreement?

The main responsibility of a property manager is to

Property managers have a ______relationship with the property owner

A guest slips on a wet floor in a apartment and is hospitalized. A claim against the building owner may be paid under which of the following policies held by the owner?

A harmful gas previously used in insulation is known as:

The responsibility for a satisfactory inspection for _______ and ________ rests with the buyer?

Legal process in which property that is pledged as security for a debt is sold to satisfy the debt is known as?

A straight term loan is defined as

Select one of the following eligibility requirements for a community association manger in Georgia?

Which of the following would you have earned after completing the Georgia Real Estate Commission and Appraiser Board?

Please select one of the following for the part exempt from fidelity bond and fidelity insurance coverage.

When the market for an item has achieved market equilibrium, which of the following statements is true

How is real estate distinguished as an economic product?

Which answer best describes absorption?

What is the difference between a regular zoning exception and a special exception?

Laws that extended housing discrimination protection to families with children and persons with disabilities include?

_____ is an established set of rules and regulations, that further interpret the practices affected by law.

If Wonderful World a company that markets music worldwide moves to Atlanta and hires 200 employees. What will happen in that city?

Fill in the Blank: ___ is the owner’s difference between the current value and any liens on a property.

Fill in the Blank: ____ is a mortgage loan from a seller to a buyer to allow the buyer to complete the transaction.

Where does the excess belongs to if the amount at a sheriff’s sale mortgage foreclosure is more than the amount of the indebtedness and expenses?

Lenders try to estimate both categories and give a Good Faith Estimate within ____ days of recieving a home loan application.

The percentage lease reads as follows: Luna agrees to pay $1000 per month fixed rent plus 5.1% on all sales over million dollars. If the total rent paid was $55,870, the gross sales were:

What is the five discount points fee on a $200,500 VA guaranteed loan?

Martha works for ABC realty as an agent and she referred James who is a buyer to a broker, who works for XYZ Realty. Martha is to receive 30% of James’ side commission when the transaction closes. James purchases a $500,000 home, and the 8% commission was split as follows: Listing brokerage, 1.5%, listing agent, 2.5%, buyer’s brokerage, 2%, buyer’s agent 2%. How much was Martha paid?

A lot sells for $ 65,000, which is 85% of the listing price. What is the listing price?

What is the approximate sale price of a property if the seller’s net after paying 4% commission was 400,000?

Which of the following is NOT a legal reason for a lending insititution to refuse to make a residential real estate loan in a particular area?

A buyer should have received and read the _____ before making an offer on a property?

A salesperson is showing a customer a house in an area that they know has a lot of airplane noise. The salesperson should disclose this because it is:

Which of the following is true regarding radon?

A seller has not listed a particular latent defect on the property disclosure form or mentioned it to the listing broker. If the broker notices this defect, they:

The federal Fair Housing Act does prohibits: