Georgia Pre-License Real Estate Final Exam

A fiduciary is

What type of agency is the relationship between a broker and a seller?

In a dual agency, a broker may represent both the seller and buyer if

When is designated agency most likely to occur?

A relationship where a broker helps both a buyer and seller with paperwork but does not represent either party is a

The duty of __________ is the real estate agent

Which form of agency is best described as an in-house sale where two agents of the same broker represent the seller and buyer individually.

The legal but unethical exaggeration of a property benefits best describes one of the terms below?

What is the correct definition of a special agent or limited agent?

What is the correct definition for a universal agent?

What is the correct definition of a general agent?

What is the correct definition of a principal?

What is the definition of an agent?

What is the definition of a client?

Which is the correct definition of a customer?

After obtaining a license, what requirements below must the salesperson meet?

What is the license period in Georgia?

What is a lapse in a license?

When is an inactive status offered?

What is the time span for a license holder to either find a new broker or go inactive during the process of transferring their license?

What is considered passing for the real estate exam?

What is the purpose of the Georgia Real Estate Commission ?

Which of the following is not a foreclosure processed mortgage liens?

If the owner doesn

What is the foreclosure process under a judicial foreclosure?

Are there any alternatives instead of a foreclosure?

The right to reclaim a property that has been foreclosed by paying off amounts owed to creditors is known as:

During the public sale process, proceeds of the sale are applied to real estate taxes, lienholder’s claims, and cost of sale. Where, if any, do the remaining funds go?

Home Renovation, the Fannie Mae program allows borrowers to finance construction or renovation into the same mortgage as their home purchase, what is the most immediate positive impact from the program?

What is the percentage of the loan-to-value ratio for the Home Ready Mortgage program?

You have the mortgage for your first home, but you are having trouble paying closing costs and there are some needs for renovation in the basement of your new home, which program would be the best for you?

Say you have a monthly income of 5000 and the down payment on your new home can be made, what is the percentage and amount of total housing and debt expenses that should be allowed per month?

A first time home-buyer makes a penalty-free withdraw from a tax-deferred individual retirement account, how much time does the buyer have to spend the withdrawn money before any penalty is incurred?

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

Which of the following does the RESPA Act establish?

Which of the following are requirements that lenders have to meet within three days of receiving a loan application?

Which of the following is the best explanation for the Initial Escrow Statement?

What are the two major types of loans?

What is the nature of a conventional loan?

When are conventional loans called conforming loans?

How much can a buyer deposit through FHA(Federal Housing Administration)?

How much can a buyer deposit under the VA(Veterans Affairs)?

Under which financing method the seller carries a portion (or sometimes all) of the loan for the buyer?

The seller acquires the financing that wraps the new buyer’s mortgage around the seller’s existing mortgage.

What financial method deals with two or more properties pledged as security for repayment of the loan?

A mortgage in which personal property is included with the real property in the sale.

A temporary (usually 90-day) loan that provides funds in addition to an existing loan until permanent financing can be obtained. Often used for buyers who have not yet sold their current property but want to purchase a new property.

This type of loan is used when homeowners want to use the equity of their homes to stay in their homes. Loan must be repaid upon the death of the owner or sale of the property and the homeowner’s equity diminishes as the loan amount increases.

Which of these is not a benefice from the VA-Guaranteed Mortgage Loans?

Fixed-rate, adjustable rate, budget, and balloon loans. Are these common financing methods or just alternative financing methods?

What does PMI stand for?

What does MIP stand for?

An economic indicator that is used to adjust the interest rate in the loan.

The borrower under a deed

The borrower under a deed

Which state law prohibits lenders from charging more than 24% interest on any loan

After a foreclosure sale, a borrower who has defaulted on loan may seek to pay off the mortgage debt plus any accrued interest and costs under what right?

A loan that provides a full payment of the principal over the life of the loan is a(n)

Which of the following allows a mortgagee to proceed to a foreclosure sale without going to court first?

A mortgage can hold legal title to real property offered as collateral for a loan in some state. The mortgagor retains the right of possession and use. If the borrower defaults, the lender is entitled to immediate possession and rents. What kind of state is this particular state

Under which foreclosure a notice is given to the delinquent borrower and once proper documents have been prepared and recorded, the court issues a deadline for the balance of the defaulted debt to be paid in full. The court will award the full legal title to the lender in case the borrower fails to pay off the loan by the specified date.