Proctored Final Exam #2

The capital gains homestead exemption can be best described as:

Through what entity are zoning ordinances typically established in Georgia?

According to real estate license law, which of the following is a broker not allowed to do when listing a property for sale?

Which of the following is a violation of the Sherman Act?

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

When an adult and a minor have entered into a written agreement for the sale of a property, the contract is?

How does earnest money appear on a closing statement?

What is the difference between a bilateral contract and a unilateral contract?

A seller tells a buyer that they will not sell them the house unless the buyer uses a particular title insurance company. This is _____

According to real estate license law, a broker may be sanctioned for which one of the following?

A high loan-to-value ratio indicates 

Which of the following may be an advantage of a buydown for a borrower?

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

A Georgia real estate license can stay inactive for

If there is a title defect on a property, what would be the BEST option in the means of getting it eliminated?

When a property in good condition value declines because it is in a declining neighborhood, what type of depriciation would that be considered?

A broker in Georgia must keep copies of all of their past engagements for how long?

In Georgia, what description of the land must be included in every legal land description?

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

The lead based paint addendum…

Once a listing expires, how long does an agent have to remove an advertisement from the internet?

What is it called when an agent overemphasizes a property’s positive attributes?

A method of psychological manipulation to make residents sell their property because of changing demographics is called __________?

How can members be admitted to the Georgia Real Estate Commission which has 6 members?

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

Every relationship in which a real estate broker acts for or represents another as a client by the latter’s written authority in a real property transaction.

Any person who is licensed as a community association manager, salesperson, associate broker or broker.

___ any business entity, including, but not limited to, a corporation, partnership, limited liability company, or a sole proprietorship.

Mary is interested in buying a land to build on for her hair business. What will we say Mary is?

Which of these professions are able to buy, sell or lease real property on behalf of others for a commission?

All of these are the physical characteristics of land EXCEPT

Fill in the blank: Operations, such as ______, will have an influence on the surrounding properties in the neighborhood.

Fill in the blank: _______ impacts the value of a commodity.

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

What does FICO stand for?

Credit score usually ranges from

Which of the following is NOT one of the names of the three credit reporting companies used in the United States?

What is the name of the website used to retrieve your annual free copy of your credit report?

What are the types of property ownership?

Which of the following is the best way to express agency?

Another name for a listing agreement is?

The agreement between a principal and an agent

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

A licensed salesperson may work only for

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

What is the name of the party that is licensed to sell, purchase, or lease real property on behalf of others?

Which of these professions are able to buy, sell or lease real property on behalf of others for a commission?

What did the Federal Trade Commission Act want to encourage?

Which statement defines a deceptive ad?

What is a cease-and-desist order?

What is the CAN-SPAM Act of 2003?

When two or more parties share ownership of a property and an owner’s interest in the property is known as

___ represents a private interest holder whom does not have the right to possess.

The highest form of ownership interest one can acquire in real estate is

Define an easement

Which of the following is not a requirement for the government’s right to take a property voluntarily from an owner ?

Who will receive the property if the owner passes away without heirs and a will

Which are types of property ownership

The “bundle of rights” refers to a set of rights

What’s a primary purpose of zoning power?

What is the difference that the consideration of a variance and exception may be based on?

How is the intensity of land usage regulated?

An owner of a hotel is wondering whether to demolish or keep operation in a zoning ordinance that no longer allows commercial activity. In this situation the hotel most likely represents?

The municipality or county will issue a _____ which officially clears the property for occupation and use.

The ____ is protected under a vendee’s lien

What type of lien can be placed on your property if you default on payment for work that you have done on your property.

A mortgage lien is an example of a(n)

A federal income tax lien, a federal estate tax lien, a state intangible tax lien, and a mechanic’s lien are recorded against a property. Which lien will be paid first when the property is sold?

What sets liens apart from other types of encumbrance?

All of the following actions or circumstances can terminate an offer EXCEPT?

An offer is made to a seller with no stated time frame what can the offeree assume about the time to accept?

Which of the following situations is the contract enforceable?

Which of the following would most likely NOT be a valuable consideration?

Larry listed his home for sale with a real estate broker for a period of 120 days. No buyer was found within this period. On the 212st day the listing would be terminated by: I. rescission ;II. expiration of time; III. mutual agreement; IV. destruction

in order to claim legal title, what must an adverse processor demonstrate?

Bill has been secretly living in a property for 10 years. He has decided to make a claim of ownership in order to clear trees in the surronding land to make room for a guest house. Will the claim the declined or upheld?

What Will must you receive from an attorney that is recognizable in any state?

When dealing with transfer by will which of the following is not the proper title for a transfer

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 mean of

Recording a deed has what function?

Fill in the blank. The primary benefits that contribute to __________________ are appreciation, income, tax benefits, and use.

which term most accurately describes this definition? ” Critical in the transfer of real property, since the value of a parcel establishes the general price range for the principles parties to negotiate”

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

What is the name of the party that is licensed to sell, purchase, or lease real property on behalf of others?

Which of these professions are able to buy, sell or lease real property on behalf of others for a commission?

What did the Federal Trade Commission Act want to encourage?

Which statement defines a deceptive ad?

What is a cease-and-desist order?

What is the CAN-SPAM Act of 2003?

When two or more parties share ownership of a property and an owner’s interest in the property is known as

___ represents a private interest holder whom does not have the right to possess.

The highest form of ownership interest one can acquire in real estate is

Define an easement

Which of the following is not a requirement for the government’s right to take a property voluntarily from an owner ?

Who will receive the property if the owner passes away without heirs and a will

Which are types of property ownership

The “bundle of rights” refers to a set of rights

What’s a primary purpose of zoning power?

What is the difference that the consideration of a variance and exception may be based on?

How is the intensity of land usage regulated?

An owner of a hotel is wondering whether to demolish or keep operation in a zoning ordinance that no longer allows commercial activity. In this situation the hotel most likely represents?

The municipality or county will issue a _____ which officially clears the property for occupation and use.

The ____ is protected under a vendee’s lien

What type of lien can be placed on your property if you default on payment for work that you have done on your property.

A mortgage lien is an example of a(n)

A federal income tax lien, a federal estate tax lien, a state intangible tax lien, and a mechanic’s lien are recorded against a property. Which lien will be paid first when the property is sold?

What sets liens apart from other types of encumbrance?

All of the following actions or circumstances can terminate an offer EXCEPT?

An offer is made to a seller with no stated time frame what can the offeree assume about the time to accept?

Which of the following situations is the contract enforceable?

Which of the following would most likely NOT be a valuable consideration?

Larry listed his home for sale with a real estate broker for a period of 120 days. No buyer was found within this period. On the 212st day the listing would be terminated by: I. rescission ;II. expiration of time; III. mutual agreement; IV. destruction

in order to claim legal title, what must an adverse processor demonstrate?

Bill has been secretly living in a property for 10 years. He has decided to make a claim of ownership in order to clear trees in the surronding land to make room for a guest house. Will the claim the declined or upheld?

What Will must you receive from an attorney that is recognizable in any state?

When dealing with transfer by will which of the following is not the proper title for a transfer

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 mean of

Recording a deed has what function?

Fill in the blank. The primary benefits that contribute to __________________ are appreciation, income, tax benefits, and use.

which term most accurately describes this definition? ” Critical in the transfer of real property, since the value of a parcel establishes the general price range for the principles parties to negotiate”

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

Select the option that does not apply to the Duties of a borrower

How many dicount points make up 1% of the term balance?

Which is a loan that is not federally related

The statement that discloses whether the lender will service the loan is ___

RESPA stands for?

All expenses related to a property such as taxes, insurance and maintenance in a gross lease are paid by?

Natural break even point is in what lease

A tenant and a landlord had an oral lease that stated that the tenant would reside at the property for 2 year. Can the tenant legally leave before 2 years?

A lease contract is best described as

The percentage use is most often used by

What is the difference between market value and market price, if any?

Which of the following statements properly describes the central methodology of the cost approach to appraisal?

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

What is the name of the party that is licensed to sell, purchase, or lease real property on behalf of others?

Which of these professions are able to buy, sell or lease real property on behalf of others for a commission?

Bill has been secretly living in a property for 10 years. He has decided to make a claim of ownership in order to clear trees in the surronding land to make room for a guest house. Will the claim the declined or upheld?

What Will must you receive from an attorney that is recognizable in any state?

When dealing with transfer by will which of the following is not the proper title for a transfer

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 mean of

Recording a deed has what function?

Fill in the blank. The primary benefits that contribute to __________________ are appreciation, income, tax benefits, and use.

which term most accurately describes this definition? ” Critical in the transfer of real property, since the value of a parcel establishes the general price range for the principles parties to negotiate”

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

Select the option that does not apply to the Duties of a borrower

How many dicount points make up 1% of the term balance?

Which is a loan that is not federally related

The statement that discloses whether the lender will service the loan is ___

RESPA stands for?

All expenses related to a property such as taxes, insurance and maintenance in a gross lease are paid by?

Jake pays 4,250 a year in property taxes. He decides to sell the property to Mary. The sell closes August 5th. What is the proration?

You have a property listed at $130,000. The commission rate listed in the listing agreement is 6%, which you will split evenly with the buyer’s representative. What’s your share.

All the following is true of independent contractors EXCEPT:

How does earnest money appear on a closing statement?

What makes a bilateral contract different from a unilateral contract?

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

Which of the following would be a violation of license law by a broker?

What is the result of a low loan-to-value ratio?

What is the advantage to a buyer utilizing a buydown?

One of these is not a characteristic of brokerage agreement

Created when a broker has a client relationship with both parties involved in a transaction is:

A broker who’s not entered brokerage relationship yet but who performs ministerial acts is: >