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ACEABLE FINAL EXAM STUDY TERMS (GA) QUESTIONS WITH CORRECT ANSWERS
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ACEABLE FINAL EXAM STUDY TERMS (GA)
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ACEABLE FINAL EXAM STUDY TERMS (GA)what is one way a co-op sales contract differs from the sales contract for a single-family home? - Answer- the co-op sales contract includes a section detailing what the buyer must do it they hope to gains the corporations board approval (One of the most important differences is that purchasing cooperative shares requires the approval of the corporation. So the co-op sales contract includes a section detailing what the buyer must do if they hope to gain the corporation's approval (usually called "board approval").
which of the following BEST defines a circumstance requiring a real estate license? - Answer- performing a real estate act for another party with the intent to receive compensation (Performing a real estate act for another party with the intent to receive compensation best defines the real estate license requirement.)
What is the MOST COMMON clause in listing agreements? - Answer- sign posting clause
which document provides a detailed list of each partys expenses at closing? - Answer- the closing disclosure
how is debt service ratio calculated? - Answer- by dividing net operating income by total
debt service
What is NOT NEEDED when prorating an expense? - Answer- real estate transfer amount (usually paid by seller)
what mortgage is short-term and paid out in draws? - Answer- construction mortgage (lender pays funds to borrower in installments, called draws, as the construction progress)
Molly wants to buy a property downtown so she will be closer to the local nightlife and have a shorter work commute. Her interest in a property is greatly influenced by the economic significance of the property's location. What is Molly influenced by? - Answer- Situs (economic significance of a propertys location)
Seller Jordan chooses to not disclose an easement on his property and the buyer never asks about it. What is this an example of? - Answer- Silent fraud Agent Laura completed a CMA on a property her client was interested in making an offer on. What kind of value was Laura attempting to determine? - Answer- Market Value (CMA = comparative market analysis)
what does "vicarious liability" mean? - Answer- broker is responsible for their licensees actions or omissions
what is easement by condemnation? - Answer- easement in which property is taken via eminent domain and serves as a declaration that a structure must be closed because it's unfit for occupants (An easement by condemnation is an easement in which private property is taken for public use via eminent domain. It serves as a declaration that a structure must be closed or demolished because it is unfit for occupants.)
How would an appraiser be able to adjust for the size of the property using the sales comparison approach? - Answer- they would need to find the price per square foot of the comparable property
Laureen is a license holder in Georgia. Her clients, a married couple, are asking her how they should take title on the home they're purchasing. She urges them to speak to their attorney about their options. Did Laureen handle the situation correctly? Why or why not? - Answer- yes, because even though couples decide how to co-own property in Georgia, lawyers and not real estate agents should help the decide how
What general purpose do deeds serve? - Answer- they allow property to be transferred and conveyed (deed = transfer of legal title)
what is a red flag for predatory lending? - Answer- unexpected, undisclosed lender fees that appear at closing
which is NOT an example of deed restriction? - Answer- Joleen is required to use a licensed electrician to build her home (building code is not a deed restriction)
What deed provides the greatest protection for the grantee (Buyer) ? - Answer- general warranty deed
which of the following is an example of express agency? - Answer- ted calls broker joe asking for help selling his condo. (Express agency is created when the principal explicitly appoints the broker/agent to act on their behalf. This can be accomplished orally or in written form.)
A real estate agent publishes the following ad: "New three-bed, two-bath home can be yours for just $20,000 down!" Does this trigger a TILA disclosure? Why or why not? - Answer- yes, mentioning a down payment amount triggers a disclosure (A down payment amount triggers a disclosure because the amount you put down would depend
on things like your interest rate, loan terms, etc.)
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