GA MLS REVIEW
Wich of the following is an appurtenance?
a. Trade Fixture
b. A portible gas grill
c. A farmer's growing Crops
d. A furnace installed in a house - ANS-D
Which of the following is NOT an appurtenance that passes with the transfer of real property?
A. Chattels
B. Fixtures.
C. Property improvements
D. Water Rights - ANS-A
A mortgage company makes a number of new loans to be assembled and sold in the secondary
market to investors, this is called:
A. Discounting
B. Warehousing
C. Package financing
D. Blanket financing - ANS-B
A borrower secures a second mortg loan on their home from a bank. Under the Truth-in-lending
Act, the borrower has the right to rescinde the loan transaction up to:
A. 3 biz days after signing the loan agreement
B. 3 biz days afer the money has been disbursed
C. 7 biz days afer the signing of the loan agreement
D. 7 biz days after the money has been disbursed - ANS-A
Under RESPA, does the borrower have the right to inspec the settlement statement prior to
closing?
A. Yes, one biz day before closing
B. Yes, 3 biz days before closing
C. No, it is only availabe at closing
D. No, it is only available to settlement agent - ANS-A
A titlle agency pays a kickback to a lender for referring one of the lenders recent loan customers
to them. This would be a violation of:
A. Truth in Lending Act
B. Real Estate Settlement Procedure Act
C. usary laws
D. Equal Credit Opportunity Act - ANS-B
,A general warranty deed is presumed to have been dilivered if the deed is:
A. Signed by the granor
B. signed by the grantee
C. recorded by the grantor
D. recorded by the grantee - ANS-D
A title insurance policy will generally NOT cover a loss arising from:
A. forged documents
B. zoning and governmental restriction
C. lack of capacity on the part of the grantor
D. misfiled documents - ANS-B
After the statutory period of time has been reached, what action would an adverse possessor
file to claim title to the property?
A. Partition action
B. Foreclosure action
C. Condemnation action
D. Quiet title action - ANS-C
A tenant has an estate for years and vacates the property at the specific ending date. The
landlord refuses to return the security deposit because the lessee did not give him notice. Is the
landloard's action correct?
A. Yes, an estate for years requires a 30 day notice
B. Yes, an estate for years requires a 60 day notice
C. No, no notice is required
D. No, security deposits cannot be held for breach of lease. - ANS-C
A tenant negotialtes a monthly lease which does not require a termination notice. What type of
leasehold estate would this be?
A. Tenancy at will
B. Periodic tenancy
C. Tenancy for years
D. Tenancy in common - ANS-C
Which of the following would be considered a latent defect in the property?
A. A house that needs to be painted
B. Carpet that needs to be replaced
C. A water leak in a wall covered by paneling
D. A bathroom faucet that drips water - ANS-C
A ready, willing and able buyer is one who:
A. is legally capable and financially quilified, and signs an offer that meets the seller's terms and
condition.
B. has entered into an option agreement with the seller
,C. has signed an offer subject to obtaining the necessary financing
D. has included earnest money in the offer - ANS-A
A broker's listing expired and the 90 day protection period has ended. Several weeks later the
broker finds a new ready, willing and able buyer. Is the listing broker due a commission?
A. Yes, the buyer was ready, willing and able
B. yes, if the seller accepts the offer
C. No, the broker's listing agreement has expired
D. No, the buyer did not buy within the protection period. - ANS-C
A broker wants to charge her clients a flat fee for her commission, so that no matter what price a
home sells for, the broker will receive the same amount of compensation. Which of the following
must occur before the broker can make such arrangements?
A. Special permission must be granted by the state legislature.
B. There must be a history of such a compensation plan in the area
C. The clients must be given a choice between a percentage commision plan and the broker's
proposed plan.
D. Clients must agree to the arrangement - ANS-D
After a listing has been signed, the seller suggests that the listing saleperson not tell any
prospects about the repair that had been made to the basement foundation. In this case, which
is the best thing to tell a prospective buyer?
A. Nothing, the broker should follow the seller's instructions and not discusss the repairs.
B. The foundation has been successfully repaired and is no longer a problem.
C. The basement foundation had some repair work done, but the buyer is entitled to have an
inspection of the basement.
D. Nothing, the broker represents the seller and cannot and disucss with the buyer and
problems in the property. - ANS-C
A broker's listing expired on May 10. The broker brings a new buyer to the same property on
May 20. if the buyer buys the property is the seller obligated to pay the listing broker to a
commission?
A. No, the listing expired
B. No, unless there was a protection clause
C. Yes, the broker produced a ready, willing and able buyer
D. Yes, the seller accepted the offer - ANS-A
Can a seller terminate their agency agreement with the listing broker before the stated
expiration date?
A. No, only the listing broker can terminate the agreement
B. No, agency agreements cannont be terminated by either party prior to the expiration date
C. Yes, only with prior approval of the listing broker
D. yes, but the seller could be liable to the agent for damages - ANS-D
, The amount of compensation a salesperson would receive for a completed real estate
transaction would be determined by:
A. the standard commission rates in the area
B. the salesperson's contract with their broker
C. the amount specified by the state's real estate commission
D. the amount specified in the listing agreement - ANS-B
The Federal Housing Law exempts which of the following activities?
A. Financing of residential housing
B. Appraisal of housing
C. Real Estate brokerage services
D. Renting of an owner occupied building with no more than four units - ANS-D
The primary purpose of recording a valid deed is to:
A. Give the public constructive notice.
B. Give the public actual notice.
C. Transfer the ownership.
D. Establish marketable title. - ANS-A
Which of the following is true of a valid deed?
A. The grantee's name must be on the deed.
B. The grantor can be a minor.
C. The grantee must sign the deed.
D. There must be a date on the deed. - ANS-A
An owner owns two parcels of land. One has a house the other is a farm. He pays the taxes on
the farm, but not on the house. The delinquent taxes on the house could result in:
A. A lien against the farm.
B. A lien against the house.
C. A lien against both the house and farm.
D. A lien against the property owner's real and personal property. - ANS-B
On January 10, a contractor started work on a new house. The work was completed on October
10. The general contractor was paid but a subcontractor for the general contractor was not paid.
On December 1 the subcontractor filed a mechanics lien. What is the effective date of the
mechanics lien?
A. January 10.
B. October 10.
C. December 1.
D. A subcontractor cannot file a mechanics lien. - ANS-A
The clause in a mortgage which permits a subsequent mortgage to take priority is called the:
A. Acceleration clause.
B. Subordination clause.
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