Exam (elaborations)
GA MLS Real Estate Practical Final Exam (1)
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GA MLS Real Estate Practical Final Exam (1)
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GA MLS Real Estate Practical Final ExamSafety Clause - ANS-A negotiated period after the termination of the listing during which the
listing broker may still be entitled to a commission if the property is sold to a buyer who was
shown the property during the listing period
Survival Clause - ANS-A clause in the contract for purchase and sale that , unless otherwise
expressly agreed to in writing by the buyer and seller, allows certain contractual obligations to
be performed after closing
Ratification - ANS-Method of creating an agency relationship in which the principal accepts the
conduct of someone who acted without prior authorization as the principal's agent
Net Operating Income (NOI) - ANS-The income projected for an income-producing property
after deducting losses for vacancy and collection and operating expenses.
Straight Term Loan - ANS-A loan in which only interest is paid during the term of the loan, with
the entire principal amount due with the final interest payment.
Loan Origination Fee - ANS-A fee charged to the borrower by the lender for making a mortgage
loan. The fee is usually computed as a percentage of the loan amount.
Adjustable Rate Mortgage - ANS-A loan characterized by a fluctuating interest rate, usually one
tied to a bank or savings and loan association cost-of-funds index.
Fully Amortized Loan - ANS-A loan consisting of equal, regular payments satisfying the total
payment of principal and interest by the due date.
Purchase Money Mortgage - ANS-A note secured by a mortgage or deed of trust given by a
buyer, as borrower, to a seller, as lender, as part of the purchase price of the real estate.
Debit - ANS-On a closing statement, an amount charged; an amount the party must pay at
settlement.
Credit - ANS-On closing statement, an amount entered in a person's favor, a party that must be
reimbursed.
Acceleration Clause - ANS-The clause un a mortgage or deed of trust that can be enforced to
make the entire debt due immediately if the borrower defaults on an installment payment or
other obligation
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