GA MLS Real Estate Practical Final Exam-.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/GA%20MLS%20Real%
GA MLS Real Estate Practical Final Exam
1. Safety 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 soldto a buyer who was shown the
property during the listing period
2. Survival Clause
ANS A clause in the contract for purchase and sale that , unlessotherwise expressly agreed
to in writing by the buyer and seller, allows certain contractual obligations to be performed
after closing
3. Ratification
ANS Method of creating an agency relationship in which the principalaccepts the conduct of
someone who acted without prior authorization as the principal's agent
4. Net Operating Income (NOI)
ANS The income projected for an income-producing property after deducting losses for vacancy
and collection and operating expenses.
5. Straight Term Loan
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,GA MLS Real Estate Practical Final Exam-.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/GA%20MLS%20Real%
ANS A loan in which only interest is paid during the term of theloan, with the entire principal
amount due with the final interest payment.
6. Loan Origination Fee
ANS A fee charged to the borrower by the lender for making amortgage loan. The fee is usually
computed as a percentage of the loan amount.
7. 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.
8. Fully Amortized Loan
ANS A loan consisting of equal, regular payments satisfyingthe total payment of principal and
interest by the due date.
9. Purchase Money Mortgage
ANS A note secured by a mortgage or deed of trust givenby a buyer, as borrower, to a seller, as
lender, as part of the purchase price of the real estate.
10. Debit
ANS On a closing statement, an amount charged; an amount the party mustpay at settlement.
11. Credit
ANS On closing statement, an amount entered in a person's favor, a party thatmust be
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