REAL 4000 UGA TEST 3 QUESTIONS AND ANSWERS | LATEST UPDATE | 2024/2025 | GRADED A+
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Course
REAL 4000 UGA
Institution
REAL 4000 UGA
REAL 4000 UGA TEST 3 QUESTIONS
AND ANSWERS | LATEST UPDATE |
2024/2025 | GRADED A+
What is a contingent offer in real estate?
A contingent offer is an offer to purchase a property that is dependent on certain conditions
being met, such as securing financing or passing an inspection.
Wh...
REAL 4000 UGA TEST 3 QUESTIONS
AND ANSWERS | LATEST UPDATE |
2024/2025 | GRADED A+
What is a contingent offer in real estate?
✔✔ A contingent offer is an offer to purchase a property that is dependent on certain conditions
being met, such as securing financing or passing an inspection.
What is principal in the context of a mortgage?
✔✔ Principal refers to the original amount of the loan that needs to be repaid, excluding interest.
What is net operating income (NOI)?
✔✔ Net operating income is the total income generated from a property minus operating
expenses, not including mortgage payments or taxes.
What does amortization schedule refer to?
✔✔ An amortization schedule details each loan payment over time, including the amount applied
to principal and interest.
1
,What is a short sale?
✔✔ A short sale occurs when a property is sold for less than the amount owed on the mortgage,
with the lender agreeing to accept the reduced amount.
What is a property lien?
✔✔ A property lien is a legal claim against a property for unpaid debts or obligations, which
must be settled before the property can be sold.
What is rent-to-own arrangement?
✔✔ A rent-to-own arrangement allows tenants to rent a property with the option to purchase it
later, usually with a portion of the rent applied to the purchase price.
What is due diligence in the context of buying real estate?
✔✔ Due diligence involves conducting thorough research and inspections to verify the condition
and legal status of a property before purchase.
What is the purpose of a closing disclosure?
✔✔ A closing disclosure outlines the final terms and costs of a real estate transaction, including
loan details, fees, and the amount required to close.
2
, What is a broker’s license?
✔✔ A broker’s license allows an individual to operate a real estate brokerage and oversee real
estate transactions.
What is real estate syndication?
✔✔ Real estate syndication involves pooling funds from multiple investors to purchase or invest
in larger real estate projects.
What is a deed of trust?
✔✔ A deed of trust is a legal document that secures a loan by transferring property title to a
trustee until the loan is repaid.
What does capital improvement mean?
✔✔ Capital improvement refers to substantial enhancements or upgrades made to a property that
increase its value or extend its useful life.
What is title insurance?
3
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