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Barney Fletcher - GA RE School Exam Questions and Answers (100% Pass)
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Barney Fletcher - GA RE School Exam Questions and Answers (100% Pass)
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1|Page | © copyright 2024/2025 | Grade A+Barney Fletcher - GA RE School
Exam Questions and Answers
(100% Pass)
What is the tax assessment rate for all real property in Georgia?
✓ 40%
What could happen if a property is sold at foreclosure and does not bring
enough money to satisfy all of the debts secured by the property?
✓ Outstanding debts could be pursued as a result of a deficiency
judgement
When foreclosure occurs, the payment priority of most of the outstanding
debts is established by:
✓ Date of recordation
With a traditional, fully amortized loan, the interest portion of a payment due
and made on the first day of a month covers the interest for:
✓ the month prior to the month the payment is made
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
What type of loan has payments of interest only with the principal paid in full
at the end of the loan period?
✓ Straight loan
If a loan balance is $125,000 and the interest rate is 8%, how much of the next
payment is paid in interest?
✓ $833.33
In a graduated payment mortgage, the ________ changes in an adjustable
rate mortgage the _______ is subject to change.
✓ Payment, interest rate
What clause allows the lender to call the loan balance due and payable
because of non-payment?
✓ Acceleration clause
The amendment that allows a lender to waive his lien priority in favor of
another's is known as the:
✓ Subordination amendment
A purchase money mortgage is a loan made by:
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ The seller in a transaction
A mortgage secured by both real and personal property is a(n):
✓ Package Mortgage
What type of mortgage exists when the lender pays the borrower a fixed
amount of money every money?
✓ Reverse Annuity (mortgage)
The primary purpose of FHA is to _____ and the primary purpose of VA is to
________.
✓ Insure loans; guarantee loans
In a Land Sales Contract, who retains legal title to the property?
✓ Seller
What Act has as its primary purpose to educate borrowers regarding the costs
involved in a closing so that the borrowers can shop for the best situation for
them?
✓ Real Estate Settlement Procedures Act (RESPA)
Master01 | October, 2024/2025 | Latest update
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