Exam (elaborations)
GA MLS REVIEW (1)
Exam of 134 pages for the course FPC at FPC (GA MLS REVIEW (1))
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GA MLS REVIEW"For Sale" signs must be moved from the property no later than:
A. The day of the expiration of the listing.
B. Ten days after the expiration of the listing.
C. Thirty days after the expiration of the listing.
D. A reasonable time after the expiration of the listing. - ANS-B
A $25.00 fee shall be charged to a licensee (active or inactive) for failure to notify the
Commission, in writing, of a change of address within:
A. 7 days.
B. 10 days.
C. 30 days.
D. 60 days. - ANS-C
A bill of sale would be used to convey ownership of:
A. Mineral rights.
B. Air rights.
C. Personal property
D. Fixtures. - ANS-C
A blanket mortgage would most likely NOT be used in which of the following examples?
A. A developer plans to buy 50 lots.
B. A buyer wants to purchase a lot plus the adjoining lot.
C. A buyer purchases a single unit in a condominium development.
D. An investor is going to finance a subdivision. - ANS-C
A borrow has a fully atomized, level payment, fix rate loan. Which of the following statements
best describes the loan payments?
A. The payments are applied to the interest only.
B. The payments are applied to both the interest and principal with the principal portion of the
payments increasing with each payment and the interest portion decreasing.
C. The payments are applied to both the interest and principal with the interest portion of the
payment increasing with each payment and the principal portion decreasing.
D. The last payments is a balloon payment. - ANS-B
A borrower obtains a new loan at a 7% interest rate and uses the proceeds to pay off an existing
loan at a 9% interest rate. This would be an example of:
A. Refinancing.
B. An open end loan.
C. A loan assumption.
D. A rollover. - ANS-A
,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
A borrower takes out a loan that allows the monthly principal payments to be increased without
penalty.
This, the loan will be paid off more quickly. This loan would be considered a:
A. Budget loan.
B. Buydown.
C. Growing-equity mortgage.
D. Reverse-annuity mortgage. - ANS-C
A borrower would MOST LIKELY obtain the lowest monthly payment on which of the following
loans:
A. 9% interest rate and a 29 year term.
B. 8% interest rate and a 20 year term.
C. 8% interest rate and a 25 year term.
D. 9% interest rate and a 25 years term. - ANS-C
A bowling alley is located on the outskirts of the city. The area was recently rezoned for
commercial to residential use. Will this change affect the present operation of the bowling alley?
A. Yes, they will have to relocate.
B. Yes, to continue operating the bowling alley, a petition for a variance must be filed with the
zoning appeal board.
C. No, the bowling alley is considered a nonconforming use and can continue to operate.
D. No, the bowling alley benefits the residential area. - ANS-C
A broker and a seller signed a standard listing agreement. Under the terms of this listing the
broker would be appointed to perform all of the following acts EXCEPT:
A. Attempt to find a ready, willing and able buyer for the real property.
B. Sell, trade or convey title to the real property.
C. Place a "For Sale" sign on the property and market the property.
D. prepare a data sheet with information about the property to give to prospective purchasers. -
ANS-B
A broker had a buyer agency agreement with a buyer. The broker finds the buyer a home listed
with another broker. Can the buyer's broker receive a commission from the buyer and share in
the commission from the listing broker.
A. Yes, if both brokers are members of the multiple listing service.
B. Yes, with prior written consent of all parties.
,C. No, listing brokers cannot share commissions with selling brokers.
D. No, brokers can only collect one fee in a real estate transaction. - ANS-B
A broker has a listing on a vacant lot measuring 100 feet wide and 175 feet deep at a listing
price of $250 per foot. The commission in the listing agreement is 10%. If the property sells for
the full listed price, what will be the broker's fee?
A. $2,500.
B. $4,375.
C. $1,750.
D. $1,000 - ANS-Blank
A broker has an exclusive right to sell listing agreement with a seller. The seller an offer from a
buyer for the sale of the house. The buyer meets all the requirements of the sales contract.
Before closing the seller decides not to sell the property and backs out of the sale. Is the listing
broker entitles to a commission?
A. Yes, the broker produced a ready, willing and able buyer.
B. Yes, provided the contract included earnest money.
C. No, the sale did not close.
D. No, the buyer was not ready, willing and able. - ANS-A
A broker hired, under a property management agreement, to manage a large condominium
project would be considered a:
A. Universal agent.
B. General agent.
C. Special agent.
D. Designation agent. - ANS-B
A broker is listing the property of a deceased owner who had five adult children. Two of the
children are listing the property for sale. Before completing the listing agreement, the broker
should do which of the following?
A. Check the ownership of the record to see if the persons who are listing the property are the
current owners.
B. Check th deceased owner's will to verify who the heirs are.
C. Require all the adult children to sign the listing.
D. Require all the adult children sign a quit claim deed. - ANS-A
A broker is marketing a listed property located in a predominantly Hispanic area. When
advertising the property, which of the following would be permissible?
A. Advertise only in Hispanic newspaper.
B. Advertise for Hispanic buyers on;y.
C. Advertise the property in a local newspaper.
D. Advertise that the property is located in a Hispanic neighborhood. - ANS-C
, A broker is paid a commission at closing by the principal and refuses to pay the salesperson
their portion of the commission as agreed upon in their written affiliation agreement. If the
salesperson licensee does not believe that the broker is meeting the terms of the agreement his
or her recourse is to:
A. File a complaint with the Georgia Real Estate Commission to collect the agreed upon fee.
B. File an action with the Education Research and Recovery Fund.
C. Go to the courts or other arbitrating bodies.
D. File suit against the principal for the portion of the commission due to salesperson. - ANS-C
A broker learns that a neighbor might be selling their house and proceeds to secure potential
buyers without the knowledge and consent of the owner. Would the broker's action be in
violation of the license law?
A. No, this would be considered an open brokerage agreement.
B. No, but he could not advertise the property.
C. Yes, the broker is acting in dual capacity.
D. Yes, this would be considered an unauthorized offering. - ANS-D
A broker listed a property for $175,000 with instructions that seller wanted at least $5,000
earnest money. The broker produced a buyer who offered the full listed price and included
$3,000 earnest money check. If the seller did not accept the offer, would the broker be due a
commission?
A. Yes, the broker produced a buyer at the full listed price.
B. Yes, earnest money is not required in a real estate contract.
C. No, the broker did not produce a buyer that fulfilled the terms of the listing agreement.
D. No, the earnest money must be paid in cash. - ANS-C
A broker listed a property owned by a husband and wife. The husband had to leave the country
on a business trip and authorized his wife to sign any offers on hos behalf. The wife could sign
the offer for him provided:
A. The held ownership as community property.
B. She had been granted a power of attorney by her husband.
C,. The listing was signed by both husband and wife.
D. She had a power of sale agreement signed by both parties. - ANS-B
A broker listed a seller's property for $75,000. A customer told the broker they would make an
offer for $73,000 but were willing to pay $75,000 if necessary. What should the broker do?
A. Refuse to present the offer because it was less than the listed price.
B. Present the offer and not mention the buyer was willing to pay $75,000.
C. Present the offer ad inform the seller of the buyer's intent to increase the price.
D. Hold the offer and tell the buyer the seller rejected it. - ANS-C
A broker lists a seller's property. A buyer makes a full price offer on the property. Can the broker
accept the offer for the seller?
A. Yes, the broker can bid the principal to any contract.
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