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The CE shop 75-HR GA Final Exam Missed Questions with correct Answers
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The CE shop 75-HR GA Final ExamMissed Questions with correct Answers
What method is most expedient when asking GREC to investigate a complaint? -
Answer -A sworn written request for investigation of a complaint against a licensee,
instructor, or license applicant is most expedient.
In terms of encumbrances, what's a license? - Answer -A license is permission to do
something on another's land without actually possessing any interest or ownership in
the land.
What type of taxation does a limited liability company enjoy? - Answer -LLCs enjoy the
same pass-through taxation as do partnerships and sole proprietorships, but with the
limited liability of a corporation.
Which of the following is a closing cost that's usually paid by the seller? - Answer -The
seller must satisfy all existing liens in order to provide clear title to the buyer.
The installment land contract is what type of financing? - Answer -Seller Financing: An
installment land contract is financed by the seller and usually results in the seller
maintaining legal title to the property until the loan is paid off, while the borrower
maintains equitable title, which means that the borrower has full rights to use and enjoy
the property.
What's a marketable title? - Answer -A marketable title provides assurance that there
are no unrecorded liens or claims on the property.
AKA. A property with a title that is free and clear.
Which of the following statements is true about the practice of seeking deficiency
judgments? - Answer -It is fallen out of favor, is no longer used in some states, and is
not allowed by FHA. The practice of seeking deficiency judgments has fallen out of
favor and is no longer used in some states. Also, the FHA does not allow deficiency
judgments against loans it has insured, and the VA discourages them against loans it's
guaranteed.
What is it called when someone other than the owner claims title to real property? -
Answer -Adverse possession occurs when someone other than the owner claims title to
real property.
, The primary sources of law in Georgia include case law, common law, and
__________. - Answer -The primary sources of law in Georgia include case law,
common law, and statutory law.
What is a real estate syndicate? - Answer -Real estate syndicates are organizations
with many investors who jointly participate in a real estate investment.
What type of agency relationship exists if an agent from ABC Realty represents a buyer
and the seller is affiliated with Net Realty? - Answer -Single
A license holder may have more than one claim against him. However, payments made
from the Real Estate Education, Research, and Recovery Fund on behalf of the license
holder must not exceed what amount? - Answer -Payments from the Real Estate
Education, Research, and Recovery Fund for claims against a single license holder are
not to exceed $75,000.
With an interest-only payment plan, ______. - Answer -With this type of payment, the
borrower pays only the interest for a specific amount of time, usually five to seven
years. After that period, the loan principal is due.
What is eminent domain? - Answer -Power of a government to take private property for
public use.
In what type of lease does the landlord pay taxes, maintenance, and insurance? -
Answer -With gross leases, the landlord typically pays all expenses, such as taxes,
maintenance, and insurance.
Which type of depreciation is a loss in value due to defects in a structure's design? -
Answer -Examples of functional obsolescence include something missing (like a main
floor without a bathroom), an extra feature that adds no value, because it's not
necessary or typical, or an outdated feature that's no longer desirable.
Violators of the Sherman Antitrust Act may be subject to fines. For what amount may
corporations and individuals be liable? - Answer -Fines may reach up to $100 million for
corporations and $1 million for individuals.
There are four basic types of appeals that property owners can file if they have an issue
with their property tax assessment: taxability, value, uniformity, and
___________________. - Answer -If property owners have an issue with their property
tax assessment, they can base their claim on taxability, value, uniformity, or unfair
denial of the homestead exemption
Bart is an independent contractor. That means that his managing broker, Lee, has the
right to ______. - Answer -A broker can require independent contractors to achieve
certain results, but isn't allowed to control how that work is done.
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