REAL 4000 UGA Test 2 Questions and Answers | Latest Update | 2024/2025 | 100% Verified
3 views 0 purchase
Course
REAL 4000 UGA
Institution
REAL 4000 UGA
REAL 4000 UGA Test 2 Questions and
Answers | Latest Update | 2024/2025 |
100% Verified
What is the difference between a fixed-rate mortgage and an adjustable-rate mortgage?
A fixed-rate mortgage has a constant interest rate throughout the term of the loan, while an
adjustable-rate mortgag...
REAL 4000 UGA Test 2 Questions and
Answers | Latest Update | 2024/2025 |
100% Verified
What is the difference between a fixed-rate mortgage and an adjustable-rate mortgage?
✔✔ A fixed-rate mortgage has a constant interest rate throughout the term of the loan, while an
adjustable-rate mortgage has an interest rate that can change periodically.
What is a short sale in real estate?
✔✔ 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 does principal refer to in a mortgage loan?
✔✔ Principal is the original amount of the loan that must be repaid, excluding interest.
What is property depreciation?
✔✔ Property depreciation is the reduction in value of a property over time due to wear and tear
or obsolescence.
1
, What is a brokerage agreement?
✔✔ A brokerage agreement is a contract between a real estate broker and a client outlining the
broker’s duties and the terms of compensation.
What is a contingency clause in a real estate contract?
✔✔ A contingency clause is a provision that must be met for the contract to be valid, such as
securing financing or passing a home inspection.
What is real estate escrow?
✔✔ Real estate escrow is an arrangement where a third party holds funds or documents on
behalf of the buyer and seller until all conditions of the sale are met.
What is the purpose of a title insurance policy?
✔✔ A title insurance policy protects against losses from defects in the property title that were
not discovered before the sale.
What is equity buildup in real estate?
✔✔ Equity buildup is the increase in property value and reduction in mortgage balance over
time, enhancing the owner's equity in the property.
2
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SterlingScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.96. You're not tied to anything after your purchase.
