Exam (elaborations)
GA MLS Real Estate Practical Final Exam 2024
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GA MLS Real Estate Practical Final Exam 2024
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GA MLS Real Estate Practical Final Exam2024
Safety Clause - A negotiated period after the termination of the listing during
which the listing broker may still be entitled to a commission if the property is sold
to a buyer who was shown the property during the listing period
Survival Clause - A clause in the contract for purchase and sale that , unless
otherwise expressly agreed to in writing by the buyer and seller, allows certain
contractual obligations to be performed after closing
Ratification - Method of creating an agency relationship in which the principal
accepts the conduct of someone who acted without prior authorization as the
principal's agent
Net Operating Income (NOI) - The income projected for an income-producing
property after deducting losses for vacancy and collection and operating
expenses.
Straight Term Loan - A loan in which only interest is paid during the term of the
loan, with the entire principal amount due with the final interest payment.
Loan Origination Fee - A fee charged to the borrower by the lender for making a
mortgage loan. The fee is usually computed as a percentage of the loan amount.
, GA MLS Real Estate Practical Final Exam
2024
Adjustable Rate Mortgage - A loan characterized by a fluctuating interest rate,
usually one tied to a bank or savings and loan association cost-of-funds index.
Fully Amortized Loan - A loan consisting of equal, regular payments satisfying the
total payment of principal and interest by the due date.
Purchase Money Mortgage - A note secured by a mortgage or deed of trust given
by a buyer, as borrower, to a seller, as lender, as part of the purchase price of the
real estate.
Debit - On a closing statement, an amount charged; an amount the party must pay
at settlement.
Credit - On closing statement, an amount entered in a person's favor, a party that
must be reimbursed.
Acceleration Clause - The clause un a mortgage or deed of trust that can be
enforced to make the entire debt due immediately if the borrower defaults on an
installment payment or other obligation
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