ga real estate express final exam Questions and Correct Answers
3 views 0 purchase
Course
GA REAL ESTATE
Institution
GA REAL ESTATE
ga real estate express final exam Questions and
Correct Answersga real estate express final exam Questions and
Correct Answersga real estate express final exam Questions and
Correct Answersga real estate express final exam Questions and
Correct Answersga real estate express final exam Quest...
ga real estate express final exam Questions and
Correct Answers
Under the _______ of recording, title passes when the conveyance is registered on
the title certificate.
✓ ~~~ Torrens System
Non-judicial foreclosure is required to foreclose on a
✓ ~~~ Deed of Trust
A broker induces an owner to sell by telling him that Muslims are moving into the
neighborhood. This broker is guilty of
✓ ~~~ Blockbusting
What type of agency cannot be revoked by the principal, nor is terminated if the
principal dies?
✓ ~~~ Agency coupled with an interest
Ownership of a property reverted to the grantor of the estate when its usage failed to
conform to a stated condition in the grant. What type of estate existed?
✓ ~~~ Fee simple defeasible
One of the major considerations in a master plan is
✓ ~~~ the effect of new development on traffic patterns and the environment
A buyer told broker Lena that she wants to move to a Cuban neighborhood. Then the
buyer asked if Lena could show her the best home in a Cuban area. How should
Lena respond to this request?
✓ ~~~ Lena should explain to the buyer that she ethically and legally cannot
recommend housing based on national origin
In the appraisal process, looking at the number of recreational facilities, the
distances to schools and adequacy of public transportation is called
✓ ~~~ Neighborhood analysis
Which of the following would be considered community property in a community
property state?
✓ ~~~ A car the spouses bought together after the marriage
,The size of jurisdiction's tax base is derived by
✓ ~~~ subtracting exemptions from assessed values.
Given the net income of a property, the appraiser can determine an opinion of the
value for that property by
✓ ~~~ dividing by the rate of capitalization
A cooperative is
✓ ~~~ a type of residential property.
When the agency relationship has been terminated, the licensee is no longer
considered the principal's agent and does not owe any further duties to the principal
except for
✓ ~~~ accounting and confidentiality
Homeowner Louise has been lax in protecting her property rights. According to the
___________, Louise may lose those property rights.
✓ ~~~ Doctrine of Laches
If a cooperative corporation cannot pay its bills, what would happen?
✓ ~~~ The corporation owning the property would be dissolved, and all of the
residents could lose their interest in the cooperative.
Jordan has a month-to-month lease with landlord Greg. What type of lease did
Jordan sign?
✓ ~~~ Estate from period-to-period
A property has a Gross Income Multiplier of 14, and value of $800,000. What is its
annual income?
✓ ~~~ $57,143
What are the primary advantages of PEX piping?
✓ ~~~ PEX piping is able to withstand both high and low temperatures and it is highly
resistant to chemicals.
Under what type of contract is a seller obligated to sell, but the buyer is not obligated
to buy?
✓ ~~~ Option
Broker Ron wants to open a separate escrow account for each transaction he is
involved in. Is this legal?
, ✓ ~~~ Yes, there is no legal limit on the number of escrow accounts a broker can have
Which of the following statements is false regarding a tenancy in common?
✓ ~~~ The co-owners must be married.
Why is the condition of bearing walls more important than non-bearing walls?
✓ ~~~ Bearing walls support the ceiling and the roof.
Should a licensee who represents both the buyer and seller tell the buyer about
material defects on the seller's property?
✓ ~~~ Yes, any defects known to the broker should have been disclosed to the buyer.
The cost of doing direct mail advertising depends on
✓ ~~~ the frequency of the mailings.
Gerald is 55, single, and resides on his 3 acre property. Why will Gerald qualify for a
homestead exemption?
✓ ~~~ Because he lives on the property
Which of these statements about the Americans with Disabilities Act is TRUE?
✓ ~~~ An apartment manager might be required to allow a tenant with a disability to
widen a doorway.
A town is replacing a sidewalk that serves eight homes. The length of the sidewalk is
900 feet. Laura's property has 60 feet of the sidewalk. If the cost of the project to be
paid by a special assessment is $18,000, what will Laura's assessment be?
✓ ~~~ $1,200
Which of the following wills may be considered invalid?
✓ ~~~ A will that is not signed
Broker Jon is attaching a rider strip to a For Sale sign. What information is most
likely on this rider strip?
✓ ~~~ Jon's cell phone number
If a comparable has one less bathroom than the subject, an adjustment is made by
✓ ~~~ adding value to the comparable
Earl orally agreed to a 18-month lease with landlord Blake. Is this contract
enforceable?
, ✓ ~~~ No, all leases for longer than one year must be in writing to be enforceable.
Francis just signed the papers on a conventional 30-year, $210,000 loan. He was
wondering what type of interest will he be paying on the loan. What is the correct
answer?
✓ ~~~ Simple interest
Vicky was posing as a customer of Establishment Realty. However, she was really
there to see if Establishment Realty was following fair housing laws. Vicky was a
✓ ~~~ tester
Mary abandoned her property by failing to pay its property taxes, and the property
reverted to the state. This is an example of
✓ ~~~ escheat
Which of the following would be found in a management proposal?
✓ ~~~ Schedule of maintenance requirements
Home Hoarding Realty is advertising to the public that their managing broker has
been in the business 37 years and has sold over 1,250 homes. This is an example of
✓ ~~~ institutional advertising.
What is the balance on an amortized loan of $780,000 after the first payment if the
interest rate is 5% with a monthly P&I payment of $3,780?
✓ ~~~ $779,470
Seller Monica is selling her property to Harriet. What is Monica's primary
responsibility at closing?
✓ ~~~ To deliver marketable title
A written pledge by a lender to lend a certain amount of money to a qualified
borrower on a particular piece of real estate for a specified time under specific terms
is a(n)
✓ ~~~ conditional approval.
Robert owns his property and enjoys the full bundle of rights. Can he use his
property as collateral for debt?
✓ ~~~ Yes, Robert can encumber his property.
The essential criteria for an acceptable legal description is that it
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 MASTER01. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
