GA REAL ESTATE ACADEMY FINAL EXAM Questions and Correct Answers
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GA REAL ESTATE
Institution
GA REAL ESTATE
GA REAL ESTATE ACADEMY FINAL EXAM
Questions and Correct Answers
GA REAL ESTATE ACADEMY FINAL EXAM
Questions and Correct Answers
GA REAL ESTATE ACADEMY FINAL EXAM
Questions and Correct Answers
GA REAL ESTATE ACADEMY FINAL EXAM
Questions and Correct Answers
GA REAL ESTATE ACADEMY FINAL EXAM
...
GA REAL ESTATE ACADEMY FINAL EXAM
Questions and Correct Answers
Which of the following ways of specializing is common in the real estate brokerage
business?
✓ ~~~ By type of property
Which of the following is included in the legal concept of land?
✓ ~~~ A lake
A property abuts a non-navigable stream. What does the owner own?
✓ ~~~ Underlying land to the middle of the waterway
A retailer installs special display counters to exhibit her products. At the end of the
lease term, the retailer moves to another state, leaving the counters in the store. At
this point the counters are considered which of the following?
✓ ~~~ Real property, since the trade fixtures were abandoned
How is a legal life estate created?
✓ ~~~ By operation of law
Which of the following is true of a homestead?
✓ ~~~ A homestead interest is a form of legal life estate.
Three people have identical rights in a property, share an indivisible interest, but may
sell or transfer their interest without consent of the others. This type of ownership is
✓ ~~~ tenancy in common.
A condominium estate is distinguished by
✓ ~~~ Fee simple ownership of a unit and an undivided share of the common areas
An easement by prescription requires that
✓ ~~~ the use be continuous, open, and hostile for a required period of time.
In a lien-theory state
✓ ~~~ the lender records a lien while the borrower retains title to the mortgaged
property
,Five liens have been recorded against a certain house, in the following order: first
mortgage, mechanic's lien, second mortgage, real estate tax lien, special
assessment lien. Which lien will be the last one to be paid from the proceeds of the
sale of the house?
✓ ~~~ Second mortgage lien
For a conveyance by deed between private parties to be valid, the deed must be
✓ ~~~ accepted by the grantee.
If a person dies with legal heirs and has left no valid will, what happens to real
property owned by that person?
✓ ~~~ It is probated and passes to the heirs by laws of descent.
A miner openly lives and prospects on a 20,000-acre ranch. After twenty years, the
owner notices the miner and kicks him off the property. The miner makes a claim of
ownership to the property. This claim will likely be
✓ ~~~ upheld, because the possession was not concealed.
A tenant obtains a low rental rate for a building, but agrees to pay all operating
expenses. This is an example of a
✓ ~~~ net lease
In accordance with the statute of frauds,
✓ ~~~ a five-year lease must be in writing to be enforceable.
A property owner in a development is required to have a shake roof. This
requirement is most likely to come from
✓ ~~~ a deed restriction
A master plan can be best described as
✓ ~~~ a fusion of land use laws and local land use objectives and strategies.
A zoning board of adjustment might give favorable consideration to a land use
variance if
✓ ~~~ compliance would cause the owner undue and unjustified hardship.
What are the dimensions of a township?
✓ ~~~ 6 miles by 6 miles
A tract of land is described as the W 1/2 of the N 1/2 of the NE 1/4 of Section 16.
What is its acreage?
, ✓ ~~~ 40 acres
As an economic product, real estate is unique because
✓ ~~~ the demand must come to the supply
A critical determinant of commercial and residential property demand in a market is
✓ ~~~ employment
If rents are declining in office properties in a market, it is likely that
✓ ~~~ supply exceeds demand for space.
Highest and best use of a property is that use which
✓ ~~~ is legal, physically and financially feasible, and most productive.
A strength of the sales comparison approach to value is that
✓ ~~~ the approach is based on the principle of substitution.
A major employer relocates, leaving many homes in an area vacant and
unmaintained. This is an example of
✓ ~~~ incurable economic obsolescence.
Two important tasks in identifying value through the cost approach are
✓ ~~~ estimating the cost of the land and the depreciation of the improvements.
In evaluating a loan application, a mortgage lender is most concerned about
✓ ~~~ the applicant's financial capability and the value of the collateral.
Lenders use the loan-to-value ratio as a guideline in underwriting because
✓ ~~~ the loan amount needs to be less than the property's value.
In the past, borrowers were often surprised by unexpected financing costs and
charges at closing. This situation has been largely corrected through disclosure
requirements mandated by which of the following laws?
✓ ~~~ Truth-in-Lending laws
An important function of the secondary mortgage market is to
✓ ~~~ sell mortgage-backed securities in order to buy pools of loans.
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