GA Real Estate Final Exam Questions & Answers Questions and Correct Answers
6 views 0 purchase
Course
GA REAL ESTATE
Institution
GA REAL ESTATE
GA Real Estate Final Exam Questions &
Answers Questions and Correct AnswersGA Real Estate Final Exam Questions &
Answers Questions and Correct AnswersGA Real Estate Final Exam Questions &
Answers Questions and Correct AnswersGA Real Estate Final Exam Questions &
Answers Questions and Correc...
GA Real Estate Final Exam Questions &
Answers Questions and Correct Answers
Two days after closing, the seller gives a $500 bonus check to the selling agent. The
agent should:
✓ ~~~ Instruct seller that bonuses are illegal
When should a Georgia broker who manages a community association be covered
by a fidelity bond or fidelity insurance?
✓ ~~~ If at any time the broker has access to $60,000 or more of association funds
A buyer sued a licensee for fraud in a real estate transaction and received a
judgment in the amount of $15,000. The licensee owns, free and clear, a cabin in
Georgia valued at $10,000. For the buyer to file a claim against the Real Estate
Education, Research and Recovery Fund he must:
✓ ~~~ Have the property levied upon and sold, then file a claim against the Fund for
the balance remaining to satisfy the judgment.
Which of the following would not be taken into account when estimating sellers'
closing costs?
✓ ~~~ Prepayment Penalty
When serving solely as a buyer's agent, it is unlawful for the real estate licensee to
disclose any confidential information about the _______.
✓ ~~~ Buyer
A real estate licensee acting solely as a seller's agent, it is unlawful for the real
estate licensee to disclose any information about the _________.
✓ ~~~ Seller
What conditions must be met to terminate a contract?
✓ ~~~ It is impossible for one of the parties to preform.
What type of lease agreement features a natural break-even point?
✓ ~~~ Percentage Lease
, Which one of the following is NOT one of the six moral and ethical responsibilities
that an agent owes the principal in fiduciary relationships under common and
statutory law stem?
✓ ~~~ Responsibility
If a salesperson's sponsoring broker mentioned in the written affiliation agreement
that the salesperson could sign a listing as the agent, can the salesperson legally do
so in Georgia?
✓ ~~~ Yes, because the salesperson was authorized to do so in the affiliation
agreement
One of the main purposes of the FHA is to:
✓ ~~~ Insure Home Loans
What type of loan would be the BEST option for senior homeowners, who have paid
off their loan and would like to receive monthly income?
✓ ~~~ Reverse Mortgage
What is an annual debt-to-service on a mortgage?
✓ ~~~ The monthly mortgage payment multiplied by the number of months in a year.
Define separate property:
✓ ~~~ Property owned by one spouse before marriage or acquired by one spouse
during marriage by gift, inheritance, or with the proceeds of a separate
propertyCorrect
What does the due diligence period in the GAR contract mean?
✓ ~~~ The buyer can terminate the contract for any reason during this period
Which of the following are known as an economic characteristic(s)?
✓ ~~~ Scarcity
Improvements
Area Preference
Permanence of Investment
Land, minerals beneath the earth's surface, water on/below the earth's surface, and
the air above the surface all describe what?
✓ ~~~ Physical boundaries of land
A consumer can receive a free credit score:
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 ExamArsenal. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
