The CE Shop : Final Exam Questions And
Correct Answers
What is a general lien?
A claim against a person and all of that person's property
A claim against a specific piece of property
A type of mortgage lien
A type of tax lien - answer✔✔A claim against a person and all of that person's property
Which of the following discriminatory practice does the Home Mortgage Disclosure Act
(HMDA) seek to address?
Blockbusting
Credit reporting
Mortgage applications
Redlining - answer✔✔Redlining
What is a real estate mortgage investment conduit (REMIC)?
A company that owns, and usually operates, income-producing real estate
An entity used to pool mortgage loans and issue mortgage-backed securities
An organization that manages income-producing real estate properties.
An organization with many investors who jointly participate in a real estate investment -
answer✔✔An entity used to pool mortgage loans and issue mortgage-backed securities
Radon has natural origins and is a colorless, odorless, radioactive gas that's released when
______ decays.
Kryptonite
Lead
Radonite
Uranium - answer✔✔Uranium
Which of the following statements applies to both employees and independent contractors?
They can set their own work hours.
They're both supervised.
They're not required to work in a specific location.
They're paid by the job and not by the hour - answer✔✔They're both supervised.
Which of the following statements about junior loans is true?
A junior loan cannot have a higher principal than a senior loan.
A senior loan must be repaid before a junior loan.
The interest rate is usually higher than for a senior loan.
The interest rate is usually lower than for a senior loan. - answer✔✔The interest rate is usually
higher than for a senior loan.
Duncan is a real estate licensee. Which Georgia entity is responsible for adopting rules and
regulations to enforce license law regarding Duncan's activities?
Georgia General Assembly
Georgia Real Estate Commission
The Real Estate Commissioner
The real estate department - answer✔✔Georgia Real Estate Commission
How long can a broker wait after non-payment of a commission to record a lien against a
commercial property?
One year - answer✔✔90 days
Ed Smith is a sole proprietor using the trade name "Ed Knows Real Estate." Under what name
may Ed legally conduct business?
"Ed Knows Real Estate, DBA Ed Smith"
"Ed" or "Ed Smith" only
"Ed Smith, DBA 'Ed Knows Real Estate'"
"Ed Smith" or "Ed Knows Real Estate" - answer✔✔"Ed Smith, DBA 'Ed Knows Real Estate'"
Jeremy has just finished completing his loan application and has gathered supporting
documentation needed to determine whether the application will be approved. Which of these
titles best describes who Jeremy is?
Buyer
Closing attorney
Lender
Seller - answer✔✔Buyer
The cost approach to finding an appraised value measures _______.
The cost to acquire a property only
The cost to acquire land and construct a reproduction
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