REAL 4000 UGA Test 2 Questions and Answers | Latest Update | 2024/2025 | 100% Verified
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Course
REAL 4000 UGA
Institution
REAL 4000 UGA
REAL 4000 UGA Test 2 Questions and
Answers | Latest Update | 2024/2025 |
100% Verified
What is the difference between a fixed-rate mortgage and an adjustable-rate mortgage?
A fixed-rate mortgage has a constant interest rate throughout the term of the loan, while an
adjustable-rate mortgag...
REAL 4000 UGA Test 2 Questions and
Answers | Latest Update | 2024/2025 |
100% Verified
What is the difference between a fixed-rate mortgage and an adjustable-rate mortgage?
✔✔ A fixed-rate mortgage has a constant interest rate throughout the term of the loan, while an
adjustable-rate mortgage has an interest rate that can change periodically.
What is a short sale in real estate?
✔✔ A short sale occurs when a property is sold for less than the amount owed on the mortgage,
with the lender agreeing to accept the reduced amount.
What does principal refer to in a mortgage loan?
✔✔ Principal is the original amount of the loan that must be repaid, excluding interest.
What is property depreciation?
✔✔ Property depreciation is the reduction in value of a property over time due to wear and tear
or obsolescence.
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, What is a brokerage agreement?
✔✔ A brokerage agreement is a contract between a real estate broker and a client outlining the
broker’s duties and the terms of compensation.
What is a contingency clause in a real estate contract?
✔✔ A contingency clause is a provision that must be met for the contract to be valid, such as
securing financing or passing a home inspection.
What is real estate escrow?
✔✔ Real estate escrow is an arrangement where a third party holds funds or documents on
behalf of the buyer and seller until all conditions of the sale are met.
What is the purpose of a title insurance policy?
✔✔ A title insurance policy protects against losses from defects in the property title that were
not discovered before the sale.
What is equity buildup in real estate?
✔✔ Equity buildup is the increase in property value and reduction in mortgage balance over
time, enhancing the owner's equity in the property.
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