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THE CE SHOP - FINAL EXAM GEORGIA
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THE CE SHOP - FINAL EXAM GEORGIA
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THE CE SHOP : FINAL EXAM GEORGIAWhat 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 - Answers- 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 - Answers- 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 -
Answers- 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 - Answers- 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 - Answers- 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. - Answers- The interest rate is
usually higher than for a senior loan.
How long can a broker wait after non-payment of a commission to record a lien against
a commercial property?
30 days
90 days
One week
One year - Answers- 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" - Answers- "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 - Answers- 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
The cost to construct a reproduction only
The expenses the property is expected to produce for the owner - Answers- The cost to
acquire land and construct a reproduction
How should a licensee respond to a client who asks to be shown property based on the
racial makeup of neighborhoods?
"I'll do my best, but just to make sure it doesn't look suspicious, we'll need to include at
least one showing in a different neighborhood."
"I'm sorry that you feel that way. I am obligated to obey the requests of my clients, but
I'm going to need you to write up your request and sign it, so there's no way I can get in
trouble for fair housing violations."
"I'm sorry that you feel that way. If I can't change your mind, I think we should terminate
our agreement, and you can look for another real estate professional."
"Let's keep this off the record. We just need to make sure it all looks legitimate from the
outside." - Answers- "I'm sorry that you feel that way. If I can't change your mind, I think
we should terminate our agreement, and you can look for another real estate
professional."
What's a benchmark?
A permanent reference point for marking datums
The beginning point for lot and block surveys
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