Exam (elaborations)
Barney Fletcher - GA RE School Exam Questions and Answers (100% Pass)
- Course
- Institution
Barney Fletcher - GA RE School Exam Questions and Answers (100% Pass)
[Show more]
Content preview
1|Page | © copyright 2024/2025 | Grade A+Barney Fletcher - GA RE School
Exam Questions and Answers
(100% Pass)
What is the tax assessment rate for all real property in Georgia?
✓ 40%
What could happen if a property is sold at foreclosure and does not bring
enough money to satisfy all of the debts secured by the property?
✓ Outstanding debts could be pursued as a result of a deficiency
judgement
When foreclosure occurs, the payment priority of most of the outstanding
debts is established by:
✓ Date of recordation
With a traditional, fully amortized loan, the interest portion of a payment due
and made on the first day of a month covers the interest for:
✓ the month prior to the month the payment is made
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
What type of loan has payments of interest only with the principal paid in full
at the end of the loan period?
✓ Straight loan
If a loan balance is $125,000 and the interest rate is 8%, how much of the next
payment is paid in interest?
✓ $833.33
In a graduated payment mortgage, the ________ changes in an adjustable
rate mortgage the _______ is subject to change.
✓ Payment, interest rate
What clause allows the lender to call the loan balance due and payable
because of non-payment?
✓ Acceleration clause
The amendment that allows a lender to waive his lien priority in favor of
another's is known as the:
✓ Subordination amendment
A purchase money mortgage is a loan made by:
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ The seller in a transaction
A mortgage secured by both real and personal property is a(n):
✓ Package Mortgage
What type of mortgage exists when the lender pays the borrower a fixed
amount of money every money?
✓ Reverse Annuity (mortgage)
The primary purpose of FHA is to _____ and the primary purpose of VA is to
________.
✓ Insure loans; guarantee loans
In a Land Sales Contract, who retains legal title to the property?
✓ Seller
What Act has as its primary purpose to educate borrowers regarding the costs
involved in a closing so that the borrowers can shop for the best situation for
them?
✓ Real Estate Settlement Procedures Act (RESPA)
Master01 | October, 2024/2025 | Latest update
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 $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79223 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now