How do you calculate the upfront mortgage insurance on a FHA loan?

SP x LTV x UFMIP RATE (Round up)=UFMIP

What are the protected classes under Federal Fair Housing?

Hancp, race, relign, color, nat origin, sex, familiar status

A licensee should do what when told by another salesperson's client of their concerns?

tell them to contact their agents broker.

Does an owner in a community with an HOA or POA need a license to act as a manager?

No because they are one of the owners.

What does a subordination clause means in a mortgage?

one lender give another lender higher priority in lien

What is an estate of sufferance?

Leasehold estate where the tenant has over stayed the lease

What are 3 types of depreciation?

Func Obsolescence, Eco Obsolescence, Physical deterioration

When will earnest money be deposited and deducted from the account?

they must be deposited immediate, and it will draft out

Trade fixtures are personal property unless the item was removed before?

The expiration date of the lease

Does a R.E. license give a broker/sales person the right to draft an original contract?

No, licensee cannot draft original or complex contracts

What is the priority of liens?

tax liens, mortgage liens, or mechanical liens

A licensee opening a real estate firm must have? If a corporation? If a partnership? If a LLC?

Qualifying Broker, officer, partner, member

What are the duties a sales person owes a customer?

Honesty, Integrity, Trustworthiness

Where does the salesperson get the authority to sign all documents on the broker's behalf?

In the employment agreement or ICA

What does the power of sale clause do?

Provision that enables a lender to foreclose without filing

What kind of permission does a broker have to have to make changes to a listing?

Written agreement to make any changes to a listing.

The new value gained from assemblage

Can any lender give FHA loans or are there any requirements before having the ability?

Yes, FHA approved lender by HUD

What is a Constructive Eviction?

When the tenant asks to be let out of a lease.

If an appraiser were valuing a church, what approach would be best suited for this property?

Reproduction Replacement Cost Approach

What does the covenant of warranty forever say?

Grantor promises to compensate the grantee if title issues

How does supply and demand effect housing?

When supply goes up, the cost of demand goes down

How long can a licensee call a person whom they once did business with?

Up to 18 months, from 8 am to 9 pm

What fees could a broker receive from the seller when the listing does not sell?

Fees broker paid. It has to be stated in listing agreement.

When must an agent follow the instructions of the client?

Agents must obey the client unless, its unethical or illegal

If given a monthly income of $55,000 and an annual % of expenses of 48% of income, what is NOI?

55,000 x 12=660,000 x 52%=343,200

In any advertising, the sales person must also include whose name?

broker as listed with the Real Estate Commission

How do a buyer get his earnest money if contract hasnt expired and has a Financing Contingency

If the financing contingency can't be met in the time frame

studbud

Real Estate Agent Final Study Guide

150 termsStudBud Administration413 plays

This is 152 questions that was given in the study guide #frea

Flashcards150 cardsFPractice quizPHost liveL

Questions 150

Answers

1
How do you calculate the upfront mortgage insurance on a FHA loan?
INT x LTV x UFMIP RATE (Round up)=UFMIP
SP x LTV x UFMIP RATE (Round up)=UFMIP
INT RATE x LTV x UFMIP RATE (Round down)=UFMIP
SP x LTV x UFMIP RATE (Round down)=UFMIP
2
What are the protected classes under Federal Fair Housing?
None of the above
Hancp, race, relign, color, nat origin, sex, familiar status
Race, relign, color, nat origin, sex, homosexuality
Race, relign, color, nat origin, sex, familiar status
3
A licensee should do what when told by another salesperson's client of their concerns?
tell them to contact the commissioners office
tell them to contact their agents broker and an attorney
tell them to contact an attorney
tell them to contact their agents broker.
4
Does an owner in a community with an HOA or POA need a license to act as a manager?
Yes because the commissioner says so
Yes because federal housing Act requires it
No because they are one of the owners.
No because the HOA sets their own rules.
5
What does a subordination clause means in a mortgage?
Both A & C
one lender give another lender higher priority in lien
all lenders dividing the money equally
None of the above
6
What is an estate of sufferance?
Leasehold estate where the tenant becomes the new owner
Leasehold estate where the tenant has over stayed the lease
Leasehold estate where the tenant files a quit claim deed
Leasehold estate where the tenant files a quiet action title
7
What are 3 types of depreciation?
None of the above
Func Obsolescence, Lawful Purpose, Physical deterioration
Mutual Assent, Eco Obsolescence, Physical deterioration
Func Obsolescence, Eco Obsolescence, Physical deterioration
8
When must offers be submitted?
withing 7 days of acceptance
Only between 8 am and 9 pm
All of the above
In a timely manner
9
When will earnest money be deposited and deducted from the account?
When an accepted offer is received
At the time of closing
All of the above
they must be deposited immediate, and it will draft out
10
What right gives an owner legal use of a water stream that adjoins his property?
Riparian right
Littoral rights
Riparian and Littoral Rights
None of the above
11
What is the required down payment of a VA loan?
3 %
2 %
10 %
0
12
Is it illegal for a seller to enter into a listing with knowledge that it is a Net Listing?
No because their broker has given them permission
No if they have permission from the commissioner
No because they did not do the Net Listing
Yes
13
Trade fixtures are personal property unless the item was removed before?
The new tenants move in
all of the above
The expiration date of the lease
expiration date of the lease and the new tenant has moved in
14
What are the obligations an agent owes to their client?
Both A & C
performance, obedience, loyalty
accountability, due diligence
accountability, due care
15
Does a R.E. license give a broker/sales person the right to draft an original contract?
Yes if they have taken the certification to draft contracts
Yes, licensee cannot draft original or complex contracts
No, licensee cannot draft original or complex contracts
Both A & B
16
What is the priority of liens?
mechanical liens, tax liens or mortgage liens
tax liens, mortgage liens, or mechanical liens
mortgage liens, tax liens or mechanical liens
mechanical liens, mortgage liens or tax liens
17
A licensee opening a real estate firm must have? If a corporation? If a partnership? If a LLC?
Qualifying Broker, officer, partner, member
Qualifying Broker, Secretary, partner, member
Broker, attorney, partner, member
Broker, realtor, partner, member
18
Is Georgia a lien theory or title theory state and are they judicial or non judicial?
title theory and judicial
lien theory and non judicial
title theory and non judicial
lien theory and judicial
19
What are the duties a sales person owes a customer?
Loyalty, Honesty, Integrity, Trustworthiness
Loyalty, Honesty, Integrity
Honesty, Integrity, Trustworthiness
Honesty, Loyalty, Trustworthiness
20
What violation is committed when two licenses conspire to set prices/fees?
Anti-Trust laws
All of the above
Federal Housing Act
Equal Opportunity Act
21
Is Fructus Industriales real or personal property?
Real and personal Property
It is not a property at all
Real property
personal property
22
Can you refuse to sell to a person of another race for that reason? What does it violate?
Yes, it is your house and you can choose who live in it
No, Fair Housing Act
No, Civil Rights Act
Yes, you have all the rights to your house
23
Does an agent have to disclose to a customer a defect that he/she knows about?
Only when a contract is received signed
Only if the customer asks
No, because they are not a client
Yes they do
24
Does the Real Estate Commissioner have to be a Real Estate Broker? Must they be licensed at all
Yes and No
No and Yes
Yes and Yes
No and No
25
Where does the salesperson get the authority to sign all documents on the broker's behalf?
In the employment agreement or ICA
From the seller
From the commissioner
All of the above
26
Someone buys another's equal share of land that they own with 2 others, what ownership is this?
sole owner
none of the above
Tenant in common
joint tenancy
27
What does the power of sale clause do?
Provision that stops a lender to foreclose without filing
Allows the courts to take possession of the house
None of the above
Provision that enables a lender to foreclose without filing
28
What kind of permission does a broker have to have to make changes to a listing?
all of the above
Verbal consent from the seller.
A text or email from the seller
Written agreement to make any changes to a listing.
29
Differences between general agency, universal agency and special agency?
All of the above
Special agency the agent can perform one task
Universal Agency has authority to act as client
General Agency has the authority to perform continuously
30
What are the terms that are used in a Fee Simple Determinable Deed?
For so long, during or until
None of the above
For so long, as long as, until
For so long, as long as, during or until
31
What is plottage?
Capital Gain
The new value gained from assemblage
All of the above
Taking ones home by a quiet action title
32
Can any lender give FHA loans or are there any requirements before having the ability?
Yes, FHA approved lender by HUD
No
Yes, FHA approved by real estate commissioner
Yes, there are not requirements
33
What is a Constructive Eviction?
When the tenant asks to be let out of a lease.
When the landlord takes the tenant to court to evict them
None of the above
When the landlord does not need to go to court to evict
34
What are the trigger terms of Regulation Z?
Given the amount of down payment
How many installments and the time period of repayment
All of the above
The amount of the installment
35
What does the Federal Truth in Lending Act require?
ANTI-TRUST LAWS
All of the above
disclosure of all closing cost
POLAND
36
If an appraiser were valuing a church, what approach would be best suited for this property?
Income Cost Approach
Reproduction Replacement Cost Approach
Market Cost Approach
All of the above
37
What does the covenant of warranty forever say?
None of the above
Grantor promises to compensate the grantee if title issues
Grantor will not compensate the grantee
Grantor will go half with grantee on fees
38
How does supply and demand effect housing?
When supply goes up, the cost of demand goes down
both A & B
When supply goes up, the cost of demand goes up
When supply goes down, the cost of demand goes down
39
How long can a licensee call a person whom they once did business with?
Up to 3 months, from 8 am to 9 pm
Up to 12 months, from 8 am to 9 pm
Up to 6 months, from 8 am to 9 pm
Up to 18 months, from 8 am to 9 pm
40
Community association managers are required to have what type of policy?
Fidelity Bond
Mortgage Bond
All of the above
Surety Bond
41
What fees could a broker receive from the seller when the listing does not sell?
The broker can receive half of the appraisal
None of the above
Fees broker paid. It has to be stated in listing agreement.
The broker cannot receive any fees from the seller
42
In what ways can a license (Permission to use another's property) be terminated?
Death of either party
Property sold
If the person given the licensee decides to cancel it
All of the above
43
How is the priority of liens determined?
by the judge
The date of recordation and the value of the lien
The value of the lien
date of recordation
44
Is a lease option contract unilateral or bilateral? Who can be enforced to act?
Bilateral, owner
Unilateral, landlord
Unilateral, owner/landlord
Bilateral, landlord
45
What approach is used if one is completing a Unit in Place valuation?
All of the above
Income Approach
Market Approach
Cost Approach
46
The only fee(s) RESPA will allow a lender to charge before receiving the good faith estimate is
appraisal fee
credit report
application fee
all of the above
47
When must an agent follow the instructions of the client?
Agents must obey the client unless, its unethical or illegal
Agents must never obey the client, only the broker
Agents must always obey the client
none of the above
48
If given a monthly income of $55,000 and an annual % of expenses of 48% of income, what is NOI?
55,000 / 12=4583 x 48%=2199.84
55,000 x 12=660,000 x 52%=343,200
55,000 x 12=660,000 x 48%=316800
55,000 / 12=4583 x 52%=2383.16
49
In any advertising, the sales person must also include whose name?
None of the above
The sellers and the broker's
broker as listed with the Real Estate Commission
The seller's
50
How do a buyer get his earnest money if contract hasnt expired and has a Financing Contingency
All of the above
If the financing contingency can't be met in the time frame
He can just withdraw his offer and cancel his contract
He can write a letter to the seller explaining his situation
51
What terms are used in a Metes and Bounds legal description?
directions, closures
degrees, minutes, seconds
all of the above
monuments, bench marks, point of beginnings
52
What does BRRETTA say as it relates to an agency agreement.
agency agreement end in 18 mos if not specified in agreement
agency agreement end in 1 year if not specified in agreement
agency agreement end in 3 year if not specified in agreement
agency agreement end in 2 year if not specified in agreement
53
What should a broker disclose to a client before entering into an agreement?
disclose to a client if the area is predominantly one race
disclose to a client if they qualify to buy a home
disclose to a client if there are any conflicts of interest
all of the above
54
Are police power and eminent domain the same?
Yes because they both have authority
Both A & B
No they are different
Yes because they both are enforced by the government
55
What are the licensing requirements for a broker in Georgia?
all of the above
Be of good moral character and pass the state exam
The broker has to be active of the 3 of 5 years
The broker has to complete 60 hours of continuing education
56
RESPA requires what fees to be listed on a closing statement?
The mortgage note and appraisal price only.
All cost associated with financing the transaction.
The appraisal price, mortgage note and attorney fees.
None of the above
57
If the grantor dies before delivery of the deed to the grantee is it still valid?
Yes if has been post marked.
Yes, if it was given to the grantor's attorney.
No the deed must be delivered in the grantor lifetime.
Both A & B
58
Grantee fails to record a deed or occupy the house, house sold to another grantee, who's it
1st person to record the deed or show active notice as owner
1st person to move in
1st person to record the deed
1st person to show active notice
59
Who does an agent owe absolute loyalty to?
client
broker and client
broker, client and customer
client and customer
60
After squatting on another's land for a lengthy period of time, that person might file what?
Quiet title action to get adverse possession
all of the above
quit claim deed to get adverse possession
constructive eviction to get adverse possession
61
Can an association force the sale of the property if there is a lien?
Yes because they make the subdivision rules
Yes if it is the association by laws
No, they cannot
Yes if they have an order from the court
62
What is an exculpatory clause?
Prohibits a lender from foreclosing
All of the above
Prohibits a lender from seeking a deficiency judgement
Prohibits a lender from going up on your interest rate
63
In an assignment, how much of the assignors rights are given up or transferred?
None of the above
None of the rights of the assignor are transferred
Part of the rights of an assignor are transferred
All of the rights of an assignor are transferred
64
Who did I say the closing attorney represents at closing?
broker
lender
buyer
buyer and the seller
65
Does the real estate commission allow net listing?
Yes if the the broker has more than 3 firms
Yes if they have been certified to do net listings
Yes if the broker has been in business over 10 years
No
66
How would a salesperson avoid entering into dual agency?
Treat one party as a customer
Allow their spouse to work with the other client
Dont represent either party and refer them out
Treat both parties as a customer
67
When one has a license, will that license last forever? If not, how can it be terminated?
No, owner may say stop, if one dies, if the property sells
Yes it is grandfathered
No, the owner will have to take the person to court
Yes because it was given to them
68
Calculate the seller's accrued INT Rate: pay off, interest, close date and calendar days?
None of the above
Pay off / Int Rate=Yr Int Rate /calendar days=daily int rate
Pay off x calendar days=Yr Int Rate /Int Rate=daily int rate
Pay off x Int Rate=Yr Int Rate /calendar days=daily int rate
69
Does the real estate commission decide what commissions brokers can charge?
Yes, everything must be approved through them
Yes, it is based on the Security Bond the Broker has
No, the cannot
None of the above
70
What are the 4 elements to a contract?
Competent Parties, Front End, Consideration, Lawful Purpose
Competent Parties Mutual Assent Consideration Lawful Purpose
Competent Parties, Earnest Money, Agreement, Lawful Purpose
Competent Parties Mutual Assent Back End Lawful Purpose
71
For a contract to be legally binded it must.
Legal Purpose, Mutual Assent, Earnest money, consideration
Mutual Assent, Legal Purpose
Be executed, have competent parties, consideration
Both B & C
72
What is STATUES DE FRAUDES?
Contracts accepted verbally to be legally enforceable
None of the above
Contracts in writing to be legally enforceable
Contracts post marked to be legally enforceable
73
If given quarterly income, the % of annual income would equate to expenses, get NOI.
mo inc / % exp= exp amt & exp amt x ann inc= NOI
ann inc / % exp= exp amt & exp amt + inc= NOI
none of the above
ann inc x % exp=exp amt & exp amt - ann inc= NOI
74
What are the different types of depreciation?
All of the Above
Physical Deterioration
Functional Obsolescence
Economic Obsolescence
75
Who would be the person or entity that would be ordered to pay just compensation and why?
lender bec of eminent domain must be for lower interest rate
government bec of eminent domain must be for public good
government bec of police power must
Both B & C
76
Can a restrictive covenant require only a certain group of people?
Yes if approved by the commissioner
No
Yes if it is in the brokers policy
Yes, if it is their belief
77
What is pre-approval? What does the lender do before issuing that approval letter?
Guarantee Approval Technique/check credit, income & debt
Preliminary Qualifying Technique/tax returns, credit, income
None of the above
Preliminary Qualifying Technique/check credit, income & debt
78
What dictate how a salesperson will be paid for transactions after they leave their broker?
Independent contract agreement with their broker.
None of the above
They lose all the money they leave behind
What ever the commissioner has put in place
79
A licensee cannot come up with a list price due to a unique situation, who should they refer to
appraiser
broker
commissioner
courts
80
An offer becomes a legally binding contract when?
When it is filed in the courts
When the commissioner approves it
When it is post marked and sent back to the original offeror
When it is agreed upon and sent back to the original offeror
81
What powers does the real estate commission have?
Power to waive state testing
Power to set fees and impose disciplinary actions.
The power to increase commission rates at a broker's firm
All of the above
82
When is Functional Obsolescence curable?
when you have the worst house on the block
all of the above
when you have the best house on the block
when your house is outdated or has an outdated feature
83
What are the require notice time frames of the landlord and tenant?
Landlord 30 days, tenant 60 days
Landlord 60 days, tenant 30 days
Landlord 60 days, tenant 60 days
Landlord 30 days, tenant 30 days
84
What is the formula for calculating GRM?
Sold Comp Value + Rent=GRM
Sold Comp Value x Rent=GRM
Sold Comp Value/Rent=GRM
Sold Comp Value - Rent=GRM
85
Is someone who is in recovery from an addiction considered a protected class under Fair Housing
Yes, mental illness
Yes, handicapped
None of the above
No, they are not
86
What are the side effects of mortgage fraud?
Raises Interest Rates
Cause Higher rates
It decreases property value
All of the above
87
Can one charge a fee to someone to be able to opt out to receive emails?
CAM SPAM ACT says an opt out fee is not allowed.
CAM SPAM ACT says an opt out fee is allowed.
CAM SPAM ACT says an opt out fee is allowed on 800 calls.
CAM SPAM ACT says an opt out fee is allowed in most areas.
88
An owner of a property discover his property is being encroached on, what does he do?
Put a mechanical lien on the home of the person encroaching
Take them to court to have an injunction filed
Ask the owner to remove the encroachment and/or pay damages
Both A & C
89
Can a real estate licensee perform an appraisal?
No, they cannot
Yes if their broker allows it
Both C & D
Yes if they are a licensed appraiser
90
Regulation Z does not require disclosure of the simple interest rate or annual percentage rate?
simple interest rate and annual percentage rate
annual percentage rate
simple interest rate or annual percentage rate based on loan
simple interest rate
91
What ways can a lease be terminated?
Lease can never be terminated
All of the above
Lease can be terminated by merger, landlord sells to tenant
Lease can be terminated by tenant moving out
92
How do you calculate up front MIP?
SP x LTV X RATE (ROUND DOWN) x 12
CAP RATE x LTV X RATE (ROUND DOWN) x 12
CAP RATE x LTV X RATE (ROUND UP) / 12
SP x LTV X RATE (ROUND UP)/ 12
93
If an appraiser is using net income, he/she will be using what appraisal method?
GRM Rate
CAP Rate
Interest Rate
All of the above
94
What are the remedies of a party to a contract if the other party defaults?
Report the broker to the commissioner
Goto court & sue for specific performance for the defaulting
Return the earnest money
all of the above
95
What would be the overall job of a broker working as the property Manager of an apt building?
All of the above
Get all applicants qualified
Maximize the return on the client investment
Make sure the office is open at 8 am
96
What is an attachment lien for?
All of the above
A lien on property to give notice of pending litigation
A tax lien from unpaid taxes
A mechanic lien from a contractor
97
What are the requirements for one to be a grantee in a deed transfer?
They must be put in a will
They must be named
all of the above
They must be a living heir
98
What must a lender do in a non-judicial foreclosure state to foreclose?
Advertise in a county newspaper for 4 consecutive weeks
None of the above
Advertise in the state newspaper for 4 consecutive weeks
Advertise online for 4 consecutive weeks
99
Who signs and gives the mortgage note?
federal housing signs and gives to the borrower
lender is signing and giving the agreement to the borrower
broker signs and gives to the borrower
borrower is signing and giving the agreement to the lender
100
How do we calculate sellers proration of hazard insurance?
Yr premium (/) 365=daily rate & daily rate X days not needed
Yr premium( /) 365=daily rate & daily rate / days not needed
Yr premium(-) 365=daily rate & daily rate X days not needed
Yr premium( X) 365=daily rate & daily rate / days not needed
101
In a land sales contract, what type of title is given to purchaser? Kind does the seller have?
Legal Title, Equitable Title; seller will have to foreclose
None of the above
Equitable Title, Legal Title; seller wont have to foreclose
Equitable Title, Legal Title; seller will have to foreclose
102
What are CIA and CBS?
Commercial Inferior Add Cmp & Commercial Better Subtract Cmp
None of the above
Comparable inferior Add Cmp & Comparable Better Subtract Cmp
Cost Inferior Add Comp & Cost Better Subtract Comp
103
What are some characteristics of a condominium?
all of the above
airlot, you own everything in the interior walls,
you share ownership in the common areas
you own the common areas as a tenant in common
104
A purchase agreement is bilateral or unilateral? Expressed or Implied?
unilateral, expressed
unilateral, implied
bilateral, expressed
bilateral, implied
105
What would an appraiser begin with for a replacement cost approach when valuing a property?
How many bedrooms and bathrooms the house has
How much the house last sold for
How much the last house sold for in the subdivision
Measuring Square Footage
106
How can a broker legally hold earnest money without depositing?
Only when it is written and agreed to by both parties
If the seller gives them verbal permission
If the buyer gives them verbal permission
Never
107
How does an appraiser determine his or her appraiser fee?
Both A & B
amount of time, work and resources required for the job
the description, amount of time, work and resources
The value of the house
108
A client is legally in default of a contract what is the best advice an agent can give them?
Speak to an attorney
File bankruptcy
Review contract and see what they can do to fix the default
All of the above
109
What are the benefits to a lender when receiving discount points?
It increases the lender yield
It increases the brokers commission
It reduces the sellers cost
All of the above
110
Earnest money can be in what forms?
all of the above
certified funds
cashier's check
anything of value that both parties accept and agree to
111
What is a "tie-in" and what law regulates this?
FAIR HOUSING ACT=tell client selling new house and old
all of the above
FEDERAL TRUST LAW=tell client selling new house and old
SHERMAN ANTI TRUST LAW=tell client selling new house and old
112
What does the broker have to prove to be relieved of liability when a sales person is charged
the broker had no knowledge of the act
all of the above
supervision was available
training was available to the sales person
113
What are the powers under the government rights to police power?
Zoning, building codes and environmental protection laws.
Zoning, building codes and non-conforming use.
none of the above
Zoning, building codes and lawful purpose
114
What can a home owner do to stop another homeowners violation of a deed restriction?
Put a mechanic lien on them
Take them to court
All of the above
Report it to their mortgage company
115
When is a commission earned by a broker?
When they do an open house
When they get the seller to sign the listing agreement
All of the above
When they produce a ready, willing and able buyer.
116
2 salespeople work for same broker & 1 salesperson has an agency agreement, who is represented?
No one is represented
Salesperson without agreement represents client of the other
None of the above
Salesperson with agreement represents all
117
An offeror can rescind their offer up until what time?
right after receipt of the accepted offer
until receipt of the accepted offer.
none of the above
until the date of closing
118
At closing, how would a buyer best protect themselves from a title defect or cloud?
Mortgage Cancellation Insurance
All of the above
Life Insurance
Owners Title Coverage Insurance
119
Things that a broker cannot require of a salesperson thats independent contractor of the broker
a broker cannot dictate the salespersons hours
none of the above
that they licensee stay updated to work
that they follow rules put in place by the broker policy
120
What is a promissory note?
Evidence of a debt
A quit claim deed
all of the above
quiet action title
121
How are most encroachments found?
All of the above
Appraisals uncover most encroachments
Mortgage Companies uncover most encroachments
Surveys uncover most encroachments
122
What will make an offer become a counter offer?
If the offeree or the offeror makes any changes
If the offeror makes any changes
If the offeree makes any changes
None of the above
123
What is the formula for Capital Rate?
None of the above
Value Building / Rate= income
Value Building x Rate= income
Rate/ Value Building= income
124
What does the principal of regression means?
You don't want the worst house on the block
You want the worst house on the block
You don't want the best house on the block
You want the best house on the block
125
Conspiring to fix list prices or commission rates are violating what?
Federal Commission By Laws
All of the above
Sherman Anti-Trust
Fair Housing Act
126
How do you calculate commission to be paid?
SP / Commission Rate
SP x Commission Rate
SP x Interest Rate
SP / Interest Rate
127
If the seller doesnt discuss keeping a fixture, can they remove it after being under contract?
Yes, because they have the receipt to it.
Yes because it was not built with the house foundation.
No, it has to be agreed upon by both parties.
No, because it is attached to the home
128
How can an agency agreement terminate?
If one party is tired of the other
If permission is granted from the commissioners office
Both parties agree to part ways
None of the above
129
Why do lenders sell their mortgage notes on a secondary mortgage?
To get more capital to lend
To be able to lower interest rates
To write more mortgages
all of the above
130
Joint tenant transfers ownership of their shares, what manner does the grantee take it?
joint tenancy
none of the above
tenants in common
sole ownership
131
How do you calculate front and back end ratios?
FE=Housing cost+all mo debt/gmi & BE=Housing cost/mo inc
BE=SP x LTV / Housing cost FE=SP/ LTV+Housing cost
BE=Housing cost+all mo debt/gmi & FE=Housing cost/mo inc
None of the above
132
As it relates to points, what does 1 point amount to as it relates to the amount paid?
1% of the loan amount
All of the above
1% of the commission
1% of the appraisal value
133
What is a state of exaggeration?
Slandering
all of the above
Puffing
Over pricing the home
134
In a lease option contract, is there a set purchase price also in the contract?
None of the above
No, its decided when both parties negotiate after lease end
Yes, it says the landlord can sell at market value
Yes, it says a tenant can buy at a certain time at a set amt
135
How would one use GRM to value a property and how should they evaluate it?
Sold price of comp / rent rate= GRM
Sold price of comp / interest rate=GRM
Sold price of comp x rent / interest rate=GRM
Sold price of comp x interest rate=GRM
136
Given the purchase price, ltv, and payment expressed per thousand dollars can be solved by?
Sales price x ltv=loan amt/1000=factor x express payment=
Purchase price / ltv=loan amt x 10=factor x express payment=
Purchase price x ltv=loan amt/1000=factor + express payment=
Purchase price x ltv=loan amt/1000=factor x express payment=
137
Know how to calculate the initial escrow deposit account.
Tax/12 x 3 mos + Ins/12 x 14 mos
Tax/12 x 14 mos + Ins/12 x 3 mos
Tax/12 x 3 mos + Ins/12 x 12 mos
Tax/12 x 12 mos + Ins/12 x 3 mos
138
What are the legal descriptions used in Georgia? When are they used?
None of the above
Latitude and Longitude, Latitude-out, Longitude-in
Metes and Bounds & Margins, Metes & Bounds-in, Margins-out
Metes and Bounds & Recorded Plat, Metes & Bound-out, Plat-in
139
Under RESPA, the lender has how long to get the applicant a GFE?
7 days
2 days
3 days
5 days
140
Can a seller require listing broker to give a better price to only a certain group of people
Yes if that is the policy set in place
None of the above
No, they cannot
Yes if they have permission from the commissioner
141
As relating to landlords what does the covenant of quiet enjoyment employs to the tenant?
The landlord will not sell the house while tenant is in it
will not be interfered with anyone claiming superior title
The landlord will not interfere without prior notice
all of the above
142
Are net listings legal in Ga?
Yes if the broker and agent are certified to list them
Yes, if the broker has certification to list them
No
Yes, if the agent is certified to list them
143
When a broker receives earnest money when should they deposit it?
Trust funds must deposit at closing in brokers account
Trust funds must deposit soon as possible in brokers account
Trust funds must deposit within 7 days in brokers account
Trust funds must deposit before closing in brokers account
144
Another name for "meeting of the mines" is?
Statues de Fraudes
Mutual Consent
Mutual Assent
Cam Spam Act
145
When can an offer be treated as a Back-up contract?
When a property is already under contract
Before any offer is accepted
None of the above
After closing
146
What types of loans are not covered under Regulation Z or BRRETTA?
Commercial and Business loans
Residential, Commercial and Business
Residential
Commercial and HUD
147
What is a CAM licensee authorized to do?
Manage all new real estate agents
Manage a new subdivision development
All of the above
Manage a HOA
148
What is the formula for private mortgage insurance?
SP x LTV / PMI Rate (/) 12 mos= PMI
SP x LTV x PMI Rate x 12 mos= PMI
SP / LTV x PMI Rate (/) 12 mos= PMI
SP x LTV x PMI Rate (/) 12 mos= PMI
149
If broker guarantee to purchase a client home, when would the broker and seller enter contract?
All of the above
After they list it
Before they list it
At any time during the listing
150
How should a broker or salesperson handle a situation when their client has another offer given
Accept both offers & close on the one with the soonest date
Make the new offer a back up offer
Decide to take the new offer and cancel the accepted offer
None of the above

Real Estate Agent Final Study Guide Flashcards | StudBud