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Real Estate Study
Real Estate Study
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Julia’s Quiz questions #adult_education #general_trivia
Flashcards
50 cards
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Questions
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Answers
1
The principle that merging adjacent lots into a single one will produce a higher total value than they would separately
plottage
depreciation
regression
assemblage
2
Active real estate brokers are required to do all of the following EXCEPT
Take eight hours of continuing education each year.
Pay a yearly license renewal fee to the NCREC.
Notify the NCREC of any change in business name
Inform the Commission of any changes in brokerage office policies
3
The loan to value ratio on a financed property is the ratio of the
Debt to the sale price
Down payment to the debt
Debt to the owner's equity
Debt to the asking price
4
Is Georgia a lien theory or title theory state and are they judicial or non judicial?
lien theory and judicial
title theory and judicial
title theory and non judicial
lien theory and non judicial
5
A property that was once personal but has become real is called a
Attachment
Fixture
Severance
Modification
6
All are examples of real estate except:
Houses
Factories
Apartments
Condos
7
A purchase that covers the damage and or loss of personal property and liability in a rental home.
Housing expense ratio
Negotiating
Private mortgage insurance
Renters insurance
8
A __________ allows a person to borrow on the paid-up value of a home.
home equity loan
conventional mortgage
buy-down
VA mortgage
9
What are the licensing requirements for a broker in Georgia?
all of the above
The broker has to complete 60 hours of continuing education
Be of good moral character and pass the state exam
The broker has to be active of the 3 of 5 years
10
An economic principle says higher demand and the lower supply we will have increase in prices
Principle of Anticipation
Principle of Substitution
Principle of Supply and Demand
Principle of Conformity
11
The legal process by which a homeowner in default on a mortgage is called a
Default
Foreclosure
Loss
Failure
12
Under real estate license law, a provisional broker is authorized to
collect a commission directly from the principal.
act under a broker's supervision.
advertise a property solely under the broker’s personal name.
sign a sales contract on behalf of the client.
13
In real estate a sales associate is always
an independent contractor.
a combination office manager, marketer, and organizer
a licensee who performs real estate activities on behalf of a broker.
an employee of a licensed broker.
14
When a home sells for more than its purchase price, the owner has built up _____ in the house.
equity
interest
points
balloon payment
15
An increase in the value of a house over a specific amount of time & realized when sold:
down payment
capital gain
interest earned
homestead exemption
16
A loan for the purchase of real estate is called:
credit
mortgage
escrow
down payment
17
A freehold estate is the highest interest in real estate recognized by law.
True
False
18
At closing signing the documents for the lender is called fully executed in Law of Contracts
Finally
Closing
Funding
Finished
19
Most real estate professionals believe that the most important factor in selecting a home is
location.
price.
style.
desired features.
20
Most, but not all homes increase in value over time.
False
True
21
A life estate is classified as which of the following?
a defeasible fee
An estate in fee simple
a freehold estate
an estate for years
22
The greatest Priority Lien Against Real Property?
Testate
Escheat
Intestate
Ad Valorem Taxes
23
The first step in any appraisal is to
Gather the pertinent data
Define the problem
Inspect the property
Set the appraisal fee
24
What level of education does a real estate sales agent need?
Master's
Associate's
Bachelor's
High school diploma or equivalent
25
Something of value that a person or business owns and therefore controls
Assets
Property
26
Which process comes first in real estate?
inspection
acceptance
27
Which of the following constitutes an unfair trade practice in Georgia?
Agent who holds appraiser's license gives appraisal opinion
Licensed appraiser provides an appraisal on HUD property
Licensee gives client an appraisal opinion of property
Licensed appraiser provides an appraisal on commercial land
28
The value of the property is decreased by the surrounding properties is called?
Principle of Contribution
Principle of Depreciation
Principle of Competition
Principle of Regression
29
A real property tax on items like automobiles, land, real estate, boats, machinery, and business inventories.
Ad Valorem
SPLOST
Inheritance Tax
Sales Tax
30
What are the legal descriptions used in Georgia? When are they used?
Latitude and Longitude, Latitude-out, Longitude-in
Metes and Bounds & Recorded Plat, Metes & Bound-out, Plat-in
None of the above
Metes and Bounds & Margins, Metes & Bounds-in, Margins-out
31
Freehold estate will in all cases have each of the following characteristics EXCEPT:
inheritability
transferability
being of indefinite duration
subject to being encumbered
32
A loan taken to purchase real estate – such as a new home is called a:
Charge Account
Durable Good
Mortgage
Line of Credit
33
For a property to have value in the real estate market, it must have all the following characteristics of value EXCEPT
Demand
Transferability
Immobility
Scarcity
34
Value of property is...
identical with price
equal to its cost upon completion
determined by an official assessor
measured in terms of the the usefulness of the property
35
A change of ownership of real property.
Alienation
Allodial
Eminent Domain
Apocalypse
36
In a gross lease, the tenant pays...
just real estate taxes and insurance
a fixed rental fee, utilities and real estate taxes.
a fixed rental fee plus a percentage of the gross income
a fixed rent, owner pays all expenses.
37
What is a seller's agent required to disclose to prospective buyers about material defects in the property?
Only information about material defects the seller has provided the agent
Only material defects that the agent has personally observed.
Information the seller provided, and material defects the agent has seen
All information about material defects that the agent knows or should know
38
At what age can you start investing in real estate?
21
15
18
any age
39
Examination of real estate property for anything that may affect the value
Home Inspection
Duodenum
Roth IRA
MLS
40
The term used to describe a professional estimate or opinion on the value of real estate is:
Estimation
Price
Appraisal
Evalulation
41
Licensed individual representing a buyer or seller in a contractual transaction to purchase property.
Landlord
Tenant
Real Estate Agent
Buyer
42
The market comparison approach to value is an indication of the
Future value
Lowest value
Highest value
Range of probable value
43
Which one of the following is an example of an independent agency?
Department of State
National Security Council
National Aeronautics and Space Administration
44
In real estate, the term "improvements'' most nearly means
Upgrades to the interior
Additions to the original structure
Everything artificial or constructed except the land
Fences, wells, drains and roadways
45
In Georgia, most community associations are required to have what?
A licensed CAM agent
Hazard insurance
Fidelity insurance
General insurance
46
A __________ is a home loan in which the real estate is the collateral.
lease
mortgage
payment
agreement
47
The ownership of real estate by one individual is called
severalty
partition
joint tenancy
tenancy in common
48
Why have real estate license laws been put into effect?
To establish maximum levels of competency and a moral marketplace
To protect licensees from lawsuits
To protect the public and establish standards of professionalism
To prevent licensees from engaging in profitmaking activities
49
Real estate listed for sale by a broker should be advertised in the name of
the salesperson on the premises
the salesperson who obtained the listing
the seller
the listing broker in charge
50
A loan to finance the purchase of real estate - specified payment periods and interest rates.
Equity
Preapproved mortgage
Mortgage
Fixed rate mortgage
