Proctored Final Exam Attempt – #2 – Texas Stepping Stone Real Estate School

Question 1 of 150

1. Question

The capital gains homestead exemption can be best described as:

$250,000 for a single person if the individual has owned the house for at least two years and it was their primary residence for two of the last five years

Correct Incorrect Correct answer

$500,000 for a couple if the couple has owned the house for at least two years and it was their primary residence for two of the last five years and $250,000 for a single person if the individual has owned the house for at least two years and it was their primary residence for two of the last five years

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$500,000 for a single person if the individual has owned the house for at least two years and it was their primary residence for two of the last five years

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$500,000 for a couple if the couple has owned the house for at least two years and it was their primary residence for two of the last five years

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Question 2 of 150

2. Question

Through what entity are zoning ordinances typically established in Georgia?

Superior Court

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town and city governments

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the State of Georgia

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Neighborhood Planning Units (NPUs)

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the property owner

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Question 3 of 150

3. Question

According to real estate license law, which of the following is a broker not allowed to do when listing a property for sale?

represent just the buyer

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represent both the buyer and the seller

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be the seller's agent only

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buy the property

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hide the seller's motivation for selling

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Question 4 of 150

4. Question

Which of the following is a violation of the Sherman Act?

A broker established definitive prices for the services they offer

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A broker refuses to negotiate a commission rate with a principal.

Correct Incorrect Correct answer

a licensed agent with an inactive license receives a referral fee

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a buyer does not receive a closing disclosure more than 3 days prior to closing

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Two brokers agree to charge the same fees

Correct Incorrect Correct answer

Question 5 of 150

5. Question

A licensee takes a listing of a family friend even though the property is 2 hours away. If the licenseee does not market the property, what has the agent violated?

Consumer Protection Act

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Seller Disclosure Act

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statute of frauds

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fiduciary relationship

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Marketing Disclosure Act

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Question 6 of 150

6. Question

When an adult and a minor have entered into a written agreement for the sale of a property, the contract is?

a voidable contract

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a legal binding contract

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an illegal contract

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a voided contract

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none of the above

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Question 7 of 150

7. Question

How does earnest money appear on a closing statement?

Credit the buyer.

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Credit the Seller.

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Debit the seller.

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Debit the buyer.

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Debit to the lender

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Question 8 of 150

8. Question

What is the difference between a bilateral contract and a unilateral contract?

relative value of the object of the contract

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a unilateral contract only one party is required to perform, while in a bilateral contract, both parties must perform

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type of property specified in the contract

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number of parties involved

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a unilateral contract requires the performance of two parties, while the bilateral contract only requires the performance of one party

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Question 9 of 150

9. Question

A seller tells a buyer that they will not sell them the house unless the buyer uses a particular title insurance company. This is _____

According to Regulation Z this is illegal.

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If no fee is paid directly to the seller, this practice is legal.

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a violation of the Real Estate Settlement Procedures Act

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According to Regulation Z this is legal.

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violation of the Truth in Lending Act

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Question 10 of 150

10. Question

According to real estate license law, a broker may be sanctioned for which one of the following?

not submitting records to GREC

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requiring that one of their agents not manage properties without their permission

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refusing to let one of their salespeople take a listing with them

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keeping multiple trust accounts

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requiring a prospective agent to be an independent contractor in order to hold their license

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Question 11 of 150

11. Question

A high loan-to-value ratio indicates

a lower equity in the property

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a lower risk of foreclosure

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a lower use of leverage

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lower risk of foreclosure

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None of the above

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Question 12 of 150

12. Question

Which of the following may be an advantage of a buydown for a borrower?

loan is paid off more quickly

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smaller interest rate after the buydown period has ended

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smaller interest rate for the buydown period

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saves the buyer money on their income taxes

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reduces private mortgage insurance

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Question 13 of 150

13. Question

The type of loan where the interest rate is determined by adding the margin to a publicly available index rate is _____________

Reverse annuity mortgage

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Adjustable rate mortgage

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Budget mortgage

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Package mortgage

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Graduated payment mortgage

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Question 14 of 150

14. Question

A Georgia real estate license can stay inactive for

4 years

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For as long as thier broker has an active license

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5 years

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3 years

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as long as renewal fees are paid

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Question 15 of 150

15. Question

If there is a title defect on a property, what would be the BEST option in the means of getting it eliminated?

estoppel

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transfer the property with a quick claim deed

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waiting 7 years for the issue to expire.

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a quiet title lawsuit

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All of the above

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Question 16 of 150

16. Question

When a property in good condition value declines because it is in a declining neighborhood, what type of depreciation would that be considered?

functional obsolescence

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deferred maintenance

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standard depriciation

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external obsolescence

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social depreciation

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Question 17 of 150

17. Question

A broker in Georgia must keep copies of all of their past engagements for how long?

2 years

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5 years

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6 years

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3 years

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30 years

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Question 18 of 150

18. Question

In Georgia, what description of the land must be included in every legal land description?

name of the county

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land lot number

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the school district

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the region

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parcel ID number

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Question 19 of 150

19. Question

A broker advertises a property for rent only on a Portuguese website. The advertisement contains the fair housing logo and no discriminatory language. This is _____

the only appropriate way to market property in this neighborhood.

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acceptable if the advertisement includes no preferential language.

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acceptable because it is not print media

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illegal because it is selecting where to advertise based on a protected class.

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Unacceptable because it is not print media

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Question 20 of 150

20. Question

The lead based paint addendum…

requires the removal of any lead from property prior to occupancy

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lead paint is safe and shouldn't be a concern

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establishes the seller's responsibility for any of the buyer's medical problems as a result of lead

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establishes the buyer's responsibility for any of the buyer's medical problems as a result of lead

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allows the buyer a chance to waive the lead paint inspection

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Question 21 of 150

21. Question

Once a listing expires, how long does an agent have to remove an advertisement from the internet?

30 days

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48 hours

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15 days

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10 days

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As soon as possible

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Question 22 of 150

22. Question

What is it called when an agent overemphasizes a property’s positive attributes?

overstating

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puffing

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negligent misrepresentation

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disclosure

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understating

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Question 23 of 150

23. Question

A method of psychological manipulation to make residents sell their property because of changing demographics is called __________?

blockbusting

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redlining

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filtering

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A common real estate practice

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none of the above

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Question 24 of 150

24. Question

How can members be admitted to the Georgia Real Estate Commission which has 6 members?

appointed by the Governor and confirmed by the Senate

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appointed by the other members of GREC

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appointed by the General Assembly and approved by the Governor

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appointed by the Senate Judiciary Committee and approved by the Governor

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All of the above can appoint members

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Question 25 of 150

25. Question

Frank’s license is revoked for fraud by the Georgia Real Estate Commission, how long will Vincent have to wait to reapply for a new real estate license?

A year and a day after it has been revoked.

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The first day of the next calandar year.

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10 years

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7 years

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90 days

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Question 26 of 150

26. Question

Every relationship in which a real estate broker acts for or represents another as a client by the latter’s written authority in a real property transaction.

Agency

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Commission

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Community Association

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Firms

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Representative

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Question 27 of 150

27. Question

Any person who is licensed as a community association manager, salesperson, associate broker or broker.

Licensee

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Commissioner

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Agent

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Lender

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Broker

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Question 28 of 150

28. Question

___ any business entity, including, but not limited to, a corporation, partnership, limited liability company, or a sole proprietorship.

Firm

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Real estate

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Agency

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All of the above

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None of the above

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Question 29 of 150

29. Question

Mary is interested in buying a land to build on for her hair business. What will we say Mary is?

Purchaser

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Agent

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Broker

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Licensee

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Surveyor

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Question 30 of 150

30. Question

Which of these professions are able to buy, sell or lease real property on behalf of others for a commission?

Broker

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Salesperson

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Appraiser

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Lender

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Developer

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Question 31 of 150

31. Question

All of these are the physical characteristics of land EXCEPT

Immobility

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Movable

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Indestructibility

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Uniqueness

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Question 32 of 150

32. Question

Fill in the blank: Operations, such as ______, will have an influence on the surrounding properties in the neighborhood.

Airports

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Industrial Plants

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Recreational Facilities

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All of these

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None of these

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Question 33 of 150

33. Question

Fill in the blank: _______ impacts the value of a commodity.

Scarcity

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Improvements

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Area Preference

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Permanence of Investment

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None of the above

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Question 34 of 150

34. Question

Which term matches the definition: ________ is the period of time that the ROI (Return on Investment) will be realized over

Life of Economic

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Economic of Life

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Economic Life

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Life Economic

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None of the above

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Question 35 of 150

35. Question

When does a mobile home considered a real property

Once it has been built

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as soon as it is affixed to the ground

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one it has been developed

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it is always considered real property

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once it has been purchased

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Question 36 of 150

36. Question

What does FICO stand for?

Fair Isaac and Corporation

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Fawn Issac Company

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Fair Iceland Company

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Fawn Isaac Corporation

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Fair Iceland Corporation

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Question 37 of 150

37. Question

Credit score usually ranges from

300 – 850

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200 – 750

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100 – 800

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500 – 900

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400 – 800

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Question 38 of 150

38. Question

Which of the following is NOT one of the names of the three credit reporting companies used in the United States?

Experian

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Transunion

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Expedia

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Equifax

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Question 39 of 150

39. Question

What is the name of the website used to retrieve your annual free copy of your credit report?

annualcreditrefresh.com

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annualcreditreport.com

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annualcreditguru.com

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officialannualreport.gov

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credithero.com

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Question 40 of 150

40. Question

What are the types of property ownership?

Cooperative

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Timeshare

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Condominium

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All of the Above

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None of the Above

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Question 41 of 150

41. Question

Which of the following is the best way to express agency?

Through writing

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Orally through professional conversation

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An appointment with the broker’s office

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Through a government official

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All of the above

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Question 42 of 150

42. Question

Another name for a listing agreement is?

Purchase contract

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Seller representation agreement

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Buyer representation agreement

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All of the the options above are accurate

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None of the above

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Question 43 of 150

43. Question

The agency relationship is defined by

the Realtor Code of Ethics

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the laws of agency, or in some states, by statute

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the law of real estate contracts

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the agreement between a prinicipal and an agent

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all of the above

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Question 44 of 150

44. Question

The agreement between a principal and an agent

the Realtor Code of Ethics

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the laws of agency, or in some states, by statute

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the law of real estate contracts

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Agency relationship

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is a limited relationship

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Question 45 of 150

45. Question

Which of the following is not one of the kinds of laws that dictate agency relationships and the duties an agent owes to their client

Administrative law

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Civil rights law

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Statutory law

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Common law

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Usury law

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Question 46 of 150

46. Question

What is the Do Not Call Implementation Act of 2003?

an act enacted to protect consumers from misleading or fraudulent advertising techniques

Correct Incorrect Correct answer

an act making it illegal to make a phone solicitation to any household that has listed its number in the Federal Trade Commission's Do Not Call Registry

Correct Incorrect Correct answer

an act that protects consumers from being bombarded with unwanted email solicitations.

Correct Incorrect Correct answer

an act that makes it unlawful to send an unsolicited commercial message via fax unless the sender has permission from the recipient or if both parties have an established business relationship

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both A and C

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Question 47 of 150

47. Question

A licensed salesperson may work only for

a client who has signed a listing agreement with a licensed broker

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a single employing broker who has an active broker's license

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a client who has signed an authorization agreement with a licensed salesperson

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an employer who has an active or inactive broker's license

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a client that's looking to purchase or sell their property

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Question 48 of 150

48. Question

Who pays a salesperson when a transaction involved a listing agent, a selling agent, and several subagents

The listing agent

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The selling agent

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The seller

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The employing broker

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The escrow account's manager

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Question 49 of 150

49. Question

What is the name of the party that is licensed to sell, purchase, or lease real property on behalf of others?

The Real Estate Broker

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The Investor

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The Real Estate Licensee

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The Seller

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The Property Manager

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Question 50 of 150

50. Question

Which of these professions are able to buy, sell or lease real property on behalf of others for a commission?

Broker

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Salesperson

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Appraiser

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Lender

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Attorney

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Question 51 of 150

51. Question

What did the Federal Trade Commission Act want to encourage?

Truthful ads

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non-deceptive ads

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Fair advertising

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All of the above

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none of the above

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Question 52 of 150

52. Question

Which statement defines a deceptive ad?

an ad that will cause or is likely to cause substantial, unavoidable consumer injury.

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an ad that contains statements that consumers cannot understand

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an ad that contains or omits statements that will likely mislead reasonable consumers.

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An ad that cannot be backed up by proof

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none of the above

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Question 53 of 150

53. Question

What is a cease-and-desist order?

an order requiring you to stop running the deceptive ad or engaging in deceptive practices

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an order to take educational classes

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an order to refund all money back to consumers for a deceptive product

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a fine

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none of the above

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Question 54 of 150

54. Question

What is the Do Not Call Implementation Act of 2003?

an act that protects consumers from being bombarded with unwanted email solicitations.

Correct Incorrect Correct answer

an act that makes it unlawful to send an unsolicited commercial message via fax unless the sender has permission from the recipient or if both parties have an established business relationship

Correct Incorrect Correct answer

an act enacted to protect consumers from misleading or fraudulent advertising techniques

Correct Incorrect Correct answer

an act making it illegal to make a phone solicitation to any household that has listed its number in the Federal Trade Commission's Do Not Call Registry

Correct Incorrect Correct answer

none of the above

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Question 55 of 150

55. Question

What is the CAN-SPAM Act of 2003?

an act making it illegal to make a phone solicitation to any household that has listed its number in the Federal Trade Commission's Do Not Call Registry

Correct Incorrect Correct answer

an act that protects consumers from being bombarded with unwanted email solicitations.

Correct Incorrect Correct answer

an act enacted to protect consumers from misleading or fraudulent advertising techniques

Correct Incorrect Correct answer

an act that makes it unlawful to send an unsolicited commercial message via fax unless the sender has permission from the recipient or if both parties have an established business relationship

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none of the above

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Question 56 of 150

56. Question

When two or more parties share ownership of a property and an owner’s interest in the property is known as

Interest in Real Estate

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Undivided Interest

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Agent’s Interest

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Public Interest

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None of the above

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Question 57 of 150

57. Question

___ represents a private interest holder whom does not have the right to possess.

Estate in Land

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Encumbrance

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Agent's interest

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Public Interest

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Zone

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Question 58 of 150

58. Question

The highest form of ownership interest one can acquire in real estate is

Joint tenancy

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Eminent domain

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Estate in land

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Equal ownership

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Fee simple estate

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Question 59 of 150

59. Question

Define an easement

An interest in real property that gives the holder the right to use portions of the legal owner’s real property in an undefined way

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An interest in real property that gives the holder the right to use portions of the legal owner’s real property in a defined way

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A Timeshare in real property that gives the holder the right to use portions of the legal owner’s real property in a defined way

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A lien on real property that gives the holder the right to use portions of the legal owner’s real property in a defined way

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An interest in real property that gives the holder the right to use all of the legal owner’s real property in a defined way

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Question 60 of 150

60. Question

Which of the following is not a requirement for the government’s right to take a property voluntarily from an owner ?

The property must be used for the public good

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The owner must have due process in the courts system

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The property owner must be paid compensation for the property

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The property must be used for the private good

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All of the above

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Question 61 of 150

61. Question

Who will receive the property if the owner passes away without heirs and a will

The State

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Parents

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A Buyer

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Closest Friends

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Distant Relatives

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Question 62 of 150

62. Question

What term describes real or personal property acquired by either spouse during marriage

Joint Tenancy

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Community Property

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Land Trust

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Land Trust and Joint Tenancy

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None of the above

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Question 63 of 150

63. Question

In a situation where legal title to a property is held and is entrusted, carrying out the trustor’s instructions regarding the purpose of the trust, what is the term/title of this position?

Beneficiary

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Trustee

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Trustor

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Adjustor

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Trustor and trustee

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Question 64 of 150

64. Question

Which are types of property ownership

Cooperative

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Timeshare

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Condominium

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All of the Above

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Question 65 of 150

65. Question

The “bundle of rights” refers to a set of rights

Enjoyed by the owner of a property

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That is a synonymous with the Bill of Rights.

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Guaranteed to citizens by the Statute of Rights

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Specified in a deed or land contract.

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Outlined in the Broker's handbook

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Question 66 of 150

66. Question

What’s a primary purpose of zoning power?

The separation of residential properties from commercial and industrial uses.

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To preserve high density land uses.

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To discourage industrial and commercial users from relocating.

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To ensure that a variety of building structures are available in the community.

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All of the above

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Question 67 of 150

67. Question

What is the difference that the consideration of a variance and exception may be based on?

Variance is based on hardship while special exceptions may be based on the interest of the governing authority

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Variance is based on the public interest and special exceptions are based on hardship

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Variance is based on hardship while special exceptions may be based on the public interest

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Both variances and special exceptions are based on the public interest

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None of the above is correct

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Question 68 of 150

68. Question

How is the intensity of land usage regulated?

limiting the number of residential building lots per acre.

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limiting the area of store or office per site area, minimum parking requirements, and building height restrictions, etc.

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limiting the number of building permits issued per year within a zoning jurisdiction.

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limiting the number of people per square mile.

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limiting the number of people living in one house

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Question 69 of 150

69. Question

An owner of a hotel is wondering whether to demolish or keep operation in a zoning ordinance that no longer allows commercial activity. In this situation the hotel most likely represents?

legal nonconforming use

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special exception

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a variance

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illegal nonconforming use

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a historic landmark

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Question 70 of 150

70. Question

The municipality or county will issue a _____ which officially clears the property for occupation and use.

Certificate of Occupancy

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Inspection Report

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Satisfiaction Bond

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User Permit

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Health Inspection Review

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Question 71 of 150

71. Question

The ____ is protected under a vendee’s lien

Seller

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Property

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Buyer

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Creditor

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Developer

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Question 72 of 150

72. Question

What type of lien can be placed on your property if you default on payment for work that you have done on your property.

Mortgange Lien

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Mechanic's lien

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Vendee's Lien

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Attachment Lien

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Contractor's Lien

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Question 73 of 150

73. Question

A mortgage lien is an example of a(n)

voluntary junior lien

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involuntary specific lien

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voluntary specific lien

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involuntary superior lien

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involuntary second position lien

Correct Incorrect Correct answer

Question 74 of 150

74. Question

A federal income tax lien, a federal estate tax lien, a state intangible tax lien, and a mechanic’s lien are recorded against a property. Which lien will be paid first when the property is sold?

Federal Income Tax Lien

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Federal Estate Tax Lien

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State Intangible Tax Lien

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Mechanic's Lien

Correct Incorrect Correct answer

All of these will be paid at the same time

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Question 75 of 150

75. Question

What sets liens apart from other types of encumbrance?

It lowers the property value.

Correct Incorrect Correct answer

It is created by the property owner voluntarily.

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Rather than attaching to the owner of the property, it attaches to the property itself.

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It involves a monetary claim against the value of a property.

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Both A and B

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Question 76 of 150

76. Question

All of the following actions or circumstances can terminate an offer EXCEPT?

The seller listing the property for buyers to make offers

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The buyer's death

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Buyer's counteroffer

Correct Incorrect Correct answer

Lapse of time

Correct Incorrect Correct answer

One of the parties to the transaction is a minor

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Question 77 of 150

77. Question

An offer is made to a seller with no stated time frame what can the offeree assume about the time to accept?

Twenty-four hours from the time of the offer's delivery to the seller.

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Before the listing expires

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Forty-eight hours from the time of the offeror's signing of the offer.

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The offeree shouldn't assume anything and should get a definited expiration date

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A reasonable time to accept

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Question 78 of 150

78. Question

Which of the following situations makes a contract enforceable?

A written contract conveys interest in real estate but there is no legal description of property and no signatures of either party

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A written contract that conveys interest in real estate with legal description of property but no signatures of either party

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A oral contract that conveys interest in real estate with a picture of the property signed by both parties

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A nonwritten contract that conveys interest in real estate with a legal description and signatures of all parties

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A written contract that conveys interest in real estate with a legal description of property and signed by one or more parties

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Question 79 of 150

79. Question

Which of the following would most likely NOT be a valuable consideration?

money

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promised services

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a coupon to free car wash

Correct Incorrect Correct answer

merchandise

Correct Incorrect Correct answer

Question 80 of 150

80. Question

Larry listed his home for sale with a real estate broker for a period of 120 days. No buyer was found within this period. On the 212st day the listing would be terminated by:

I. rescission ;

II. expiration of time;

III. mutual agreement;

IV. destruction

I, II and III only

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IV only

Correct Incorrect Correct answer

II only

Correct Incorrect Correct answer

I and II only

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I only

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Question 81 of 150

81. Question

In order to claim legal title, what must an adverse processor demonstrate?

openly processing and claiming the property without the owner's consent

Correct Incorrect Correct answer

occupying the property without an occupancy permit

Correct Incorrect Correct answer

occupy the property indefinitely

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be using the property intermittently and without permission over a period of years

Correct Incorrect Correct answer

Occupying the property with the owners permission

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Question 82 of 150

82. Question

If one in a tenancy in common, who will receive their property if they die without implanting a will?

the heirs or the deceased recieve it based on laws of descent and distribution

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pass to the surviving spouse

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pass to the surviving tenants

Correct Incorrect Correct answer

pass to whomever is recorded in the will

Correct Incorrect Correct answer

the state assumes ownership

Correct Incorrect Correct answer

Question 83 of 150

83. Question

Bill has been secretly living in a property for 10 years. He has decided to make a claim of ownership in order to clear trees in the surronding land to make room for a guest house. Will the claim the declined or upheld?

upheld through adverse possession

Correct Incorrect Correct answer

declined because possession was secretive

Correct Incorrect Correct answer

upheld because he met the length requirement for possession

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declined because he did not rightfully buy the property

Correct Incorrect Correct answer

upheld through adverse possession and because he met the length requirement for possession

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Question 84 of 150

84. Question

What Will must you receive from an attorney that is recognizable in any state?

Holographic

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Nuncupative

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Formal

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Oral

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All of the above

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Question 85 of 150

85. Question

When dealing with transfer by will which of the following is not the proper title for a transfer

Oral

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Formal

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Nuncupative

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Holographic

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All of the above are acceptable

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Question 86 of 150

86. Question

The purpose of a deed restriction is to enable an owner to specify

the form of ownership in which a property may be held.

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how long a property must be owned before it can be legally transferred.

Correct Incorrect Correct answer

what groups of people are legally excluded from future ownership of a property.

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how a property may be used and what improvements may be built on it.

Correct Incorrect Correct answer

the quality of the property before they purchased it versus the quality of it now

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Question 87 of 150

87. Question

A property owner who is selling her land wants to control how it is used in the future. She might accomplish her aim by mean of

an injunction

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a deed restriction

Correct Incorrect Correct answer

an easement

Correct Incorrect Correct answer

a land trust

Correct Incorrect Correct answer

leaving a will

Correct Incorrect Correct answer

Question 88 of 150

88. Question

Voluntarily transferred ownership of real estate can be transferred by

escheat, deed, and covenant.

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title certificate, deed, and warrant of seizin.

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sale contract, will, and deed.

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grant, deed, and will.

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time, value, and cost

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Question 89 of 150

89. Question

Recording a deed has what function?

It passes as a title

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It gives constructive notice of ownership

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All prior recorded encumbrances are removed

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The deed is valid after recording

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Question 90 of 150

90. Question

The only clause that is actually required in a deed is the

habendum clause

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granting clause

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reserving clause

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tenendum clause

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interest clause

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Question 91 of 150

91. Question

Fill in the blank. The primary benefits that contribute to __________________ are appreciation, income, tax benefits, and use.

market price

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market value

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real estate value

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real estate taxation

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appraisals

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Question 92 of 150

92. Question

Which term most accurately describes this definition? ” Critical in the transfer of real property, since the value of a parcel establishes the general price range for the principles parties to negotiate”

Valuation

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Depreciation

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Taxation

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Pricing real property

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Arbitration

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Question 93 of 150

93. Question

Under the Federal Housing Administration (FHA) – insured, what percentage is needed for a down payment and what is the minimum credit score required?

2% down and 750 credit

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0% down payment, and 620 credit score

Correct Incorrect Correct answer

3.5% down payment and 580 credit score

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5% down payment and 480 credit score

Correct Incorrect Correct answer

10% down payment and 540 credit score

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Question 94 of 150

94. Question

Select the option that does not apply to the Duties of a borrower

Payment of the loan in accordance with the terms of the promissory note

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Payment of all real estate taxes on the property used as security

Correct Incorrect Correct answer

Maintenance of adequate insurance to protect the lender in the event that the property is destroyed or damaged by fire, hazard or other natural catastrophes

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to reduce the amount of interest paid over the life of a loan

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Receipt of lender authorization before making any major alterations on the property

Correct Incorrect Correct answer

Question 95 of 150

95. Question

How many dicount points make up 1% of the term balance?

8 points

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3 points

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10 points

Correct Incorrect Correct answer

100 points

Correct Incorrect Correct answer

2 points

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Question 96 of 150

96. Question

The RESPA act establishes

Eliminates referral fees or kickbacks

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Protects borrowers from unnecessarily expensive settlement charges

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Ensures borrowers are provided with more information in a timely manner

Correct Incorrect Correct answer

All of the above

Correct Incorrect Correct answer

None of the above

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Question 97 of 150

97. Question

Which is a loan that is not federally related

Are insured or guaranteed by VA, FHA, or HUD-administration loans

Correct Incorrect Correct answer

Are insured by federal agency

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That involves first or second mortgages

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A will being sold to Frannie Mae, Freddie Mac or Ginnie Mae

Correct Incorrect Correct answer

All of the above are related

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Question 98 of 150

98. Question

The statement that discloses whether the lender will service the loan is ___

Servicing Transfer Statement

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Settlement Statement

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Initial Escrow Statement

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Mortgage Servicing Disclosure Statement

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None of the above

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Question 99 of 150

99. Question

Which defines what the HUD-1 Settlement Statement

That itemizes the estimated taxes, Insurance premiums and other charges

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That summarizes all escrow account deposits and payments during the servicer's computation year (12 months).

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That shows the charges imposed on borrowers and sellers with connection to the settlement

Correct Incorrect Correct answer

None of the above

Correct Incorrect Correct answer

All of the above

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Question 100 of 150

100. Question

RESPA stands for?

Real Estate Settlement Processing Act

Correct Incorrect Correct answer

Real Estate Settlement Procedures Act

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Real Estate Situation Procedure Act

Correct Incorrect Correct answer

Real Estate Statement Processing Act

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Real Estate Systems and Procedures Act

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Question 101 of 150

101. Question

All expenses related to a property such as taxes, insurance and maintenance in a gross lease are paid by?

The Landlord

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The Court

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The Insurance

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The Tenant

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The Mortgage Company

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Question 102 of 150

102. Question

Natural break even point is in what lease

Percentage Lease

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Index Lease

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Net Lease

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Note Lease

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Ballon Lease

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Question 103 of 150

103. Question

A tenant and a landlord had an oral lease that stated that the tenant would reside at the property for 2 year. Can the tenant legally leave before 2 years?

No, because the length of two years is the standard term

Correct Incorrect Correct answer

Yes, but only after staying for a year

Correct Incorrect Correct answer

Yes, because the lease is invalid

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Yes, because leases over a year must be in writing to be enforceable

Correct Incorrect Correct answer

No, verbal contracts are still enforced

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Question 104 of 150

104. Question

A lease contract is best described as

A conveyance of a possessory interest

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An instrument of conveyance of limited title

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A temporary transfer of legal title

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All of the above are accurate

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None of the above is true

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Question 105 of 150

105. Question

The percentage use is most often used by

Retail landlords

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Office landlords

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Industrial landlords

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Residential landlords

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Residential Appraisers

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Question 106 of 150

106. Question

What is the difference between market value and market price, if any?

Market value gives the minimum value it would cost to build a similiar property; market price is the price it would be acceptable to sell the property for

Correct Incorrect Correct answer

Market value is a broker's estimate; market price is a precise number derived by a licensed appraiser

Correct Incorrect Correct answer

Market value is an average price derived from comparable sales; market price is a price based on the cost of creating the property

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Market value is an estimate; market price is the price at which the property is sold

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There is no difference

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Question 107 of 150

107. Question

Which of the following statements properly describes the central methodology of the cost approach to appraisal?

Apply a depreciation factor to the reported actual cost of acquiring and improving the subject property

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Estimate the cost of building the improvements on the subject property

Correct Incorrect Correct answer

Estimate the land value and add to this the actual cost of the improvements adjusted for competitive differences with similiar properties

Correct Incorrect Correct answer

Add the estimated land value and cost of improvements and subtract the accrued depreciation of the improvements

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Question 108 of 150

108. Question

One of the strengths of the cost approach is that it

takes into account the amount of money required to develop a similar property

Correct Incorrect Correct answer

is very accurate for a property with new improvements that represent the highest and best use

Correct Incorrect Correct answer

results in an actual price in dollars instead of an estimated value

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reveals the owner's return on money invested in the cost of development

Correct Incorrect Correct answer

it takes into account the amount of money lost when leaving the property vacant

Correct Incorrect Correct answer

Question 109 of 150

109. Question

The act that required federally-related appraisals to be conducted by a certified appraiser is known as

The Financial Institutions Reform, Recovery and Enforcement (FIRREA)

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The Uniform Standards of Professional Appraisal Practice Act (USPAPA)

Correct Incorrect Correct answer

The Appraisal Foundation Authorization and Reform Act (AFAR)

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The Federal Institution for Regulation and Enforcement of Appraisal Act (FIREAA)

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National Association of Realtors and Appraisers (NARA)

Correct Incorrect Correct answer

Question 110 of 150

110. Question

As a component of real estate, the principle of substitution states that

if two similar properties are for sale, a buyer will purchase the cheaper of the two

Correct Incorrect Correct answer

if one of two adjacent homes is more valuable, the price of the other home will tend to rise

Correct Incorrect Correct answer

if too many properties are built in a market, the price will tend to go down

Correct Incorrect Correct answer

people will readily move to another home if it is of equal value

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people will rather purchase homes that cost more

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Question 111 of 150

111. Question

Who controls land use at the local level?

only state governments

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only federal governments

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only county governments

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county and city governments

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Question 112 of 150

112. Question

What could the government do to force an owner to sell their property?

evict them without proper cause

Correct Incorrect Correct answer

randomly raise their property tax for no reason

Correct Incorrect Correct answer

exert their power of eminent domain

Correct Incorrect Correct answer

threaten to arrest the owner if they don't sell

Correct Incorrect Correct answer

all of the above

Correct Incorrect Correct answer

Question 113 of 150

113. Question

Why do communities require building permits?

to promote development

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to establish the basis for an inspection

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to promote certificates of occupancy

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to ensure that improvements comply with codes

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to ensure they operate in respect to normal work hours

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Question 114 of 150

114. Question

What is the purpose of residential zoning?

to increase home values in a neighborhood

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to regulate the density of dwellings in the residential zone

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to prevent families from residing in commercial and industrial sites

Correct Incorrect Correct answer

to maximize intensity of usage

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all of the above

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Question 115 of 150

115. Question

A non-profit organization wants to erect an urgent care facility in a residential zone. Given other favorable circumstances, the local authorities may grant permission by allowing

a special exception

Correct Incorrect Correct answer

an illegal nonconforming use

Correct Incorrect Correct answer

an easement

Correct Incorrect Correct answer

a license

Correct Incorrect Correct answer

none of the above

Correct Incorrect Correct answer

Question 116 of 150

116. Question

____ prohibits discrimination based on disability in programs, services, and activities provided or made available by public entities.

Americans with Disabilities Act

Correct Incorrect Correct answer

Housing of older Persons Act

Correct Incorrect Correct answer

Equal Credit Opportunity Act

Correct Incorrect Correct answer

Fair housing Act

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Civil Rights Act

Correct Incorrect Correct answer

Question 117 of 150

117. Question

Which of the following is a negative consequence of redlining?

Appraisers have a difficult time evaluating properties in the area

Correct Incorrect Correct answer

It is a major contributor to the deterioration of older neighborhoods

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Real estate salespeople are not able to advertise in local newspapers

Correct Incorrect Correct answer

Redlining has no negative effect

Correct Incorrect Correct answer

Question 118 of 150

118. Question

What must an agent do if a seller tells them to not show their house to anyone born outside of the US?

Take the listing and hope that no foreigners want to see the property

Correct Incorrect Correct answer

Take the listing and not follow the instructions

Correct Incorrect Correct answer

Decline to take the listing

Correct Incorrect Correct answer

Show the house to everyone who wants to see it

Correct Incorrect Correct answer

Only host open houses with the property

Correct Incorrect Correct answer

Question 119 of 150

119. Question

How long does someone have to file a discrimination complaint with HUD?

1 month

Correct Incorrect Correct answer

6 months

Correct Incorrect Correct answer

1 year

Correct Incorrect Correct answer

8 weeks

Correct Incorrect Correct answer

There is no time limit

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Question 120 of 150

120. Question

Which of the following is NOT a member of a protected class?

A millionaire

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A member of alcoholics anonymous

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A person diagnosed with AIDS

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A 76 year old man

Correct Incorrect Correct answer

All of the above

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Question 121 of 150

121. Question

Which federal agency passed the R-value rule?

Federal Trade Commission(FTC)

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International Consumer Protection

Correct Incorrect Correct answer

Consumer Protection Committee

Correct Incorrect Correct answer

U.S consumer Product Safety Commission

Correct Incorrect Correct answer

Consumer Action

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Question 122 of 150

122. Question

____ must be disclosed according to a New Home Insulation Addendum.

R-values

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Thickness of insulation

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Type of insulation used

Correct Incorrect Correct answer

All of the above

Correct Incorrect Correct answer

Question 123 of 150

123. Question

How many days do tenants/buyers have to conduct a lead assessment?

5

Correct Incorrect Correct answer

7

Correct Incorrect Correct answer

10

Correct Incorrect Correct answer

15

Correct Incorrect Correct answer

30

Correct Incorrect Correct answer

Question 124 of 150

124. Question

What documents must be attached to the contract or lease?

Records and reports of lead based paint

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Lead based paint disclosure form

Correct Incorrect Correct answer

EPA approved pamphlet

Correct Incorrect Correct answer

A Lead Warning Statement

Correct Incorrect Correct answer

All of the above

Correct Incorrect Correct answer

Question 125 of 150

125. Question

What is a fungus that grows in the presence of moisture and oxygen on virtually any kind of organic surface?

Mold

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Carbon Monoxide

Correct Incorrect Correct answer

Radon

Correct Incorrect Correct answer

Lead

Correct Incorrect Correct answer

Formaldehyde

Correct Incorrect Correct answer

Question 126 of 150

126. Question

A certain item is to be prorated between a buyer and seller. If no outside party is concerned, which of the following statements is true?

The item must be prorated and recorded as a debit to one party and a credit to the other party for the same amount.

Correct Incorrect Correct answer

The item must be prorated and recorded as a debit to one party; the reaminder is recorded as a credit to the other party.

Correct Incorrect Correct answer

The party who is owed money receives a credit for the entire item and a debit for the prorated amount.

Correct Incorrect Correct answer

The party who owes money receives a debit for the portion owed and a credit for the portion that is not owed.

Correct Incorrect Correct answer

Noone owes anything

Correct Incorrect Correct answer

Question 127 of 150

127. Question

An item is said to be paid in arrears if it is normally paid

On a monthly or yearly basis.

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At some time after the expense is incurred.

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Only after it is billed.

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Whenever it is incurred.

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Before the expense is billed

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Question 128 of 150

128. Question

A certain item is to be prorated between a buyer and seller. If no outside party is concerned, which of the following statements is true?

The item must be prorated and recorded as a debit to one party and a credit to the other party for the same amount.

Correct Incorrect Correct answer

The item must be prorated and recorded as a debit to one party; the reaminder is recorded as a credit to the other party.

Correct Incorrect Correct answer

The party who is owed money receives a credit for the entire item and a debit for the prorated amount.

Correct Incorrect Correct answer

The party who owes money receives a debit for the portion owed and a credit for the portion that is not owed.

Correct Incorrect Correct answer

No one owes anything

Correct Incorrect Correct answer

Question 129 of 150

129. Question

A seller received a rental payment of $900 in advance. At closing, the seller has earned only $320 of this rent. What should appear on the closing statement?

A debit to the seller and credit to the buyer for $320.

Correct Incorrect Correct answer

A debit to the seller for $580 and credit to the buyer for $320.

Correct Incorrect Correct answer

A debit to the seller for $320 and a credit to the buyer for $900.

Correct Incorrect Correct answer

A debit to the seller and credit to the buyer for $580.

Correct Incorrect Correct answer

No one owes anything

Correct Incorrect Correct answer

Question 130 of 150

130. Question

A buyer will receive a water bill for an estimated $100 at the end of the month. At closing, the seller has used an estimated $43 in water. What should appear on the closing statement?

A debit to the seller and credit to the buyer for $57.

Correct Incorrect Correct answer

A debit to the seller and a credit to the buyer for $43.

Correct Incorrect Correct answer

A debit to the buyer and credit to the seller for $57.

Correct Incorrect Correct answer

A debit to the buyer and credit to the seller for $43.

Correct Incorrect Correct answer

No one owes anything

Correct Incorrect Correct answer

Question 131 of 150

131. Question

What is the renewal period in Georgia and how many hours of approved continuing education class is required?

On the day of receiving their original license, a license holder must have completed 25 hours of an approved continuing education course.

Correct Incorrect Correct answer

On the first day of the license holder’s birth month they must have completed 36 hours of an approved continuing education course.

Correct Incorrect Correct answer

On the birthday of the license holder they must have completed 25 hours of an approved continuing education course.

Correct Incorrect Correct answer

On the last day of the license holder’s birth month they must have completed 36 hours of an approved continuing education course.

Correct Incorrect Correct answer

On the first day of the year for all practicing agents in Georgia

Correct Incorrect Correct answer

Question 132 of 150

132. Question

Define a lapse in a license

When a license holder is not active for a certain amount of time and is on the path to being put in an inactive status.

Correct Incorrect Correct answer

When not all of the criteria for keeping and maintaining a license are met and the license is stripped from the license holder.

Correct Incorrect Correct answer

When the post-licensure educational requirement is not met and a license holder must turn in their wall certificate of licensure as well as their pocket card to the Commission. They have 6 months to complete any required course to reinstate their license meeting certain conditions.

Correct Incorrect Correct answer

When the post-licensure educational requirement is not met and a license holder must turn in their credentials. They have a year to satisfy any missing requirements to reinstate their license.

Correct Incorrect Correct answer

all of these are true

Correct Incorrect Correct answer

Question 133 of 150

133. Question

Inactive status is offered when ___

This is only for the use of the Commission.

Correct Incorrect Correct answer

This is for license holders who would like to temporarily discontinue actively pursuing real estate.

Correct Incorrect Correct answer

This is not offered, it is assigned due to certain stipulations.

Correct Incorrect Correct answer

This is for license holders who would like to move towards exiting the real estate industry.

Correct Incorrect Correct answer

This is an alternative to license suspensions when facing accusations

Correct Incorrect Correct answer

Question 134 of 150

134. Question

Define a pocket card

A form of identification that someone is licensed in real estate and is used for the purposes of filing with the Commission

Correct Incorrect Correct answer

Certification verifying an individual as a broker

Correct Incorrect Correct answer

A certificate that verifies an individual as a licensed real estate agent and must be held by that person’s broker

Correct Incorrect Correct answer

A form of identification that someone is licensed in real estate and is kept by the corresponding agent

Correct Incorrect Correct answer

Certification verifying an individual as a buyer

Correct Incorrect Correct answer

Question 135 of 150

135. Question

When should the criminal history report be submitted?

50 days of the initial application

Correct Incorrect Correct answer

60 days of the initial application

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50 days before the application

Correct Incorrect Correct answer

60 days before the application

Correct Incorrect Correct answer

the same day the application is submitted

Correct Incorrect Correct answer

Question 136 of 150

136. Question

What’s a “point”?

a fee equal to 0.5% of the loan amount.

Correct Incorrect Correct answer

a fee equal to 1% of the loan amount.

Correct Incorrect Correct answer

a fee equal to 5% of the loan amount.

Correct Incorrect Correct answer

a fee equal to 2% of the loan amount.

Correct Incorrect Correct answer

a fee equal to 8% of the loan

Correct Incorrect Correct answer

Question 137 of 150

137. Question

What is an annual Debt-to-service on a mortgage?

the monthly mortgage payment multiplied by the number of months in the term.

Correct Incorrect Correct answer

the monthly mortgage payment divided by the number of months in a year.

Correct Incorrect Correct answer

the monthly mortgage payment multiplied by the number of months in a year.

Correct Incorrect Correct answer

the monthly principal payment multiplied by the number of months in a year.

Correct Incorrect Correct answer

the monthly mortgage payment divideded by the term of the loan.

Correct Incorrect Correct answer

Question 138 of 150

138. Question

How do you calculate the annual property tax?

take your calculated mill rate and divide it by the average millage rate in the area.

Correct Incorrect Correct answer

take your calculated mill rate and multiply it by the average millage rate in the region.

Correct Incorrect Correct answer

take your calculated mill rate and divide it by the average millage rate in the state.

Correct Incorrect Correct answer

take your calculated mill rate and multiply it by the average millage rate in the area.

Correct Incorrect Correct answer

none of the above

Correct Incorrect Correct answer

Question 139 of 150

139. Question

Jake pays 4,250 a year in property taxes. He decides to sell the property to Mary. The sell closes August 5th. What is the proration?

Jake owes Mary $2,833.28

Correct Incorrect Correct answer

Jake owes Mary $2,833.36

Correct Incorrect Correct answer

Mary owes Jake $2,833.36

Correct Incorrect Correct answer

Mary owes Jake $1416.84

Correct Incorrect Correct answer

no one owes anything

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Question 140 of 150

140. Question

You have a property listed at $130,000. The commission rate listed in the listing agreement is 6%, which you will split evenly with the buyer’s representative. What’s your share.

7800

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3900

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4000

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8000

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3783

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Question 141 of 150

141. Question

One of these is not a characteristic of brokerage agreement

It outlines the broker's compensation

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It has a definite expiration date

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It fully set forth the broker and the clients’ terms

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All brokerage relationships held by the broker with other clients of his/hers, if any

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Promises the client that property will be sold within a week

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Question 142 of 150

142. Question

Created when a broker has a client relationship with both parties involved in a transaction is:

Designated agency

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Presupposition agency

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Dual agency

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Predefine agency

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Agency by agreement

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Question 143 of 150

143. Question

A broker who’s not entered brokerage relationship yet but who performs ministerial acts is: >

BRRETA

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Transaction broker

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Duel Agent

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Designated agent

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Simplified broker

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Question 144 of 150

144. Question

All the following is true of independent contractors EXCEPT:

They have more freedom than employees

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Employer controls their work hours

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They pay their Social Security income taxes

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They agree with employer on terms of their relationship

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None of the above is wrong

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Question 145 of 150

145. Question

How does earnest money appear on a closing statement?

As a debit to the buyer

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As a debit to the seller

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As a credit to the seller

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As a credit to the buyer

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As a credit to the seller and a debit to the buyer

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Question 146 of 150

146. Question

What makes a bilateral contract different from a unilateral contract?

a unilateral contract only one party is required to perform, while in a bilateral contract, both parties must perform

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a unilateral contract requires the performance of two parties, while the bilateral contract only requires the performance of one party

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a bilateral contract gives a timeline of the events from the perspective of both sides, while the unilateral contract only provides the perspective of one of the parties

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a bilateral contract gives a timeline of events from the perspective of one of the parites, while a unilateral contract requires the perfomance of two parties

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number of parties involved

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Question 147 of 150

147. Question

A seller is requiring that the buyer use a particular title insurance company and the buyer is paying for the title insurance. This is ______

a VA loan violation

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a Regulation Z violation

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a violation of the Real Estate Settlement Procedures Act

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an added incentive for the buyer

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violation of the Truth in Lending Act

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Question 148 of 150

148. Question

Which of the following would be a violation of license law by a broker?

requiring a prospective agent to be an independent contractor in order to hold their license

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requiring that one of their agents not manage properties without their permission

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keeping multiple trust accounts

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not submitting records to GREC

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refusing to let one of their salespeople take a listing with them

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Question 149 of 150

149. Question

What is the result of a low loan-to-value ratio?

higher liklihood of foreclosure

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less equity in the property

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more equity in the property

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greater use of leverage

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has less cash tied up in the property than a high loan-to-value ratio

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Question 150 of 150

150. Question

What is the advantage to a buyer utilizing a buydown?

saves the buyer money on their income taxes

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reduces private mortgage insurance

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smaller interest rate for the buydown period

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smaller interest rate after the buydown period has ended

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loan is paid off more quickly

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Proctored Final Exam Attempt – #2

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