BARNEY FLETCHER CRAM FINAL EXAM
STUDY GUIDE 2026/2027| COMPLETE
QUESTIONS | VERIFIED ANSWERS |
GRADED A + | PASS GUARANTEED |
RECENT UPDATE
Escalation Clause - ANSWER Clause in a lease providing for the adjustment of
rent based on specified indexes or circumstances
Acceleration Clause - ANSWER States that upon default, all of the principal
installments come due immediately.
Subordination Agreement - ANSWER a process in which the holder of a
superior mortgage agrees to give up his priority position
Equity - ANSWER market value of a property less than the debt against it
Economic Life - ANSWER the time remaining during which a property can be
profitably and feasibly used
Depreciation - ANSWER the decrease in value of a property as it becomes old
and gradually wears out
,Deficiency Judgement - ANSWER A general lien on all property of a defaulting
debtor, issued when the security for a debt is insufficient to satisfy the debt
Defeasance Clause - ANSWER a clause in a mortgage whereby the lender
promises to give title to the borrower upon repayment of the debt
Capitalization - ANSWER A method of determining the present value of a
future income stream.
Buydown - ANSWER A cash payment to a lender so as to reduce the interest
rate a borrower must pay.
Blanket Mortgage - ANSWER A mortgage which covers more than one piece
of real estate.
Basis - ANSWER Price paid for the property, including any expenses or gains.
Balloon Mortgage - ANSWER A mortgage that requires a lump sum payment
(balloon payment) at the end
Which of the following is true about the Georgia Real Estate Commission? -
ANSWER There are five licensed commission members.
Which of the following is true about the Georgia Real Estate Commissioner? -
ANSWER He is hired by the commission.
,Commission members are: - ANSWER Appointed by governor and approved
by the Senate
Which of the following satisfies the requirements for the required Post-License
course? - ANSWER 25-hr. course taken within on year from the day of license
activation.
Upon renewal of a license, a licensee must pay all fees due and complete _______
hours of continuing education, if education is required. - ANSWER 36
A licensed broker in another state may enter into a co-op agreement with a
Georgia Broker through a written agreement which includes: - ANSWER That
any advertising of Georgia property identify the listing Georgia broker.
An individual who successfully passes the state examination and has otherwise
qualified for a license has ___________ months to activate or place inactive
his/her license. - ANSWER 12
If a real estate company operates as a limited partnership, which of the following
is true about the qualifying broker? - ANSWER He must be the general partner
Under what circumstances may a broker have more than one escrow account? -
ANSWER As long as the Commission is notified of pertinent information
regarding each account.
What are the requirements for salespeople and associate brokers who receive trust
funds or security deposits on their own rental property? - ANSWER They may
, place those funds either their broker's trust account or a trust account approved by
their broker.
There must be a minimum balance of $__________ in Education, Research and
Recovery fund at all times. - ANSWER $1,000,000
The limit of liability for a single transaction in which a licensee is involved in
$________ and the limit o liability for multiple transactions for a single licensee is
$__________. - ANSWER 25,000; 75,000
If the Education, Research and Recovery Fund falls below the required minimum
balance, what may happen? - ANSWER Each licensee can be assessed up to $30
per year at time of renewal.
Which of the following is an unfair practice under the License Law if performed
by licensee? - ANSWER Paying commission to an unlicensed person.
Which of the following statements is true about chairperson of the Georgia Real
Estate Commission? - ANSWER Any commission member may be elected
chairperson.
In Georgia, net listings are: - ANSWER Illegal
Which of the following is required or true when salespersons or associate brokers
are advertising to buy or sell their own properties in their own properties in their
own name? - ANSWER The broker has been notified in writing of the specific
property involved.
STUDY GUIDE 2026/2027| COMPLETE
QUESTIONS | VERIFIED ANSWERS |
GRADED A + | PASS GUARANTEED |
RECENT UPDATE
Escalation Clause - ANSWER Clause in a lease providing for the adjustment of
rent based on specified indexes or circumstances
Acceleration Clause - ANSWER States that upon default, all of the principal
installments come due immediately.
Subordination Agreement - ANSWER a process in which the holder of a
superior mortgage agrees to give up his priority position
Equity - ANSWER market value of a property less than the debt against it
Economic Life - ANSWER the time remaining during which a property can be
profitably and feasibly used
Depreciation - ANSWER the decrease in value of a property as it becomes old
and gradually wears out
,Deficiency Judgement - ANSWER A general lien on all property of a defaulting
debtor, issued when the security for a debt is insufficient to satisfy the debt
Defeasance Clause - ANSWER a clause in a mortgage whereby the lender
promises to give title to the borrower upon repayment of the debt
Capitalization - ANSWER A method of determining the present value of a
future income stream.
Buydown - ANSWER A cash payment to a lender so as to reduce the interest
rate a borrower must pay.
Blanket Mortgage - ANSWER A mortgage which covers more than one piece
of real estate.
Basis - ANSWER Price paid for the property, including any expenses or gains.
Balloon Mortgage - ANSWER A mortgage that requires a lump sum payment
(balloon payment) at the end
Which of the following is true about the Georgia Real Estate Commission? -
ANSWER There are five licensed commission members.
Which of the following is true about the Georgia Real Estate Commissioner? -
ANSWER He is hired by the commission.
,Commission members are: - ANSWER Appointed by governor and approved
by the Senate
Which of the following satisfies the requirements for the required Post-License
course? - ANSWER 25-hr. course taken within on year from the day of license
activation.
Upon renewal of a license, a licensee must pay all fees due and complete _______
hours of continuing education, if education is required. - ANSWER 36
A licensed broker in another state may enter into a co-op agreement with a
Georgia Broker through a written agreement which includes: - ANSWER That
any advertising of Georgia property identify the listing Georgia broker.
An individual who successfully passes the state examination and has otherwise
qualified for a license has ___________ months to activate or place inactive
his/her license. - ANSWER 12
If a real estate company operates as a limited partnership, which of the following
is true about the qualifying broker? - ANSWER He must be the general partner
Under what circumstances may a broker have more than one escrow account? -
ANSWER As long as the Commission is notified of pertinent information
regarding each account.
What are the requirements for salespeople and associate brokers who receive trust
funds or security deposits on their own rental property? - ANSWER They may
, place those funds either their broker's trust account or a trust account approved by
their broker.
There must be a minimum balance of $__________ in Education, Research and
Recovery fund at all times. - ANSWER $1,000,000
The limit of liability for a single transaction in which a licensee is involved in
$________ and the limit o liability for multiple transactions for a single licensee is
$__________. - ANSWER 25,000; 75,000
If the Education, Research and Recovery Fund falls below the required minimum
balance, what may happen? - ANSWER Each licensee can be assessed up to $30
per year at time of renewal.
Which of the following is an unfair practice under the License Law if performed
by licensee? - ANSWER Paying commission to an unlicensed person.
Which of the following statements is true about chairperson of the Georgia Real
Estate Commission? - ANSWER Any commission member may be elected
chairperson.
In Georgia, net listings are: - ANSWER Illegal
Which of the following is required or true when salespersons or associate brokers
are advertising to buy or sell their own properties in their own properties in their
own name? - ANSWER The broker has been notified in writing of the specific
property involved.
