7/9/26, 3:31 PM Georgia real estate salesperson PSI EXAM| FREQUENTLY MOST TESTED QUESTIONS AND VERIFIED SOLUTIONS @ 2026 || 2…
Georgia real estate salesperson PSI EXAM|
FREQUENTLY MOST TESTED QUESTIONS AND
VERIFIED SOLUTIONS @ 2026 || 2027 (Actual
Exam) Questions with verified Answers
Save Add to calendar
Terms in this set (359)
straight note promissory note principal do in one lump sum at
the end of the loan term
installment note promissory note with specific principal and interest
principle of Leverage business tool to earn profit like a landlord with rent
FICO most commonly used credit rating system
negative amortization payment is less than interest amount owing
increases
equity market value minus amount of existing liens
Equitable Title right to obtain full ownership of the property right
to use
legal title actual full ownership right to sell
https://quizlet.com/1193936897/georgia-real-estate-salesperson-psi-exam-frequently-most-tested-questions-and-verified-solutions-2026-2027-actual-… 1/40
,7/9/26, 3:31 PM Georgia real estate salesperson PSI EXAM| FREQUENTLY MOST TESTED QUESTIONS AND VERIFIED SOLUTIONS @ 2026 || 2…
Regulation Z truth in lending law the regulations provided
lenders and those who help arrange credit for
borrower specific guidelines to follow in disclosing
to borrowers their exact cost of credit must State
APR
Federal Equal Credit Opportunity Act prohibits discrimination in lending because of race
religion sex national origin marital status or age
truth in lending Tila promotes informed use of credit
interest only loan interest-only is paid in early years a fully amortized
loan is acquired at a specific time mostly the same
as a straight term
buy Downs a builder buys down the loan 2% in the first year 1%
in the second the Builder pays the lender to make
up the difference
budget mortgage loan Piti principal interest taxes and insurance the lender
requires 1/12 of the taxes and insurance to be
included in the payment
purchase money mortgage loan Sutherlands money to buyer seller keeps deed until
debt is paid
wrap-around mortgage loan a second or Junior mortgage includes balance of
First Mortgage plus additional financing needed
rarely made
reverse annuity mortgage Ram reverse mortgage primarily for the elderly or
retired
https://quizlet.com/1193936897/georgia-real-estate-salesperson-psi-exam-frequently-most-tested-questions-and-verified-solutions-2026-2027-actual-… 2/40
,7/9/26, 3:31 PM Georgia real estate salesperson PSI EXAM| FREQUENTLY MOST TESTED QUESTIONS AND VERIFIED SOLUTIONS @ 2026 || 2…
open-end mortgage loan equity loan a line of credit secured by a mortgage
percent of equity
blanket mortgage loan usually for financing a subdivision
private mortgage insurance PMI if the borrower puts less than 20% down the lender
might require
PMI may possibly be eliminated when the loan-to-value
is reduced to below 80% of the original purchase
price or a new appraisal if a borrower does not
request cancellation A lender will automatically
eliminate once the equity reaches 22%
FHA mortgage loans federal housing administered by the HUD Federal Department of
Administration Housing and Urban Development does not make
loans to cover this cost mortgage insurance is
charged at the origination of the loan approved
private lenders make these loans and approved
appraiser must have praised the property and
identify any repairs to be made before issuing a
conditional commitment
graduated payment mortgage GPM monthly payments are reduced in early years in
exchange for higher payments later in the
anticipation of increased future income payments
increase over time
non-judicial foreclosure used in Georgia Linder can take the house without
going to court
https://quizlet.com/1193936897/georgia-real-estate-salesperson-psi-exam-frequently-most-tested-questions-and-verified-solutions-2026-2027-actual-… 3/40
, 7/9/26, 3:31 PM Georgia real estate salesperson PSI EXAM| FREQUENTLY MOST TESTED QUESTIONS AND VERIFIED SOLUTIONS @ 2026 || 2…
strict foreclosure Linder may I ask the court to allow them to take
title without a foreclosure sale but for a period of
time established by the court for the borrower to
repay the loan
lien theory states the mortgage loan only creates the lien it does not
convey title the lender has a monetary claim when
the loan is repaid the lien is removed by recording
a satisfaction non-judicial foreclosure
attorney legal advice represents the lender at closing
VA mortgage lower down payment or even 0% down only one at
a time
Freddie Mac secondary mortgage market for FHA and VA
backed by mortgage pools investors have less risk
than buying one loan
alienation clause due on sale Clause the entire loan balance is due
when sold or exchanged
right of first refusal if landlord decides to sell it must be offered to the
tenant before anyone else
option to buy tenant gets possession of property in option to buy
at a set price with a designated period of time not
a lease purchase
gross lease flat leaf straight lease tenant pays fixed amount at
specified intervals landlord pays taxes Insurance
repairs and maintenance common for residential
rentals
https://quizlet.com/1193936897/georgia-real-estate-salesperson-psi-exam-frequently-most-tested-questions-and-verified-solutions-2026-2027-actual-… 4/40
Georgia real estate salesperson PSI EXAM|
FREQUENTLY MOST TESTED QUESTIONS AND
VERIFIED SOLUTIONS @ 2026 || 2027 (Actual
Exam) Questions with verified Answers
Save Add to calendar
Terms in this set (359)
straight note promissory note principal do in one lump sum at
the end of the loan term
installment note promissory note with specific principal and interest
principle of Leverage business tool to earn profit like a landlord with rent
FICO most commonly used credit rating system
negative amortization payment is less than interest amount owing
increases
equity market value minus amount of existing liens
Equitable Title right to obtain full ownership of the property right
to use
legal title actual full ownership right to sell
https://quizlet.com/1193936897/georgia-real-estate-salesperson-psi-exam-frequently-most-tested-questions-and-verified-solutions-2026-2027-actual-… 1/40
,7/9/26, 3:31 PM Georgia real estate salesperson PSI EXAM| FREQUENTLY MOST TESTED QUESTIONS AND VERIFIED SOLUTIONS @ 2026 || 2…
Regulation Z truth in lending law the regulations provided
lenders and those who help arrange credit for
borrower specific guidelines to follow in disclosing
to borrowers their exact cost of credit must State
APR
Federal Equal Credit Opportunity Act prohibits discrimination in lending because of race
religion sex national origin marital status or age
truth in lending Tila promotes informed use of credit
interest only loan interest-only is paid in early years a fully amortized
loan is acquired at a specific time mostly the same
as a straight term
buy Downs a builder buys down the loan 2% in the first year 1%
in the second the Builder pays the lender to make
up the difference
budget mortgage loan Piti principal interest taxes and insurance the lender
requires 1/12 of the taxes and insurance to be
included in the payment
purchase money mortgage loan Sutherlands money to buyer seller keeps deed until
debt is paid
wrap-around mortgage loan a second or Junior mortgage includes balance of
First Mortgage plus additional financing needed
rarely made
reverse annuity mortgage Ram reverse mortgage primarily for the elderly or
retired
https://quizlet.com/1193936897/georgia-real-estate-salesperson-psi-exam-frequently-most-tested-questions-and-verified-solutions-2026-2027-actual-… 2/40
,7/9/26, 3:31 PM Georgia real estate salesperson PSI EXAM| FREQUENTLY MOST TESTED QUESTIONS AND VERIFIED SOLUTIONS @ 2026 || 2…
open-end mortgage loan equity loan a line of credit secured by a mortgage
percent of equity
blanket mortgage loan usually for financing a subdivision
private mortgage insurance PMI if the borrower puts less than 20% down the lender
might require
PMI may possibly be eliminated when the loan-to-value
is reduced to below 80% of the original purchase
price or a new appraisal if a borrower does not
request cancellation A lender will automatically
eliminate once the equity reaches 22%
FHA mortgage loans federal housing administered by the HUD Federal Department of
Administration Housing and Urban Development does not make
loans to cover this cost mortgage insurance is
charged at the origination of the loan approved
private lenders make these loans and approved
appraiser must have praised the property and
identify any repairs to be made before issuing a
conditional commitment
graduated payment mortgage GPM monthly payments are reduced in early years in
exchange for higher payments later in the
anticipation of increased future income payments
increase over time
non-judicial foreclosure used in Georgia Linder can take the house without
going to court
https://quizlet.com/1193936897/georgia-real-estate-salesperson-psi-exam-frequently-most-tested-questions-and-verified-solutions-2026-2027-actual-… 3/40
, 7/9/26, 3:31 PM Georgia real estate salesperson PSI EXAM| FREQUENTLY MOST TESTED QUESTIONS AND VERIFIED SOLUTIONS @ 2026 || 2…
strict foreclosure Linder may I ask the court to allow them to take
title without a foreclosure sale but for a period of
time established by the court for the borrower to
repay the loan
lien theory states the mortgage loan only creates the lien it does not
convey title the lender has a monetary claim when
the loan is repaid the lien is removed by recording
a satisfaction non-judicial foreclosure
attorney legal advice represents the lender at closing
VA mortgage lower down payment or even 0% down only one at
a time
Freddie Mac secondary mortgage market for FHA and VA
backed by mortgage pools investors have less risk
than buying one loan
alienation clause due on sale Clause the entire loan balance is due
when sold or exchanged
right of first refusal if landlord decides to sell it must be offered to the
tenant before anyone else
option to buy tenant gets possession of property in option to buy
at a set price with a designated period of time not
a lease purchase
gross lease flat leaf straight lease tenant pays fixed amount at
specified intervals landlord pays taxes Insurance
repairs and maintenance common for residential
rentals
https://quizlet.com/1193936897/georgia-real-estate-salesperson-psi-exam-frequently-most-tested-questions-and-verified-solutions-2026-2027-actual-… 4/40
