Top Mark Questions and Correct Verified Answers
GA MLS Real Estate Practical Final
Exam Questions and Correct Verified
Answers
Safety Clause
✓ A negotiated period after the termination of the listing during which the listing
broker may still be entitled to a commission if the property is sold to a buyer
who was shown the property during the listing period
Survival Clause
✓ A clause in the contract for purchase and sale that , unless otherwise expressly
agreed to in writing by the buyer and seller, allows certain contractual
obligations to be performed after closing
Ratification
✓ Method of creating an agency relationship in which the principal accepts the
conduct of someone who acted without prior authorization as the principal's
agent
Net Operating Income (NOI)
✓ The income projected for an income-producing property after deducting losses
for vacancy and collection and operating expenses.
Straight Term Loan
✓ A loan in which only interest is paid during the term of the loan, with the entire
principal amount due with the final interest payment.
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, Top Mark Questions and Correct Verified Answers
Loan Origination Fee
✓ A fee charged to the borrower by the lender for making a mortgage loan. The
fee is usually computed as a percentage of the loan amount.
Adjustable Rate Mortgage
✓ A loan characterized by a fluctuating interest rate, usually one tied to a bank or
savings and loan association cost-of-funds index.
Fully Amortized Loan
✓ A loan consisting of equal, regular payments satisfying the total payment of
principal and interest by the due date.
Purchase Money Mortgage
✓ A note secured by a mortgage or deed of trust given by a buyer, as borrower, to
a seller, as lender, as part of the purchase price of the real estate.
Debit
✓ On a closing statement, an amount charged; an amount the party must pay at
settlement.
Credit
✓ On closing statement, an amount entered in a person's favor, a party that must
be reimbursed.
Acceleration Clause
Top Mark !!!
GA MLS Real Estate Practical Final
Exam Questions and Correct Verified
Answers
Safety Clause
✓ A negotiated period after the termination of the listing during which the listing
broker may still be entitled to a commission if the property is sold to a buyer
who was shown the property during the listing period
Survival Clause
✓ A clause in the contract for purchase and sale that , unless otherwise expressly
agreed to in writing by the buyer and seller, allows certain contractual
obligations to be performed after closing
Ratification
✓ Method of creating an agency relationship in which the principal accepts the
conduct of someone who acted without prior authorization as the principal's
agent
Net Operating Income (NOI)
✓ The income projected for an income-producing property after deducting losses
for vacancy and collection and operating expenses.
Straight Term Loan
✓ A loan in which only interest is paid during the term of the loan, with the entire
principal amount due with the final interest payment.
Top Mark !!!
, Top Mark Questions and Correct Verified Answers
Loan Origination Fee
✓ A fee charged to the borrower by the lender for making a mortgage loan. The
fee is usually computed as a percentage of the loan amount.
Adjustable Rate Mortgage
✓ A loan characterized by a fluctuating interest rate, usually one tied to a bank or
savings and loan association cost-of-funds index.
Fully Amortized Loan
✓ A loan consisting of equal, regular payments satisfying the total payment of
principal and interest by the due date.
Purchase Money Mortgage
✓ A note secured by a mortgage or deed of trust given by a buyer, as borrower, to
a seller, as lender, as part of the purchase price of the real estate.
Debit
✓ On a closing statement, an amount charged; an amount the party must pay at
settlement.
Credit
✓ On closing statement, an amount entered in a person's favor, a party that must
be reimbursed.
Acceleration Clause
Top Mark !!!
