GA MLS Real Estate Practical Final Exam | 2025 update latest most tested questions and verified
answers graded A+ | ASSURED SUCCESS
Safety Clause - correct answer 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 - correct answer 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 - correct answer 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) - correct answer The income projected for an income-producing
property after deducting losses for vacancy and collection and operating expenses.
Straight Term Loan - correct answer 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.
Loan Origination Fee - correct answer 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 - correct answer 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 - correct answer A loan consisting of equal, regular payments satisfying
the total payment of principal and interest by the due date.
Purchase Money Mortgage - correct answer 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 - correct answer On a closing statement, an amount charged; an amount the party must
pay at settlement.
Credit - correct answer On closing statement, an amount entered in a person's favor, a party
that must be reimbursed.
Acceleration Clause - correct answer The clause un a mortgage or deed of trust that can be
enforced to make the entire debt due immediately if the borrower defaults on an installment
payment or other obligation
Addendum - correct answer Any provision added to an existing contract without altering the
content of the original
Amendment - correct answer A change to the existing content of the contract, and must be
initialed by all parties.
answers graded A+ | ASSURED SUCCESS
Safety Clause - correct answer 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 - correct answer 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 - correct answer 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) - correct answer The income projected for an income-producing
property after deducting losses for vacancy and collection and operating expenses.
Straight Term Loan - correct answer 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.
Loan Origination Fee - correct answer 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 - correct answer 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 - correct answer A loan consisting of equal, regular payments satisfying
the total payment of principal and interest by the due date.
Purchase Money Mortgage - correct answer 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 - correct answer On a closing statement, an amount charged; an amount the party must
pay at settlement.
Credit - correct answer On closing statement, an amount entered in a person's favor, a party
that must be reimbursed.
Acceleration Clause - correct answer The clause un a mortgage or deed of trust that can be
enforced to make the entire debt due immediately if the borrower defaults on an installment
payment or other obligation
Addendum - correct answer Any provision added to an existing contract without altering the
content of the original
Amendment - correct answer A change to the existing content of the contract, and must be
initialed by all parties.
