YOUR GATEWAY TO ACADEMIC EXCELLENCE
ACEABLE FINAL EXAM STUDY TERMS
(GA EXAM QUESTIONS WITH VERIFIED
ANSWERS)
, YOUR GATEWAY TO ACADEMIC EXCELLENCE
what is one way a co-op sales contract differs from the sales contract for a single-family
home? - ✓✓-the co-op sales contract includes a section detailing what the buyer must
do it they hope to gains the corporations board approval (One of the most important
differences is that purchasing cooperative shares requires the approval of the
corporation. So the co-op sales contract includes a section detailing what the buyer
must do if they hope to gain the corporation's approval (usually called "board approval").
which of the following BEST defines a circumstance requiring a real estate license? - ✓
✓-performing a real estate act for another party with the intent to receive compensation
(Performing a real estate act for another party with the intent to receive compensation
best defines the real estate license requirement.)
What is the MOST COMMON clause in listing agreements? - ✓✓-sign posting clause
which document provides a detailed list of each partys expenses at closing? - ✓✓-the
closing disclosure
how is debt service ratio calculated? - ✓✓-by dividing net operating income by total
debt service
What is NOT NEEDED when prorating an expense? - ✓✓-real estate transfer amount
(usually paid by seller)
what mortgage is short-term and paid out in draws? - ✓✓-construction mortgage
(lender pays funds to borrower in installments, called draws, as the construction
progress)
Molly wants to buy a property downtown so she will be closer to the local nightlife and
have a shorter work commute. Her interest in a property is greatly influenced by the
economic significance of the property's location. What is Molly influenced by? - ✓✓-
Situs (economic significance of a propertys location)
Seller Jordan chooses to not disclose an easement on his property and the buyer never
asks about it. What is this an example of? - ✓✓-Silent fraud
Agent Laura completed a CMA on a property her client was interested in making an
offer on. What kind of value was Laura attempting to determine? - ✓✓-Market Value
(CMA = comparative market analysis)
what does "vicarious liability" mean? - ✓✓-broker is responsible for their licensees
actions or omissions
what is easement by condemnation? - ✓✓-easement in which property is taken via
eminent domain and serves as a declaration that a structure must be closed because
it's unfit for occupants (An easement by condemnation is an easement in which private
ACEABLE FINAL EXAM STUDY TERMS
(GA EXAM QUESTIONS WITH VERIFIED
ANSWERS)
, YOUR GATEWAY TO ACADEMIC EXCELLENCE
what is one way a co-op sales contract differs from the sales contract for a single-family
home? - ✓✓-the co-op sales contract includes a section detailing what the buyer must
do it they hope to gains the corporations board approval (One of the most important
differences is that purchasing cooperative shares requires the approval of the
corporation. So the co-op sales contract includes a section detailing what the buyer
must do if they hope to gain the corporation's approval (usually called "board approval").
which of the following BEST defines a circumstance requiring a real estate license? - ✓
✓-performing a real estate act for another party with the intent to receive compensation
(Performing a real estate act for another party with the intent to receive compensation
best defines the real estate license requirement.)
What is the MOST COMMON clause in listing agreements? - ✓✓-sign posting clause
which document provides a detailed list of each partys expenses at closing? - ✓✓-the
closing disclosure
how is debt service ratio calculated? - ✓✓-by dividing net operating income by total
debt service
What is NOT NEEDED when prorating an expense? - ✓✓-real estate transfer amount
(usually paid by seller)
what mortgage is short-term and paid out in draws? - ✓✓-construction mortgage
(lender pays funds to borrower in installments, called draws, as the construction
progress)
Molly wants to buy a property downtown so she will be closer to the local nightlife and
have a shorter work commute. Her interest in a property is greatly influenced by the
economic significance of the property's location. What is Molly influenced by? - ✓✓-
Situs (economic significance of a propertys location)
Seller Jordan chooses to not disclose an easement on his property and the buyer never
asks about it. What is this an example of? - ✓✓-Silent fraud
Agent Laura completed a CMA on a property her client was interested in making an
offer on. What kind of value was Laura attempting to determine? - ✓✓-Market Value
(CMA = comparative market analysis)
what does "vicarious liability" mean? - ✓✓-broker is responsible for their licensees
actions or omissions
what is easement by condemnation? - ✓✓-easement in which property is taken via
eminent domain and serves as a declaration that a structure must be closed because
it's unfit for occupants (An easement by condemnation is an easement in which private
