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ACEABLE FINAL EXAM STUDY TERMS
(GA) QUESTIONS WITH ANSWERS.
A client request or instruction that is either illegal or unethical
does not fall under the duty of: - correct answer -obedience (The
duty of obedience does not apply when the principal's requests or
instructions are illegal or unethical in any way.)
Which of these statements best describes a limited partnership? -
correct answer -has at least one partner, who is personally liable
for the company's losses, and one limited partner, who is shielded
from liability (A limited partnership has at least one general
partner, who is personally liable for the company's losses, and
one limited partner, who is shielded from liability.)
what does a lifetime cap do? - correct answer -limits increase of
interest for the life of the loan (A lifetime cap limits the increase of
interest for the life of the loan.)
which of the following is NOT a form of evidence title? - correct
answer -equitable title (Evidence of title could be an opinion of
title, certificate of title, Torrens certificate, or title insurance.)
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All of the following are exempt from the Fair Housing Act
EXCEPT: - correct answer -bill, a real estate agent who is renting
2 units in a fourplex that he also lives in
With amortized loans, the borrower is: - correct answer -paying in
arrears (With amortized loans, the borrower is paying for what
they already owe instead of paying for what they will owe.)
Michelle is interested in purchasing a home where the listing
agreement does not allocate compensation for cooperating
brokers. She has a signed agreement with her buyer's agent for a
2% commission rate. What does this most likely mean for
Michelle? - correct answer -she will need to pay the commission
rate of her buyers agent on top of the final sales price (If the
listing agreement does not allocate compensation for cooperating
brokers, the responsibility for the compensation of the buyer's
agent is the responsibility of the buyer.)
What is FALSE about counteroffers? - correct answer -during the
countering process, the seller is not free to sell to someone else
(License holders need to make buyers aware that while they are
countering, the property IS still available and the seller is free to
sell it to someone else. The other answer choices are true about
counteroffers.)
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Corbin took out a non-amortized loan of $550,000. He ended up
paying $42,250 in interest over the year. What was Corbin's
interest rate? - correct answer -7.6 % (To find the interest rate,
you just need to divide the part (42,250) by the whole (550,000).
42,250 ÷ 550,000 = 7.6%)
What is the connection between the theory of a state and its
predominant foreclosure process? - correct answer -title theory
states tend to use a nonjudicial foreclosure process whereas lien
theory states typically employ judicial foreclosure (Lien theory
states typically employ a judicial foreclosure process while title
theory states tend to favor the use of a nonjudicial process.
Because the title in a title theory state is already in the hands of
the lender or a third-party trustee, it does not require nearly the
effort to foreclose on the property as it does in a lien theory state
where the title is held by the borrower.)
Which of these best describes a condo development, according to
the Georgia Condominium Act? - correct answer -a mall, where
store units are owned individually and common elements like
plazas and bathrooms are co-owned by all owners (A mall where
store units are owned individually and common elements like
plazas and bathrooms are co-owned by all owners is a condo
development in Georgia.)
ACEABLE FINAL EXAM STUDY TERMS
(GA) QUESTIONS WITH ANSWERS.
A client request or instruction that is either illegal or unethical
does not fall under the duty of: - correct answer -obedience (The
duty of obedience does not apply when the principal's requests or
instructions are illegal or unethical in any way.)
Which of these statements best describes a limited partnership? -
correct answer -has at least one partner, who is personally liable
for the company's losses, and one limited partner, who is shielded
from liability (A limited partnership has at least one general
partner, who is personally liable for the company's losses, and
one limited partner, who is shielded from liability.)
what does a lifetime cap do? - correct answer -limits increase of
interest for the life of the loan (A lifetime cap limits the increase of
interest for the life of the loan.)
which of the following is NOT a form of evidence title? - correct
answer -equitable title (Evidence of title could be an opinion of
title, certificate of title, Torrens certificate, or title insurance.)
, Page | 2
All of the following are exempt from the Fair Housing Act
EXCEPT: - correct answer -bill, a real estate agent who is renting
2 units in a fourplex that he also lives in
With amortized loans, the borrower is: - correct answer -paying in
arrears (With amortized loans, the borrower is paying for what
they already owe instead of paying for what they will owe.)
Michelle is interested in purchasing a home where the listing
agreement does not allocate compensation for cooperating
brokers. She has a signed agreement with her buyer's agent for a
2% commission rate. What does this most likely mean for
Michelle? - correct answer -she will need to pay the commission
rate of her buyers agent on top of the final sales price (If the
listing agreement does not allocate compensation for cooperating
brokers, the responsibility for the compensation of the buyer's
agent is the responsibility of the buyer.)
What is FALSE about counteroffers? - correct answer -during the
countering process, the seller is not free to sell to someone else
(License holders need to make buyers aware that while they are
countering, the property IS still available and the seller is free to
sell it to someone else. The other answer choices are true about
counteroffers.)
, Page | 3
Corbin took out a non-amortized loan of $550,000. He ended up
paying $42,250 in interest over the year. What was Corbin's
interest rate? - correct answer -7.6 % (To find the interest rate,
you just need to divide the part (42,250) by the whole (550,000).
42,250 ÷ 550,000 = 7.6%)
What is the connection between the theory of a state and its
predominant foreclosure process? - correct answer -title theory
states tend to use a nonjudicial foreclosure process whereas lien
theory states typically employ judicial foreclosure (Lien theory
states typically employ a judicial foreclosure process while title
theory states tend to favor the use of a nonjudicial process.
Because the title in a title theory state is already in the hands of
the lender or a third-party trustee, it does not require nearly the
effort to foreclose on the property as it does in a lien theory state
where the title is held by the borrower.)
Which of these best describes a condo development, according to
the Georgia Condominium Act? - correct answer -a mall, where
store units are owned individually and common elements like
plazas and bathrooms are co-owned by all owners (A mall where
store units are owned individually and common elements like
plazas and bathrooms are co-owned by all owners is a condo
development in Georgia.)
