GA REAL ESTATE EXAM PRACTICE QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED.| latest update 2024/25|

GA REAL ESTATE EXAM PRACTICE QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED. When applying for a loan, what is a fixed rate? - -A loan that has a predetermined repayment interest rate What act prohibits discrimination based on race or color? - -Civil Right Acts Of 1866 What is the financial document that contains a written promise to fulfill a certain payment? - - Promissory note What is the term used to describe the act of replacing an existing mortgage with another? - - Refinancing What are not examples of an appurtenant right? - -Furnace, swimming pool, air conditioning etc. What is the name given to the banking option that allows a customer to deposit a specified amount for a predetermined period of time? - -Certificate of deposit If a seller nets $225,000 after paying a 10% fee, what was the total he received? - -$225,000/(1- 0.1)=$250,000 What is the name given to the rate earned for borrowing or an investment per year? - -Annual percentage rate Other than buying a home using traditional channels, what other methods can a prospective owner use to buy a home? - -Public auctions What is the reviewing of a borrower's credit worthiness prior to loan approval? - -Pre-qualification What is the document that is used to transfer legal rights to act in the interest of a person? - -Power of attorney What type of listing only guarantees commission for a sale within a specified period? - -Exclusive listing Exclusive listing-listing between seller and agent that commission can only be earned when sale is made within specified time. what type of brokerage mandates that the broker acts in the best interest of the buyer? - -Single agency What is the name of a transaction where both the buyer and seller are seeking the best deal? - - Arms-length transaction What is the name given to modification of billing calculation dates? - -Adjustment dates This is the changing of a date where calculations of items such as property taxes, rent and damage deposits are done. What is the name of the mortgage that is transferred by the seller to the buyer? - -Assumable mortgage Buyer absorbs the seller's remaining debt instead of taking out new mortgage. What is the contract that secures a future transaction? - -Call option What does an exclusive listing contract need to be considered valid? - -Specified expiration date What is it when another state recognizes your real estate license? - -Reciprocity Allows agents to obtain a real estate license in another state by taking the reciprocal state's exam