Barney Fletcher - GARE School Exam Questions
with verified answers
A broker must conduct his business in the name: Ans✓✓✓ Under
which his license was issued
A licensed broker in another state may enter into a co-op agreement
with a Georgia Broker through a written agreement which includes:
Ans✓✓✓ That any advertising of Georgia property identify the listing
Georgia broker.
A mortgage secured by both real and personal property is a(n):
Ans✓✓✓ Package Mortgage
A purchase money mortgage is a loan made by: Ans✓✓✓ The seller in
a transaction
Accrued Interest Formula Ans✓✓✓ (LB x IF)/360 x (#days owe) =
Alice purchased a home and financed it using a mortgage which
included the term "amortized over 30 years, due and payable after 10
years." Which of the following statements is correct? Ans✓✓✓ The
loan is partially amortized loan AND The loan will have a balloon
payment
, An individual who successfully passes the state examination and has
otherwise qualified for a license has ___________ months to activate
or place inactive his/her license. Ans✓✓✓ 12
Annual Interest Ans✓✓✓ LA x IR(%) = Annual Interest
Anyone other than a salesperson who acts as a licensee on behalf of a
broker is a(n): Ans✓✓✓ Associate Broker
Commission members are: Ans✓✓✓ Appointed by governor and
approved by the Senate
Days of interest owed Ans✓✓✓ Days in month
- closing date
+1
= days of interest owed
Down Payment Ans✓✓✓ SP - Loan Amount
GRM (Gross Rent Multiplier) Ans✓✓✓ SP / Rent = GRM
GRM x rent = value
with verified answers
A broker must conduct his business in the name: Ans✓✓✓ Under
which his license was issued
A licensed broker in another state may enter into a co-op agreement
with a Georgia Broker through a written agreement which includes:
Ans✓✓✓ That any advertising of Georgia property identify the listing
Georgia broker.
A mortgage secured by both real and personal property is a(n):
Ans✓✓✓ Package Mortgage
A purchase money mortgage is a loan made by: Ans✓✓✓ The seller in
a transaction
Accrued Interest Formula Ans✓✓✓ (LB x IF)/360 x (#days owe) =
Alice purchased a home and financed it using a mortgage which
included the term "amortized over 30 years, due and payable after 10
years." Which of the following statements is correct? Ans✓✓✓ The
loan is partially amortized loan AND The loan will have a balloon
payment
, An individual who successfully passes the state examination and has
otherwise qualified for a license has ___________ months to activate
or place inactive his/her license. Ans✓✓✓ 12
Annual Interest Ans✓✓✓ LA x IR(%) = Annual Interest
Anyone other than a salesperson who acts as a licensee on behalf of a
broker is a(n): Ans✓✓✓ Associate Broker
Commission members are: Ans✓✓✓ Appointed by governor and
approved by the Senate
Days of interest owed Ans✓✓✓ Days in month
- closing date
+1
= days of interest owed
Down Payment Ans✓✓✓ SP - Loan Amount
GRM (Gross Rent Multiplier) Ans✓✓✓ SP / Rent = GRM
GRM x rent = value
