GA MLS Real Estate Practical Final Exam Questions With Answers 2023 Solution

GA MLS Real Estate Practical Final Exam Questions With Answers 2023 Solution Safety Clause - CORRECT ANS -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 ANS -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 ANS -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 ANS -The income projected for an income-producing property after deducting losses for vacancy and collection and operating expenses. Straight Term Loan - CORRECT ANS -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 ANS -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 ANS -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 ANS -A loan consisting of equal, regular payments satisfying the total payment of principal and interest by the due date.