Barney Fletcher - GA RE School Exam Questions and Answers

Barney Fletcher - GA RE School Exam Questions and Answers What is the tax assessment rate for all real property in Georgia? - Ans ️️ 40% What could happen if a property is sold at foreclosure and does not bring enough money to satisfy all of the debts secured by the property? - Ans ️️ Outstanding debts could be pursued as a result of a deficiency judgement When foreclosure occurs, the payment priority of most of the outstanding debts is established by: - Ans ️️ Date of recordation With a traditional, fully amortized loan, the interest portion of a payment due and made on the first day of a month covers the interest for: - Ans ️️ the month prior to the month the payment is made What type of loan has payments of interest only with the principal paid in full at the end of the loan period? - Ans ️️ Straight loan If a loan balance is $125,000 and the interest rate is 8%, how much of the next payment is paid in interest? - Ans ️️ $833.33 In a graduated payment mortgage, the ________ changes in an adjustable rate mortgage the _______ is subject to change. - Ans ️️ Payment, interest rate What clause allows the lender to call the loan balance due and payable because of non-payment? - Ans ️️ Acceleration clause