GA MLS Real Estate Practical Final Exam Study Guide.

GA MLS Real Estate Practical Final Exam Study Guide. Safety Clause - answerA 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 - answerA 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 - answerMethod 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) - answerThe income projected for an income-producing property after deducting losses for vacancy and collection and operating expenses. Straight Term Loan - answerA 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 - answerA 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 - answerA 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 - answerA loan consisting of equal, regular payments satisfying the total payment of principal and interest by the due date. Purchase Money Mortgage - answerA note secured by a mortgage or deed of trust given by a buyer, as borrower, to a seller, as lender, as part of the purchase price of the real estate. Debit - answerOn a closing statement, an amount charged; an amount the party must pay at settlement. Credit - answerOn closing statement, an amount entered in a person's favor, a party that must be reimbursed. Acceleration Clause - answerThe clause un a mortgage or deed of trust that can be enforced to make the entire debt due immediately if the borrower defaults on an installment payment or other obligation