GA MLS Real Estate Practical Final Exam | 2025
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Terms in this set (55)
A negotiated period after the termination of the listing
during which the listing broker may still be entitled to
Safety Clause
a commission if the property is sold to a buyer who
was shown the property during the listing period
A clause in the contract for purchase and sale that ,
unless otherwise expressly agreed to in writing by the
Survival Clause
buyer and seller, allows certain contractual
obligations to be performed after closing
, Method of creating an agency relationship in which
the principal accepts the conduct of someone who
Ratification
acted without prior authorization as the principal's
agent
The income projected for an income-producing
Net Operating Income
property after deducting losses for vacancy and
(NOI)
collection and operating expenses.
A loan in which only interest is paid during the term of
Straight Term Loan the loan, with the entire principal amount due with the
final interest payment.
A fee charged to the borrower by the lender for
Loan Origination Fee making a mortgage loan. The fee is usually computed
as a percentage of the loan amount.
A loan characterized by a fluctuating interest rate,
Adjustable Rate Mortgage usually one tied to a bank or savings and loan
association cost-of-funds index.
A loan consisting of equal, regular payments
Fully Amortized Loan satisfying the total payment of principal and interest
by the due date.
A note secured by a mortgage or deed of trust given
Purchase Money
by a buyer, as borrower, to a seller, as lender, as part
Mortgage
of the purchase price of the real estate.
On a closing statement, an amount charged; an
Debit
amount the party must pay at settlement.
On closing statement, an amount entered in a
Credit
person's favor, a party that must be reimbursed.
The clause un a mortgage or deed of trust that can be
enforced to make the entire debt due immediately if
Acceleration Clause
the borrower defaults on an installment payment or
other obligation
Any provision added to an existing contract without
Addendum
altering the content of the original
update latest most tested questions and verified
answers graded A+ | ASSURED SUCCESS
Practice questions for this set
Learn
Studied 7 terms
Nice work. You’re doing brilliantly.
Continue studying in Learn
Terms in this set (55)
A negotiated period after the termination of the listing
during which the listing broker may still be entitled to
Safety Clause
a commission if the property is sold to a buyer who
was shown the property during the listing period
A clause in the contract for purchase and sale that ,
unless otherwise expressly agreed to in writing by the
Survival Clause
buyer and seller, allows certain contractual
obligations to be performed after closing
, Method of creating an agency relationship in which
the principal accepts the conduct of someone who
Ratification
acted without prior authorization as the principal's
agent
The income projected for an income-producing
Net Operating Income
property after deducting losses for vacancy and
(NOI)
collection and operating expenses.
A loan in which only interest is paid during the term of
Straight Term Loan the loan, with the entire principal amount due with the
final interest payment.
A fee charged to the borrower by the lender for
Loan Origination Fee making a mortgage loan. The fee is usually computed
as a percentage of the loan amount.
A loan characterized by a fluctuating interest rate,
Adjustable Rate Mortgage usually one tied to a bank or savings and loan
association cost-of-funds index.
A loan consisting of equal, regular payments
Fully Amortized Loan satisfying the total payment of principal and interest
by the due date.
A note secured by a mortgage or deed of trust given
Purchase Money
by a buyer, as borrower, to a seller, as lender, as part
Mortgage
of the purchase price of the real estate.
On a closing statement, an amount charged; an
Debit
amount the party must pay at settlement.
On closing statement, an amount entered in a
Credit
person's favor, a party that must be reimbursed.
The clause un a mortgage or deed of trust that can be
enforced to make the entire debt due immediately if
Acceleration Clause
the borrower defaults on an installment payment or
other obligation
Any provision added to an existing contract without
Addendum
altering the content of the original
