GA MLS Real Estate Practical Final
Exam Question & Answers (Latest
update)
Safety Clause - CORRECT ANSWERS ✔✔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 ANSWERS ✔✔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 ANSWERS ✔✔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 ANSWERS
✔✔The income projected for an income-producing
property after deducting losses for vacancy and collection
and operating expenses.
Straight Term Loan - CORRECT ANSWERS ✔✔A loan
in which only interest is paid during the term of the loan,
, GA MLS Real Estate Practical Final
Exam Question & Answers (Latest
update)
with the entire principal amount due with the final
interest payment.
Loan Origination Fee - CORRECT ANSWERS ✔✔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 ANSWERS
✔✔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 ANSWERS ✔✔A
loan consisting of equal, regular payments satisfying the
total payment of principal and interest by the due date.
Purchase Money Mortgage - CORRECT ANSWERS
✔✔A 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.
Exam Question & Answers (Latest
update)
Safety Clause - CORRECT ANSWERS ✔✔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 ANSWERS ✔✔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 ANSWERS ✔✔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 ANSWERS
✔✔The income projected for an income-producing
property after deducting losses for vacancy and collection
and operating expenses.
Straight Term Loan - CORRECT ANSWERS ✔✔A loan
in which only interest is paid during the term of the loan,
, GA MLS Real Estate Practical Final
Exam Question & Answers (Latest
update)
with the entire principal amount due with the final
interest payment.
Loan Origination Fee - CORRECT ANSWERS ✔✔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 ANSWERS
✔✔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 ANSWERS ✔✔A
loan consisting of equal, regular payments satisfying the
total payment of principal and interest by the due date.
Purchase Money Mortgage - CORRECT ANSWERS
✔✔A 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.
