The CE Shop :Final Exam Georgia
What is a general lien?
A claim against a person and all of that person's
property A claim against a specific piece of
property
A type of mortgage lien
A type of tax lien Correct answers A claim against a person and all of
that person's property
Which of the following discriminatory practice does the Home Mortgage
Disclosure Act (HMDA) seek to address?
Blockbusting
Credit
reporting
Mortgage
applications
Redlining
Correct
answers
Redlining
What is a real
estate
mortgage
investment
conduit
(REMIC)?
A company that owns, and usually operates, income-producing real
estate An entity used to pool mortgage loans and issue mortgage-
backed securities
An organization that manages income-producing real estate
properties.
An organization with many investors who jointly participate in a real estate
investment Correct answers An entity used to pool mortgage loans and
issue mortgage-backed securities
,Radonite
Uranium Correct answers Uranium
Which of the following statements applies to both employees and
independent contractors?
They can set their own work
hours. They're both
supervised.
They're not required to work in
a specific location.
They're paid by the job and not by the hour Correct answers They're both
supervised. Which of the following statements about junior loans is true?
A junior loan cannot have a higher principal than a
senior loan. A senior loan must be repaid before a
junior loan.
The interest rate is usually higher than for a senior
loan.
The interest rate is usually lower than for a senior loan. Correct answers
The interest rate is usually higher than for a senior loan.
Duncan is a real estate licensee. Which Georgia entity is responsible for
adopting rules and regulations to enforce license law regarding Duncan's
activities?
Georgia General Assembly
Georgia Real Estate
Commission
The Real Estate
Commissioner
The real estate department
Correct answers Georgia Real
Estate Commission
How long can a broker wait after non-payment of a commission to record a
lien against a commercial property?
30 days
, One year Correct answers 90 days
Ed Smith is a sole proprietor using the trade name "Ed Knows Real Estate."
Under what name may Ed legally conduct business?
"Ed Knows Real Estate, DBA Ed
Smith" "Ed" or "Ed Smith" only
"Ed Smith, DBA 'Ed Knows Real
Estate'"
"Ed Smith" or "Ed Knows Real Estate" Correct answers "Ed Smith, DBA
'Ed Knows Real Estate'"
Jeremy has just finished completing his loan application and has gathered
supporting documentation needed to determine whether the application will
be approved. Which of these titles best describes who Jeremy is?
Buyer
Closing
attorney
Lender
Seller Correct
answers
Buyer
The cost approach to finding an appraised value measures
. The cost to acquire a property only
The cost to acquire land and construct a
reproduction The cost to construct a
reproduction only
The expenses the property is expected to produce for the owner Correct
answers The cost to acquire land and construct a reproduction
How should a licensee respond to a client who asks to be shown property
based on the racial makeup of neighborhoods?
"I'll do my best, but just to make sure it doesn't look suspicious, we'll need
to include at least one showing in a different neighborhood."
What is a general lien?
A claim against a person and all of that person's
property A claim against a specific piece of
property
A type of mortgage lien
A type of tax lien Correct answers A claim against a person and all of
that person's property
Which of the following discriminatory practice does the Home Mortgage
Disclosure Act (HMDA) seek to address?
Blockbusting
Credit
reporting
Mortgage
applications
Redlining
Correct
answers
Redlining
What is a real
estate
mortgage
investment
conduit
(REMIC)?
A company that owns, and usually operates, income-producing real
estate An entity used to pool mortgage loans and issue mortgage-
backed securities
An organization that manages income-producing real estate
properties.
An organization with many investors who jointly participate in a real estate
investment Correct answers An entity used to pool mortgage loans and
issue mortgage-backed securities
,Radonite
Uranium Correct answers Uranium
Which of the following statements applies to both employees and
independent contractors?
They can set their own work
hours. They're both
supervised.
They're not required to work in
a specific location.
They're paid by the job and not by the hour Correct answers They're both
supervised. Which of the following statements about junior loans is true?
A junior loan cannot have a higher principal than a
senior loan. A senior loan must be repaid before a
junior loan.
The interest rate is usually higher than for a senior
loan.
The interest rate is usually lower than for a senior loan. Correct answers
The interest rate is usually higher than for a senior loan.
Duncan is a real estate licensee. Which Georgia entity is responsible for
adopting rules and regulations to enforce license law regarding Duncan's
activities?
Georgia General Assembly
Georgia Real Estate
Commission
The Real Estate
Commissioner
The real estate department
Correct answers Georgia Real
Estate Commission
How long can a broker wait after non-payment of a commission to record a
lien against a commercial property?
30 days
, One year Correct answers 90 days
Ed Smith is a sole proprietor using the trade name "Ed Knows Real Estate."
Under what name may Ed legally conduct business?
"Ed Knows Real Estate, DBA Ed
Smith" "Ed" or "Ed Smith" only
"Ed Smith, DBA 'Ed Knows Real
Estate'"
"Ed Smith" or "Ed Knows Real Estate" Correct answers "Ed Smith, DBA
'Ed Knows Real Estate'"
Jeremy has just finished completing his loan application and has gathered
supporting documentation needed to determine whether the application will
be approved. Which of these titles best describes who Jeremy is?
Buyer
Closing
attorney
Lender
Seller Correct
answers
Buyer
The cost approach to finding an appraised value measures
. The cost to acquire a property only
The cost to acquire land and construct a
reproduction The cost to construct a
reproduction only
The expenses the property is expected to produce for the owner Correct
answers The cost to acquire land and construct a reproduction
How should a licensee respond to a client who asks to be shown property
based on the racial makeup of neighborhoods?
"I'll do my best, but just to make sure it doesn't look suspicious, we'll need
to include at least one showing in a different neighborhood."
