Ga Real Estate Questions

Front 1

The contract is not binding upon the parties until

Back 1

The acceptance of the offer has been communicated to the offeror

Front 2

The most significant component of an installment contract is

Back 2

The seller does not pass legal title at the time of contract

Front 3

The main difference between a sales agreement and an option agreement is

Back 3

One is bilateral and the other is unilateral

Front 4

A document which does not indicate how much, when how or even provide an obligation is most likely

Back 4

A right of first refusal

Front 5

The amount due from a borrower to cancel a debt over a period of time is referred to as the

Back 5

Debt service

Front 6

Interest on a real estate loan is most commonly known as

Back 6

Simple interest

Front 7

Which of the following best defines hypothecation

Back 7

A borrower retains the right to possess

Front 8

In a deed of trust the right conveyed to the lender is known as

Back 8

Naked title

Front 9

The primary motivation for the use of a security deed in GA rather than a mortgage is

Back 9

A security deed allows for non-judicial foreclosure

Front 10

Difference between equitable redemption and statutory redemption

Back 10

Statutory redemption is the rights of a borrower before foreclosure and equitable redemption is the rights of the borrower after foreclosure

Front 11

The clause in a security document which ends the lenders rights when the loan is satisfied is

Back 11

The defeasance clause

Front 12

What clause in a mortgage keeps a loan from being assumed by a buyer

Back 12

The alienation clause

Front 13

The form of foreclosure which will allow a lender to sell the property at a public auction and take possession of the property if it does not sell is

Back 13

A non judicial foreclosure

Front 14

The priority of a lien is usually determined by

Back 14

The date of recording the lien

Front 15

Betty lists a parcel of land for sale, when does Betty typically earn her commission

Back 15

When she produces a ready, willing and able buyer at contract price and terms

Front 16

Allen owns a property in oak cliff bluff subdivision and the developer has placed restrictions on each owner of protest in the development. These restrictions are an example of

Back 16

An encumbrance (deed restrictions)

Front 17

Which is an example of functional obsolescence

Back 17

Outdated kitchen (cannot be easily changed)

Front 18

Pricks has a lien placed on his property by a contractor for work which was done but not paid. If the lien is not enforced within 1 year, what will happen do the lien?

Back 18

The lien will expire

Front 19

Kirk lists his property for sale with a broker. Kirk wants to protect himself if he is successful in finding a buyer for the property through his own marketing, he should enter into a

Back 19

An exclusive agency listing agreement

Front 20

Who ultimately determines the value of a property

Back 20

The buyer

Front 21

A broker induced a person to enter into an option with a seller of a property the broker has listed, when is the brokers commission typically earned

Back 21

Upon exercise is of the option

Front 22

How do interest differ in condominium ownership versus ownership of single family detached

Back 22

In condominiums, there is common ownership and in single family detached there typically is not

Front 23

How does a right of first refusal differ from an option

Back 23

A right of first refusal does not have a price, an option does

Front 24

all of the following are concurrent forms of ownership which require all owners have an equal ownership interest except

Back 24

Tenancy in common

Front 25

Bob contracts to purchase a property from Jill. What is their relationship at the time of contract

Back 25

Bob as equitable title, Jill has legal title

Front 26

At a closing, a bill of sale was part of the closing documents. This would indicate :

Back 26

The purchase and sale included personal property

Front 27

Is a sellers property disclosure statement form required at closing

Back 27

Yes, this is the only way for a seller to provide marketable title

Front 28

Which beat describes a trade fixture

Back 28

An item which is purchased and installed by a tenant for use in a business

Front 29

Which of the following is commonality prorated at closing

Back 29

Mortgage interest

Front 30

Who does a closing attorney typically represent in a residential closing

Back 30

The lender

Front 31

The act which allows a buyer to request a closing statement before closing and required that it be provided with all known charges is

Back 31

The real estate settlement procedures act RESPA

Front 32

What is the primary purpose of an IRC 1031 exchange

Back 32

To allow a deferment of tax liability to a future date

Front 33

A primary difference between FHA program and the VA program is

Back 33

FHA makes loans and VA guarantees loans

Front 34

The IRS from 8300 must be used

Back 34

To report to the IRS anytime cash over 10,000 is received

Front 35

How long does a listing firm have to remove a for sale sign on a property

Back 35

10 days

Front 36

When 2 brokers, each representing an individual client, bring their clients together to negotiate on a property

Back 36

A single agency coop

Front 37

Can a associate broker become a qualifying broker at the same time for a different firm

Back 37

Yes with broker approval

Front 38

Which of the following would be eligible for a corporate license from the GREC (GA REAL ESTATE COMMISSION)

Back 38

A broker

Front 39

The ga property owners association act

Back 39

Makes liens automatic without filing

Front 40

The results at most real estate closings are governed by

Back 40

RESPA real estate settlement procedures act

Front 41

Who is authorized to conduct a closing in GA

Back 41

Only licensed practicing attorneys

Front 42

A contract is not binding upon the parties until

Back 42

The acceptance of the offer has been communicated to the offeror