THE 2024/2025 CE SHOP FINAL EXAMS GEORGIA with 100% Correct verified answers Graded A, Exams of Business Administration

Download THE 2024/2025 CE SHOP FINAL EXAMS GEORGIA with 100% Correct verified answers Graded A and more Exams Business Administration in PDF only on Docsity! THE 2024/2025 CE SHOP FINAL EXAMS GEORGIA with 100% Correct verified answers Graded A 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 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 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 An entity used to pool mortgage loans and issue mortgage-backed securities Radon has natural origins and is a colorless, odorless, radioactive gas that's released when ______ decays. Kryptonite Lead Radonite Uranium 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 They're both supervised. Which of the following statements about junior loans is true? The cost to construct a reproduction only The expenses the property is expected to produce for the owner 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." "I'm sorry that you feel that way. I am obligated to obey the requests of my clients, but I'm going to need you to write up your request and sign it, so there's no way I can get in trouble for fair housing violations." "I'm sorry that you feel that way. If I can't change your mind, I think we should terminate our agreement, and you can look for another real estate professional." "Let's keep this off the record. We just need to make sure it all looks legitimate from the outside." "I'm sorry that you feel that way. If I can't change your mind, I think we should terminate our agreement, and you can look for another real estate professional." What's a benchmark? A permanent reference point for marking datums The beginning point for lot and block surveys The beginning point for metes and bounds surveys The beginning point for rectangular surveys A permanent reference point for marking datums Marcy listed her property with Jennings Homes in March. The market is slow, and Marcy's property isn't in great condition, though she's sure she can get top dollar for it because of its location. Her agent encourages her to either reduce the price or fix the property up, but she refuses. Both Marcy and her agent are frustrated. What's the best option for both of them? Bring in another agent to help price the property. Let the listing expire. One party or the other should terminate the listing. They can mutually agree to terminate the listing. They can mutually agree to terminate the listing. Which type of depreciation is a loss in value due to defects in a structure's design? Curable obsolescence External obsolescence Functional obsolescence Physical deterioration Functional obsolescence Broker Alex learns that his friend Joann is frustrated with the broker who listed her home. Alex encourages Joann to break her existing agency agreement and sign with him instead. This violation is an example of ______. Contractual interference Failure to disclose an agency relationship If there is an ongoing lawsuit with the association, an owner is still able to sell a unit Sometimes boards withhold information from other unit owners The entire budget is available only to the building developer Sometimes boards withhold information from other unit owners A lot with a front footage measuring 450 feet sold for $300,000. What was the cost per front foot? $135,000 per front foot $300,000 per front foot $667 per front foot $780 per front foot $667 per front foot In addition to defining the broker/worker professional relationship, independent contractor agreements also include which of the following? Provisions regarding copyright protection of photos and ownership of brokerage listings The number of hours the independent contractor is required to work per week. The office location in which the independent contractor must work an eight-hour day. The salary and benefits the firm will provide the independent contractor. Provisions regarding copyright protection of photos and ownership of brokerage listings M&R Lending has borrowers who are in default. Those borrowers have listed their house for sale and must obtain M&R's approval before they can accept any offers. What is this an example of? Deed in lieu of foreclosure Delinquency Foreclosure Short sale Short sale We have an expert-written solution to this problem! What's 35% of 650? (Round to the nearest whole number.) 19 2,275 22,750 228 228 Buyer Penelope adores the house at 212 Maple Street, but two weeks after making her offer, she's discovered it's got some issues that weren't identified on the state-required seller disclosure form. She still wants to buy the house. Since the seller appears to have lied on the disclosure form, what can Penelope do? Ask the seller to make the repairs needed, or ask for a credit to cover the cost of those repairs. Because the seller lied on the disclosure forms, the purchase contract is invalidated, so Penelope must make a new offer. Complete the transaction, then sue the seller for fraud. Borrower credit report Legal description of the property Lender disclosures Title insurance abstract Legal description of the property Barb's license was temporarily deactivated when she broke a real estate rule. What is the name for this penalty? Citation Renewal Revocation Suspension Suspension Home to Hearth Brokerage has an in-house transaction situation and has appointed one of its licensees to represent the buyer client and one to represent the seller client. The two licensees are acting as what type of agents? Both are acting as designated agents. Both are acting as special agents. The buyer agent is acting as a general agent and the seller agent is acting as an assigned agent. The buyer agent is acting as a special agent and the seller agent is acting as an appointed agent. Both are acting as designated agents. What is the purpose of a deed? It offers proof of a lender's lien on real property. It's a method of obtaining an abstract of title. It's used to determine a property's assessed value for property taxes. It's used to transfer real property from one party to another. It's used to transfer real property from one party to another. Which term describes a contract in which the parties have met all agreement terms? Executed Executory Incomplete Invalid Executed Which term refers to the ordinances/regulations that protect the community and control property development within subdivisions? Environmental impact statement Plat book Subdivision plat The existing loan has a lower interest rate than current market rates. The principal remaining on the existing loan is low. The transfer of the property will not need to be approved by the lender if the loan is assumed. The existing loan has a lower interest rate than current market rates. Why are the buyer and seller asked to initial each page of the sales contract? To force the parties to read all of the information on each page To indicate agreement with the terms stated on each page of the contract To make the contract enforceable in a court of law To prevent the substitution of any pages by either party To prevent the substitution of any pages by either party Clarisse is James's listing agent. She marketed the property well, but told James if it didn't sell, she'd buy it (with her broker's permission). She planned to turn it into a duplex but didn't tell James that for fear of offending him. Eventually she bought the place and did just that. Did she do anything wrong? No, because duplexes aren't a per se violation. No, because she had her broker's permission. Yes, because listing agents cannot buy their own listings. Yes, because she didn't disclose her plans for the duplex. Yes, because she didn't disclose her plans for the duplex. Jillian has a loan-to-value ratio of 90/10. This means ______. Her loan is 10% of the value of the real estate used as collateral and she's obtaining a second mortgage for 90%. Her loan is 90% of the value of the real estate used as collateral and she's putting 10% down. She's putting 10% down and pulling 90% from her IRA. The property is only worth 90% of the amount loaned. Her loan is 90% of the value of the real estate used as collateral and she's putting 10% down. Which federal lending act was introduced to combat lending discrimination in low- and moderate-income neighborhoods? Community Reinvestment Act Consumer Credit Protection Act Equal Credit Opportunity Act Home Mortgage Disclosure Act Community Reinvestment Act Gia is acting as a seller agent. Which of these is a duty she must perform? Keep the buyer informed. Market and sell the property. Negotiate for the buyer. Door to door Tax sale or tax foreclosure Using volunteer tax collectors Tax sale or tax foreclosure Which of the following opinions can a real estate licensee provide? An opinion regarding the appraisal value of a property An opinion regarding the effect of breaking an existing agreement to accept a new offer An opinion regarding the listing price An opinion regarding whether a roof needs to be replaced An opinion regarding the listing price The Kimballs and their lender have agreed to a loan modification. How is the loan modification documented? A loan modification agreement is signed, notarized, and recorded. A new note and security agreement are created and signed. A new note is signed by the borrower and given to the lender to hold. The original note and security agreement are annotated, initialed, and recorded. A loan modification agreement is signed, notarized, and recorded. A home sells for $225,000. Per the listing agreement, the total commission is 7% of the sales price. After half of that goes to the buyer's agent's managing broker Devin, the other half of it goes to Sheila, the buyer's agent. But the seller's agent, Kiko, also has an agreement with her brokerage for a 70/30 split, with the "70" going to her. How much is Kiko's commission? $15,750 $2,362.50 $5,512.50 $7,875 $5,512.50 ______ are items that go in the seller's credit column and the buyer's debit column. Credits Debits Prepaids Prorations Prepaids Your clients, the Samsons, ask you to provide them with an appraisal in order to determine a list price for their property. Since you're not an appraiser, what should you do? Provide them with a CMA and don't insult them by correcting them. Provide them with an appraisal using the Uniform Standard Appraisal Form. Tell them you're not an appraiser, but can provide them with a comparative market analysis, which is essentially the same thing. Trade-down buyer Trade-up buyer Trade-up buyer The Community Reinvestment Act requires federal ______ for compliance. Intervention Oversight Penalties Support Oversight When a buyer purchases a cooperative unit to live in, what types of shares are owned? Cooperative shares Sold shares Sponsor shares Unsold shares Sold shares What is a tract index? A file system created so lenders could avoid recording fees when buying and selling loans A file system that catalogs and classifies technical services A file system that groups parcels of land onto a page A file system that stores documents organized chronologically A file system that groups parcels of land onto a page Who generally writes a broker's price opinion? A buyer An appraiser A real estate broker for a buyer A real estate broker for a lender A real estate broker for a lender Which type of estate is a life estate? Commercial estate Freehold estate Industrial estate Leasehold estate Freehold estate What is the name of the required clause in a deed that states "to have and to hold"? A list of current tenants, when their leases are up, and how much each tenant is paying for rent Carla creates a trust to convey her assets to her children. Her brother, Alvin, is placed in charge of making sure the terms of the trust are carried out. In this example, Carla is the ________. Beneficiary Broker Trustee Trustor Trustor What is one reason that carbon monoxide could be called a "sneaky" toxin? It creeps in through the soil. It increases when the weather is rainy. It's odorless and tasteless. It's present in paint. It's odorless and tasteless. Which institution was created by Congress as the Federal Home Loan Mortgage Corporation (FHLMC) in 1970? Fannie Mae Farmer Mac Federal Home Loan Bank Freddie Mac Freddie Mac What effect will a property's utility have on the value if it's currently uninhabitable? Utility doesn't influence value. Value will be pushed downward. Value will be pushed upward. Value will remain the same. Value will be pushed downward. We have an expert-written solution to this problem! What are the loans the Federal Home Loan Bank makes to member banks called? Advances Collateralized mortgage obligations IOUs Mortgage-backed securities Advances What practice did the Fair Housing Act of 1968 attempt to eliminate? Discrimination based on marital status In what type of market might an agent ask the multiple buyers who have submitted offers to submit their highest and best? Cold Hot Neutral Stagnant Hot Which of the following is required on a real estate lease? Description of the premises Lessee and lessor rights Maintenance and repair policy Pet policy Description of the premises Which of the following is an example of a deed restriction? Eminent domain EPA wetland conservation guidelines Fence height Zoning regulation Fence height We have an expert-written solution to this problem! What's a survey? A description method that uses principal meridians and base lines A description of the land that specifies the boundaries and location of a specific piece of real property An object used as a boundary or starting point for a metes and bounds description A professional, on-site measurement of the lot lines and dimensions of a property A professional, on-site measurement of the lot lines and dimensions of a property How many cubic meters are in a container measuring 5.5 meters by 3.7 meters by 5 meters? 101.75 1.84 18.5 20.35 101.75 How common is judicial foreclosure? It's an outdated foreclosure process that's no longer used. It's limited to states on the west coast. It's only used by the U.S. Supreme Court. Their ownership rights terminate. The one who records title first gets the property. They become joint tenants with right of survivorship. Their ownership reduces to tenancy in common or joint tenancy. Which of these statements best illustrates the difference between general and specific liens? General liens attach to both personal and real property; specific liens attach to the property used as collateral. General liens may not exceed a value of $25,000; specific liens may be for any value. Specific liens attach only to personal property; general liens attach only to real property. Specific liens only attach to real property; general liens attach to either personal property or real property. General liens attach to both personal and real property; specific liens attach to the property used as collateral Victoria moved out of her apartment 15 days ago and left it in top condition. In accordance with Georgia law, when can Victoria expect to receive her security deposit refund? By the end of next month In five more days It should've been disbursed the day she moved out Within the next 30 days Within the next 30 days Agatha helped her client Rufus complete the form that documents Rufus's purchase offer to the seller for the property he'd like to buy. What is this form? Buyer representation agreement Listing agreement Promissory note Sales contract Sales contract Mary Jo is a real estate licensee who'd like to become a REALTOR®. What must she do? Become a licensed broker Become a member of any professional organization Become a member of NAR Have yearly commissions totaling $1.5 million or more Become a member of NAR What does a chain of title document establish? A chain of past title liens An abstract of title The path of title ownership over time Must be heard by two witnesses who have no interest in the estate Must be put into writing within 45 days Must be written by a third party with no interest in the estate Must be heard by two witnesses who have no interest in the estate What's Fannie Mae's mission? To help ensure all communities have access to mortgage credit To issue loans to low- to moderate- income borrowers To regulate loan originators To set low interest rates To help ensure all communities have access to mortgage credit Jordan is telling his friend Mike about a licensee that he knows in Atlanta that might be able to answer some of Mike's questions about buying a home. Which of the following describes a licensee? A person who holds an active real estate license A person who knows how to drive A person who represents a real estate buyer A purchaser, seller, tenant, or landlord who is not subject to a representation relationship with a real estate licensee A person who holds an active real estate license Airports, parks, and zoos are ________. Government-owned Owned by for-profit corporations Owned by the individuals who work at the courthouses and parks Privately owned Government-owned GREC has the authority to grant, suspend, sanction, revoke, or ________licenses. Create Deny Determine Replace Deny What's the most common method appraisers use to estimate construction costs? Hybrid Quantity survey Square-foot Unit-in-place Square-foot