Barney Fletcher - GA RE School Exam Questions
Study online at https://quizlet.com/_emt6wb
1. What is the tax assessment rate for all real property 40%
in Georgia?
2. What could happen if a property is sold at foreclo- Outstanding debts could be
sure and does not bring enough money to satisfy all pursued as a result of a defi-
of the debts secured by the property? ciency judgement
3. When foreclosure occurs, the payment priority of Date of recordation
most of the outstanding debts is established by:
4. With a traditional, fully amortized loan, the interest the month prior to the month
portion of a payment due and made on the first day the payment is made
of a month covers the interest for:
5. What type of loan has payments of interest only Straight loan
with the principal paid in full at the end of the loan
period?
6. If a loan balance is $125,000 and the interest rate $833.33
is 8%, how much of the next payment is paid in
interest?
7. In a graduated payment mortgage, the ________ Payment, interest rate
changes in an adjustable rate mortgage the _______
is subject to change.
8. What clause allows the lender to call the loan bal- Acceleration clause
ance due and payable because of non-payment?
9. The amendment that allows a lender to waive his Subordination amendment
lien priority in favor of another's is known as the:
10. A purchase money mortgage is a loan made by: The seller in a transaction
, Barney Fletcher - GA RE School Exam Questions
Study online at https://quizlet.com/_emt6wb
11. A mortgage secured by both real and personal prop- Package Mortgage
erty is a(n):
12. What type of mortgage exists when the lender pays Reverse Annuity (mortgage)
the borrower a fixed amount of money every mon-
ey?
13. The primary purpose of FHA is to _____ and the pri- Insure loans; guarantee loans
mary purpose of VA is to ________.
14. In a Land Sales Contract, who retains legal title to the Seller
property?
15. What Act has as its primary purpose to educate bor- Real Estate Settlement Proce-
rowers regarding the costs involved in a closing so dures Act (RESPA)
that the borrowers can shop for the best situation
for them?
16. Which of the following is true regarding a borrower's The payment includes pay-
mortgage payment assuming the payment is made ment of interest for the previ-
on time? ous 30 days
17. Professional appraisals for lenders are usually made help the lender decided
in order to: whether to make a loan
18. If you have several comparable properties as a part By weighing the adjusted
of your market analysis, how do you combine the sales prices of the compara-
values reached on each in order to estimate the bles and adding the weighted
value of the subject property? dollar amount of the group
19. Real estate agents look to many different sources Recently sold comparable
when working on a market analysis. Which of the properties
following sources would have the greatest effect on
establishing the property's value estimate?
Study online at https://quizlet.com/_emt6wb
1. What is the tax assessment rate for all real property 40%
in Georgia?
2. What could happen if a property is sold at foreclo- Outstanding debts could be
sure and does not bring enough money to satisfy all pursued as a result of a defi-
of the debts secured by the property? ciency judgement
3. When foreclosure occurs, the payment priority of Date of recordation
most of the outstanding debts is established by:
4. With a traditional, fully amortized loan, the interest the month prior to the month
portion of a payment due and made on the first day the payment is made
of a month covers the interest for:
5. What type of loan has payments of interest only Straight loan
with the principal paid in full at the end of the loan
period?
6. If a loan balance is $125,000 and the interest rate $833.33
is 8%, how much of the next payment is paid in
interest?
7. In a graduated payment mortgage, the ________ Payment, interest rate
changes in an adjustable rate mortgage the _______
is subject to change.
8. What clause allows the lender to call the loan bal- Acceleration clause
ance due and payable because of non-payment?
9. The amendment that allows a lender to waive his Subordination amendment
lien priority in favor of another's is known as the:
10. A purchase money mortgage is a loan made by: The seller in a transaction
, Barney Fletcher - GA RE School Exam Questions
Study online at https://quizlet.com/_emt6wb
11. A mortgage secured by both real and personal prop- Package Mortgage
erty is a(n):
12. What type of mortgage exists when the lender pays Reverse Annuity (mortgage)
the borrower a fixed amount of money every mon-
ey?
13. The primary purpose of FHA is to _____ and the pri- Insure loans; guarantee loans
mary purpose of VA is to ________.
14. In a Land Sales Contract, who retains legal title to the Seller
property?
15. What Act has as its primary purpose to educate bor- Real Estate Settlement Proce-
rowers regarding the costs involved in a closing so dures Act (RESPA)
that the borrowers can shop for the best situation
for them?
16. Which of the following is true regarding a borrower's The payment includes pay-
mortgage payment assuming the payment is made ment of interest for the previ-
on time? ous 30 days
17. Professional appraisals for lenders are usually made help the lender decided
in order to: whether to make a loan
18. If you have several comparable properties as a part By weighing the adjusted
of your market analysis, how do you combine the sales prices of the compara-
values reached on each in order to estimate the bles and adding the weighted
value of the subject property? dollar amount of the group
19. Real estate agents look to many different sources Recently sold comparable
when working on a market analysis. Which of the properties
following sources would have the greatest effect on
establishing the property's value estimate?
