Barney Fletcher - GA RE School Exam Questions and
answers Newest RATED A+ 2025/2026 100% PASS
What is the tax assessment rate for all real property in Georgia? - CORRECT ANSWERS 40%
What could happen if a property is sold at foreclosure and does not bring enough money to
satisfy all of the debts secured by the property? - CORRECT ANSWERS Outstanding debts could
be pursued as a result of a deficiency judgement
When foreclosure occurs, the payment priority of most of the outstanding debts is established
by: - CORRECT ANSWERS Date of recordation
With a traditional, fully amortized loan, the interest portion of a payment due and made on the
first day of a month covers the interest for: - CORRECT ANSWERS the month prior to the month
the payment is made
What type of loan has payments of interest only with the principal paid in full at the end of the
loan period? - CORRECT ANSWERS Straight loan
If a loan balance is $125,000 and the interest rate is 8%, how much of the next payment is paid
in interest? - CORRECT ANSWERS $833.33
In a graduated payment mortgage, the changes in an adjustable rate mortgage the
is subject to change. - CORRECT ANSWERS Payment, interest rate
What clause allows the lender to call the loan balance due and payable because of non-
payment? - CORRECT ANSWERS Acceleration clause
, The amendment that allows a lender to waive his lien priority in favor of another's is known as
the: - CORRECT ANSWERS Subordination amendment
A purchase money mortgage is a loan made by: - CORRECT ANSWERS The seller in a
transaction
A mortgage secured by both real and personal property is a(n): - CORRECT ANSWERS Package
Mortgage
What type of mortgage exists when the lender pays the borrower a fixed amount of money
every money? - CORRECT ANSWERS Reverse Annuity (mortgage)
The primary purpose of FHA is to and the primary purpose of VA is to .-
CORRECT ANSWERS Insure loans; guarantee loans
In a Land Sales Contract, who retains legal title to the property? - CORRECT ANSWERS Seller
What Act has as its primary purpose to educate borrowers regarding the costs involved in a
closing so that the borrowers can shop for the best situation for them? - CORRECT ANSWERS
Real Estate Settlement Procedures Act (RESPA)
Which of the following is true regarding a borrower's mortgage payment assuming the
payment is made on time? - CORRECT ANSWERS The payment includes payment of interest for
the previous 30 days
Professional appraisals for lenders are usually made in order to: - CORRECT ANSWERS help the
lender decided whether to make a loan
answers Newest RATED A+ 2025/2026 100% PASS
What is the tax assessment rate for all real property in Georgia? - CORRECT ANSWERS 40%
What could happen if a property is sold at foreclosure and does not bring enough money to
satisfy all of the debts secured by the property? - CORRECT ANSWERS Outstanding debts could
be pursued as a result of a deficiency judgement
When foreclosure occurs, the payment priority of most of the outstanding debts is established
by: - CORRECT ANSWERS Date of recordation
With a traditional, fully amortized loan, the interest portion of a payment due and made on the
first day of a month covers the interest for: - CORRECT ANSWERS the month prior to the month
the payment is made
What type of loan has payments of interest only with the principal paid in full at the end of the
loan period? - CORRECT ANSWERS Straight loan
If a loan balance is $125,000 and the interest rate is 8%, how much of the next payment is paid
in interest? - CORRECT ANSWERS $833.33
In a graduated payment mortgage, the changes in an adjustable rate mortgage the
is subject to change. - CORRECT ANSWERS Payment, interest rate
What clause allows the lender to call the loan balance due and payable because of non-
payment? - CORRECT ANSWERS Acceleration clause
, The amendment that allows a lender to waive his lien priority in favor of another's is known as
the: - CORRECT ANSWERS Subordination amendment
A purchase money mortgage is a loan made by: - CORRECT ANSWERS The seller in a
transaction
A mortgage secured by both real and personal property is a(n): - CORRECT ANSWERS Package
Mortgage
What type of mortgage exists when the lender pays the borrower a fixed amount of money
every money? - CORRECT ANSWERS Reverse Annuity (mortgage)
The primary purpose of FHA is to and the primary purpose of VA is to .-
CORRECT ANSWERS Insure loans; guarantee loans
In a Land Sales Contract, who retains legal title to the property? - CORRECT ANSWERS Seller
What Act has as its primary purpose to educate borrowers regarding the costs involved in a
closing so that the borrowers can shop for the best situation for them? - CORRECT ANSWERS
Real Estate Settlement Procedures Act (RESPA)
Which of the following is true regarding a borrower's mortgage payment assuming the
payment is made on time? - CORRECT ANSWERS The payment includes payment of interest for
the previous 30 days
Professional appraisals for lenders are usually made in order to: - CORRECT ANSWERS help the
lender decided whether to make a loan
