THE CE SHOP (GEORGIA) FINAL EXAM – 100 QUESTIONS AND CORRECT DETAILED ANSWERS | ALREADY GRADED A+

THE CE SHOP (GEORGIA) FINAL EXAM – 100
QUESTIONS AND CORRECT DETAILED ANSWERS |
ALREADY GRADED A+
Question 1
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 Answer: A claim against a person and all of that person's property



Question 2
Which of the following discriminatory practices does the Home Mortgage Disclosure Act (HMDA) seek to
address?

 Blockbusting

 Credit reporting

 Mortgage applications

 Redlining
Correct Answer: Redlining



Question 3
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 Answer: An entity used to pool mortgage loans and issue mortgage-backed securities




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,Question 4
Radon has natural origins and is a colorless, odorless, radioactive gas that's released when ______
decays.

 Kryptonite

 Lead

 Radonite

 Uranium
Correct Answer: Uranium



Question 5
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 Answer: They're both supervised.



Question 6
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 Answer: The interest rate is usually higher than for a senior loan.



Question 7
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



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,  The real estate department
Correct Answer: Georgia Real Estate Commission



Question 8
How long can a broker wait after non-payment of a commission to record a lien against a commercial
property?

 30 days

 90 days

 One week

 One year
Correct Answer: 90 days



Question 9
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 Answer: "Ed Smith, DBA 'Ed Knows Real Estate'"



Question 10
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 Answer: Buyer



Question 11
The cost approach to finding an appraised value measures:


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