Barney Fletcher Real Estate – Questions With
Detailed Solutions
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Terms in this set (178)
deed Document/instrument used to transfer title to REAL
property
A broker started a real estate The broker must file a request with the secretary of
company wanting to use the name state
ABC Realty. What is true regarding this
situation?
A citizen phoned the GREC with a Even though he did not put it in writing, the GREC
complaint on a licensee. The GREC may investigate anyway at their own discretion
sent him a form to fill out. However, he
never followed up the complaint in
writing. What would the GREC do?
A handicap person wants to rent a The tenant can, at their expense, install the ramp and
home that has steps to the front door. must remove it at the end of the lease
What best describes the situation?
Which of the following does a broker Advertising copy
NOT have to keep for the GREC
auditors?
a. Listings
b. Contracts
c. Advertising copy
d. Closing statements
,Which of the following items could the Georgia Crime Information Center report
GREC require of a person before
issuing a license?'
a. A driver's license
b. The person must be a resident of
Georgia
c. Georgia Crime Information Center
report
d. U.S. citizenship
A salesperson was involved in a Fill in both the lease and the option on standard
transaction that consisted of a 6 forms and take to the broker for review
month lease and an option to
purchase. Which of the following
statements best describes how the
salesperson should handle the
documents?
a. Fill in the lease but not the option
b. Send the documents to an attorney
and have the attorney prepare the
forms
c. Fill in the option but not the lease as
the lease was for 6 months or less
d. Fill in both the lease and the option
on standard forms and take to the
broker for review
A secretary of a real estate company Give another agent in the office an address of a
has passed the state exam but not yet listing
received her license. Which of the
following activities could she do?
a. Give out information on listings to
the public
b. Pass out business cards with her
name on it
c. Give another agent in the office an
address of a listing
d. List but not show property
,Broker Carr had a 90 day exclusive a violation of state law
listing. One month after the listing
began, Broker Dole contacted the
seller and told him he had a buyer
moving in one month after the listing
terminates and asked the seller to sign
an agreement to take effect after the
listing expires. This is:
To supervise a branch office, you must a Broker or Associate Broker
be: To supervise in Georgia one must have some type of
broker's license, such as an Associate Broker or
Qualifying Broker.
Which of the following is not found in The property manager conducting an appraisal on
a property management agreement? the property once a year
A borrower applied for a VA first VA could allow the veteran to make up the difference
mortgage for $100,000. However, the in cash.
property appraised for $80,000. If the
buyer still wished to buy the property,
which could happen?
a. The veteran could not get the VA
loan because the price was higher
than the appraisal.
b. VA would require the veteran to get
a second mortgage for the difference.
c. VA could allow the veteran to make
up the difference in cash.
d. The broker could write up a
different contract for a different sales
price to take to the lender.
Interest that is calculated every month Simple Interest
based on the remaining loan balance
is best referred to as?
, Sam sold a property to Emma for $212.33
$225,000. Sam's loan balance was
$44,500 with an interest rate of 7%. (Closing after July 1st, paid in full. Seller credited 62
Emma's conventional loan was at 8% days - October 31st-December 31st)
with a 90% loan to value ratio. The
taxes for the year were $1250 and the $ 1,250 (annual tax) / 365 (days in year) = $ 3.4246 per
home owner's insurance was $495. day x 62 days = $ 212. 3287 = $ 212.33
Closing took place on October 30th.
Based on this information, answer the
following question. What was the
amount of the property tax proration?
Sam sold a property to Emma for $225.00
$225,000. Sam's loan balance was
$44,500 with an interest rate of 7%. NO LOAN BEING ASSUMED
Emma's conventional loan was at 8% $225, = 2250 x .10 = $225.00
with a 90% loan to value ratio. The
taxes for the year were $1250 and the
home owner's insurance was $495.
Closing took place on October 30th.
Based on this information, answer the
following question. How much was the
transfer tax?
Sam sold a property to Emma for $259.58
$225,000. Sam's loan balance was
$44,500 with an interest rate of 7%. (30 days = October 30th = Day of closing is included)
Emma's conventional loan was at 8% $ 44,500 (loan amount) x 7% (interest rate) = $ 3,115 /
with a 90% loan to value ratio. The 360 = 8.6527 x 30 days = $ 259.5833 = $259.58
taxes for the year were $1250 and the
home owner's insurance was $495.
Closing took place on October 30th.
Based on this information, answer the
following question. How much was the
accrued interest and to whom was it
paid?
Which of the following would not be A buyer assumed a $40,000 FHA insured first
covered under RESPA? mortgage on a $50,000 single-family residence.
Detailed Solutions
Save Groups
Terms in this set (178)
deed Document/instrument used to transfer title to REAL
property
A broker started a real estate The broker must file a request with the secretary of
company wanting to use the name state
ABC Realty. What is true regarding this
situation?
A citizen phoned the GREC with a Even though he did not put it in writing, the GREC
complaint on a licensee. The GREC may investigate anyway at their own discretion
sent him a form to fill out. However, he
never followed up the complaint in
writing. What would the GREC do?
A handicap person wants to rent a The tenant can, at their expense, install the ramp and
home that has steps to the front door. must remove it at the end of the lease
What best describes the situation?
Which of the following does a broker Advertising copy
NOT have to keep for the GREC
auditors?
a. Listings
b. Contracts
c. Advertising copy
d. Closing statements
,Which of the following items could the Georgia Crime Information Center report
GREC require of a person before
issuing a license?'
a. A driver's license
b. The person must be a resident of
Georgia
c. Georgia Crime Information Center
report
d. U.S. citizenship
A salesperson was involved in a Fill in both the lease and the option on standard
transaction that consisted of a 6 forms and take to the broker for review
month lease and an option to
purchase. Which of the following
statements best describes how the
salesperson should handle the
documents?
a. Fill in the lease but not the option
b. Send the documents to an attorney
and have the attorney prepare the
forms
c. Fill in the option but not the lease as
the lease was for 6 months or less
d. Fill in both the lease and the option
on standard forms and take to the
broker for review
A secretary of a real estate company Give another agent in the office an address of a
has passed the state exam but not yet listing
received her license. Which of the
following activities could she do?
a. Give out information on listings to
the public
b. Pass out business cards with her
name on it
c. Give another agent in the office an
address of a listing
d. List but not show property
,Broker Carr had a 90 day exclusive a violation of state law
listing. One month after the listing
began, Broker Dole contacted the
seller and told him he had a buyer
moving in one month after the listing
terminates and asked the seller to sign
an agreement to take effect after the
listing expires. This is:
To supervise a branch office, you must a Broker or Associate Broker
be: To supervise in Georgia one must have some type of
broker's license, such as an Associate Broker or
Qualifying Broker.
Which of the following is not found in The property manager conducting an appraisal on
a property management agreement? the property once a year
A borrower applied for a VA first VA could allow the veteran to make up the difference
mortgage for $100,000. However, the in cash.
property appraised for $80,000. If the
buyer still wished to buy the property,
which could happen?
a. The veteran could not get the VA
loan because the price was higher
than the appraisal.
b. VA would require the veteran to get
a second mortgage for the difference.
c. VA could allow the veteran to make
up the difference in cash.
d. The broker could write up a
different contract for a different sales
price to take to the lender.
Interest that is calculated every month Simple Interest
based on the remaining loan balance
is best referred to as?
, Sam sold a property to Emma for $212.33
$225,000. Sam's loan balance was
$44,500 with an interest rate of 7%. (Closing after July 1st, paid in full. Seller credited 62
Emma's conventional loan was at 8% days - October 31st-December 31st)
with a 90% loan to value ratio. The
taxes for the year were $1250 and the $ 1,250 (annual tax) / 365 (days in year) = $ 3.4246 per
home owner's insurance was $495. day x 62 days = $ 212. 3287 = $ 212.33
Closing took place on October 30th.
Based on this information, answer the
following question. What was the
amount of the property tax proration?
Sam sold a property to Emma for $225.00
$225,000. Sam's loan balance was
$44,500 with an interest rate of 7%. NO LOAN BEING ASSUMED
Emma's conventional loan was at 8% $225, = 2250 x .10 = $225.00
with a 90% loan to value ratio. The
taxes for the year were $1250 and the
home owner's insurance was $495.
Closing took place on October 30th.
Based on this information, answer the
following question. How much was the
transfer tax?
Sam sold a property to Emma for $259.58
$225,000. Sam's loan balance was
$44,500 with an interest rate of 7%. (30 days = October 30th = Day of closing is included)
Emma's conventional loan was at 8% $ 44,500 (loan amount) x 7% (interest rate) = $ 3,115 /
with a 90% loan to value ratio. The 360 = 8.6527 x 30 days = $ 259.5833 = $259.58
taxes for the year were $1250 and the
home owner's insurance was $495.
Closing took place on October 30th.
Based on this information, answer the
following question. How much was the
accrued interest and to whom was it
paid?
Which of the following would not be A buyer assumed a $40,000 FHA insured first
covered under RESPA? mortgage on a $50,000 single-family residence.
