Barney Fletcher - GA RE School Exam Questions Well Arranged

Barney Fletcher - GA RE School Exam Questions Well Arranged What is the tax assessment rate for all real property in Georgia? -Correct Answer-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 Answer-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 Answer-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 Answer-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 Answer-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 Answer-$833.33 In a graduated payment mortgage, the ________ changes in an adjustable rate mortgage the _______ is subject to change. -Correct Answer-Payment, interest rate What clause allows the lender to call the loan balance due and payable because of non-payment? -Correct Answer-Acceleration clause The amendment that allows a lender to waive his lien priority in favor of another's is known as the: -Correct Answer-Subordination amendment A purchase money mortgage is a loan made by: -Correct Answer-The seller in a transaction A mortgage secured by both real and personal property is a(n): -Correct Answer-Package Mortgage