The CE shop 75-HR GA Final Exam Missed
Questions and answers Newest 100% PASS
What method is most expedient when asking GREC to investigate a complaint? - Correct Answers A
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
sworn written request for investigation of a complaint against a licensee, instructor, or license applicant is
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
most expedient.
II! II!
II! In terms of encumbrances, what's a license? - Correct Answers A license is permission to do something
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! on another's land without actually possessing any interest or ownership in the land.
II! II! II! II! II! II! II! II! II! II! II! II!
II! What type of taxation does a limited liability company enjoy? - Correct Answers LLCs enjoy the same
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! pass-through taxation as do partnerships and sole proprietorships, but with the limited liability of a II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! corporation.
II! Which of the following is a closing cost that's usually paid by the seller? - Correct Answers The seller
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! must satisfy all existing liens in order to provide clear title to the buyer.
II! II! II! II! II! II! II! II! II! II! II! II! II!
II! The installment land contract is what type of financing? - Correct Answers Seller Financing: An
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! installment land contract is financed by the seller and usually results in the seller maintaining legal title to
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! the property until the loan is paid off, while the borrower maintains equitable title, which means that the
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! borrower has full rights to use and enjoy the property. II! II! II! II! II! II! II! II! II!
II! What's a marketable title? - Correct Answers A marketable title provides assurance that there are no
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! unrecorded liens or claims on the property. II! II! II! II! II! II! II!
AKA. A property with a title that is free and clear.
II! II! II! II! II! II! II! II! II! II!
II! Which of the following statements is true about the practice of seeking deficiency judgments? - Correct
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! Answers It is fallen out of favor, is no longer used in some states, and is not allowed by FHA. The practice
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! of seeking deficiency judgments has fallen out of favor and is no longer used in some states. Also, the FHA
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! does not allow deficiency judgments against loans it has insured, and the VA discourages them against
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! loans it's guaranteed. II! II!
II! What is it called when someone other than the owner claims title to real property? - Correct Answers
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! Adverse possession occurs when someone other than the owner claims title to real property.
II! II! II! II! II! II! II! II! II! II! II! II! II!
, II! The primary sources of law in Georgia include case law, common law, and __________. - Correct Answers
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
The primary sources of law in Georgia include case law, common law, and statutory law.
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! What is a real estate syndicate? - Correct Answers Real estate syndicates are organizations with many
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! investors who jointly participate in a real estate investment. II! II! II! II! II! II! II! II!
II! What type of agency relationship exists if an agent from ABC Realty represents a buyer and the seller is
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! affiliated with Net Realty? - Correct Answers Single II! II! II! II! II! II! II! II! II! II!
II! A license holder may have more than one claim against him. However, payments made from the Real
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! Estate Education, Research, and Recovery Fund on behalf of the license holder must not exceed what
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! amount? - Correct Answers Payments from the Real Estate Education, Research, and Recovery Fund for
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! claims against a single license holder are not to exceed $75,000.
II! II! II! II! II! II! II! II! II! II!
II! With an interest-only payment plan, ______. - Correct Answers With this type of payment, the borrower
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! pays only the interest for a specific amount of time, usually five to seven years. After that period, the loan
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! principal is due. II! II!
II! What is eminent domain? - Correct Answers Power of a government to take private property for public
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! use.
II! In what type of lease does the landlord pay taxes, maintenance, and insurance? - Correct Answers With
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! gross leases, the landlord typically pays all expenses, such as taxes, maintenance, and insurance.
II! II! II! II! II! II! II! II! II! II! II! II! II!
II! Which type of depreciation is a loss in value due to defects in a structure's design? - Correct Answers
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! Examples of functional obsolescence include something missing (like a main floor without a bathroom),
II! II! II! II! II! II! II! II! II! II! II! II! II!
II! an extra feature that adds no value, because it's not necessary or typical, or an outdated feature that's no
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! longer desirable. II!
II! Violators of the Sherman Antitrust Act may be subject to fines. For what amount may corporations and
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! individuals be liable? - Correct Answers Fines may reach up to $100 million for corporations and $1 II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! million for individuals. II! II!
Questions and answers Newest 100% PASS
What method is most expedient when asking GREC to investigate a complaint? - Correct Answers A
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
sworn written request for investigation of a complaint against a licensee, instructor, or license applicant is
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
most expedient.
II! II!
II! In terms of encumbrances, what's a license? - Correct Answers A license is permission to do something
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! on another's land without actually possessing any interest or ownership in the land.
II! II! II! II! II! II! II! II! II! II! II! II!
II! What type of taxation does a limited liability company enjoy? - Correct Answers LLCs enjoy the same
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! pass-through taxation as do partnerships and sole proprietorships, but with the limited liability of a II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! corporation.
II! Which of the following is a closing cost that's usually paid by the seller? - Correct Answers The seller
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! must satisfy all existing liens in order to provide clear title to the buyer.
II! II! II! II! II! II! II! II! II! II! II! II! II!
II! The installment land contract is what type of financing? - Correct Answers Seller Financing: An
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! installment land contract is financed by the seller and usually results in the seller maintaining legal title to
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! the property until the loan is paid off, while the borrower maintains equitable title, which means that the
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! borrower has full rights to use and enjoy the property. II! II! II! II! II! II! II! II! II!
II! What's a marketable title? - Correct Answers A marketable title provides assurance that there are no
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! unrecorded liens or claims on the property. II! II! II! II! II! II! II!
AKA. A property with a title that is free and clear.
II! II! II! II! II! II! II! II! II! II!
II! Which of the following statements is true about the practice of seeking deficiency judgments? - Correct
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! Answers It is fallen out of favor, is no longer used in some states, and is not allowed by FHA. The practice
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! of seeking deficiency judgments has fallen out of favor and is no longer used in some states. Also, the FHA
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! does not allow deficiency judgments against loans it has insured, and the VA discourages them against
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! loans it's guaranteed. II! II!
II! What is it called when someone other than the owner claims title to real property? - Correct Answers
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! Adverse possession occurs when someone other than the owner claims title to real property.
II! II! II! II! II! II! II! II! II! II! II! II! II!
, II! The primary sources of law in Georgia include case law, common law, and __________. - Correct Answers
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
The primary sources of law in Georgia include case law, common law, and statutory law.
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! What is a real estate syndicate? - Correct Answers Real estate syndicates are organizations with many
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! investors who jointly participate in a real estate investment. II! II! II! II! II! II! II! II!
II! What type of agency relationship exists if an agent from ABC Realty represents a buyer and the seller is
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! affiliated with Net Realty? - Correct Answers Single II! II! II! II! II! II! II! II! II! II!
II! A license holder may have more than one claim against him. However, payments made from the Real
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! Estate Education, Research, and Recovery Fund on behalf of the license holder must not exceed what
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! amount? - Correct Answers Payments from the Real Estate Education, Research, and Recovery Fund for
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! claims against a single license holder are not to exceed $75,000.
II! II! II! II! II! II! II! II! II! II!
II! With an interest-only payment plan, ______. - Correct Answers With this type of payment, the borrower
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! pays only the interest for a specific amount of time, usually five to seven years. After that period, the loan
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! principal is due. II! II!
II! What is eminent domain? - Correct Answers Power of a government to take private property for public
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! use.
II! In what type of lease does the landlord pay taxes, maintenance, and insurance? - Correct Answers With
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! gross leases, the landlord typically pays all expenses, such as taxes, maintenance, and insurance.
II! II! II! II! II! II! II! II! II! II! II! II! II!
II! Which type of depreciation is a loss in value due to defects in a structure's design? - Correct Answers
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! Examples of functional obsolescence include something missing (like a main floor without a bathroom),
II! II! II! II! II! II! II! II! II! II! II! II! II!
II! an extra feature that adds no value, because it's not necessary or typical, or an outdated feature that's no
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! longer desirable. II!
II! Violators of the Sherman Antitrust Act may be subject to fines. For what amount may corporations and
II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! individuals be liable? - Correct Answers Fines may reach up to $100 million for corporations and $1 II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II! II!
II! million for individuals. II! II!
