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