Aceable Practice exam Flashcards

Aceable Practice exam Flashcards Which of these is a unique trait of title theory? If the trustor defaults, the beneficiary can foreclose on the property without the involvement of judicial proceedings. It is easier and faster for lenders to file for foreclosure on properties in title theory states Andres wants to put his property in a trust to avoid probate should he pass away, but he also wants to be able to remove the property and change the trustee and beneficiary if possible. What kind of trust is best suited to his needs?Living, revocable trust A franchisee in Georgia needs to include which names in their advertisement for properties?Franchise name and the firm name An unlicensed assistant in Georgia can do all of the

following EXCEPT:

Discuss the attributes or amenities of a property.Under which of the listing agreements below is a listing agent promised a commission if the property is sold?Under an exclusive right-to-sell listing agreement, a listing agent is promised a commission if the property is sold.Jimmy is installing hardwood floors in his square room. The dimensions of the room are 25 feet by 10 feet. What is the area of this room in square yards?The room is 27.78 square yards. 25ft x 10ft = 250SF ÷ 9 = 27.78 square yards

Conforming loans can:be sold on the secondary market.

Which of the clauses below is MOST LIKELY found in a transaction coordinator agreement?A independent service provider clause Ophelia put a client's down payment into a trust account that also held her personal finances. The next day, she used money from the trust account for a car payment. This

is an example of:

Commingling is simply the mixing of funds. Even if a client's money is not spent, the mixing is still a no-go.Conversion occurs when funds (which have likely been commingled) are actually spent on something. Ophelia has converted funds.Which of these mortgage types is short-term and paid out in draws?In a construction mortgage, the lender pays funds to a borrower in installments, called draws, as the construction progresses A lease-option agreement would be ideal for a buyer who:With a lease-option agreement, the person leasing the property has the ability to purchase the property after a certain time, often having the prior lease payments go towards the sales price.What are the protected classes under the federal Fair Housing Act?race, color, religion, national origin, sex, disability, and familial status.Which of these is a person who is licensed to represent one of the parties in a real estate transaction in exchange for a commission or other valuable consideration?A person who is licensed to represent one of the parties in a real estate transaction in exchange for a commission or other valuable consideration is a real estate broker.

Straight loans are also referred to as:interest-only loans

Quinn, a husband and father, dies intestate. What will happen to his property?Quinn's property will be distributed among his heirs

Which of these is an example of a police power? Zoning Written agreement, oral agreement, or action are three

ways to establish:

Mutual consent to an agency relationship can be established through written agreement, oral agreement, or action.Which of the clauses below is MOST COMMON in listing agreements?Sign posting clause Which of these is NOT an example of a deed restriction?Building code is not a deed restriction The S 1/2 of the NE 1/4 of the SW 1/4 of a section would measure how many acres?The S 1/2 of the NE 1/4 of the SW 1/4 of a section would measure 20 acres.Frank, an agent, is advertising a home that he owns and rents out. Under Georgia regulations, he must do all of the

following EXCEPT:

include his personal address Which of the following statements is TRUE regarding trade fixtures?Trade fixtures are items that a tenant uses in their business that will be removed at the end of the lease. They are considered personal property.Seller Peter is unaware that his property was once the site of a landfill. He fails to make this disclosure to the buyer.Which of the following is TRUE?He is not liable because he cannot be expected to disclose material facts unknown to him.How is debt service coverage ratio calculated? by dividing the net operating income (cash flow after all expenses and debts are paid) by total debt service (current debt obligations).In the same way that full performance is considered the best way a contract can be discharged, what is considered the best way that an offer can be terminated?Acceptance You're doing a CMA on a five-bedroom, three-bath, 2,700-square-foot property. In your area, bedrooms are worth $20,000, baths $10,000, and square footage $200 per square foot. Your comp is a five-bedroom, four-bath, 2,900-square-foot home that recently sold for $540,000.What is the adjusted value of your comp?$540,000 - (200 x 200 = $40,000) - $10,000 = $490,000 Which of these statements best describes a limited partnership?A limited partnership has at least one general partner, who is personally liable for the company's losses, and one limited partner, who is shielded from liability.When Bart approached his lender for a loan to buy a ranch, he was given two offers, one with the loan secured by the property being purchased and one as an unsecured note.Which of the two loan offers do you think had the better (lower) interest rate and why?Even without knowing many of the details, it's very likely that the SECURED LOAN would feature the better interest rate. Having property serve as collateral on the loan lowers the risk for the lender, and the interest rate offered will reflect that lower risk.A building has a NOI of $250,000 and a cap rate of 4%.Using the income approach, what is the value of the building?The NOI divided by the 4% cap rates gives you a value of

$6,250,000.

Which of these is an example of forbearance? A movie star signing an endorsement contract with a soda company wherein they agree to not drink the cola beverages of a competitor is an example of a forbearance agreement.

What is the amount a property generates after taking into account other factors such as vacancy losses and additional revenue sources?Effective gross income is the amount a property generates after taking into account other factors such as vacancy losses and additional revenue sources.Vinnie's spouse dies unexpectedly. Vinnie wonders what will happen to him and the estate he shared with his spouse. Considering Vinnie is a Georgia resident, which of

the following is TRUE:

Georgia has no right of survivorship for spouses.The Loan Estimate and the Closing Disclosure are the disclosure forms required by which law or regulation's rules?

TRID What is a non-refundable form of compensation given to buyer's agents in case the buyer does not purchase a property?A retainer fee is a non-refundable form of compensation given to buyer's agents in case the buyer does not purchase a property.What is a lien for which the real estate AND personal property may be sold to satisfy the debt?General lien A 10-foot river runs along the border of Royce's property.What rights govern his use of this water?Riparian What is a servient tenement?a parcel of land that must allow an adjacent owner to cross; an easement appurtenant exists at the expense of this party What is the perimeter of a rectangular lot whose sides measure 58 feet long and 34 feet wide?184 feet Michelle is interested in purchasing a home where the listing agreement does not allocate compensation for cooperating brokers. She has a signed agreement with her buyer's agent for a 2% commission rate. What does this most likely mean for Michelle?If the listing agreement does not allocate compensation for cooperating brokers, the responsibility for the compensation of the buyer's agent is the responsibility of the buyer A property's annual property taxes equalled $6,480. The seller owes the buyer for 1 month and 15 days of prorated property taxes. Using the 360-day calendar, how much does the seller owe the buyer?First you need to find the monthly rate. Just divide $6,480 by 12, which equals $540. To find the daily rate, you just need to divide $6,480 by 360, which equals $18. So, $18 multiplied by 15 days equals $270. So, $540 for the month and $270 for the 15 days together equals $810.Which of these best describes a condo development, according to the Georgia Condominium Act?A mall where store units are owned individually and common elements like plazas and bathrooms are co-owned by all owners is a condo development in Georgia.What is the third phase of an environmental assessment?Remediation What is the interest in an estate wherein, upon the death of the life estate owner, full ownership reverts to the original fee simple owner?reversionary interest On the advice of a real estate broker, Harold calls up Lender Lisa to get a ballpark figure as to how big of a mortgage loan he could afford. The Lender Lisa asks Harold how much he makes and, based on what Harold tells her, states a general range for which Harold could

probably get financing. What step of the loan approval process is Harold in at this point?pre-qualification What are three primary tasks for a buyer's agent when taking on a new client?locating a suitable property, negotiating the best possible offer, and preparing the buyer for closing Perry signed a graduated lease with her landlord. Which of the following is TRUE?the rental rate increases over time in specific increments.