Blue Apple Real Estate Practice Exam Flashcards

Blue Apple Real Estate Practice Exam Flashcards Please select one of the following that is NOT an essential difference between property management and community

association management:1. In the former, there is a single

client - being the owner or ownership entity - while in the latter, there are multiple owners2. Community managers complete daily tasks contributing to the maintenance and renting of the owner's property3. A property manager doesn't have much day-to-day contact with the owner of the property, whereas, with community association management, the manager is always interacting with the owners4. Community managers deal with the owners and property managers deal with tenants Community managers complete daily tasks contributing to the maintenance and renting of the owner's property _____ is required before a building permit can be issued.Zoning Permit Any person who is licensed as a community association

manager, salesperson, associate broker, or broker:

Licensee Which of the following are known as an economic characteristic(s)?-Scarcity-Improvements-Area Preference-Permanence of Investment-All of the above All of the above

A consumer can receive a free credit score:1. Once a year

from one credit reporting company2. Every four months from different credit reporting companies3. Credit reports are never free4. Every six months from different credit reporting companies5. Monthly from all credit reporting companies Every four months from different credit reporting companies

Which term matches the definition: ________ is the period

of time that the ROI (Return on Investment) will be realized over.1. Life of Economic2. Economic of Life3. Economic Life4. Life Economic5. None of the above Economic Life What is a cease-and-desist order?1. An order requiring you to stop running the deceptive ad or engaging in deceptive practices2. An order to take educational classes3. An order to refund all money back to consumers for a deceptive product4. A fine An order requiring you to stop running the deceptive ad or engaging in deceptive practices What sets liens apart from other types of encumbrance?1.It lowers the property value2. It is created by the property owner voluntarily3. Rather than attaching to the owner of the property, it attaches to the property itself4. It involves a monetary claim against the value of a property It involves a monetary claim against the value of a property.What is it called when an agent overemphasizes a property's positive attributes?Puffing

Fill in the blank: _______ impacts the value of a

commodity.1. Scarcity2. Improvements3. Area Preference4. Permanence of Investment5. None of the above Scarcity Which of the following is an example of a disclosure required by the federal government?1. Neighborhood demographic data is available on a local website.2. The buyer should inspect the property for lead-based paint.3.The buyer is entitled to a copy of the covenants, conditions, and restrictions from the HOA.4. The seller needs to buy a home before she can close on the contract.The buyer should inspect the property for lead-based paint.

Real estate is considered illiquid because:1. It is often

difficult to convert to cash2. It cannot be moved3. Real estate is defined as land, not water4. Its physical form is fixed It is often difficult to convert to cash How many discount points make up 1% of the term balance?

• points

Select the option that does not apply to the Duties of a

borrower:1. Payment of the loan in accordance with the

terms of the promissory note2. Payment of all real estate taxes on the property used as a security3. Maintenance of adequate insurance to protect the lender in the event that the property is destroyed or damaged by fire, hazard, or other natural catastrophes4. To reduce the amount of interest paid over the life of a loan5. Receipt of lender authorization before making any major alterations on the property To reduce the amount of interest paid over the life of a loan

A Multiple Listing Service (MLS) is:1. A marketing tool2. A

listing site3. A networking site4. A shared database of real estate data and information5. None of the above A shared database of real estate data and information Who can settle the asking price for a seller's brokerage engagement?The seller What is the legal but unethical exaggeration of a property's benefits?Puffing

Market price is:What the property sells for

A lien is a(n):Security for a Debt

______ is any business entity, including, but not limited to:

a corporation, partnership, limited liability company, or a sole proprietorship.Firm Vincent's license is revoked for fraud by the Georgia Real Estate Commission, how long will Vincent have to wait to reapply for a new real estate license?10 years ________ refers to the repair of a property where lead paint may be affected.Lead Renovation

Define purchaser of stock:Shareholder

Define vacancy1. The total existing space of a certain type that is unoccupied at a given time2. A property that has no owner-occupant3. The total number of properties of a certain type that are on the market at a given time4. The absence of certain types of users in a given market area The total existing space of a certain type that is unoccupied at a given time

Define separate property:1. Receives ownership of benefits

within a trust2. Property owned by one spouse before marriage or acquired by one spouse during marriage by gift, inheritance, or with the proceeds of a separate property3. Property acquired during the marriage that is not separate property and requires the agreement of both spouses to be conveyed4. Two or more individuals may take one of four forms, dependent upon the state the property is located Property owned by one spouse before marriage or acquired by one spouse during marriage by gift, inheritance, or with the proceeds of a separate property Land, minerals beneath the earth's surface, water on/below the earth's surface, and the air above the surface all describe what?1. Any land and any property attached to it.2. Realty or immovable property3. Physical boundaries of land4. Contingent interest Physical boundaries of land All of these are the physical characteristics of land

EXCEPT:

Movable

Fill in the blank: Operations, such as _______, will have an

influence on the surrounding properties in the neighborhood.1. Airports2. Industrial Plants3. Recreational Facilities4. All of the above5. None of the above All of the above

Lenders generally look at a loan applicant's percentage of:Debt to income ratio

How do you find the millage rate?Divide the assessed value by $1,000 dollars.Two days after closing, the seller gives a $500 bonus

check to the selling agent. The agent should:1. Instruct the

seller to issue the check to the agent's broker2.Immediately deposit the check in his account3. Instruct seller that bonuses are illegal4. Cash the check and give the broker his share of the bonus Instruct seller that bonuses are illegal Which defines the HUD-1 Settlement Statement?1. That itemizes the estimated taxes, insurance premiums, and other charges2. That summarizes all escrow account deposits and payments during the servicer's computation year (12 months)3. That shows the charges imposed on borrowers and sellers with connection to the settlement4.That itemizes the estimated taxes, insurance premuims, and other charges and summarizes all escrow account deposits and payments during the servicer's computation year (12 months) That shows the charges imposed on borrowers and sellers with connection to the settlement.

RESPA stands for?Real Estate Settlement Procedures Act What conditions must be met to terminate a contract?1.One party assigns its rights to another.2. A third party joins the contract.3. It is impossible for one of the parties to perform.4. One of the parties decides not to go forward.5.Both parties assign rights to third parties.It is impossible for one of the parties to perform The Georgia Real Estate Commission was established nearly a century ago. What has been their purpose?-The enforcement of the GA License Law-To oversee and address complaints or violations against the real estate licensees-To be able to interpret and explain the license law-To establish and maintain regulations in order to prevent the real estate license holder from breaking the rules-All of these are true All of these are true

Define a partition:1. The legal action to force division or

sale of the property2. A song3. In the event of death, interests, and rights are passed to other joint tenants4.Renders fiduciary duties to trustor and beneficiary The legal action to force division or sale of the property In terms of Real Estate, what is a broker?1. An individual or firm who visits properties and determines the value of it based on the property's current condition.2. An individual or firm who is able to buy, sell, or lease real property on behalf of others.3. An individual or firm who serves as a private investor and privately funds the acquisition of real property.4. A licensed individual employed by or associated with the broker to perform real estate-related services which include but are not limited to buying, listing, leasing, and/or renting real property.An individual or firm who is able to buy, sell, or lease real property on behalf of others What does the due diligence period in the GAR contract mean?1. The buyer can terminate the contract for any reason during this period2. The buyer can only terminate with the seller's written permission during this period3. The buyer can terminate with either the seller's written or verbal permission during this period4. The buyer can terminate if the inspection reveals any issues during this period5. The buyer can terminate if the inspection reveals any safety issues during this period The buyer can terminate the contract for any reason during this period _______ is a radioactive gas that forms naturally when radioactive metals decompose.Radon Under Georgia Law, how do you calculate assessed value?1. 50% of the property's fair market value unless otherwise specified2. 30% of the property's fair market value unless otherwise specified3. 40% of the property's fair market value unless otherwise specified4. 25% of the property's fair market value unless otherwise specified 40% of the property's fair market value unless otherwise specified.