The CE shop 75-HR GA Final Exam Missed

The CE shop 75-HR GA Final Exam Missed Questions and Verified Correct Answers Latest Update 2024-2025 Guaranteed Success 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 ANSWER: Payments from the Real

Estate Education, Research, and Recovery Fund for claims against a single license holder are not to exceed $75,000.

A limited liability company combines some advantages of which two types of

structures? - CORRECT ANSWER: An LLC combines the advantages of a partnership

with the legal shield offered by corporations

A mortgage is a legally binding document that creates a lien on a piece of property and gives the lender the right to foreclose on the property if the borrower defaults. Who or what entity is

considered the mortgagee? - CORRECT ANSWER: The lender holds the mortgage on

the property, so the lender is the mortgagee.

Agency may be legally terminated in which of the following ways? - CORRECT ANSWER: Broker incapacitation can legally terminate an agency agreement. If an agent is incapacitated, the broker can assign a new agent to the client.

As part of the sales contract, Garth, the seller, was supposed to provide a copy of the seller's disclosure to the buyer, Melanie, but he failed to do so. What type of contract is this? -

CORRECT ANSWER: A voidable contract can be cancelled by one or more parties

because it's missing an essential element. In this situation, Melanie, the buyer, has the right to cancel the contract and have her earnest money refunded.

Bart is an independent contractor. That means that his managing broker, Lee, has the

right to ______. - CORRECT ANSWER: A broker can require independent contractors

to achieve certain results, but isn't allowed to control how that work is done.

Borrowers with which credit rating are considered subprime? - CORRECT ANSWER:

The underlying FICO score that creates a credit rating is subject to change, but borrowers with less than an A- rating are considered subprime.

Buyer Penelope adores the house at 212 Maple Street, but two weeks after making her offer, she's discovered it's got some issues that weren't identified on the state-required This study source was downloaded by 100000887486668 from CourseHero.com on 06-27-2024 02:49:02 GMT -05:00 https://www.coursehero.com/file/228081575/The-CE-shop-75-HR-GA-Final-Exam-Missed-Questions-and-Verified-Correct-Answers-Latest-Update-2024-202/

seller disclosure form. She still wants to buy the house. Since the seller appears to have lied on the disclosure form, what can Penelope do? - CORRECT ANSWER: If Penelope still wants to buy the house, she can ask the seller to either make the repairs that are needed prior to closing, or have the seller give her a credit at closing to cover the cost of those repairs.

Cultivated crops are considered personal property even though they're part of the soil,

and they're known as _______. - CORRECT ANSWER: Cultivated crops are considered

personal property even though they're part of the soil, and they're known as emblements.

Darcy signed an exclusive right-to-sell agreement with licensee Shane, which gives Shane authority to ______. - CORRECT ANSWER: An exclusive right-to-sell agreement gives the agent the authority to market, negotiate, and sell the property

Eleanor is moving from a starter home into something a little larger. Her agent has cautioned her against making the offer on the new place contingent on the sale of Eleanor's starter home.

Why the caution? - CORRECT ANSWER: Contingencies make offers less attractive.

The sellers might consider an offer without a prior home sale contingency more favorably, since it will likely have a faster close.

From a real estate professional's point of view, what's the purpose of qualifying buyers?

• CORRECT ANSWER: The purpose of qualifying buyers is to determine their readiness

to work with you, and their readiness to purchase. It's also important to establish that they're not already exclusively represented by another agent.

Georgia has a Uniform Partnership Act, which allows a partnership to hold title to real property. Which of the following is true? - CORRECT ANSWER: If the partnership is using an assumed business name, it must file that name with the secretary of state.

Gregory is a widower who subsequently remarried. The couple lives in a large house Gregory owns in severalty. When they decide to downsize, Gregory grants an ordinary life estate in the property to his daughter from his first marriage, Giselle. He names Giselle's son Will as remainderman. When will the property revert to Gregory's current wife, Dora? -

CORRECT ANSWER: Never - Since Gregory didn't keep a right of reversion, the

property won't revert to him, and it certainly won't revert to Dora. The life estate will terminate upon Giselle's death, and fee simple ownership will transfer to the remainderman, identified as her son Will.This study source was downloaded by 100000887486668 from CourseHero.com on 06-27-2024 02:49:02 GMT -05:00 https://www.coursehero.com/file/228081575/The-CE-shop-75-HR-GA-Final-Exam-Missed-Questions-and-Verified-Correct-Answers-Latest-Update-2024-202/

How does the Federal Housing Administration help prospective homeowners? -

CORRECT ANSWER: The FHA mortgage insurance program insures lenders against

loss in the case of borrower default on qualified mortgages.

In most transactions involving a buyer or seller, real estate agents have limited authority to act on behalf of their clients. Therefore, which type of agency relationship are they in? - CORRECT ANSWER: In most transactions involving a buyer or seller, the real estate agent acts as a special or limited agent, whose primary role is to find or sell the house.

In terms of encumbrances, what's a license? - CORRECT ANSWER: A license is

permission to do something on another's land without actually possessing any interest or ownership in the land.

In what type of lease does the landlord pay taxes, maintenance, and insurance? - CORRECT ANSWER: With gross leases, the landlord typically pays all expenses, such as taxes, maintenance, and insurance.

In what way may municipalities collect delinquent property taxes? - CORRECT

ANSWER: The two methods are via tax foreclosure and tax sale.

In which of the following situations would an agent be representing a customer in a real

estate purchase? - CORRECT ANSWER: Never! A real estate agent may only

represent a client, not a customer. Agency involves an agency agreement. Customers are owed certain duties, but agency is not one of them.

Jacob lost his job in an economic slump and is behind on his mortgage. Georgia is a non judicial foreclosure state. Which section of his security deed gives his lender to right to sell the

property if he defaults? - CORRECT ANSWER: The Transfer of Rights in Property

section gives the lender power of sale, meaning the lender can sell the property without judicial proceedings if the borrower defaults.

Kathy mistakenly duplicates reporting an asset on her mortgage loan application. Is she in

violation of Georgia's Mortgage Fraud Act? - CORRECT ANSWER: No, because it

wasn't an intentional misrepresentation. GRMFA covers only intentional misrepresentation of information

Radon has natural origins and is a colorless, odorless, radioactive gas that's released

when ______ decays. - CORRECT ANSWER: Radon is an off-gassing of uranium.

Ralph leases 1,000 square feet in a large warehouse. The lease agreement requires him to pay portions of the landlord's taxes, insurance, and maintenance, in addition to the amount he pays to lease the space. What type of lease does Ralph have? - This study source was downloaded by 100000887486668 from CourseHero.com on 06-27-2024 02:49:02 GMT -05:00 https://www.coursehero.com/file/228081575/The-CE-shop-75-HR-GA-Final-Exam-Missed-Questions-and-Verified-Correct-Answers-Latest-Update-2024-202/

CORRECT ANSWER: A lease in which the tenant pays taxes, insurance, and

maintenance is a triple net lease.

Sue Ellen has a contract to buy Roger's house, which she has always admired, when Roger decides he's ready to move to a senior living community. After Roger finds a suitable senior apartment and moves, Sue Ellen writes a check for the agreed-upon amount, and Roger transfers the deed to her. What is happening in this scenario? - CORRECT ANSWER: This is an example of contract performance. Performance means that the two parties have met the terms of the contract.

Sue, the seller, and Carl, the buyer, are preparing to close on their transaction. Who is responsible for reviewing the settlement statement before closing? - CORRECT

ANSWER: The buyer and seller are both responsible for reviewing the settlement

statement before closing.

The ______ clause in a deed of trust allows the lender to foreclose non-judicially. -

CORRECT ANSWER: The power-of-sale clause can be understood as the borrower

granting to the lender a right to sell the property in case of default, making this a non-judicial foreclosure.

The appraisal report submitted to Jenkins, the lender, notes that the property is being conveyed with all property rights intact. Which step in the appraisal process does this represent? - CORRECT ANSWER: The first step in the appraisal process is to state the problem. This includes a description of the rights associated with the property

The installment land contract is what type of financing? - CORRECT ANSWER: 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.

The Knolls are purchasing a property and are concerned about the title. They want to have a title search performed. Who can perform a title search? - CORRECT ANSWER: A title search is most commonly performed by a lawyer, qualified title searcher, or title insurance company on behalf of a prospective buyer.

The number of properties available describes this factor that influences value. - CORRECT ANSWER: Scarcity is related to demand, and reflects the supply of property, or lack thereof.This study source was downloaded by 100000887486668 from CourseHero.com on 06-27-2024 02:49:02 GMT -05:00 https://www.coursehero.com/file/228081575/The-CE-shop-75-HR-GA-Final-Exam-Missed-Questions-and-Verified-Correct-Answers-Latest-Update-2024-202/