GA Post Flashcards
Adrian signed a non-exclusive buyer agreement with Georgia licensee Derrick. What’s a disadvantage to a buyer working with a salesperson non-exclusively?
The licensee may put the buyer’s needs behind those of exclusive clients.
Why should you have a buyer meet you in your offices for the first time?
It demonstrates a level of professionalism
To substantially reduce his liability, what should Carson always recommend his buyer clients get?
Professional home inspection
Suppose an appraiser tells a seller a ballpark range of value for the listed property. What is this considered, per USPAP?
A formal opinion of value
Emmet, your seller client, balked at disclosing his roof’s true condition on the property disclosure form. “I already marked how old it is,” he said. “Everybody knows roofs in this state only last about 15 years, tops. So any buyers will know it’s almost time to replace the roof.” What should you tell him?
To protect himself from a potential lawsuit and/or costly repairs later, he needs to honestly disclose the roof’s true condition.
Using preprinted purchase agreement forms is the standard, but ______.
You should know what to fill in the blanks
Which of the following statements about the relationship between credit scores and mortgage financing is true?
Lower credit scores equate to higher mortgage interest rates.
What is a kickback?
An illegal referral fee
After closing, the attorney is responsible for ______.
Recording the deed
The cost approach to finding appraised value measures value as a cost of ________.
Production
You shouldn’t be expected to work for free; therefore, it’s within your rights to ________.
Pre-qualify any buyer before deciding to work with the buyer
Which of the following is NOT a typical cause for a lawsuit related to property disclosures?
Improper pricing
Rosa is a broker. She knows that one of the best steps she can take to minimize her risk is to ________.
Adopt a standardized set of policies and procedures for her agents to follow.
Standing silently with your arms folded ______.
Conveys a message
When are mortgage brokers and/or lenders required to provide buyers with the Loan Estimate form?
When buyers submit a loan application, or within three business days after submitting a loan application
To communicate effectively and avoid misunderstandings, with what do you need to begin?
Creating a foundation of understanding
Bella decides to shop online for a loan because such lenders are known for providing ________.
Multiple rates at once
Walt is planning to use a 203(k) loan to rehab the foreclosed home he just purchased. Which of the following can he use the loan to cover?
Roof repair
The three types of appraisals most commonly used are the _______, the cost approach and the income approach.
Sales comparison
Frances has been working with a difficult client who might question her fair housing practices. She’s diligently ______to help protect herself if she’s accused of committing fair housing violations.
Kept a record of her conversations and communications with this client
A buyer with a $400,000 loan has a monthly principal and interest payment of $2,661.21. If $2,333.33 is interest, what is the new principal balance after the first payment is applied?
$399,672.12
Toni works with a great lender. When she’s asked by a new buyer for a referral, Toni should ________.
Provide three quality names, including her lender
You’re conducting your visual inspection of your client’s property and come across a room painted in psychedelic colors. Should you note this as an adverse material defect for disclosure to potential buyers?
No, this is not an adverse material defect.
Before you write a purchase agreement, you should contact the ______.
Listing licensee
Sellers who are reluctant to fill out a property condition disclosure statement need to know that ______.
Full disclosure will offer more protection from liability lawsuits
A buyer with a $350,000 loan has a monthly principal and interest payment of $2,102.36. If $1,801.23 is interest, what’s the new principal balance after the first payment is applied?
$349,698.87
Determine which of the following statements regarding copyright and fair use is true.
The fair use doctrine does not stipulate a maximum word usage.
Rupert is a licensee preparing for a listing appointment. He’ll use an analysis of ______ to create a strategy when setting a list price.
Market indicators
What’s the name of loans that sellers may use to borrow equity from their listed property to buy their next property?
Bridge/swing loan
A seller wants to break even after the broker’s commission of 5% and loan balance of $300,000 are paid. At what price must the house sell?
$315,789
A buyer anticipates a house payment of $1,000 per month, with monthly homeowner association fees of $150. The buyer also has a car payment of $400 per month. If the buyer earns a monthly gross income of $5,000, what is the total debt ratio?
31%
A buyer’s offer may be rejected by ______ in a short sale.
The lender
The type of valuation a real estate licensee uses is generally the ________ approach.
Sales comparison
Most residential appraisals are developed and reported using the Fannie Mae ________ form.
Uniform Residential Appraisal Report
While market dynamics may dictate a different strategy, as a general rule, it’s best to use comparables that are no more than ______ old.
Six months
What is the name of the gas caused by a breakdown of uranium in soil?
Radon
Which of these has examples of antitrust violations common to real estate?
Tie-in arrangements, market allocation agreements, and group boycotting
Foreclosed homes ______ sell at auction.
Rarely
Which of the following individuals would NOT be eligible to qualify for a VA loan?
The ex-spouse of a service member
What should Marcie always rely on to safeguard against risks such as potential conflicts of interest?
Written disclosures
All of the following are included in the role of a buyer representative EXCEPT ________.
Selecting the buyer’s lender
If the comparable is inferior to the subject house, _______.
Adjust the sales price upward for the comparable
You’re with your buyer client Yasmin at a final walk-through of the house she’s buying. Which of the following are you primarily there to determine?
To make sure the property hasn’t deteriorated since you and Yasmin last saw it
When you’re customer-focused, with positive intentions, what’s an expected result of those efforts?
Positive results will follow.
When a negotiation is not going smoothly, criticizing the other party is ________.
Harmful and often results in a power struggle between parties
When an appraisal report will be more than four months old on the date of the note and mortgage, what is the appraiser required to do?
Inspect the exterior of the property and review current market data
The first document you should provide to a new buyer is ________.
An agency disclosure
Basic behavioral frames for being proactive include all of the following EXCEPT ________.
Refusing to listen to feedback
When communicating with someone, keep in mind that ______ is the most important part.
The response
Which one of the following is a true statement about asbestos?
It is not safe at any level.
