Please answer the following Georgia + National Salesperson Exam Q

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2017 GEORGIA + NATIONAL REAL ESTATE SALESPERSON EXAM QUESTIONS

Q1. what is the interest used in a mortgage loan? Simple or Compound Interest?

Q2. Can a seller transfer ownership/title of a property using metes and bound as the legal description that only shows the monument?

A. Yes if no other legal description is found later. B. No . C. Yes Provided the monuments are not artificial but natural. Please make suggestions/provide the correct answer if possible.

Q3. A salesperson faxed the list of available properties to prospective buyers, the salesperson should;

A. Include the company's name , B. Provide only telephone number to reply or call, c. Email same copies to prospective buyers, D. Opt out for future communication.

Q4. A salesperson had an open house. A buyer who attended the open house showed interest in the property, when should the salesperson contact the buyer?

Q5. Loss of land but the boundaries still remains is called what?

Q6. What's the primary purpose of Regulation Z?

Q7. Is VA loan for Veterans only or for Veterans and their family?

Q8. The purpose of Statutes of Freud is to reduce real estate contracts to writing....True or False?

Q9. What should a salesperson tell a customer that wants the salesperson to show him/her properties where children are not allowed?

Q10. Participant of first mortgage market?? A. The world Bank, B. Savings Bank, C. None of the above. Please provide the correct answer.

Q11. A landlord refused to rent to a qualified tenant. A. The landlord committed a criminal Act, B. The landlord violated RESPA rules/law, C. Punishable offence if there were damages, D. None of the above. Please provide the correct answer.

Q12. When should a buyer consult environmental expert/get an approval from EPA (Environmental Protection Agency) if interested in a certain property?

Q13. A minority asked a salesperson to show her an appartment in a minority neighborhood, what should the salesperson tell him/her?

Q14. What type of seller would consider Purchase Money Mortgage?

Q15. What is FHA 203b all about??

Q16. Is more or less used in Georgia as a starting point when referring to legal description ??

Q17. What is True about Open Listing? A. Renews automatically without the seller's signature, B. Must be signed by the seller in writing, C None of the above. Please provide the correct anwer.

Q18. What is/are Limited Common Element (s) in Real Estate?

Q19. What is Title III?

Q20. When filed for bankruptcy in a Limited partnership, how much do they stand to loose? A. The full amount they invested, B. Half of their initial investment, C. The amount the court/judge decides, D. None of the above. please provide the correct answer.

Q21. Interest paid first then the principal and nothing at the end is called what?

Q22. $80,000 loan, $20,000 down payment, what's the percentage? A. 5%, B. 60%, C. 75%, D. 80%.