GA MLS Real Estate Practical Final Exam With Complete Solutions.Safety Clause - Answer A negotiated period after the termination of the listing during which the listing broker may still be entitled to a commission if the property is sold to a buyer who was shown the property during the listing period Survival Clause - Answer A clause in the contract for purchase and sale that , unless otherwise expressly agreed to in writing by the buyer and seller, allows certain contractual obligations to be performed after closing Ratification - Answer Method of creating an agency relationship in which the principal accepts the conduct of someone who acted without prior authorization as the principal's agent Net Operating Income (NOI) - Answer The income projected for an income- producing property after deducting losses for vacancy and collection and operating expenses.Straight Term Loan - Answer A loan in which only interest is paid during the term of the loan, with the entire principal amount due with the final interest payment.Loan Origination Fee - Answer A fee charged to the borrower by the lender for making a mortgage loan. The fee is usually computed as a percentage of the loan amount.Adjustable Rate Mortgage - Answer A loan characterized by a fluctuating interest rate, usually one tied to a bank or savings and loan association cost-of-funds index.Fully Amortized Loan - Answer A loan consisting of equal, regular payments satisfying the total payment of principal and interest by the due date.Purchase Money Mortgage - Answer A note secured by a mortgage or deed of trust given by a buyer, as borrower, to a seller, as lender, as part of the purchase price of the real estate.Debit - Answer On a closing statement, an amount charged; an amount the party must pay at settlement.Credit - Answer On closing statement, an amount entered in a person's favor, a party that must be reimbursed.Acceleration Clause - Answer The clause un a mortgage or deed of trust that can be enforced to make the entire debt due immediately if the borrower defaults on an installment payment or other obligation Addendum - Answer Any provision added to an existing contract without altering the content of the original Amendment - Answer A change to the existing content of the contract, and must be initialed by all parties.
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