1. Each of the following would necessarily be present in any adjustable rate mortgage, EXCEPT:

a. An index rate

b. A margin

c. An adjustment period

d. Negative amortization

2. Sam has a Georgia real estate salesperson's license, although it is on inactive status and he is not currently affiliated with any broker. Sam purchases a home through Shady Acres, a licensed Georgia real estate broker. Shady Acres does not disclose numerous adverse material facts about the property and Sam pays a great deal of money repairing the property. He sues Shady Acres and obtains a judgment, but is unable to collect it. Sam files a claim with the Real Estate Education, Research, and Recovery Fund. What payment is Sam most likely to receive from this fund?

a. $15,000

b. $45,000

c. $50,000

d. $0.00

3. Salesperson Steve works for ACME Real Estate. Steve has obtained a listing contract with a homeowner. Salesperson Sally also works for ACME Real Estate and has a buyer who is interested in purchasing the home. ACME appoints Steve to represent the seller and Sally to represent the buyer. Which of the following statements is correct regarding this situation?

a. This is an example of designated agency, and none of the licensees are acting as dual agents

b. This is an example of designated agency, and ACME is acting as a dual agent

c. This is an example of acting as transaction brokers, and none of the licensees are acting as dual agents

d. This is an example of a dual agency arrangement

4. Sam completed his Georgia salespersons postlicense course on July 10th. His license was not issued until July 30 of the following calendar year. Does Sam need to repeat his postlicense course?

a. No, since he completed the course prior to the expiration of one year after the date his license was issued

b. No, since there no time limit for completing the postlicense course

c. Yes, since his license was issued more than one year after completing the postlicense course

d. Yes, since he is not supposed to enroll in the prelicense course prior to the issuance of his license

5. An agent had a listing on a home. The owner died prior to the expiration of the listing. A buyer had made an offer which had yet to be accepted when the owner died. Which of the following statements is correct?

a. The death of the owner would terminate both the offer and the listing

b. The offer would be terminated, but not the listing

c. The offer would be terminated, but the listing would only be terminated if it were a non-exclusive listing

d. The buyer who made the offer could sue to force the sale of the property and the agent would be entitled to the commission

6. Lenders use the ratio of the borrower's total debt payments to income:

a. As a loan qualifying tool for residential mortgages

b. As an appraisal tool for commercial properties

c. As a financial calculation to maintain their qualification with Fannie Mae

d. As a measure of closing costs