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GA REAL ESTATE STUDY GUIDE 200
QUESTIONS AND CORRECT
ANSWERS 100% ACCURATE
ALREADY GRADED A+ JUST
RELEASED!!
"A married couple asked a licensee if they should take title to property as joint tenants. The licensee should answer this question that require advice only with a statement such as: A. "only my broker can advise you on this matter" B. "I'm not an attorney, you should get legal advice for this matter" C. "the closing attorney will advise you regarding this matter" D. "matters concerning ownership of real property can be answered by the real estate commission" - CORRECT ANSWER=> B. "I'm not an attorney, you should get legal advice for this matter"" "In Georgia, a real estate licensee plans to sell a property by auction. The licensee will also be the auctioneer. In this situation the licensee: A. must have an securities license B. must have an auctioneer's license C. is prohibited from marketing by auctions D. must have at least three bids - CORRECT ANSWER=> B. must have an auctioneer's license" "In Georgia, which of the following items must be included in a legal description? A. Street address B. County, district and land lot C. Baselines and principal meridians D. Lot and block - CORRECT ANSWER=> B. County, district and land lot" "In Georgia, which of the following legal descriptions for land is known as the "short form?"
A. Metes and bounds B. Government survey system C. Lot and block/plat map system D. Geodetic or rectangular survey system - CORRECT ANSWER=> C. Lot and block/plat map" "In Georgia, the Georgia Time-Share Act requires developers of timeshare projects make disclosures to prospective buyers of all material facts about the property, including the buyer's right to rescind the contract within seven days. This information would be contained in the: A. purchase and sale agreement B. public offering statement C. seller's property disclosure statement D. warranty deed - CORRECT ANSWER=> B. Public offering statement" "Under the Georgia real estate license law. when a mobile home is affixed to land it is considered: A. Real estate. B. Personal property. C. An easement. D. A leasehold estate. - CORRECT ANSWER=> A. Real Estate" "In Georgia, a married couple could hold title to real property together as: A. an estate in severalty B. community property C. tenancy by the entirety D. tenancy in common - CORRECT ANSWER=> D. tenancy in common" "The first corner to be surveyed using a metes and bounds method of legal description is called the: A. data line B. section marker C. point of beginning D. principal meridian - CORRECT ANSWER=> C. point of beginning" "For the purposes of providing an acceptable legal description, a real estate sales contract in Georgia might include which of the following? A. References to a principle meridian and base line B. References to a township and section C. References to a deed book and recorded plat D. References to a rectangular survey system - CORRECT ANSWER=> References to a deed book and recorded plat"
D. Name of the lender - CORRECT ANSWER=> D. Name of the lender" "After obtaining a listing, when requesting the seller's loan information from the lender, that written request should be signed by the: A. salesperson B. listing broker C. seller D. listing broker and salesperson, jointly - CORRECT ANSWER=> C. Seller" "You're a new real estate salesperson writing a sales contract for the purchase of commercial property. The buyer wants to exchange company stock for the property. If you are unable to use a pre-printed form sales contract you should: A. Attempt to draft an entire new contract. B. Consult a real estate attorney. C. Consult your broker. D. Consult the buyer's attorney. - CORRECT ANSWER=> C. Consult your broker" "Georgia has a lien act which would allow a broker to lien a property if a seller refused to pay an earned commission on what type of property? A. Residential only B. Agricultural only C. Undeveloped only D. Commercial only - CORRECT ANSWER=> D. Commercial only" "A licensee is questioned by an interested buyer whether the property was the site of a homicide or suicide and was the dwelling ever inhabited by a person infected with AIDS or the HIV virus. The licensee should: A. Answer both questions to the best of his/her knowledge. B. Respond by starting he/she is unable to answer either inquiry. C. Answer the question about the homicide or suicide to the best of his/her knowledge and state he/she is unable to answer the inquiry on AIDS. D. Answer the question about AIDS to the best of the his/her knowledge and state he/she is unable to answer the inquiry on a homicide or suicide. - CORRECT ANSWER=> C. Answer the question about the homicide or suicide to the best of his/her knowledge and state he/she is unable to answer the inquiry on AIDS."
"Under "BRRETA," if there is no expiration date in a brokerage engagement and no authorized termination has occurred, how long will the engagement continue after the initiation of the engagement? A. 3 months B. 6 months C. 1 year D. 2 years - CORRECT ANSWER=> C. 1 year" "All of the following would be legitimate reasons for refusing a residential listing EXCEPT? A. The seller wants an unreasonable price for the property B. The property is not in the firm's geographical service area C. The firm only deals with commercial properties D. The property is located in a minority area and would be difficult - CORRECT ANSWER=> D. The property is located in a minority area and would be difficult to market" "Salesperson Boyd, a licensed salesperson currently on inactive status, plans to purchase a parcel of land. Before presenting the offer to the seller the salesperson must: A. Provide the real estate commission with a copy of the contract when the offer is accepted by the seller. B. Provide his broker that he is a licensed real estate salesperson. C. State in the offer that he is a licensed real estate salesperson D. State in the offer the purpose for which the property is being purchased. - CORRECT ANSWER=> C. State in the offer that he is a licensed real estate salesperson" "When an active licensee anticipates transactions involving real estate owned by that licensee, the law requires the licensee to: A. list the property with the broker holding the licensee's license B. Have earnest money checks made payable to the licensee owning the property C. Notify their broker, in writing, prior to entering the transaction D. notify the Georgia Real Estate Commission within 14 days from the date of the contract - CORRECT ANSWER=> C. Notify their broker, in writing, prior to entering into the transaction" "When a licensed salesperson goes to work for a broker, the Georgia Real Estate license law requires them to enter into a written: A. Listing agreement. B. Sales agreement. C. Dual agency agreement. D. Affiliation agreement. - CORRECT ANSWER=> D. Affiliation agreement"
D. always advertise in the name of their broker - CORRECT ANSWER=> A. notify his or her broker in writing and receive written consent to the advertising and the advertisement" "In Georgia, when a licensed firm is advertising a specific property or properties for sale, lease or exchange in any media, the advertisement must include the name of the firm that is registered with the commission and the firm's: A. mailing address B. real estate license number C. telephone number D. logo - CORRECT ANSWER=> C. telephone number" "May a licensee still collect earned commissions directly from a previous broker if the licensee transfers to a new firm? A. N, the licensee forfeits all commissions when they transfer. B. No, the licensee can only be paid commissions by the new firm. C. Yes, provided both brokers agree in writing to the expressed terms under the licensee shall be compensated by the former broker. D. Yes, the licensee earned the commission under the previous broker and can be paid directly by that broker. - CORRECT ANSWER=> C. Yes, provided both brokers agree in writing to the expressed terms under the licensee shall be compensated by the former broker." "An inactive salesperson who receives security deposits on rental property they own: A. Must deposit those funds into a designated trust account maintained by their broker. B. Must deposit those funds into a designated trust account approved by their broker. C. Must maintain those funds in a designated trust account. D. May post a bond in lieu of maintained security deposits in a designated trust account. - CORRECT ANSWER=> C. Must maintain those funds in a designated trust account." "A salesperson advertising a seller's property should NOT: A. advertising on company stationery B. run advertisements in the salesperson's name only C. put up pictures of the property in the broker's office D. run advertisements in the broker's name - CORRECT ANSWER=> B. run advertisements in the salesperson's name only" "Which of the following will terminate an agency agreement? A. if the selling broker or buyer becomes mentally incapacitated
B. if the listing broker or seller becomes mentally incapacitated C. The listing salesperson dies D. The listing salesperson becomes incapacitated - CORRECT ANSWER=> B. If the listing broker or seller become mentally incapacitated" "The listing firm refuses to let another firm show the property. The other firm brings an offer to purchase on the same property. Does the listing firm have the right to refuse to present the offer? A. yes, if the other firm is not a sub-agent the listing firm has the right to refuse B. no, the listing firm must present the offer C. no, by obtaining an offer to purchase, the other firm has become a sub-agent of the listing firm D. yes, the other firm has not been authorized to present the body - CORRECT ANSWER=> B. no, the listing firm must present the offer" "In Georgia, which of the following brokerage engagements must be in writing? A. only engagements for longer that 90 days B. only seller's brokerage engagements C. all brokerage engagements D. only buyer's brokerage engagements - CORRECT ANSWER=> C. all brokerage engagements" "In Georgia, the state statute which regulates misleading real estate advertising is: A. the Truth in Lending Law B. the Sherman Anti-Trust Act C. the Fair Business Act D. the Uniform Deceptive Trade Practices Act - CORRECT ANSWER=> C. the Fair Business Act" "Are advertisements by the licensee that promise a rebate or a gift to prospective customers or clients permissible? A. Yes, as long as they are not misleading or inaccurate B. Yes, providing the rebate or gift does not exceed $500 in value C. No, this would be considered misleading advertising because licensees cannot give rebates or gifts to customers or clients D. No, offering anything of value to unlicensed people is not permissible - CORRECT ANSWER=> A. Yes, as long as they are not misleading or inaccurate" "A husband and wife in Georgia do not jointly own the property to be listed. The brokerage engagement must be signed by: A. the husband
B. Only the spouse holding title is required to be party to the transaction. C. Only the wife is required to be a party to the transaction. D. Both parties would be required to sign the sales contract. - CORRECT ANSWER=> B. Only the spouse holding title is required to be party to the transaction." "It shall be lawful for real estate licensees in Georgia to complete listing or sales contracts whose form have been drafted by: A. A real estate broker. B. Legal counsel. C. A salesperson. D. The real estate commission. - CORRECT ANSWER=> B. Legal counsel." "Unused blank spaces in a pre-printed "form" real estate sales contract may be filled in with an N/A (not applicable) in which case: A. All parties must initial, date and time. B. Approval is required. C. initialing is not required D. An amendment form would have to be signed by all parties. - CORRECT ANSWER=> C. initialing is not required" "Real estate sales contracts are required to include a disclosure clause warning buyers of the potential existence of lead-based paints in home built before: A. 1978 B. 1985 C. 1992 D. 1995 - CORRECT ANSWER=> A. 1978" "In Georgia, to be legally competent to enter into a valid contract, the parties must be: A. at least 18 years old B. at least 18 years old and mentally competent C. at least 21 years old D. at least 21 years old an mentally competent - CORRECT ANSWER=> B. at least 18 years old and mentally competent" "A licensee receives more than one offer to purchase a seller's property. The licensee should: A Present only the highest offer. B. Reject the lower priced offer.
C. Present all offers to the seller. D. Present the first offer and hold the offer until the seller decides. - CORRECT ANSWER=> C. Present all offers to the seller." "Which of the following is TRUE concerning conflicting wording in a contract? A. Pre-printed controls typewritten which controls handwritten B. Typewritten controls pre-printed which controls handwritten C. Handwritten controls pre-printed which controls typewritten D. Handwritten controls typewritten which controls pre-printed - CORRECT ANSWER=> D. Handwritten controls typewritten which controls pre-printed" "A buyer and a seller enter into a real estate sales contract. that included $500 earnest money deposited with the broker. The seller is unable to provide marketable title to the property and the buyer demands the return of the earnest money. The broker should: A. return the deposit to the buyer B. give the money to the seller. C. apply the money to the broker's commission D. split the money equally between the broker and seller - CORRECT ANSWER=> A. return the deposit to the buyer" "When writing sales contracts, a salesperson should consult with an attorney when: A. The pre-printed form contract does not clearly set forth the agreement terms. B. The seller requests a legal opinion of a buyer's offer. C. The legal description is not available. D. His or her broker has specifically instructed him or her to do so. - CORRECT ANSWER=> D. His or her broker has specifically instructed him or her to do so." "In an exclusive agency agreement it is a violation of the Georgia Real Estate License Law if a license fails to include: A. closing date B. a fixed date of expiration C. a method of payment D. an acceptance date - CORRECT ANSWER=> B. a fixed date of expiration" "According to BRRETA, a brokeengaged by a seller shall present all offers to and from a seller: A. immediately B. within 24 hours
"A property is under contract and the licensee learns of a previously unknown defect in the property prior to closing. Should the licensee make the defect known to the purchaser even though it may void the contract? A. No, any defects discovered after the contract has been signed need not be disclosed B. No, it is the buyer's responsibility to have the property inspected C. Yes, the licensee has the responsibility of informing the purchaser of any substantial changes in the property prior to closing D. Yes, providing the change would have an effect on the appraisal value - CORRECT ANSWER=> C. Yes, the licensee has the responsibility of informing the purchaser of any substantial changes in the property prior to closing" "When completing a brokerage engagement for a seller's property in Georgia, should a salesperson obtain information about the seller's outstanding loan? A. No, the seller's outstanding loan amount is not information that is pertinent to the sale of the property B. No, such financial information is private and neither the seller nor the lender should reveal it C. Yes, a salesperson should get loan information from the seller's lender to better serve the seller and answer questions from prospective buyers D. Yes, a salesperson should get loan information from the seller because it is the salesperson's responsibility to make calculations for the closing - CORRECT ANSWER=> C. Yes, a salesperson should get loan information from the seller's lender to better serve the seller and answer questions from prospective buyers" "A safety clause (broker protection) entitles the broker to a commission if one of the persons to whom the property was offered during the listing period decides to buy the property after the listing ends. The number of days in the safety clause is determined by: A. agreement in the Seller's Property Disclosure Statement B. agreement in the purchase and sale contract C. agreement in the listing contract D. the Georgia Real Estate Commission - CORRECT ANSWER=> C. agreement in the listing contract" "The primary purpose of a competitive market analysis (CMA) is to: A. provide an estimate of the selling price for the property B. locate the boundary lines C. determine the loan amount D. estimate the property taxes - CORRECT ANSWER=> A. provide an estimate of the selling price for the property"
"The purpose of a market analysis is to determine: A. what purchasers have been willing to pay for homes similar to the home you are listing B. maximum loan value of the property for lending purposes C. if the property has hidden defects which must be disclosed to the potential buyer D. if the property is in compliance with zoning regulations - CORRECT ANSWER=> A. what purchasers have been willing to pay for homes similar to the home you are listing" "When doing a market analysis, the source of the BEST comparables would be: A. Expired listing. B. Current listing. C. Tax appraisals. D. Recent sales. - CORRECT ANSWER=> A. expired listing" "Why is a neighborhood analysis important to a real estate licensee? A. To determine the neighborhood racial balance B. It is required in a listing agreement C. It will help the agent determine an estimate of the value of the property D. It is used to locate the property boundaries - CORRECT ANSWER=> C. It will help the agent determine an estimate of the value of the property" "When completing a competitive market analysis (CMA) a licensee should: A. use only properties that are listed B. choose properties that sold which are similar to the subject property C. make adjustment to the subject property for differences in the comparable properties D. use only property that required financing - CORRECT ANSWER=> B. choose properties that sold which are similar to the subject property" "The purchase price is $70,000. The purchaser is to pay $4,200 down and obtain a new conventional loan at 9%. The loan would be considered a: A. 70% loan B. 80% loan C. 90% loan D. 95% loan - CORRECT ANSWER=> D. 95% loan" "A buyer puts a down payment of $20,000 on an $80,000 house. The loan to value ratio would be: A. 25%
C. Accrued interest D. Financing expenses - CORRECT ANSWER=> C. Accrued interest" "In Georgia, what document is used most commonly as security for a loan? A. A security deed B. A mortgage C. A note D. A trust deed - CORRECT ANSWER=> A. A security deed" "A condominium owner has a legal issue concerning compliance with the bylaws of the condominium owners' association. If the community association manager (CAM) is familiar with the bylaws the manager should: A. resolve the legal issue themselves B. seek advice from their broker C. seek legal advice directly from an attorney D. seek advice from another community association manager - CORRECT ANSWER=> B. seek advice from their broker" "Which of the following services will be performed by an attorney who is conducting a closing for a lender? A. Explain the content of each legal document to both the buyer and seller before they sign it B. Explain the content of each legal document to the buyer only before they sign it. C. Offer legal advice to both the buyer and seller D. Offer legal advice to the buyer only - CORRECT ANSWER=> A. Explain the content of each legal document to both the buyer and seller" "Which of the following is a responsibility of a real estate licensee at closing? A. Have the buyer and seller sign the warranty deed B. Deliver a copy of the closing statements the and seller C. Conduct the closing D. To give legal advice to the buyer and seller concerning the contents of the documents - CORRECT ANSWER=> B. Deliver a copy of the closing statement to the buyer" "The primary purpose of closing is to: A. transfer title B. pay the real estate commission C. refund the earnest money to the purchaser
D. To give legal advise to the buyer and seller concerning the contents of the documentation - CORRECT ANSWER=> A. transfer" "A broker managing rental property puts security deposits into interest bearing trust accounts. Is this permissible? A. Yes, if the broker has prior written consent of the parties B. Yes, all security deposits must be deposited C. No, interest bearing accounts are not permissible D. No, this would be commingling - CORRECT ANSWER=> A. Yes, if the broker has prior written consent of the parties" "A prospective purchaser asks to take possession of the property prior to closing. The salesperson consults with their broker and seller and is unable to find an alternative. The salesperson should have the parties sign a: A. move-in agreement B. termination agreement C. listing agreement D. modification agreement - CORRECT ANSWER=> A. move-in agreement" "Security deposits collected from tenants and kept in the broker's designated rental trust account are credited to: A. the property manager B. the broker C. the tenant D. the owner - CORRECT ANSWER=> C. tenant" "An owner who cannot attend a closing want to delegate authority to another person to act on his or her behalf for signing deeds and other closing documents. The owner would MOST LIKELY execute a: A. Listing agreement. B. Quit claim deed. C. Power of attorney. D. Administrator's deed. - CORRECT ANSWER=> C. power of attorney" "Which of the following leases would be required to be in writing to be binding on the parties? A. A lease for more than one year B. A lease for one year or less C. A lease for three months
D. The deed must be signed by the grantor. - CORRECT ANSWER=> A. The deed must be witnessed by a real estate broker" "In Georgia, association management agreements must contain which of the following? A. A cancellation clause B. A renewal clause C. An indemnification clause D. An expiration date - CORRECT ANSWER=> D. An expiration date" "A Georgia broker manages apartments for an owner who wishes to transfer existing security deposits to an interest bearing account and use the interest earned for playground improvements for the apartment complex. Which of the following statements about this information is true? A. The broker may not transfer the funds without the written consent of the tenants B. The broker may not transfer the funds without the permission of the Georgia Real Estate Commission C. The broker may transfer the funds wince the interest to be earned will benefit the tenants and the owner D. The broker may not transfer the funds without renegotiating all of the leases - CORRECT ANSWER=> A. The broker may not transfer funds without the written consent of the tenants" "Who is authorized to conduct a closing in Georgia? A. Brokers or licensed attorneys B. Brokers, salespeople or licensed attorneys C. Only licensed attorneys D. Any person hired by the lender - CORRECT ANSWER=> C. Only licensed attorneys" "A seller sells her house to a buyer for $190,000. The title search reveals that the seller and the previous owner's ownership go back 60 years without defect, to the date the county courthouse burned down and all records of title were destroyed. In Georgia, which of the following is true about the title transfer to the buyer? A. The buyer can receive a voluntary deed because of the nature of the consideration the seller receives B. The buyer must receive a quitclaim deed because the courthouse records were destroyed C. The buyer can receive a warranty deed because the chain of ownership without defect goes back more than 50 years D. The buyer must receive a special warrant deed because the chain of ownership without defect goes back less than 75 years - CORRECT ANSWER=> C. The buyer can receive a warranty deed because the chain of ownership without defects goes back more than 50 years"
"A salesperson has been asked to prepare a residential lease agreement on a standard form contract for a 15-month lease. In Georgia, must the salesperson seek competent legal advice when completing such an agreement? A. No, because the law requires that such an agreement be written by a broker, but not necessarily an attorney. B. Yes, because a salesperson's license does not authorize the salesperson to write a lease C. Yes, because the lease is for a period longer the one year D. No, unless the salesperson's broker instructs the sales person to use an attorney - CORRECT ANSWER=> D. No, unless the salesperson's broker instructs the salesperson to use an attorney" "Georgia law requires that a broker who handles security deposits while managing property must insure that these funds: A. are placed in the property owner's business operating account B. are held in the same escrow account used for all trust money held by the broker C. are clearly credited to the tenants and have a balance equal to all deposits held in the trust account D. are always returned in full to the tenant at the end of the rental agreement - CORRECT ANSWER=> C. are clearly credited to the tenants and have a balance equal to all deposits held in the trust account" "A person having a CAM (Certified Apartment Manager) license in Georgia is authorized to perform real estate services in what capacity? A. Working as an agent of a broker who manages an office park that leases space to medical providers B. Contracting directly with an HOA to manage a single family home community C. Working as an agent of a broker who manages a condominium and townhouse community D. Working both as a sales agent and a property manager for a newly created residential planned unit development - CORRECT ANSWER=> C. Working as an agent of a broker who manages a condominium and townhouse community" "Georgia law requires that an attorney must conduct real estate closings. Which of the following statements is commonly true with regard to this closing attorney's role in the settlement process? A. To represent either the buyer or seller and offer the appropriate legal advice for the client B. To represent the lender and offer the appropriate legal advice for either the buyer or the seller C. To represent the lender, explain any contract provisions to all parties, but offer no legal advice to the buyer or the seller D. To represent no party involved in the transaction, offering only ministerial services - CORRECT ANSWER=> C. To represent the lender, explain any contract provisions to all parties, but offer no legal advice to the buyer or the seller" "Which of the following would NOT be a violation of the Georgia license law?
