Georgia Real Estate FREE Sample Exam — Fixed Set

A federal estate tax lien attaches

Only to cash accounts

Correct Incorrect Correct answer

To property in the gross estate

Correct Incorrect Correct answer

To neighboring parcels

Correct Incorrect Correct answer

After 50 years

Correct Incorrect Correct answer

A Marietta apartment complex has potential gross income of $200,000, a 10% vacancy rate, and operating expenses of $60,000. Capitalized at 7%, the indicated value by the income approach is closest to

$1,731,429

Correct Incorrect Correct answer

$1,714,286

Correct Incorrect Correct answer

$1,697,143

Correct Incorrect Correct answer

$1,748,572

Correct Incorrect Correct answer

Which of the following is TRUE?

Seller financing should use a note and security instrument.

Correct Incorrect Correct answer

A loan commitment is not the lender's promise to fund.

Correct Incorrect Correct answer

A payment cap cannot cause negative amortization.

Correct Incorrect Correct answer

The secondary market does not give lenders liquidity.

Correct Incorrect Correct answer

Nadia asks about contract law. Which of the following correctly states the rule?

An 'as-is' sale still does not need the seller's honest disclosure.

Correct Incorrect Correct answer

A counteroffer does not create a new offer.

Correct Incorrect Correct answer

An 'as-is' sale still needs the seller's honest disclosure.

Correct Incorrect Correct answer

Fraud makes a contract automatically void.

Correct Incorrect Correct answer

A $542,000 transaction at 6% produces a total commission of $32,520. If split evenly, each side receives

$32,520

Correct Incorrect Correct answer

$19,512

Correct Incorrect Correct answer

$13,008

Correct Incorrect Correct answer

$16,260

Correct Incorrect Correct answer

Which of the following is TRUE?

HOA info is irrelevant.

Correct Incorrect Correct answer

A related principle applies in every transaction.

Correct Incorrect Correct answer

The opposite principle governs this situation.

Correct Incorrect Correct answer

Future developments may be material.

Correct Incorrect Correct answer

Which of these statements about real estate practice is accurate?

The relocation department is regularly balancing escrow records against bank statements

Correct Incorrect Correct answer

Oral leases for a year or less are generally enforceable.

Correct Incorrect Correct answer

Boot received in an exchange is never taxable.

Correct Incorrect Correct answer

Capital gains on a home sale can never be excluded.

Correct Incorrect Correct answer

Jordan sells a home in Marietta for $195,000. The mortgage payoff is $130,000, the brokerage commission is 7.0% of the sale price, and other closing costs total $3,300. What are the seller’s approximate net proceeds?

$61,700

Correct Incorrect Correct answer

$54,650

Correct Incorrect Correct answer

$48,050

Correct Incorrect Correct answer

$178,050

Correct Incorrect Correct answer

Which of the following statements about Georgia real estate license law is FALSE?

Georgia licensees must disclose dual agency and obtain written consent.

Correct Incorrect Correct answer

The landlord's lien is the instrument conveying foreclosed property to the purchaser

Correct Incorrect Correct answer

No person may receive more than $25,000 from the fund in a lifetime.

Correct Incorrect Correct answer

The salesperson exam allows 4 hours of testing time.

Correct Incorrect Correct answer

Which of the following statements about Georgia real estate practice is TRUE?

A Georgia manager must not report income and expenses to the owner.

Correct Incorrect Correct answer

A Georgia buyer's agent who shows 20 homes and writes the offer is not the procuring cause.

Correct Incorrect Correct answer

A Georgia buyer who does not terminate in due diligence generally gets earnest money back.

Correct Incorrect Correct answer

A Georgia inspection objection should be delivered before the deadline.

Correct Incorrect Correct answer

An Athens broker drives a buyer to see five listings; no written agreement exists. When the buyer asks which home is the best investment, the broker

Must recommend the best investment

Correct Incorrect Correct answer

Must not give investment advice; a transaction broker performs only ministerial acts

Correct Incorrect Correct answer

Must refuse to show more homes

Correct Incorrect Correct answer

Becomes a dual agent automatically

Correct Incorrect Correct answer

Andre’s Savannah property has an assessed value of $76,000 and the millage rate is 37 mills. The yearly ad valorem tax is closest to

$1,406

Correct Incorrect Correct answer

$2,812

Correct Incorrect Correct answer

$7,030

Correct Incorrect Correct answer

$28,120

Correct Incorrect Correct answer

Georgia Real Estate FREE Sample Exam — Fixed Set

Quiz Summary

Information

Results

Results

Categories

1. Question

2. Question

3. Question

4. Question

5. Question

6. Question

7. Question

8. Question

9. Question

10. Question

11. Question

12. Question

Programs

Company

Legal

Account