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GA MLS Cram Course Knowledge Quiz 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert)
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GA MLS Cram Course Knowledge Quiz 2024 Questions and Answers 2024 / 2025 (Verified Answers by Expert)
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GA MLS Cram Course Knowledge Quiz.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/GA%20MLS%20CraGA MLS Cram Course
1. How would an unmarried couple take ownership to real property if they wanted full
ownership immediately upon death of the other co-owner?
ANS JointTenancy
2. A person bought 3 lots for $22,000 net each and divided them into fourlots of
equal frontage. The lots then sold for $18,000 each. What was the approximate
percentage of gross profit?
ANS 9%
3. In a trust, legal title to real property is transferred to a person to be held andmanaged by
the person for the benefit of the
ANS beneficiary
4. A person who purchases shares of stock in a corporation that owns a building and
receives a proprietary lease to a specific unit within the buildinghas purchased a
ANS cooperative
5. Several persons own property as tenants in common. One of the owners desires to sell
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the property whereas the other owners prefer to retain the property. If the parties cannot
reach an agreement which action can be takenb the owner that wants to sell
ANS File a partition action
6. A father conveyed the family home to his daughter by will as a pur autre vieestate for
the life of her mother. If the daughter should die before the mother,who gains possession
of the property?
ANS Daughter's heirs
7. Under corporation ownership the lease that grants occupancy of a specific unit to the
stockholder is called a
ANS Proprietary Lease
8. Which of the following would best describe interval ownership?
ANS A timeshareownership in which the owner acquires title to a specific property for a certain
periodof each year
9. Which of the following transactions would most likely be subject to thestate's blue-
sky laws?
ANS Purchase securities in a timeshare ownership plan
10. The owner of a residential condominium unit and a tenant under a leaseboth have
ANS an estate in the property
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11. The owner in a residential subdivision gets a building permit from the county to put
a fence on his property. The fence is in violation of the subdivi-sion's restrictions (CC&R).
An adjoining neighbor in the subdivision objects to the fence. If the homeowner's
association (HOA) fails to enforce the restric-tions the neighbor's best action would be to
ANS apply to the court for an injunction
12. Rules established by local governments to regulate construction stan-dards are
called
ANS building codes
13. Which of the following statements best describes a lien on real property?-
ANS a monetary encumbrance affecting title to the property
14. Broker Dole was showing a buyer different apartments for rent in a specificarea of a
city. The buyer asked Dole to find an apartment that did not allow children as the buyer
desired peace and quiet and felt that children would
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destroy their privacy. Broker Dole should
ANS inform the buyer that only bona fideretirement communities can legally restrict children
15. A salesperson is showing property in a racially changing neighborhood. Which of the
following statements by the salesperson would be appropriate inthis situation?
ANS Based on the information you have provided, I don't think you canafford that property
16. Under the Federal Fair Housing Act, familial status would apply to
ANS Apregnant woman
17. In Georgia, two licensees affiliated with the sam broker are assigned by the broker to
represent the buyer and seller respectively in the same transaction.Under BRRETTA this
would be considered
ANS designated agency
18. A licensee should search the National Do Not Call Registry on a regular basis and
drop registered consumer phone numbers from their call lists.Thisshould be done at least
once every
ANS 31 days
19. Under the CAN-SPAM Act opt-out request must be handled within
ANS 10business days
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