GA Real Estate License Law and Math Practice Exam Questions and Correct Answers
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Course
GA REAL ESTATE
Institution
GA REAL ESTATE
GA Real Estate License Law and Math Practice GA Real Estate License Law and Math Practice GA Real Estate License Law and Math Practice GA Real Estate License Law and Math Practice GA Real Estate License Law and Math Practice GA Real Estate License Law and Math Practice GA Real Estate License ...
GA Real Estate License Law and Math Practice
Exam Questions and Correct Answers
Tyler Holdlong owns a small retail property that he inherited from his father. There
are no mortgages or interest expenses connected with the property. Tyler takes an
annual cost recovery expense of $3,000. The property has a monthly gross income
of $3,500 and monthly operating expenses of $1,100. Tyler's taxable income from
this property will be taxed at a rate of 25%. What is the tax liability for the year?
✓ ~~~ $6,450
Broker Alice could have her license suspended for any of the following activities
EXCEPT which one?
✓ ~~~ Depositing earnest money in a trust account
Once Salesperson Amanda has been issued an original license, what must she do?
✓ ~~~ Complete a 25-hour post-license course.
A property's taxes are $9,540 and are paid for in arrears. The property was sold, and
closing took place on March 7. The seller was responsible for the day of closing.
Using the 360 day method, how will taxes be prorated?
✓ ~~~ Credit the buyer $1775.50 and Debit the Seller $1775.50
Broker Sam appoints agent Greg to represent the buyer in a transaction to the
exclusion of all the other agents in the firm. In this situation, Greg is the buyer's
✓ ~~~ Designated Agent
Dan is buying Jessica's house. The closing date (day belongs to seller) of the sale
transaction is March 9th. Current year real estate taxes are $1,900 (will be billed to
Dan next year). Use the 365-day method for prorating. What is Jessica's share of the
real estate taxes for the current year?
✓ ~~~ $354
Broker Peter puts an ad in the newspaper with just a street address. Which
statement is true?
✓ ~~~ The ad is illegal if it does not include the business name of the brokerage.
A property is being appraised by the Cost Approach. The appraiser estimates that
the land is worth $33,000 and the replacement cost of the home is $110,000. A new
$20,000 garage was recently added. Total depreciation from all causes is $7,000.
What is the indicated value of the property?
, ✓ ~~~ $156,000
Which of the following statements is NOT true about transaction brokerage?
✓ ~~~ In order to receive compensation, the transaction brokerage agreement must
be in writing.
Sarah Hill is applying for her broker's license. Which of the following is true?
✓ ~~~ $20 of her license fee will go to the Real Estate Education, Research and
Recovery Fund.
In Georgia, the real estate license law is administered by....
✓ ~~~ Georgia Real Estate Commission
Which of the following is NOT true about the license exam?
✓ ~~~ An applicant who fails to take the exam will have his or her fee refunded within
30 days.
Which of the following duties is not a permitted activity for an unlicensed personal
assistant?
✓ ~~~ Negotiate agreements regarding commission structuring.
Which of the following statements is NOT true about hearings?
✓ ~~~ Once a hearing has been held and a decision rendered, there is no further
recourse for a licensee.
The lender quotes closing costs of $800 plus 2 points on a $610,000 loan. How
much will the borrower have to pay?
✓ ~~~ $13,000
Harold wants to apply for a salesperson license. Which of the following is NOT a
requirement he must meet?
✓ ~~~ Harold must be at least 21 years old.
Which of the following is a true statement?
✓ ~~~ All agency agreements must have definite expiration dates.
A building has 9 apartments generating annual potential rent of $1,500 each month.
Vacancy = 6% and annual expenses are $84,000. Vending machines yield $1,800
per year. What is the NOI?
✓ ~~~ $70,080
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