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Georgia Real Estate U Final Exam Study Questions And Answers 2024
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Georgia Real Estate U Final Exam StudyQuestions And Answers 2024
What is a lien theory state? - answers:The homeowner holds the deed for the property throughout
the entire loan.
There is a mixed-use property for sale in Cassie's community, and a buyer walks into her office
looking for a residential space. Should Cassie consider showing him the property zoned mixed-
use? - answers:Yes, because mixed-use is a combination of commercial and residential real
estate
An investor who bought a rental house needs someone to take care of the property, screen
prospective renters, coordinate repairs, handle maintenance and tenant concerns, and evictions, if
necessary. He's looking for a...? - answers:Property manager
In economics, supply is...? - answers:The quantity of goods or services available, whether in
abundance or scarcity.
In economics, demand is...? - answers:The supply of willing and able consumers, which can be
few or numerous.
When the supply is limited and demand is high...? - answers:Prices escalate
To become a real estate broker, a person must have...? - answers:Experience as an agent, a
broker's license, and additional education.
Real estate brokers are paid a commission for the sales, and...? - answers:The commission, which
can vary, is split between the broker and agent.
Property types are generally categorized by the ............ that applies to that property. -
answers:Zoning Law
,A family is going to build their dream home, and they've looked at several house plans, but they
haven't found one that is exactly right. They'd like to take some parts from one plan and combine
it with parts from another, with some additional innovations of their own. They want someone
who can design and plan their home and work with the contractors to build it. The person they
need to find is ...? - answers:An Architect
Single family homes are...? - answers:Private freestanding residential houses
The effect of the first-time homebuyer's tax credit was to...? - answers:Motivate people to buy
homes
Real estate agents work with...? - answers:Buyers and Sellers
When supply is plentiful and demand is low...? - answers:Prices drop
Sam is looking for a warehouse, and he wants to find a real estate agent or broker who is
knowledgeable in this area. He's starting a business, and it will require space for assembly and
production, but he also needs to be able to use it for distribution, warehousing, and research and
development. He needs to find...? - answers:A agent that specializes in industrial property
Single-family homes and single-family lots are always considered...? - answers:Residential
Property
Fill in the blank. ............ represent both the buyer and seller or both the tenant and landlord in the
same transaction. - answers:Dual Agents
If you serve in the army reserve and are studying to be a broker, you effectively get 10 points
added to your score. Which of the following is true? - answers:5 points are added in each of
Information Gathering and Decision Making sections.
If the Commission denies your application based on a conviction or disciplinary action, what
rights do you have? - answers:You have the right to a hearing for a final determination.
,Every salesperson has to provide the Commission with evidence that they completed a ............
post-license course within one year of obtaining their license. - answers:25 hours
Hans Rosenstein moved from Florida, where he was a sales agent, to Georgia. Hans completed
his post-license course in Florida, a state considered similar to Georgia in terms of real estate
law. Does Hans have to take the post-license course in Georgia? - answers:No
Jolie Harper is a licensed real estate agent in a Georgia brokerage. She is offered a job selling
condos for the unlicensed owner-developer. Jolie must ............ and will have to reapply if she
decides to practice as a salesperson under a brokerage again. - answers:Inactive her license
Any lapse longer than two years and under five years can be reinstated by paying back fees and
taking the appropriate class. Which of the following is not a valid answer? - answers:For
appraisers, they must take the Salespersons Prelicense Course.
Prince Stover moves his Athens brokerage to a location with more foot traffic. He must notify
the Commission within ............ days of his new address. - answers:30
............ is required prior to advertising property for rent, sale, lease or exchange. -
answers:Written permission to advertise
If a licensee makes an offer on a property as part of a brokerage engagement or an extension of
an engagement, the terms and conditions of the engagement must be set down in a...? -
answers:Written agreement
Fill in the appropriate amounts. The activation fee to apply for a license as an individual or
associate broker, salesperson, or community association manager is ............. The activation fee
for a new firm, school or instructor is ............. Both fees include $20 toward the Real Estate
Education, Research and Recovery Fund. - answers:$45 (Dollars) / $75 (Dollars)
Kit Benning is a sales agent who decides to buy a property currently listed for her clients, the
Winstons. Kit finds a home that the Winstons wish to purchase. While drawing up the sales
contracts, she makes her purchase of the Winstons home contingent on their extending the
, brokerage engagement by 60 days to allow time for the closings. Which of the following is true?
- answers:This meets the requirement of the rule.
A licensee cannot falsify a record, or knowingly allow a record to be falsified, either orally or in
writing, by a third party. This rule covers the following misinformation, EXCEPT: - answers:The
actual real lease, sales, or exchange price
When representing the seller, a licensee is obligated to present ............ to procure a property for
sale. - answers:Any signed offer
A broker should keep copies of documents and records for...? - answers:3 years
If a broker wants to open a brokerage under a fictitious name, the brokerage license must be
under the...? - answers:Fictious name
Every broker has to maintain an accounting system to include the following information,
EXCEPT: - answers:The name of the broker's lawyer.
............ involve licensees with property management relationships with their clients. Any written
property management agreement must identify the property being managed and list the terms and
conditions of the manager's responsibilities. - answers:Management Agreements
Drew Fenstemaker writes a contract that guarantees seller Warren Wilson $100,000 for his
property, while Drew walks away with any amount resulting from a sales price over $100,000.
However, if the home sells for less than $100,000, Drew must make up the deficit. Which of the
following statements is correct? - answers:Even if Warren is happy with this arrangement, net
brokerage agreements are illegal in Georgia and Drew is risking his license with this rather shady
deal.
The Georgia Real Estate Commission includes a chair and...? - answers:Vice Chair
The Commissioner and all Commission appointees who hold a real estate license...? -
answers:Shall maintain their license as inactive while serving on the Commission
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