GEORGIA COLIBRI REAL ESTATE FINAL TEST A
2025 LATEST WITH 400 QUESTIONS AND CORRECT
VERIFIED ANSWERS/ GA LICENSURE EXAM/
COLIBRI REAL ESTATE FINAL EXAM 2025
A person licensed under state law to practice real estate. - ANSWER-Licensee
A Georgia lender may consider all of the following factors in qualifying an
applicant for a home loan EXCEPT: - ANSWER-If the applicant had a source from
which the down payment might be borrowed
Which of the following statements is true regarding real estate trust accounts in
Georgia? - ANSWER-A broker may have multiple trust accounts as long as each is
registered with the Real Estate Commission
Interest-bearing trust accounts are permitted as long as the contract states that the
designated trust money will be held in an interest-bearing account as well as to
whom the interest will be paid. Trust money must be held in a separate FDIC
insured "trust account." A broker is not limited to the number of trust accounts he
or she may open as long as each account number and bank account name is
provided to the Commission.
A legal property description in Georgia that identifies boundaries and is commonly
used to survey property is known as: - ANSWER-System of metes and bounds
The principal method of delineating property boundaries for surveys and creating a
legal description for property in Georgia is called the metes and bounds system.
The short form, also known as lot, block system, is the other acceptable legal
description for property in Georgia.
pg. 1
,Typically, the amount of down payment will have to be verified from the
applicant's own financial resources. Credit history and income to debt ratio would
all factor into the lender's decision to approve a loan.
What document is evidence of the relationship between property owner and
property manager? - ANSWER-Property management agreement
A listing agreement is between seller and broker. A buyer broker contract is
between buyer and broker. A lease is between landlord and tenant.
For a purchaser who is buying a home in Georgia with an LTV of 90%, escrow
establishment charges for prepaid property taxes might be estimated by a lender as
an amount equal to: - ANSWER-The number of months reflected in the tax escrow
chart determined by the estimated date of the first monthly payment for the loan
The tax escrow chart in Georgia for determining how many months of property
taxes a lender can require a borrower to prepay at closing is based on when the
borrower's first monthly payment will be due.
Phil, a real estate licensee, considers going to work for JJ Realty. Broker Jana
James offers him a 60%-40% split on commission. If JJ Realty takes in $5,000
total commission on Phil's first sale, what is Phil's split? - ANSWER- $3,000
Ellie is very regimented. She likes to be in the office by 8 a.m. and be home by
5:30 p.m. She likes that same precision in her monthly budget—she wants to know
what's coming in and how much she can expect to put into her IRA. She is a good
candidate for a career in real estate sales. - ANSWER-False
pg. 2
,Georgia real estate licensee would prepare a competitive market analysis for a
client in order to: - ANSWER-Assist the home seller in determining an appropriate
listing price for the property
The CMA--competitive market analysis--is a research tool by which real estate
agents might help a seller client determine a listing price for a home. Offering an
opinion or estimation of value would be the job of a licensed appraiser, not a real
estate licensee. A licensed appraiser would also be the individual to evaluate
property value for a lender.
When a party repudiates a contract, the other party can then sue for performance or
damages. The non-breaching party does not have to wait for a specified closing
date to begin litigation.
A buyer has obtained a mortgage in which the LTV is 95% of the first $40,000 of
the sale price and 90% of the remainder of the sale price. What are the buyer's
costs on a $185,000 sale if the lender charges a 2% loan origination fee and 2
points? - ANSWER- $6,740
There are several steps in calculating the answer to this question. First, determine
the amount by which the first $40,000 is reduced; $40,000 x 0.05 = $2,000 (100% -
95% = 5% not covered). Next, determine the remainder of the loan; $185,000 -
$40,000 = $145,000. Now, calculate the amount by which the remaining $145,000
is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). Next,
determine the amount to apply toward the loan origination fee and discount points;
$185,000 - $2,000 - $14,500 = $168,500. Now, calculate the origination fee;
$168,500 x 0.02 = $3,370. Next, calculate the points charged; $168,500 x 0.02 =
$3,370. Finally, add the origination fee and points together to calculate the buyer's
total cost; $3,370 + $3,370 = $6,740.
If a property has an assessed value of $87,500, and the level of assessment was
35%, what is the value of the property? - ANSWER-$250,000
pg. 3
, $87,500 / .35 = $250,000
A real estate licensee is more likely to be an employee of his broker. - ANSWER-
False
If a broker supervises the real estate activities of an associated licensee, that
licensee CANNOT be considered an independent contractor. - ANSWER-False
A real estate licensee who is an independent contractor is paid based on successful
real estate transactions, not on hours worked. - ANSWER-True
Generically speaking, a person who, for a fee, sells, lists, leases, exchanges,
negotiates, or otherwise deals in the real estate of others or represents publicly that
they do so. - ANSWER-Broker
A business that serves as an intermediary between buyers and sellers and/or lessees
and lessors of real estate. - ANSWER-Brokerage
Joe Alpha of ABC Real Estate Corp. has been very successful in buying houses,
fixing them up, and reselling them. He put an advertisement in the local newspaper
seeking investors to help him purchase property and pay for renovations,
promising an excellent return on investment when the properties sold. Do you
think that Joe needs a securities broker-dealer license? - ANSWER-No
Insurance that protects real estate licensees from liability due to mistakes or
negligence. It does not cover claims related to fraud or discrimination. -
ANSWER-Errors and Omissions Insurance (E&O)
pg. 4
