GA Real Estate Practice Exam Questions and Correct Answers
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GA REAL ESTATE
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GA REAL ESTATE
GA Real Estate Practice Exam GA Real Estate Practice Exam GA Real Estate Practice Exam GA Real Estate Practice Exam GA Real Estate Practice Exam GA Real Estate Practice Exam GA Real Estate Practice Exam GA Real Estate Practice Exam GA Real Estate Practice Exam GA Real Estate Practice Exam GA Real E...
GA Real Estate Practice Exam Questions and
Correct Answers
Which of the following is true about GREC's licensing authority?
✓ ~~~ It may revoke individual or firm licenses.
How old must a broker be in Georgia?
✓ ~~~ At least 21
Mindy is a high school junior and would like to practice real estate. At what age will
she be old enough to apply for a real estate salesperson license?
✓ ~~~ 18, provided she has a high school diploma or equivalent
The seller countered buyer Addie's initial offer. Which of these statements is true
about the situation?
✓ ~~~ A buyer may opt to "counter the counter" by submitting a counter-offer to the
seller's counter-offer.
Marco, a buyer in Atlanta, wants to terminate his buyer's representation agreement
with his agent. What is TRUE about this situation?
✓ ~~~ He may or may not owe an amount under the terms of the agreement.
What does the acronym GAFLA stand for?
✓ ~~~ Georgia Fair Lending Act
Which of the following is a true statement about Georgia's real estate education,
research, and recovery fund?
✓ ~~~ Fund money may be invested and interest is deposited back into the fund.
GAFLA prohibits which of the following?
✓ ~~~ Financing of credit insurance
Genevieve has just passed her broker's exam and completed the requirements for
licensure. She wants to operate under her own name in Georgia. What must happen
first?
✓ ~~~ She must receive her license and post it on her office wall.
How does Georgia license law define the commission?
, ✓ ~~~ The authority that regulates license law in Georgia
In Georgia, after the commissioner reviews an investigator's report on a complaint,
the commissioner may take one of several actions. Which of these is NOT an
option?
✓ ~~~ Impose sanctions against the licensee.
Which entity administers license law in Georgia?
✓ ~~~ Georgia Real Estate Commission
Sub-agency is a legal form of agency in Georgia, ______.
✓ ~~~ But it's rarely used
In Georgia, real estate taxes are prorated on the basis of what kind of year?
✓ ~~~ Calendar year (365 days)
Henrietta lost escrow funds when she attempted to purchase a home four years ago.
She learns about the GREC complaint process from her cousin, and decides to
pursue a formal complaint. What will become of her complaint?
✓ ~~~ GREC won't investigate the complaint because it was filed too late.
Regina has defaulted on the terms of her mortgage, and now her lender has
foreclosed. The property was sold at a sheriff's sale three months ago. Regina
suddenly learns that she has inherited a great deal of money. She wants her
property back. Under a judicial foreclosure, what right might allow her to buy her
property from the winner of the foreclosure auction?
✓ ~~~ Statutory right of redemption
Jackson, a broker, regularly places his client's trust funds in the brokerage firm's
business checking account and keeps a clean record of the deposit and the
disbursement of the funds. What's the problem with this approach?
✓ ~~~ Jackson is commingling funds, which is a violation of Georgia license law.
Which clause is standard in a deed of trust or security deed and affects the
foreclosure process that can be used if the borrower defaults?
✓ ~~~ Power of sale
How does Georgia license law define real estate?
✓ ~~~ The land and all those items that are attached to it, such as improvements on,
above, or below the ground
,What information is considered optional when placing any form of advertisement in
Georgia?
✓ ~~~ The licensee's telephone number
What must a licensee do when he wants to purchase a home listed by the brokerage
where he's affiliated?
✓ ~~~ Notify his broker in writing and disclose his intentions to the seller
Business brokerage in Atlanta is hopping, and Azra would like to get into the field.
But she doesn't have a real estate license. What are her options
✓ ~~~ She can broker transactions that involve business entities themselves and no
transfer of real property.
What age must a broker applicant be to qualify for a broker's license?
✓ ~~~ 21
In Georgia, what does GREC stand for?
✓ ~~~ Georgia Real Estate Commission
In Georgia, what can a broker do for a buyer customer, as compared to a client?
✓ ~~~ Only ministerial tasks
What is the trustee's role when a deed of trust is used to secure property for a loan?
✓ ~~~ To hold legal title to the property on behalf of the beneficiary until the loan is
repaid
If a licensee wanted to plan ahead and divide the required continuing education
hours over the period that a license is valid, how many hours of continuing education
would the licensee have to complete each year when it's not his first renewal?
✓ ~~~ Nine
Craig's loan is secured by a mortgage. Who holds legal title when this security
instrument is used?
✓ ~~~ Craig
Valdosta licensees Ken, Sharon, and Kate dislike a lender in town and agree to
direct business away from that lender and discourage their clients from using it.
Which Georgia unfair trade practice act does this violate, if any?
✓ ~~~ This violates the Georgia Uniform Deceptive Trade Practices Act.
, Who or which entity has the authority to bring injunctive action against a real estate
licensee for the violation or the potential violation of Georgia license law and GREC's
established rules?
✓ ~~~ The Georgia attorney general
With a security deed in Georgia, how may a lender release the deed when the loan
is paid off?
✓ ~~~ Sign the security deed verifying release of the collateral and re-recording the
security deed.
What's the purpose of the Transfer and Assignment clause in the purchase
agreement?
✓ ~~~ It permits either party to assign interest in the contract to another person who
will perform the contract's terms.
The Georgia Association of REALTORS® has created sample agreements to cover
most agency situations and relationships. What's true about the forms?
✓ ~~~ Licensees can use GAR forms or other attorney-written and approved forms, as
long as key information is included.
Georgia licensee Estella is the qualifying broker for a firm that's incorporated. Which
of the following must be true about her?
✓ ~~~ She's an officer of the corporation.
Karen and Joe are purchasing a six-unit apartment complex for $450,000. The loan
is secured by the property being purchased. Is this purchase subject to GRMFA
provisions?
✓ ~~~ No, because of the number of units.
If the foreclosure sale doesn't satisfy the debt, ______.
✓ ~~~ A deficiency judgment against the borrower may be issued
A due-on-sale clause is also known as a(n) ______ clause
✓ ~~~ Alienation
Per the independent contractor agreement, who owns the photos and brokerage
listings if the licensee is the one who secured them?
✓ ~~~ The broker
What is true about seller disclosure in Georgia?
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