BARNEY FLETCHER REAL ESTATE EXAM — 2026/2027 | EXACT OFFICIAL
COUNT: 160 QUESTIONS (100 NATIONAL + 60 STATE)
Exam Structure
• Exact official question count: 160 questions (100 National portion + 60 Georgia State portion
per PSI Georgia Real Estate Examination specifications)
• Questions must be presented in bold
• Single-best-answer, select-all-that-apply (SATA), calculation-based, and scenario-based real
estate items
• Focus on evidence-based real estate practices, Georgia statutory compliance application, and
professional judgment aligned with GREC licensing standards
• Total testing time: 4 hours (240 minutes: 150 minutes National + 90 minutes State; computer-
based, proctored format at PSI testing centers)
• Passing score: 72% on National portion (72/100) + 75% on State portion (45/60) required for
Georgia Real Estate Salesperson licensure eligibility per GREC policy
• Eligibility: Age 18+, High School Diploma/GED, Completion of 75-Hour GREC-Approved Pre-
License Course (Barney Fletcher or equivalent), PSI Exam Passage, License Application + Fees,
Background Check
Introduction
This Barney Fletcher Real Estate Exam format for 2026/2027 reflects the standardized
competency assessment used to evaluate proficiency in Georgia-specific real estate principles for
licensure candidates. The official PSI Georgia Real Estate Examination consists of exactly 160
questions (100 National + 60 State) covering critical domains: Georgia license law, agency
relationships, contract execution, property ownership/transfer, financing mechanisms, valuation
methodologies, fair housing compliance, environmental disclosure obligations, mathematical
applications, property management fundamentals, and scenario-based transaction decision-
making essential for lawful, ethical, and effective real estate practice in Georgia. The
comprehensive format provides extensive coverage of these critical real estate domains, aligned
with current GREC licensing requirements, PSI examination blueprints, and Georgia Association
of Realtors (GAR) contract standards.
Answer Format
All correct answers must be presented in bold and green, each question must appear in bold, and
all rationales explaining Georgia statutory applications, contract protocols, calculation
methodologies, and scenario-based professional reasoning must be written in italic font.
Exam Questions
1. Which of the following is a principle of value in appraisal recognized in Georgia?
A. Anticipation
B. Substitution
C. Conformity
,D. All of the above
Correct Answer: D. All of the above
Rationale: Anticipation, substitution, and conformity are all principles of value in appraisal
recognized in Georgia.
2. Which of the following is a responsibility of a property manager?
A. Collecting rent
B. Marketing the property
C. Maintaining the property
D. All of the above
Correct Answer: D. All of the above
Rationale: A property manager is responsible for collecting rent, marketing the property,
maintaining the property, and other duties as outlined in the management agreement.
3. What is the role of the Georgia Real Estate Commission (GREC)?
A. To administer the real estate licensing exam
B. To enforce real estate laws and regulations
C. To provide continuing education courses
D. To market real estate properties
Correct Answer: B. To enforce real estate laws and regulations
Rationale: The Georgia Real Estate Commission (GREC) is responsible for enforcing real estate
laws and regulations in Georgia.
4. What is the purpose of a mortgage?
A. To transfer ownership of the property
B. To secure a loan with real property as collateral
C. To lease the property
D. To pay property taxes
Correct Answer: B. To secure a loan with real property as collateral
Rationale: A mortgage is a legal agreement that secures a loan with real property as collateral.
,5. How many hours of pre-license education are required to become a real estate
salesperson in Georgia?
A. 30 hours
B. 60 hours
C. 75 hours
D. 90 hours
Correct Answer: C. 75 hours
Rationale: Georgia requires 75 hours of pre-license education to become a real estate
salesperson.
6. What is the net operating income (NOI) for a property with an annual gross
income of $100,000 and annual operating expenses of $40,000?
A. $40,000
B. $50,000
C. $60,000
D. $70,000
Correct Answer: C. $60,000
Rationale: The NOI is calculated as Gross Income - Operating Expenses = $100,000 - $40,000
= $60,000.
7. What is the purpose of recording a deed?
A. To transfer ownership
B. To provide notice to the public of the transfer of ownership
C. To pay property taxes
D. To obtain a mortgage
Correct Answer: B. To provide notice to the public of the transfer of ownership
Rationale: Recording a deed provides notice to the public of the transfer of ownership and
establishes priority of claims.
8. What is the purpose of a lead-based paint disclosure in a real estate transaction?
A. To inform buyers of the presence of lead-based paint in properties built before 1978
B. To negotiate the purchase price
C. To market the property
, D. To assess the property's market value
Correct Answer: A. To inform buyers of the presence of lead-based paint in
properties built before 1978
Rationale: The purpose of a lead-based paint disclosure is to inform buyers of the presence of
lead-based paint in residential properties built before 1978.
9. What is the purpose of the Georgia Usury Law?
A. To limit the interest rate that can be charged on loans
B. To encourage lending
C. To regulate real estate licensing
D. To promote homeownership
Correct Answer: A. To limit the interest rate that can be charged on loans
Rationale: The purpose of the Georgia Usury Law is to limit the interest rate that can be
charged on loans, including real estate loans.
10. Which type of deed provides the least protection to the grantee?
A. Warranty deed
B. Special warranty deed
C. Quitclaim deed
D. Grant deed
Correct Answer: C. Quitclaim deed
Rationale: A quitclaim deed provides the least protection to the grantee, as it only transfers the
grantor's interest without any warranties.
11. Which of the following is a principle of value in appraisal?
A. Anticipation
B. Substitution
C. Conformity
D. All of the above
Correct Answer: D. All of the above
Rationale: Anticipation, substitution, and conformity are all principles of value in appraisal.
COUNT: 160 QUESTIONS (100 NATIONAL + 60 STATE)
Exam Structure
• Exact official question count: 160 questions (100 National portion + 60 Georgia State portion
per PSI Georgia Real Estate Examination specifications)
• Questions must be presented in bold
• Single-best-answer, select-all-that-apply (SATA), calculation-based, and scenario-based real
estate items
• Focus on evidence-based real estate practices, Georgia statutory compliance application, and
professional judgment aligned with GREC licensing standards
• Total testing time: 4 hours (240 minutes: 150 minutes National + 90 minutes State; computer-
based, proctored format at PSI testing centers)
• Passing score: 72% on National portion (72/100) + 75% on State portion (45/60) required for
Georgia Real Estate Salesperson licensure eligibility per GREC policy
• Eligibility: Age 18+, High School Diploma/GED, Completion of 75-Hour GREC-Approved Pre-
License Course (Barney Fletcher or equivalent), PSI Exam Passage, License Application + Fees,
Background Check
Introduction
This Barney Fletcher Real Estate Exam format for 2026/2027 reflects the standardized
competency assessment used to evaluate proficiency in Georgia-specific real estate principles for
licensure candidates. The official PSI Georgia Real Estate Examination consists of exactly 160
questions (100 National + 60 State) covering critical domains: Georgia license law, agency
relationships, contract execution, property ownership/transfer, financing mechanisms, valuation
methodologies, fair housing compliance, environmental disclosure obligations, mathematical
applications, property management fundamentals, and scenario-based transaction decision-
making essential for lawful, ethical, and effective real estate practice in Georgia. The
comprehensive format provides extensive coverage of these critical real estate domains, aligned
with current GREC licensing requirements, PSI examination blueprints, and Georgia Association
of Realtors (GAR) contract standards.
Answer Format
All correct answers must be presented in bold and green, each question must appear in bold, and
all rationales explaining Georgia statutory applications, contract protocols, calculation
methodologies, and scenario-based professional reasoning must be written in italic font.
Exam Questions
1. Which of the following is a principle of value in appraisal recognized in Georgia?
A. Anticipation
B. Substitution
C. Conformity
,D. All of the above
Correct Answer: D. All of the above
Rationale: Anticipation, substitution, and conformity are all principles of value in appraisal
recognized in Georgia.
2. Which of the following is a responsibility of a property manager?
A. Collecting rent
B. Marketing the property
C. Maintaining the property
D. All of the above
Correct Answer: D. All of the above
Rationale: A property manager is responsible for collecting rent, marketing the property,
maintaining the property, and other duties as outlined in the management agreement.
3. What is the role of the Georgia Real Estate Commission (GREC)?
A. To administer the real estate licensing exam
B. To enforce real estate laws and regulations
C. To provide continuing education courses
D. To market real estate properties
Correct Answer: B. To enforce real estate laws and regulations
Rationale: The Georgia Real Estate Commission (GREC) is responsible for enforcing real estate
laws and regulations in Georgia.
4. What is the purpose of a mortgage?
A. To transfer ownership of the property
B. To secure a loan with real property as collateral
C. To lease the property
D. To pay property taxes
Correct Answer: B. To secure a loan with real property as collateral
Rationale: A mortgage is a legal agreement that secures a loan with real property as collateral.
,5. How many hours of pre-license education are required to become a real estate
salesperson in Georgia?
A. 30 hours
B. 60 hours
C. 75 hours
D. 90 hours
Correct Answer: C. 75 hours
Rationale: Georgia requires 75 hours of pre-license education to become a real estate
salesperson.
6. What is the net operating income (NOI) for a property with an annual gross
income of $100,000 and annual operating expenses of $40,000?
A. $40,000
B. $50,000
C. $60,000
D. $70,000
Correct Answer: C. $60,000
Rationale: The NOI is calculated as Gross Income - Operating Expenses = $100,000 - $40,000
= $60,000.
7. What is the purpose of recording a deed?
A. To transfer ownership
B. To provide notice to the public of the transfer of ownership
C. To pay property taxes
D. To obtain a mortgage
Correct Answer: B. To provide notice to the public of the transfer of ownership
Rationale: Recording a deed provides notice to the public of the transfer of ownership and
establishes priority of claims.
8. What is the purpose of a lead-based paint disclosure in a real estate transaction?
A. To inform buyers of the presence of lead-based paint in properties built before 1978
B. To negotiate the purchase price
C. To market the property
, D. To assess the property's market value
Correct Answer: A. To inform buyers of the presence of lead-based paint in
properties built before 1978
Rationale: The purpose of a lead-based paint disclosure is to inform buyers of the presence of
lead-based paint in residential properties built before 1978.
9. What is the purpose of the Georgia Usury Law?
A. To limit the interest rate that can be charged on loans
B. To encourage lending
C. To regulate real estate licensing
D. To promote homeownership
Correct Answer: A. To limit the interest rate that can be charged on loans
Rationale: The purpose of the Georgia Usury Law is to limit the interest rate that can be
charged on loans, including real estate loans.
10. Which type of deed provides the least protection to the grantee?
A. Warranty deed
B. Special warranty deed
C. Quitclaim deed
D. Grant deed
Correct Answer: C. Quitclaim deed
Rationale: A quitclaim deed provides the least protection to the grantee, as it only transfers the
grantor's interest without any warranties.
11. Which of the following is a principle of value in appraisal?
A. Anticipation
B. Substitution
C. Conformity
D. All of the above
Correct Answer: D. All of the above
Rationale: Anticipation, substitution, and conformity are all principles of value in appraisal.
