Georgia Real Estate U Final Exam Study |476
Questions and Answers
What is a lien theory state? - -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? - -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...? - -Property manager
-In economics, supply is...? - -The quantity of goods or services available, whether in
abundance or scarcity.
-In economics, demand is...? - -The supply of willing and able consumers, which can be few
or numerous.
-When the supply is limited and demand is high...? - -Prices escalate
-To become a real estate broker, a person must have...? - -Experience as an agent, a
broker's license, and additional education.
-Real estate brokers are paid a commission for the sales, and...? - -The commission, which
can vary, is split between the broker and agent.
-Property types are generally categorized by the ............ that applies to that property. - -
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 ...? - -An Architect
-Single family homes are...? - -Private freestanding residential houses
-The effect of the first-time homebuyer's tax credit was to...? - -Motivate people to buy
homes
-Real estate agents work with...? - -Buyers and Sellers
,-When supply is plentiful and demand is low...? - -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...? - -A agent that specializes in industrial
property
-Single-family homes and single-family lots are always considered...? - -Residential
Property
-Fill in the blank. ............ represent both the buyer and seller or both the tenant and landlord
in the same transaction. - -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? - -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? - -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. - -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? - -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. - -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? - -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. - -30
-............ is required prior to advertising property for rent, sale, lease or exchange. - -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...? - -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. - -$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? - -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: - -
The actual real lease, sales, or exchange price
-When representing the seller, a licensee is obligated to present ............ to procure a
property for sale. - -Any signed offer
-A broker should keep copies of documents and records for...? - -3 years
-If a broker wants to open a brokerage under a fictitious name, the brokerage license must
be under the...? - -Fictious name
-Every broker has to maintain an accounting system to include the following information,
EXCEPT: - -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. - -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? - -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...? - -Vice Chair
-The Commissioner and all Commission appointees who hold a real estate license...? - -
Shall maintain their license as inactive while serving on the Commission
, -When taking funds from a client for deposits, prepaid taxes or insurance, or for any other
reason a licensee...? - -Must keep the funds segregated by opening a separate trust or
escrow account
-Money received from a client as an earnest deposit, a security deposit and deposited in a
trust account...? - -Cannot be withdrawn to pay a Commission to the real estate
professional unless the transaction is complete
-Disbursing funds from a trust account requires the authorization of...? - -All parties to any
contract where funds were collected
-Should any licensee be accused of fraudulent representation the Commission may...? - -
Conduct a thorough investigation including a review of their books and trust accounts
-Contracts issued to potential buyers or sellers must...? - -Contain a start and finish date,
be in compliance with Georgia law, and disclose any conflicts of interest
-If you have a real estate license, and you are faced with a disciplinary hearing because of
something the Commission finds out, you have the right to...? - -Judicial review of your case
in the event the Commission suspends or revokes your license
-The Commission may request a court issue a cease and desist order when...? - -Someone
participates in a transaction by falsely representing they are licensed
-Applicants for a real estate license in Georgia must...? - -Be 18 years of age, a resident of
Georgia, and have a high school diploma or GED
-Any time you pay the Commission a fee, you can expect...? - -No refund
-Which characteristic differentiates a Fee-simple time-share from a Leasehold time-share
purchase? - -A Fee-simple time-share is deeded in perpetuity
-All of the following are loan vehicles for a first mortgage, except? - -HELOC
-Many factors can increase or reduce monthly mortgage payments. Assume that a buyer is
planning to buy a $150,000 home, and any loan payments will not include closing costs or
insurance. Which scenario will produce the highest monthly payment? - -Taking out a 20
year fixed rate private owner mortgage at 4.25 percent with 5 percent down
-A seller has accepted an offer from John. John wants to remodel and add an outdoor pool
when he has enough equity built up to cover the project. Which loan arrangement will help
him build equity faster than the others? - -Make a 40 percent down payment upfront.
-The IBC classifies any structure with occupied living space higher than 75 feet
above ............ as a high-rise building. - -The lowest level of fire department access
Questions and Answers
What is a lien theory state? - -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? - -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...? - -Property manager
-In economics, supply is...? - -The quantity of goods or services available, whether in
abundance or scarcity.
-In economics, demand is...? - -The supply of willing and able consumers, which can be few
or numerous.
-When the supply is limited and demand is high...? - -Prices escalate
-To become a real estate broker, a person must have...? - -Experience as an agent, a
broker's license, and additional education.
-Real estate brokers are paid a commission for the sales, and...? - -The commission, which
can vary, is split between the broker and agent.
-Property types are generally categorized by the ............ that applies to that property. - -
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 ...? - -An Architect
-Single family homes are...? - -Private freestanding residential houses
-The effect of the first-time homebuyer's tax credit was to...? - -Motivate people to buy
homes
-Real estate agents work with...? - -Buyers and Sellers
,-When supply is plentiful and demand is low...? - -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...? - -A agent that specializes in industrial
property
-Single-family homes and single-family lots are always considered...? - -Residential
Property
-Fill in the blank. ............ represent both the buyer and seller or both the tenant and landlord
in the same transaction. - -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? - -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? - -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. - -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? - -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. - -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? - -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. - -30
-............ is required prior to advertising property for rent, sale, lease or exchange. - -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...? - -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. - -$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? - -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: - -
The actual real lease, sales, or exchange price
-When representing the seller, a licensee is obligated to present ............ to procure a
property for sale. - -Any signed offer
-A broker should keep copies of documents and records for...? - -3 years
-If a broker wants to open a brokerage under a fictitious name, the brokerage license must
be under the...? - -Fictious name
-Every broker has to maintain an accounting system to include the following information,
EXCEPT: - -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. - -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? - -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...? - -Vice Chair
-The Commissioner and all Commission appointees who hold a real estate license...? - -
Shall maintain their license as inactive while serving on the Commission
, -When taking funds from a client for deposits, prepaid taxes or insurance, or for any other
reason a licensee...? - -Must keep the funds segregated by opening a separate trust or
escrow account
-Money received from a client as an earnest deposit, a security deposit and deposited in a
trust account...? - -Cannot be withdrawn to pay a Commission to the real estate
professional unless the transaction is complete
-Disbursing funds from a trust account requires the authorization of...? - -All parties to any
contract where funds were collected
-Should any licensee be accused of fraudulent representation the Commission may...? - -
Conduct a thorough investigation including a review of their books and trust accounts
-Contracts issued to potential buyers or sellers must...? - -Contain a start and finish date,
be in compliance with Georgia law, and disclose any conflicts of interest
-If you have a real estate license, and you are faced with a disciplinary hearing because of
something the Commission finds out, you have the right to...? - -Judicial review of your case
in the event the Commission suspends or revokes your license
-The Commission may request a court issue a cease and desist order when...? - -Someone
participates in a transaction by falsely representing they are licensed
-Applicants for a real estate license in Georgia must...? - -Be 18 years of age, a resident of
Georgia, and have a high school diploma or GED
-Any time you pay the Commission a fee, you can expect...? - -No refund
-Which characteristic differentiates a Fee-simple time-share from a Leasehold time-share
purchase? - -A Fee-simple time-share is deeded in perpetuity
-All of the following are loan vehicles for a first mortgage, except? - -HELOC
-Many factors can increase or reduce monthly mortgage payments. Assume that a buyer is
planning to buy a $150,000 home, and any loan payments will not include closing costs or
insurance. Which scenario will produce the highest monthly payment? - -Taking out a 20
year fixed rate private owner mortgage at 4.25 percent with 5 percent down
-A seller has accepted an offer from John. John wants to remodel and add an outdoor pool
when he has enough equity built up to cover the project. Which loan arrangement will help
him build equity faster than the others? - -Make a 40 percent down payment upfront.
-The IBC classifies any structure with occupied living space higher than 75 feet
above ............ as a high-rise building. - -The lowest level of fire department access
