GA Real Estate Exam Prep: Hard Questions with Answers, Exams of Real Estate Management

Download GA Real Estate Exam Prep: Hard Questions with Answers and more Exams Real Estate Management in PDF only on Docsity! GA REAL ESTATE EXAM PREP-HARD QUESTIONS WITH ANSWERS. 1. How often *must* you take continuing education? - Correct answer *every 4 years*. 2. In Georgia, which of the following is *NOT* a cost or expense of owning a home? - Correct answer Taxes on *personal property*. 3. A *Broker's*, license fee costs how much? - Correct answer *$170* 4. All of the following, exist in Georgia *EXCEPT*. Ad valorem Taxation, Special Assessments, Statutory Right of Redemption, Equitable Right of Redemption - Correct answer *Statutory Right of Redemption* 5. Which of the following statements about a *Management Agreement* is *FALSE*? - Correct answer *it is FALSE that*: it requires the Property Manager to work diligently to maximize the Licensee's rate of return. 6. An item of *Functional Obsolescence* is considered *incurable* if the: - Correct answer cost to repair is more than the value it ads. 7. What is *TRUE* about an *Associate Broker* in Georgia? - Correct answer Both A&B: *A*. An Associate Broker may perform any real estate brokerage act that requires a license. *B*. An Associate Broker acts on behalf of a Broker. 8. The squared or rectangles used in Georgia legal description are: - Correct answer *Land Lots* and *Districts*. 9. Does Georgia allow *Joint Tenancy* or *Tenancy by the Entirety*? - Correct answer Georgia allows *Joint Tenancy.* 10.How many hours of continuing education are required to renew a 4 year real estate *Salespersons*, license? - Correct answer 24 11.What is *Homestead Protection*? - Correct answer the status provided to a homeowner's principal residence that *protects the home against judgment*, up to a specified amount. 12.Which of the following is *NOT*, a *Covenant of Warranty* in a *Georgia General Warranty Deed*? - Correct answer *NOT* a Covenant of, *Further Assurance*. 13.To keep a Georgia Sales Associate License, an individual must do all of the following *EXCEPT*: - Correct answer *EXCEPT* Take at least ten quarter hours or six semester hours of college courses in real estate. P a g e 1 | 8 14.Based on the ability to accept assignments, *which appraiser has the most latitude*? - Correct answer *Certified General* 15.The real estate records in Georgia are maintained by the: - Correct answer *Clerk of Superior Court* 16.To be recorded in Georgia, the deed must be witnessed by: - Correct answer one official witness and one unofficial witness. 17.A buyer signs a contract to purchase a commercial building in Savannah. The contract is silent as to who bears the risk of loss proper to closing. *After the contract is signed, but before the closing*, the building burns to the ground. According to Georgia law the. - Correct answer *BUYER* must bear the risk of loss or damage before the closing. 18. In Georgia, the Landlord's eviction of a tenant is generally known as: - Correct answer a *DISPOSSESSION*. 19.Real property legal descriptions in Georgia can be based on all of the following *EXCEPT*: Land Lots, Township, Georgia Militia Districts, and Districts. - Correct answer *EXCEPT, Township*. 20.Under Georgia law, to claim adverse possession, the claim *Must* be: - Correct answer *Must be,* Accompanied by a *Claim of Right* and *Free of Fraud.* 21.The relationship between *Broker and Seller* is generally what type of agency? - Correct answer *Special*. 22.Which *State Agency* is responsible for the implementation of the *Georgia Lead Paint Prevention Act* of 1994? - Correct answer *Georgia Department of Natural resources*. 23. In Georgia, the legal document that pledges the property as collateral for repayment of the loan is the: - Correct answer *Security Deed*. 24.A community that merges, housing, recreation and commercial units into one self-contained development is called a: - Correct answer *pod*. 25.The period of time in Georgia in which *Adverse Possession* ripens is: - Correct answer *Seven (7) years under Color of Title.* 26. Is Georgia a *Community Property State?* - Correct answer *No* 27.Does Georgia have *Dower Laws?* - Correct answer *No* 28. In Georgia, *Broker Duties* owed to a client: - Correct answer Are determined by *BRRETA* or *Brokerage Relationships in Real Estate Transaction's act* P a g e 2 | 8 56. If the tenant were to die during the lease period, which type of *leasehold* would pass to the tenant's estate? - Correct answer *BOTH* *Estate for Years, and Tenancy from Year to Year* 57. If the *landlord and the tenant* do not specify the rental period, the manner of which the rent is paid creates *this type of occupancy*. - Correct answer *Estate from Year to Year* 58.When the rent payment is a *fixed amount for the term of the lease*, it is called: - Correct answer A *Gross Lease.* 59.A *Percentage Lease* is most often used in: - Correct answer *Shopping Centers* 60.Which form of *ownership* involves a *Proprietary Lease?* - Correct answer *Co-operative* 61.How many acres are in a lot described as E 1/2 of NW 1/4 of SE 1/4? - Correct answer *20 Acres, but I don't know how to get that answer* 62.The *Parole evidence Rule* - Correct answer Will allow oral evidence to explain, but not contradict a written contract *AND* Does *not* relate to matters involving *fraud, Mistake and Ambiguities* 63.Which is the *least curable* form of Obsolescence? - Correct answer *Economic Obsolescence*, out of owners control. 64.What two methods of appraising property are most similar? - Correct answer *Gross Rent Multiplier and Income Approach to Value Method* 65.Which term or terms is/are used with *section 1031 of the Internal Revenue Code?* - Correct answer *All of the above.* 66.Peter wants to buy his first house and has a gross monthly income of $3,000. How much payment can he afford? - Correct answer $3,000 x 28% = $840, 67.The best appraisal methods to be used to establish the *Current Market Value of a Shopping Center* would be? - Correct answer *Cost Income* method. 68.An *Appraiser* is: - Correct answer someone who engages in the procedure of estimating the real value of *Real Property or Personal property* 69.A contract for a lump sum or scheduled premiums that are paid out. - Correct answer *Annuity* 70.*Amortization Rate* is defined as: - Correct answer the percentage of periodic payment that is applied to the reduction of the principal. P a g e 5 | 8 71.The *appraisal principal* that states that the highest property values are realized when *improvements are proportional to one another* and the land in size and shape. - Correct answer *Balance* 72.To use the *Capitalization Approach* to appraising, you need them. - Correct answer *Net Income* 73.An amount *Owed or Due* - Correct answer *Debit* 74.*Property* may be technically defined as: - Correct answer *Rights or Interest* which a person has in the thing owned. 75.Who is the individual who obtains a real estate loan by signing a note and a mortgage? - Correct answer *Mortgagor* 76.Which of the following describes a mortgage that uses both real and personal property as security? - Correct answer *Package Mortgage* 77.A mortgage must include a *power of sale clause* to be foreclosed by: - Correct answer *Advertisement*. 78. In many states, by paying the debt after a foreclosure sale, the mortgagor has the right to regain the property. What is that right called? - Correct answer *Statutory right of redemption.* 79.*In a title theory state, the - Correct answer *Mortgagee takes title to the mortgaged property, during the TERM of the mortgage.* 80.A woman qualified to obtain an FHA loan for the purchase of a new home. From *which* of the following may she obtain this loan? - Correct answer *A qualified* Federal Housing Administration *mortgagee.* 81.The *Defeasance Clause* in a mortgage requires that the mortgagee execute: - Correct answer a *satisfaction* of mortgage. 82.A mortgage loan that requires monthly payments of $1,175.75 of 20 years and a final payment of $25,095 is - Correct answer a *Variable Mortgage.* 83.The difference between the *market value* and any *liens* on the property is the owner's - Correct answer *Return* 84.Fannie Mae and Ginny Mac - Correct answer are both involved in the *Secondary Market.* 85.A *Deficiency Judgment* can be filed when - Correct answer a foreclosure does not produce sufficient funds to pay a mortgage debt in full. 86.When a buyer assumes the mortgage, which of the following is *TRUE* - Correct answer the *Buyer* who assumes a mortgage becomes liable for the debt. P a g e 6 | 8 87.The loan which is *Most likely* to create *negative amortization* is the - Correct answer *Graduated Payment Mortgage* 88.Which of the following is *True* regarding a *Purchase Money Mortgage*? - Correct answer the seller finances a portion of the purchase price and places a *junior lien* on the property. 89.Who is the *Beneficiary* in the *Deed of Trust Security Instrument* used in a *title theory state (Georgia).* - Correct answer *Lender* 90.On *Adjustable Rate Mortgages* the, *margin* will - Correct answer remain constant over the life of the loan. 91.A defaulted borrower's *right to redeem property before a foreclosure* is called the - Correct answer *Equitable Right of Redemption* 92.Laws that determine the *maximum interest rate* a lender can charge are called - Correct answer *usury laws* 93.Which of the following requires that *finance charges* be stated as an *annual percentage rate?* - Correct answer *Truth in Lending Act* 94.An owner negotiated a home equity loan on his property. The owners *right to rescind this agreement within 3 days* is provided by. - Correct answer *Regulation Z* 95.Which of the following parties must sign the note and the mortgage? - Correct answer *Mortgagor and Promisor* 96.A construction loan is an example of - Correct answer a *No amortized Loan* 97.The federal act that prohibits a *lender* from discriminating based on race, color, religion, national origin, sex, marital status, age, or source of income is the - Correct answer *Equal Credit Opportunity Act* 98.A veteran is negotiating a GI Loan. *The appraiser* will use a - Correct answer *Certificate of Reasonable Value* 99.The act of *Pledging Property* to the lender without giving up possession rights is called: - Correct answer *Hypothecation* 100. Which federal law requires a loan originator to *provide a potential borrower with a loan estimate within three days of application?* - Correct answer *TILA-RESPA INTEGRATED DISCLOSURE RULE* 101. A correct radio ad for lake properties...... - Correct answer TILA or Truth in Lending Act. P a g e 7 | 8