Proctored Final Exam Reattempt – 2021 Georgia 75 Hour Pre-License Real Estate Course

The capital gains homestead exemption can be best described as:

Through what entity are zoning ordinances typically established in Georgia?

According to real estate license law, which of the following is a broker not allowed to do when listing a property for sale?

Which of the following is a violation of the Sherman Act?

A licensee takes a listing of a family friend even though the property is 2 hours away. If the licenseee does not market the property, what has the agent violated?

When an adult and a minor have entered into a written agreement for the sale of a property, the contract is?

How does earnest money appear on a closing statement?

What is the difference between a bilateral contract and a unilateral contract?

A seller tells a buyer that they will not sell them the house unless the buyer uses a particular title insurance company. This is _____

According to real estate license law, a broker may be sanctioned for which one of the following?

A high loan-to-value ratio indicates

Which of the following may be an advantage of a buydown for a borrower?

The type of loan where the interest rate is determined by adding the margin to a publicly available index rate is _____________

A Georgia real estate license can stay inactive for

If there is a title defect on a property, what would be the BEST option in the means of getting it eliminated?

When a property in good condition value declines because it is in a declining neighborhood, what type of depreciation would that be considered?

A broker in Georgia must keep copies of all of their past engagements for how long?

In Georgia, what description of the land must be included in every legal land description?

A broker advertises a property for rent only on a Portuguese website. The advertisement contains the fair housing logo and no discriminatory language. This is _____

The lead based paint addendum…

Once a listing expires, how long does an agent have to remove an advertisement from the internet?

What is it called when an agent overemphasizes a property’s positive attributes?

A method of psychological manipulation to make residents sell their property because of changing demographics is called __________?

How can members be admitted to the Georgia Real Estate Commission which has 6 members?

Frank’s license is revoked for fraud by the Georgia Real Estate Commission, how long will Vincent have to wait to reapply for a new real estate license?

Every relationship in which a real estate broker acts for or represents another as a client by the latter’s written authority in a real property transaction.

Any person who is licensed as a community association manager, salesperson, associate broker or broker.

___ any business entity, including, but not limited to, a corporation, partnership, limited liability company, or a sole proprietorship.

Mary is interested in buying a land to build on for her hair business. What will we say Mary is?

Which of these professions are able to buy, sell or lease real property on behalf of others for a commission?

All of these are the physical characteristics of land EXCEPT

Fill in the blank: Operations, such as ______, will have an influence on the surrounding properties in the neighborhood.

Fill in the blank: _______ impacts the value of a commodity.

Which term matches the definition: ________ is the period of time that the ROI (Return on Investment) will be realized over

When does a mobile home considered a real property

What does FICO stand for?

Credit score usually ranges from

Which of the following is NOT one of the names of the three credit reporting companies used in the United States?

What is the name of the website used to retrieve your annual free copy of your credit report?

What are the types of property ownership?

Which of the following is the best way to express agency?

Another name for a listing agreement is?

The agency relationship is defined by

The agreement between a principal and an agent

Which of the following is not one of the kinds of laws that dictate agency relationships and the duties an agent owes to their client

What is the Do Not Call Implementation Act of 2003?

A licensed salesperson may work only for

Who pays a salesperson when a transaction involved a listing agent, a selling agent, and several subagents

What is the name of the party that is licensed to sell, purchase, or lease real property on behalf of others?

Which of these professions are able to buy, sell or lease real property on behalf of others for a commission?

What did the Federal Trade Commission Act want to encourage?

Which statement defines a deceptive ad?

What is a cease-and-desist order?

What is the Do Not Call Implementation Act of 2003?

What is the CAN-SPAM Act of 2003?

When two or more parties share ownership of a property and an owner’s interest in the property is known as

___ represents a private interest holder whom does not have the right to possess.

The highest form of ownership interest one can acquire in real estate is

Define an easement

Which of the following is not a requirement for the government’s right to take a property voluntarily from an owner ?

Who will receive the property if the owner passes away without heirs and a will

What term describes real or personal property acquired by either spouse during marriage

In a situation where legal title to a property is held and is entrusted, carrying out the trustor’s instructions regarding the purpose of the trust, what is the term/title of this position?

Which are types of property ownership

The “bundle of rights” refers to a set of rights

What’s a primary purpose of zoning power?

What is the difference that the consideration of a variance and exception may be based on?

How is the intensity of land usage regulated?

An owner of a hotel is wondering whether to demolish or keep operation in a zoning ordinance that no longer allows commercial activity. In this situation the hotel most likely represents?

The municipality or county will issue a _____ which officially clears the property for occupation and use.

The ____ is protected under a vendee’s lien

What type of lien can be placed on your property if you default on payment for work that you have done on your property.

A mortgage lien is an example of a(n)

A federal income tax lien, a federal estate tax lien, a state intangible tax lien, and a mechanic’s lien are recorded against a property. Which lien will be paid first when the property is sold?

What sets liens apart from other types of encumbrance?

All of the following actions or circumstances can terminate an offer EXCEPT?

An offer is made to a seller with no stated time frame what can the offeree assume about the time to accept?

Which of the following situations makes a contract enforceable?

Which of the following would most likely NOT be a valuable consideration?

Larry listed his home for sale with a real estate broker for a period of 120 days. No buyer was found within this period. On the 212st day the listing would be terminated by:

I. rescission ;

II. expiration of time;

III. mutual agreement;

IV. destruction

In order to claim legal title, what must an adverse processor demonstrate?

If one in a tenancy in common, who will receive their property if they die without implanting a will?

Bill has been secretly living in a property for 10 years. He has decided to make a claim of ownership in order to clear trees in the surronding land to make room for a guest house. Will the claim the declined or upheld?

What Will must you receive from an attorney that is recognizable in any state?

When dealing with transfer by will which of the following is not the proper title for a transfer

The purpose of a deed restriction is to enable an owner to specify

A property owner who is selling her land wants to control how it is used in the future. She might accomplish her aim by mean of

Voluntarily transferred ownership of real estate can be transferred by

Recording a deed has what function?

The only clause that is actually required in a deed is the

Fill in the blank. The primary benefits that contribute to __________________ are appreciation, income, tax benefits, and use.

Which term most accurately describes this definition? ” Critical in the transfer of real property, since the value of a parcel establishes the general price range for the principles parties to negotiate”

Under the Federal Housing Administration (FHA) – insured, what percentage is needed for a down payment and what is the minimum credit score required?

Select the option that does not apply to the Duties of a borrower

How many dicount points make up 1% of the term balance?

The RESPA act establishes

Which is a loan that is not federally related

The statement that discloses whether the lender will service the loan is ___

Which defines what the HUD-1 Settlement Statement

RESPA stands for?

All expenses related to a property such as taxes, insurance and maintenance in a gross lease are paid by?

Natural break even point is in what lease

A tenant and a landlord had an oral lease that stated that the tenant would reside at the property for 2 year. Can the tenant legally leave before 2 years?

A lease contract is best described as

The percentage use is most often used by

What is the difference between market value and market price, if any?

Which of the following statements properly describes the central methodology of the cost approach to appraisal?

One of the strengths of the cost approach is that it

The act that required federally-related appraisals to be conducted by a certified appraiser is known as

As a component of real estate, the principle of substitution states that

Who controls land use at the local level?

What could the government do to force an owner to sell their property?

Why do communities require building permits?

What is the purpose of residential zoning?

A non-profit organization wants to erect an urgent care facility in a residential zone. Given other favorable circumstances, the local authorities may grant permission by allowing

____ prohibits discrimination based on disability in programs, services, and activities provided or made available by public entities.

Which of the following is a negative consequence of redlining?

What must an agent do if a seller tells them to not show their house to anyone born outside of the US?

How long does someone have to file a discrimination complaint with HUD?

Which of the following is NOT a member of a protected class?

Which federal agency passed the R-value rule?

____ must be disclosed according to a New Home Insulation Addendum.

How many days do tenants/buyers have to conduct a lead assessment?

What documents must be attached to the contract or lease?

What is a fungus that grows in the presence of moisture and oxygen on virtually any kind of organic surface?

A certain item is to be prorated between a buyer and seller. If no outside party is concerned, which of the following statements is true?

An item is said to be paid in arrears if it is normally paid

A certain item is to be prorated between a buyer and seller. If no outside party is concerned, which of the following statements is true?

A seller received a rental payment of $900 in advance. At closing, the seller has earned only $320 of this rent. What should appear on the closing statement?

A buyer will receive a water bill for an estimated $100 at the end of the month. At closing, the seller has used an estimated $43 in water. What should appear on the closing statement?

What is the renewal period in Georgia and how many hours of approved continuing education class is required?

Define a lapse in a license

Inactive status is offered when ___

Define a pocket card

When should the criminal history report be submitted?

What’s a “point”?

What is an annual Debt-to-service on a mortgage?

How do you calculate the annual property tax?

Jake pays 4,250 a year in property taxes. He decides to sell the property to Mary. The sell closes August 5th. What is the proration?

You have a property listed at $130,000. The commission rate listed in the listing agreement is 6%, which you will split evenly with the buyer’s representative. What’s your share.

One of these is not a characteristic of brokerage agreement

Created when a broker has a client relationship with both parties involved in a transaction is:

A broker who’s not entered brokerage relationship yet but who performs ministerial acts is: >

All the following is true of independent contractors EXCEPT:

How does earnest money appear on a closing statement?

What makes a bilateral contract different from a unilateral contract?

A seller is requiring that the buyer use a particular title insurance company and the buyer is paying for the title insurance. This is ______

Which of the following would be a violation of license law by a broker?

What is the result of a low loan-to-value ratio?

What is the advantage to a buyer utilizing a buydown?