Georgia Real Estate Exam
1,789+ Practice Questions & Answers
Every question includes a detailed explanation. Organized by the 12 topics on the Georgia real estate salesperson exam.
Georgia License Law
210 questions- Which agency is responsible for regulating real estate licensees in Georgia?
- How many pre-license education hours must a Georgia real estate salesperson candidate complete before sitting for the licensing exam?
- What is the minimum passing score required on the Georgia real estate licensing examination?
- The Georgia real estate licensing exam consists of how many total questions?
- Under Georgia license law, a salesperson must affiliate their license with a:
- Georgia real estate licenses are renewed on what cycle?
- How many continuing education hours must a Georgia real estate licensee complete per 4-year renewal cycle?
- Which of the following is NOT exempt from requiring a real estate license in Georgia?
- Under GREC rules, a Georgia broker who receives trust funds must deposit them in the escrow account by:
- What is the Georgia Real Estate Education, Research, and Recovery Fund used for?
- In Georgia, a broker who advertises real estate services must include in all advertising:
- GREC may take disciplinary action against a Georgia licensee for all of the following EXCEPT:
- What is the maximum fine GREC may impose on a licensee per violation?
- How many hours of continuing education must a Georgia licensee complete during each four-year renewal cycle?
- A Georgia real estate salesperson who wishes to upgrade to a broker's license must have been actively licensed for at least:
- How many additional pre-license education hours must a salesperson complete to qualify for a Georgia broker's license?
- The Georgia Real Estate Commission is composed of how many members?
- Under Georgia law, an inactive licensee may NOT:
- A Georgia salesperson receives a real estate commission check from a buyer. What should the salesperson do?
- Which of the following actions requires a Georgia real estate license?
- The Georgia Real Estate Education, Research, and Recovery Fund provides compensation to members of the public who suffer losses due to:
- What is the maximum amount that may be paid from the Georgia Recovery Fund to a single claimant for acts against them by one licensee?
- A Georgia broker who comingles client funds with personal funds is subject to:
- Under Georgia law, a licensee must notify GREC within how many days of a change of address?
- Which of the following individuals is exempt from Georgia real estate license requirements?
- An associate broker in Georgia is defined as:
- The Georgia Real Estate Commission has the authority to do all of the following EXCEPT:
- A Georgia licensee may legally receive compensation from:
- When a Georgia broker's license is revoked, what happens to the salespersons affiliated with that broker?
- Georgia's real estate license law is found in:
- A Georgia real estate license application may be denied if the applicant has been convicted of:
- A Georgia salesperson may accept a referral fee from an out-of-state broker for referring a client. This referral must be:
- A temporary broker license in Georgia may be granted to allow which of the following?
- A Georgia licensee who wants to place their license on inactive status must:
- Under Georgia law, an unlicensed personal assistant working for a real estate broker may legally:
- Georgia licensees who are found guilty of fraud in a real estate transaction may face which penalty from GREC?
- GREC's primary purpose is to:
- A Georgia broker who operates more than one office must:
- A 'pocket listing' in Georgia occurs when a broker markets a property without entering it into the MLS. Under the NAR Clear Cooperation Policy, a broker must submit a listing to the MLS within:
- Which of the following is NOT a requirement for a valid Georgia real estate license application?
- The continuing education requirement for first-time Georgia license renewal after obtaining a salesperson license includes which mandatory course?
- A Georgia broker is responsible for:
- Under Georgia law, which action constitutes 'net listing' — which is prohibited?
- What is the maximum civil penalty GREC may impose on a licensee for a single violation of Georgia license law?
- Under Georgia law, how long does a licensee have after passing the exam to activate their real estate license?
- A Georgia real estate broker must maintain a definite place of business. This requirement means the broker must have:
- When a Georgia salesperson changes employing brokers, what must happen to the salesperson's license?
- Which of the following activities requires a Georgia real estate license?
- Georgia's real estate education provider must be approved by:
- A Georgia real estate license may be placed on inactive status. While inactive, the licensee may:
- Under GREC rules, a broker's trust account must be reconciled:
- GREC members are appointed by whom?
- Under Georgia law, which of the following persons is exempt from obtaining a real estate license?
- Georgia's post-license education requirement for new salespersons must be completed within:
- Continuing education requirements for Georgia real estate license renewal include:
- A broker who allows their real estate license to expire but continues to engage in real estate activities is:
- The Georgia Real Estate Education, Research, and Recovery Fund pays:
- The maximum Recovery Fund payment per transaction in Georgia is:
- A Georgia broker must keep transaction records for a minimum of:
- Under Georgia law, a licensed real estate associate broker differs from a salesperson in that the associate broker:
- To obtain a Georgia real estate broker's license, an applicant must have:
- A Georgia licensee who engages in misrepresentation is subject to which action by GREC?
- A Georgia real estate team must operate under the name and supervision of:
- Under GREC rules, which of the following must appear on all real estate advertising?
- A Georgia licensee who wishes to operate under a trade name must:
- A licensee who engages in commingling of client funds with personal funds may face:
- The concept of 'puffing' in real estate advertising refers to:
- Under Georgia license law, a broker may share commissions with:
- A Georgia real estate licensee may be disciplined by GREC for all of the following EXCEPT:
- A Georgia broker is required to display their license at:
- Georgia law requires that a real estate commission be paid to the salesperson through their:
- A licensee in Georgia who is found guilty of a crime involving moral turpitude may have their license:
- Under Georgia law, a real estate license must be renewed every four years. The renewal date is the:
- A Georgia real estate salesperson who operates an independent real estate business without a broker affiliation is:
- GREC can take disciplinary action against a broker for the licensed activities of:
- Which of the following describes an unlicensed assistant's permissible activities in Georgia?
- A 'provisional licensee' in Georgia is one who has:
- A Georgia licensee wishing to practice real estate in another state must:
- An out-of-state broker wishing to share a commission with a Georgia licensee for a Georgia transaction must:
- Under GREC rules, a broker who receives earnest money must deposit it into a trust account within:
- The term 'procuring cause' in real estate means the agent who:
- A licensee who wishes to receive compensation for referring another agent's clients must:
- A Georgia real estate broker's supervising responsibility includes ensuring that affiliated licensees:
- A Georgia licensee must notify GREC within how many days of changing their residential address?
- Under Georgia law, which entity holds earnest money for a residential transaction?
- A Georgia licensee who wants to work as an independent contractor rather than an employee of the broker must still:
- A Georgia licensee who has been convicted of a crime involving moral turpitude must:
- A licensed Georgia salesperson who moves to a new broker must ensure that:
- Under Georgia law, a real estate brokerage may be organized as which of the following business entities?
- A GREC hearing to discipline a licensee is conducted as:
- A real estate advertising piece in Georgia that only shows the agent's name and phone number WITHOUT the broker's name:
- The Georgia Real Estate Commission may suspend or revoke a license without a hearing if:
- Under Georgia law, a broker's escrow account used for client funds must be maintained at:
- A Georgia real estate licensee who receives a complaint from a member of the public is entitled to:
- A licensee in Georgia who gives investment advice regarding real estate as a securities matter may also need:
- A new GREC rule takes effect after it is adopted following:
- A reciprocal license agreement between Georgia and another state allows licensees to:
- A Georgia broker who enters an exclusive listing agreement must provide the seller with a copy of the agreement:
- Under Georgia law, a real estate salesperson may not:
- GREC's jurisdiction extends to which of the following activities?
- The statute of limitations for filing a real estate fraud complaint in Georgia is generally:
- A Georgia real estate course instructor must be approved by:
- A Georgia licensee who engages in 'door knocking' (soliciting listings in person) must comply with:
- A Georgia broker's trust account must NOT contain:
- The GREC Education, Research, and Recovery Fund is funded by:
- If a Georgia licensee's license is revoked, the licensee may apply for reinstatement:
- Georgia REALTORS who are members of NAR are also bound by:
- A Georgia real estate licensee's obligation under the state's anti-money laundering rules requires:
- A Georgia licensee who represents a buyer from another country must be aware of:
- Georgia's license law requires that a real estate licensee must:
- Under GREC rules, a licensee who is charged with a criminal offense must:
- The Georgia Real Estate Commission was established by:
- A real estate licensee in Georgia who provides false information on their license application may have their application:
- Under GREC rules, a broker who wishes to operate multiple offices must:
- Georgia's real estate license law applies to:
- A real estate broker who manages only their own properties (not for others) may do so:
- An 'earnest money dispute' arises when the buyer and seller disagree about who is entitled to the earnest money after a failed transaction. The broker holding the funds should:
- A Georgia real estate agency that fails to maintain the required trust accounts may be subject to:
- A real estate broker must prominently display their license at their principal place of business. This requirement serves to:
- In Georgia, a licensee who violates fair housing laws will face consequences from:
- A 'pocket listing' (selling without MLS exposure) in Georgia:
- Under Georgia law, the Real Estate Commission's investigative process begins when:
- When a Georgia real estate license is suspended, the licensee may NOT:
- The term 'broker price opinion' (BPO) differs from a CMA in that a BPO is typically:
- A Georgia broker who discovers that a salesperson affiliated with their brokerage has been commingling client funds must:
- The GREC education requirement that must be completed within the first year of a new Georgia salesperson's license is:
- An 'exclusive agency' listing versus an 'exclusive right to sell' listing means the broker:
- A Georgia licensee who advertises on social media must:
- Under Georgia law, the supervising broker is responsible for ensuring that affiliated licensees:
- GREC's power to regulate real estate in Georgia is derived from the state's:
- A Georgia real estate agent who receives a gift card from a lender for referring clients to that lender is:
- A Georgia licensee who holds an out-of-state real estate license and wants to serve Georgia clients must:
- A Georgia broker must ensure that all 'team' advertising clearly identifies:
- A real estate salesperson in Georgia who acts as the 'authorized representative' of a limited liability company (LLC) that owns property must:
- When GREC revokes a licensee's license for misconduct, that revocation becomes part of the:
- A Georgia real estate agent who has a client with a criminal background applying for a rental must:
- A continuing education provider in Georgia must submit completion records to GREC within:
- A salesperson in Georgia whose qualifying broker loses their license must:
- In Georgia, a licensed auctioneer who conducts real estate auctions must also hold a:
- A Georgia broker who manages rental properties for multiple owners must have a current:
- Under Georgia's license law, a buyer who is harmed by a licensee's fraud may make a claim against the Recovery Fund for up to:
- A GREC investigation that finds insufficient evidence against a licensee will result in:
- Which of the following best describes a 'community association manager' in Georgia?
- A Georgia licensee who 'farms' a neighborhood for listing leads through direct mail must comply with:
- A Georgia real estate license candidate who fails the licensing examination may retake it:
- Under Georgia law, a real estate licensee may refuse to show a property to a client if:
- The phrase 'reasonable care and skill' in the context of Georgia real estate agency means the licensee must:
- A Georgia broker who receives a complaint from GREC must respond within the timeframe set by GREC, which is typically:
- A Georgia licensee's continuing education for renewal must include which of the following mandatory topics?
- Under Georgia's anti-discrimination laws, a real estate broker who receives a complaint from a minority buyer claiming discriminatory service must:
- The 'qualifying broker' of a Georgia real estate company is responsible for:
- A real estate salesperson in Georgia who has been licensed for 3 years and meets additional education requirements may apply for:
- Under Georgia law, which of the following activities requires a real estate license?
- GREC requires a broker to maintain trust account records for how long after a transaction closes?
- Which of the following is a ground for GREC to revoke or suspend a real estate license?
- A Georgia real estate licensee who is convicted of a felony involving fraud must:
- A Georgia community association manager (CAM) who manages a homeowners association with a budget exceeding $100,000 may need which additional credential?
- GREC's primary mission is to:
- How many members serve on the Georgia Real Estate Commission (GREC)?
- A Georgia licensee who practices real estate under a team name must ensure that:
- A Georgia licensee who fails to complete the required continuing education before license renewal will find that GREC:
- A Georgia associate broker differs from a salesperson in that an associate broker:
- In Georgia, a real estate license may be placed on inactive status when the licensee:
- A Georgia broker who wants to relocate their office must:
- The Georgia Real Estate Education, Research, and Recovery Fund provides compensation to:
- Under Georgia law, which of the following is exempt from needing a real estate license?
- Under Georgia license law, advertising by a salesperson must include:
- Under Georgia law, a broker's trust account must be kept in:
- A Georgia real estate license is required to collect compensation for performing which of the following?
- A Georgia real estate salesperson wishing to become a broker must have:
- In Georgia, a salesperson who changes from one broker to another must:
- A Georgia broker can be disciplined by GREC for which of the following supervision failures?
- In Georgia, what is the maximum civil penalty GREC may impose for a license law violation?
- Under Georgia law, a licensee acting as a property manager must keep which of the following separate?
- The Georgia Real Estate License Law covers which types of real property transactions?
- A Georgia real estate licensee who is convicted of a crime involving moral turpitude may have their license:
- A Georgia broker who accepts compensation from both the buyer and seller in a transaction without full written disclosure and consent of both parties is guilty of:
- Under Georgia law, the real estate Recovery Fund maximum payment per claimant is:
- Under Georgia license law, a broker's duty to supervise their salespersons includes:
- Which of the following is NOT required for a Georgia real estate license application?
- A Georgia licensee who consistently fails to supervise transactions, causing multiple clients to suffer losses, may be subject to GREC action for:
- A Georgia real estate licensee who offers a rebate to a buyer is:
- A Georgia salesperson who works simultaneously for two different brokers:
- When a Georgia broker closes their office, all affiliated salespersons must:
- Georgia's BRRETA requires that certain information be provided to clients in a written brokerage engagement. This written document must contain:
- A Georgia real estate school must be approved by:
- Which of the following would NOT be considered 'practicing real estate' without a license in Georgia?
- Under GREC regulations, what is the minimum age to obtain a Georgia real estate salesperson license?
- A Georgia salesperson's license is automatically suspended when:
- A Georgia licensee must disclose their licensed status to the other party when they are:
- Which of the following is required on a Georgia real estate licensee's business card?
- A Georgia broker is required to have written brokerage policies that address:
- A Georgia licensee who receives a referral fee for referring a client to a mortgage company must:
- Under Georgia law, a broker who operates under a trade name (d/b/a) must:
- Georgia requires that the seller's property disclosure form (when used) be provided to the buyer:
- GREC may investigate a complaint against a Georgia licensee:
- Georgia GREC members are appointed by the Governor for terms of:
- Georgia's mandatory E&O (Errors and Omissions) insurance for real estate brokers covers:
- What is the primary purpose of requiring real estate licensees to complete continuing education?
- A consumer who is defrauded by a Georgia real estate licensee may file a complaint with GREC and also:
- A Georgia real estate licensee who is also a licensed home inspector must:
- In Georgia, a nonresident may obtain a real estate license by:
- Under Georgia law, a licensed auctioneer who sells real property at public auction:
- Under Georgia law, which of the following persons is exempt from real estate licensing requirements?
- A Georgia real estate licensee who helps a client with a real estate transaction in another state is:
- Which of the following best describes the 'net listing' in Georgia?
- The Georgia Real Estate Appraisers Board (GREAB) is responsible for licensing:
- A Georgia broker who changes their brokerage from a sole proprietorship to a corporation must:
- A new real estate salesperson in Georgia has successfully completed all pre-license requirements and passed the state exam. To begin practicing real estate, the salesperson must:
- In Georgia, the Georgia Real Estate Commission (GREC) has authority to do all of the following EXCEPT:
Contracts
190 questions- The Georgia Association of REALTORS (GAR) Purchase and Sale Agreement is an example of a:
- Under Georgia law, which of the following is essential for a real estate purchase contract to be enforceable?
- A Georgia buyer includes a due diligence period in their offer. During the due diligence period, the buyer may:
- Under a Georgia purchase contract, earnest money is typically held by the:
- In Georgia real estate contracts, a 'special stipulation' is used to:
- A Georgia seller accepts an offer on their home. Before closing, the roof sustains significant storm damage. The risk of loss provision in the contract most likely:
- The Georgia Association of Realtors (GAR) Purchase and Sale Agreement is best described as a:
- Under Georgia contract law, an offer becomes a binding contract when:
- What is the legal effect of a counteroffer under Georgia contract law?
- Under the Statute of Frauds as applied in Georgia, real estate contracts must be:
- In a GAR contract, the Due Diligence Period gives the buyer the right to:
- Earnest money in a Georgia real estate transaction is typically held by:
- If a seller defaults on a GAR Purchase and Sale Agreement, the buyer may:
- A Georgia listing agreement is what type of contract between the seller and broker?
- What distinguishes an 'Exclusive Right to Sell' listing from an 'Exclusive Agency' listing?
- An option contract in Georgia gives the optionee the:
- In Georgia, which of the following makes a contract void (not merely voidable)?
- Which of the following is required for a valid real estate contract in Georgia?
- Consideration in a real estate contract can be:
- A GAR contract provides for a specific closing date, but the parties cannot close by that date. What typically happens?
- Specific performance is a remedy in real estate where the court orders:
- Liquidated damages in a real estate contract are:
- A contract that is voidable can be:
- In Georgia, what is the effect of adding a 'time is of the essence' clause to a real estate contract?
- Novation in real estate contract law means:
- An 'as-is' clause in a Georgia real estate contract means:
- A buyer makes an offer on a Georgia property, and the seller counters with a higher price. Before the buyer responds, the seller withdraws the counter. Is the original offer still valid?
- In the GAR Purchase and Sale Agreement, a property described as including 'all fixtures' would typically include:
- An earnest money dispute between buyer and seller in Georgia is typically resolved by:
- A contract clause that makes the buyer's obligation contingent on obtaining a mortgage is called a:
- Under Georgia law, a contract signed under duress is:
- A real estate purchase contract that contains all required elements but was entered into by a 16-year-old is:
- The parol evidence rule in contract law generally prevents parties from:
- An installment land contract (contract for deed) in Georgia transfers:
- In the GAR Purchase and Sale Agreement, which party selects the closing attorney?
- The GAR (Georgia Association of REALTORS) Purchase and Sale Agreement is best described as:
- Under Georgia contract law, which element is NOT required for a valid real estate contract?
- In Georgia, the Statute of Frauds requires that real estate contracts be:
- Under the GAR Purchase and Sale Agreement, the binding agreement date is:
- In a Georgia real estate contract, earnest money is typically held by:
- Under Georgia law, if a buyer defaults on a Purchase and Sale Agreement, the seller's typical remedy (as stated in the GAR contract) is:
- A Georgia real estate contract has a Due Diligence Period. During this period, the buyer may:
- Under Georgia contract law, a contract signed by a minor (under age 18) is:
- An option contract in Georgia gives the optionee (buyer) the:
- A Georgia listing contract that contains a net listing provision is considered:
- A real estate contract that is 'void' means:
- A voidable contract is one that:
- An earnest money deposit in Georgia is best described as:
- Under Georgia law, if both parties breach a real estate contract, the most likely outcome is:
- Specific performance as a remedy in a real estate contract dispute means:
- A listing agreement in Georgia is a contract between:
- An exclusive right to sell listing agreement in Georgia means:
- A counteroffer in Georgia real estate constitutes:
- The concept of 'time is of the essence' in a Georgia real estate contract means:
- A contingency clause in a purchase contract gives the:
- Under the GAR Purchase and Sale Agreement, if the seller does not respond to an offer within the stated deadline, the offer:
- In Georgia, a buyer who wants to make their purchase contingent on selling their existing home would use which addendum?
- A 'kick-out clause' in a Georgia home sale contingency allows the seller to:
- Which of the following best describes the legal concept of 'meeting of the minds' in a contract?
- A lease in Georgia that does not specify a term is assumed to be:
- A sublease differs from an assignment of a lease in that:
- A real estate buyer who discovers after closing that the seller concealed a material defect may have a claim for:
- The parol evidence rule provides that:
- An addendum to a Georgia real estate contract:
- The doctrine of merger in real estate law means that once a deed is delivered at closing:
- A novation in a real estate contract occurs when:
- Rescission of a real estate contract means:
- Under the Georgia Association of REALTORS forms, the 'Special Stipulations' section allows parties to:
- A buyer's right to inspect property under the GAR Due Diligence Addendum includes the right to:
- A seller's property disclosure under Georgia law is designed to:
- A 'bump clause' or 'right of first refusal' in a Georgia contract gives the original buyer:
- In Georgia, when must the seller's property disclosure statement be provided to the buyer?
- A 'time is of the essence' provision in a Georgia real estate contract primarily affects:
- A lease-purchase agreement in Georgia differs from a lease-option in that:
- Under Georgia law, who may prepare a real estate purchase contract for use in a transaction?
- An anticipatory breach of a Georgia real estate contract occurs when:
- Under Georgia law, a contract for the sale of real property must include a legal description that is:
- A bilateral contract in real estate is one where:
- A unilateral contract in real estate is exemplified by:
- When a Georgia Purchase and Sale Agreement states 'AS-IS, WHERE-IS,' the buyer:
- In Georgia, an offer to purchase becomes binding only when:
- The Georgia Association of REALTORS New Construction Purchase and Sale Agreement is used for:
- A force majeure clause in a real estate contract allows:
- Under Georgia law, who has the authority to release earnest money when a transaction falls through?
- A Georgia listing agreement may be terminated by which of the following?
- When calculating prorations at closing in Georgia, the closing day is traditionally charged to:
- The financial contingency in a GAR Purchase and Sale Agreement typically provides the buyer:
- A 'walk-through' inspection before closing in Georgia is intended to verify that:
- The transfer of a listing agreement from one broker to another without the seller's consent is:
- Under the GAR contract, the seller's duty to maintain the property until closing means:
- Under the GAR form, the 'Closing Date' is the date when:
- A 'release of contingency' in a Georgia Purchase and Sale Agreement means the buyer:
- What type of listing agreement gives the seller the right to sell the property themselves without paying a commission?
- An open listing in Georgia allows:
- The 'automatic extension' provision in a listing agreement is generally:
- In Georgia, an offer to purchase real property must be communicated in writing because of:
- An 'arm's length transaction' in real estate means:
- A purchase agreement for real property is an executory contract meaning:
- The GAR Seller's Property Disclosure Statement requires sellers to disclose information about:
- A contract that is 'integrated' means:
- A 'material breach' of a real estate contract is one that:
- Under the Georgia Purchase and Sale Agreement, the buyer's earnest money deposit is typically how much?
- A 'subject to' purchase means the buyer is acquiring property:
- In Georgia, a real estate purchase contract becomes 'executed' when:
- The covenant of 'general warranty' in a Georgia deed means the grantor will:
- Under Georgia law, a real estate contract signed by a person who is intoxicated or mentally incapacitated at the time of signing is:
- A Georgia real estate licensee who receives multiple offers on a listed property should:
- In a real estate transaction, 'prorations' are adjustments made to ensure that:
- A homebuilder's standard contract for the purchase of a new construction home typically:
- An 'as-is' clause in a Georgia contract does NOT protect the seller from liability for:
- The Georgia law requiring real estate contracts to be in writing is based on which principle?
- When a Georgia real estate contract's closing date passes without closing due to circumstances beyond either party's control (like a natural disaster), the contract may be:
- An 'escalation clause' in a purchase offer allows the buyer to:
- The 'Binding Agreement Date' (BAD) in a Georgia contract is important because:
- Under Georgia law, a contract for the sale of real property that contains a material misrepresentation by the seller may be:
- Mutual mistake of fact in a real estate contract occurs when:
- In Georgia, 'acceptance by performance' means a contract becomes binding when:
- The duty of good faith and fair dealing in Georgia contract law requires contracting parties to:
- When a seller in Georgia dies after a purchase contract is executed but before closing, the contract typically:
- A real estate contract's integration clause states that the written contract represents:
- A 'merger clause' in a purchase contract states that the contract represents the entire agreement. What is the legal effect?
- Under the GAR contract's 'New Loan' contingency, if the buyer cannot obtain financing at specified terms, they may:
- A 'home sale contingency' protects the buyer by making the purchase contingent on:
- In Georgia, the typical 'right to assign' in a GAR Purchase and Sale Agreement:
- A Georgia seller who wants to remain in the home after closing can negotiate a:
- Under Georgia law, which statement about oral real estate contracts is most accurate?
- A buyer who has signed an exclusive buyer brokerage agreement and then purchases a FSBO (For Sale By Owner) property:
- A real estate contract 'subject to court approval' is typically seen in:
- A Georgia 'back-up offer' is accepted in a:
- Consideration in a real estate contract does NOT have to be:
- A Georgia buyer who is three days past the contract's inspection contingency deadline requests an extension. The seller:
- Under the GAR contract, the seller's obligation to provide a deed at closing requires delivering a deed that conveys:
- A buyer who discovers a previously unknown major defect after closing but before moving in may have which remedy?
- In Georgia, a 'buyer beware' (caveat emptor) doctrine traditionally meant:
- A contingency that is 'personal to the buyer' in a real estate contract means:
- A real estate 'option to buy' differs from a right of first refusal in that an option:
- A 'lease with option to purchase' allows the tenant to:
- Under Georgia contract law, 'impossibility of performance' occurs when:
- A 'right of first refusal' in a lease allows the tenant to:
- A 'graduated rent' lease provides for:
- Under a GAR Purchase and Sale Agreement, if the seller fails to close without legal excuse, the buyer may:
- In Georgia, an option contract gives the optionee (buyer) the right but not the obligation to purchase. What makes this contract binding on the seller?
- Under the GAR contract, the 'time is of the essence' provision means:
- A counteroffer in Georgia legally:
- A 'backup contract' in Georgia means:
- In Georgia, for a contract to convey real estate to be enforceable, it must be:
- In Georgia, the earnest money in a real estate transaction is typically held by:
- Under the GAR Purchase and Sale Agreement, the 'inspection contingency' allows the buyer to:
- A real estate contract that is 'void' in Georgia is:
- A contract for the purchase of real estate is 'voidable' when:
- Under the GAR contract, the 'due diligence period' is the time during which the buyer can:
- Which of the following would make a real estate contract illegal and therefore void in Georgia?
- Under Georgia law, specific performance as a remedy for breach of a real estate contract is available because:
- A real estate agent who is asked to advise a client about whether a contract clause is enforceable is:
- Under the GAR contract, 'days' are counted as:
- A 'novation' in Georgia replaces:
- Under the parol evidence rule, in a real estate dispute about a written contract in Georgia:
- Under Georgia law, a contract that was entered into under duress is considered:
- The GAR Purchase and Sale Agreement's 'Exhibit B — Seller's Property Disclosure Statement' requires the seller to:
- A 'merger clause' (integration clause) in a real estate contract means:
- The 'earnest money deposit' in a GAR contract serves the primary purpose of:
- A seller receives an offer with no earnest money deposit. Is this offer valid in Georgia?
- A 'subject to' clause in a Georgia real estate contract typically means:
- An addendum to a GAR Purchase and Sale Agreement must be:
- Under the GAR contract, the 'closing' date is the date on which:
- Under the GAR contract, if the buyer's financing contingency is not met, the buyer may:
- A 'contingency' in a Georgia real estate contract:
- What constitutes 'adequate consideration' in a Georgia real estate purchase contract?
- Under the GAR contract, the seller is typically allowed how long to respond to a repair request from the buyer after a home inspection?
- When both parties to a Georgia real estate contract mutually agree to cancel it, this is known as:
- A buyer in Georgia signs a contract and the seller signs it three days later. The effective date of the contract is:
- The 'anti-merger doctrine' in Georgia real estate law provides that:
- The 'mailbox rule' in Georgia contract law provides that acceptance of an offer is effective when:
- Under a GAR contract, the 'appraisal contingency' protects the buyer by:
- The 'dead man's statute' (Dead Man's Act) in Georgia could affect real estate contracts because:
- Under Georgia law, a real estate purchase contract made by a person who lacks mental capacity at the time of signing is:
- The GAR 'Exhibit A — Legal Description and Other Property Information' is important because:
- In Georgia, a real estate sales contract that includes a provision that violates a statute is:
- The 'Vendor's Affidavit' or 'No Lien Affidavit' in a Georgia closing serves to:
- In a Georgia real estate transaction, the 'time of the essence' clause is most critical for:
- A 'right of first refusal' in a residential real estate context gives a person the right to:
- When a seller receives multiple offers simultaneously in Georgia, the seller may:
- The GAR contract's 'Financing Contingency' will survive and allow the buyer to terminate if:
- A 'novation clause' in a purchase contract (specifically regarding an assumable mortgage) means the new buyer:
- When a GAR contract has a 'due diligence fee' rather than just earnest money, the due diligence fee is typically:
- A Georgia real estate contract states the price is '$3,000 per front foot' for a lot with 200 feet of road frontage. What is the total purchase price?
- Under Georgia law, an offer is effectively revoked when:
- A 'home sale contingency' in a Georgia purchase contract benefits the buyer by:
- An 'escalation clause' in a Georgia real estate offer allows the buyer to:
- In Georgia, a real estate contract where one party is a minor (under 18) is:
Finance
187 questions- A Georgia USDA Rural Development loan is designed for:
- A Georgia property appraised at $275,000 has an existing first mortgage of $180,000. The owner wants to take out a home equity loan for $50,000. What is the combined loan-to-value (CLTV) ratio?
- What does 'assumption of mortgage' mean in a Georgia real estate transaction?
- Georgia law requires a real estate closing to be conducted by:
- A Georgia buyer takes out a $240,000 mortgage at a 7% fixed rate, fully amortized over 30 years. The monthly payment factor at 7% for 30 years is $6.65 per $1,000. What is the approximate monthly P&I payment?
- Which federal law requires lenders to provide a Loan Estimate to borrowers within three business days of receiving a loan application?
- A Georgia buyer makes a 10% down payment on a $300,000 home. What is the loan amount?
- Which type of mortgage loan is guaranteed by the U.S. Department of Veterans Affairs?
- The Truth in Lending Act (TILA) requires lenders to disclose the:
- An adjustable-rate mortgage (ARM) typically starts with a lower interest rate that can change based on a:
- Under RESPA, which payment is prohibited?
- A buyer in Georgia obtains a conventional loan requiring PMI. PMI is typically required when the down payment is less than:
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating based on all of the following EXCEPT:
- In Georgia, which entity most commonly handles the real estate closing?
- Discount points paid at closing are used to:
- The debt-to-income (DTI) ratio used by lenders compares:
- A conventional conforming loan must not exceed what dollar limit (as of recent guidelines)?
- An FHA loan requires a minimum down payment of:
- A mortgage in which the borrower pays only interest for a set period before principal and interest payments begin is called a(n):
- A reverse mortgage allows homeowners to:
- Which of the following best describes amortization?
- Regulation Z implements which federal lending law?
- A home equity line of credit (HELOC) is best described as a:
- An acceleration clause in a mortgage allows the lender to:
- Which of the following federal laws requires the lender to provide a Closing Disclosure at least three business days before closing?
- A balloon mortgage requires the borrower to:
- A lender who uses a deed to secure debt in Georgia is exercising what type of legal theory for foreclosure?
- The Home Mortgage Disclosure Act (HMDA) requires lenders to:
- A construction loan is typically converted to a permanent mortgage:
- A wraparound mortgage is one where:
- The secondary mortgage market allows lenders to:
- A mortgage broker differs from a mortgage banker in that a mortgage broker:
- Which of the following is a characteristic of an FHA loan that makes it more accessible to first-time buyers?
- A buyer assumes a seller's existing mortgage in Georgia. This means the buyer:
- Predatory lending practices include all of the following EXCEPT:
- An interest rate cap on an ARM loan protects the borrower by:
- USDA Rural Development loans are available to:
- The loan origination fee charged by a lender is typically expressed as:
- A conventional mortgage loan is one that is:
- Private Mortgage Insurance (PMI) is typically required when the loan-to-value ratio (LTV) exceeds:
- A VA loan benefit is available to eligible veterans and active duty military. One key feature is:
- RESPA (Real Estate Settlement Procedures Act) prohibits:
- An adjustable-rate mortgage (ARM) differs from a fixed-rate mortgage in that:
- A buyer in Georgia is purchasing a $300,000 home and making a 10% down payment. What is the loan amount?
- The debt-to-income (DTI) ratio used by conventional lenders typically measures:
- In Georgia, a deed of trust differs from a mortgage in that:
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating in lending based on:
- A mortgage that allows the borrower to draw funds up to a set limit during a draw period is called:
- A balloon mortgage features:
- A seller who finances the buyer's purchase directly holds a:
- An assumption of an existing mortgage means:
- Predatory lending practices include:
- Under Regulation Z (TILA), a right of rescission gives borrowers in a refinance transaction how many business days to cancel?
- Fannie Mae and Freddie Mac are known as government-sponsored enterprises (GSEs) that:
- A USDA Rural Development loan is best suited for buyers who:
- A bridge loan in real estate is used to:
- A fully amortized mortgage means:
- A lender who charges an interest rate of 6.5% on a mortgage and the APR is 6.9% means:
- A graduated payment mortgage (GPM) features:
- Which federal agency oversees the FHA loan program?
- A wraparound mortgage in Georgia involves:
- The loan-to-value ratio (LTV) is calculated as:
- A home equity loan differs from a HELOC in that:
- When a lender requires the borrower to establish an escrow account, the borrower makes monthly deposits to cover:
- Under the Community Reinvestment Act (CRA), federally regulated banks are required to:
- HMDA (Home Mortgage Disclosure Act) requires lenders to:
- A construction loan in Georgia is typically structured as:
- When a property appraises for LESS than the agreed purchase price, the buyer faces the challenge of:
- In Georgia, the promissory note in a real estate transaction is:
- An interest rate buydown at closing reduces the borrower's interest rate by:
- A home inspection contingency in a Georgia contract allows the buyer to:
- A seller concession (seller-paid closing costs) in Georgia affects the buyer's:
- Under the Dodd-Frank Wall Street Reform Act, a qualified mortgage (QM) cannot have:
- The Closing Disclosure (CD) replaced the HUD-1 Settlement Statement under which rule?
- An 'all-inclusive' or 'wraparound' mortgage is most commonly used in:
- Negative amortization occurs when:
- A mortgagor is the:
- Private Mortgage Insurance (PMI) in Georgia can be cancelled when:
- A lender's 'underwriting' process involves:
- An 'origination fee' charged by a lender at closing is best described as:
- Interest-only loans were popular before the 2008 financial crisis because they:
- Under RESPA's Section 8, an affiliated business arrangement (ABA) disclosure must be provided:
- A debt service coverage ratio (DSCR) of 1.25 means:
- Hard money loans are characterized by:
- The prime rate in lending is best described as:
- A seller in Georgia who takes back a purchase money mortgage must disclose that the security deed will be subordinate to the existing first mortgage. This situation is known as:
- What is the 'Rule of 78s' in mortgage lending?
- A Georgia FHA loan has an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount. On a $250,000 loan, the UFMIP is:
- A blanket mortgage covers:
- A 'due on sale' clause in a mortgage requires:
- A participation mortgage in commercial real estate allows the lender to:
- When interest rates fall, the value of existing fixed-rate mortgage bonds typically:
- A 'reverse mortgage' in Georgia allows senior homeowners (62+) to:
- The secondary mortgage market provides which key benefit to the primary mortgage market?
- Usury laws in Georgia prohibit charging interest rates:
- A Georgia lender who charges excessive fees and misrepresents loan terms to vulnerable borrowers may be engaged in:
- When a borrower's credit score is between 580-619, they are likely to face:
- A mortgage that is 'in default' means the borrower has:
- The period between default and foreclosure sale in a Georgia non-judicial foreclosure is primarily determined by:
- A loss mitigation option that allows a borrower to stop making payments temporarily during hardship is called:
- The Ability to Repay (ATR) rule under Dodd-Frank requires lenders to:
- Mortgage-backed securities (MBS) are:
- A 'conforming loan' in Georgia is one that:
- A 'jumbo loan' in Georgia is one that:
- A 'teaser rate' in an ARM loan is:
- Ginnie Mae (Government National Mortgage Association) guarantees MBS backed by which types of loans?
- The Federal Reserve's monetary policy affects mortgage rates primarily through:
- A 5/1 ARM means the interest rate is fixed for the first:
- An 'impound account' and an 'escrow account' in the context of a mortgage are:
- Recasting a mortgage means the lender:
- A 'credit report' used in mortgage underwriting contains which of the following?
- The FICO score most commonly used in mortgage lending ranges from:
- A lender requires a borrower to get 'private mortgage insurance' (PMI) because the LTV is 90%. If the home value drops 5% after purchase, the LTV becomes:
- In Georgia, 'seller concessions' in a transaction are:
- Which of the following is NOT included in a borrower's monthly PITI payment?
- The CFPB (Consumer Financial Protection Bureau) was created by which law?
- A 'hard inquiry' on a credit report for a mortgage application:
- In Georgia, interest on a home equity loan is generally deductible if:
- A 'conforming loan limit' is the maximum loan amount that can be:
- A '2-1 buydown' temporarily reduces the mortgage interest rate by:
- In Georgia, a first-time homebuyer is typically defined as someone who has not owned a principal residence in the past:
- The Georgia Dream Home Ownership Program is administered by:
- A 'purchase money second mortgage' provided by a seller or down payment assistance program is:
- HOEPA (Home Ownership and Equity Protection Act) protects borrowers from:
- A lender who approves a $350,000 loan on a property appraised at $400,000 has an LTV of:
- A co-borrower on a mortgage application is:
- A 'certificate of eligibility' (COE) is required for which type of loan?
- Which of the following is considered a 'non-liquid' asset for mortgage qualifying purposes?
- An 'interest rate cap' on an ARM mortgage limits:
- When a lender 'sells' a loan on the secondary market, the borrower typically:
- A 'rate lock' from a lender guarantees the borrower:
- A 'VA funding fee' is charged to VA borrowers because:
- A 'Home Equity Conversion Mortgage' (HECM) is the most common type of:
- Lenders who offer non-qualified mortgages (non-QM) are:
- A 'second lien position' holder in Georgia is at greater risk than a first lien holder because:
- Mortgage servicers in Georgia are responsible for:
- Georgia uses a Security Deed (Deed to Secure Debt) rather than a mortgage. This means:
- In Georgia, the lender's foreclosure under a Security Deed is typically:
- A borrower in Georgia defaults on a Security Deed. The lender sells the property at foreclosure for less than the outstanding debt. Can the lender pursue the borrower for the deficiency?
- What is the purpose of a 'Cancellation of Security Deed' in Georgia?
- A 'bridge loan' in real estate is used to:
- The Truth-in-Lending Act (TILA) requires lenders to disclose the:
- A 'buydown' mortgage involves:
- A 'USDA Rural Development loan' is available for properties located in:
- A 'points' charge on a mortgage loan represents:
- A 'home equity line of credit' (HELOC) is best described as:
- Private Mortgage Insurance (PMI) is typically required when:
- The secondary mortgage market primarily provides liquidity by:
- A 'balloon mortgage' in Georgia is characterized by:
- FHA mortgage insurance (MIP) is paid by the borrower and protects:
- The 'debt-to-income ratio' (DTI) used in mortgage underwriting compares:
- A 'graduated payment mortgage' (GPM) is designed for borrowers who:
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating in credit decisions based on:
- A 'construction-to-permanent loan' in Georgia is designed to:
- A 'variable rate' or 'adjustable rate mortgage' (ARM) poses what risk to the borrower?
- A Georgia homebuyer is obtaining an FHA loan. The maximum loan-to-value (LTV) ratio for an FHA purchase loan with minimum down payment is approximately:
- A 'VA loan' is available to eligible veterans and is characterized by:
- A Georgia borrower's lender requires a property tax and insurance escrow account. This type of account:
- In Georgia, the 'intangible recording tax' on a new mortgage loan is paid by:
- In Georgia, a lender who refuses to make mortgage loans in certain geographic areas based solely on the racial composition of those areas is engaging in:
- The 'Loan Estimate' disclosure under TRID must be provided to the mortgage applicant within:
- A 'blanket mortgage' covers:
- A 'package mortgage' includes:
- In Georgia, FIRPTA (Foreign Investment in Real Property Tax Act) applies when:
- A 'land contract' (contract for deed) in Georgia transfers:
- A 'purchase money mortgage' (PMM) in Georgia is when:
- The 'Community Reinvestment Act' (CRA) encourages federally insured depository institutions to:
- An 'amortization schedule' shows borrowers:
- What does 'LTV ratio' stand for and what does it measure?
- In Georgia, the maximum FHA loan amount for a single-family property varies by:
- A 'straight-term' or 'interest-only' mortgage requires the borrower to:
- A 'hard money loan' is typically characterized by:
- A 'reverse mortgage' in Georgia is designed for:
- The 'Qualified Mortgage' (QM) rule under Dodd-Frank requires lenders to verify a borrower's:
- In Georgia, an 'assumption' of an existing mortgage with lender approval is different from a 'subject to' purchase because:
- A 'wraparound mortgage' in Georgia is a type of seller financing where:
- A 'yield' on a mortgage-backed security represents:
- The 'discount rate' set by the Federal Reserve affects real estate because:
- Which federal agency oversees and regulates Fannie Mae and Freddie Mac?
- Georgia's 'Title Premium Tax' is separate from the transfer tax and applies to:
- A 'due-on-sale clause' (alienation clause) in a Georgia mortgage or Security Deed:
- A Georgia homebuyer qualifies for a $280,000 loan. The purchase price is $350,000. What is the LTV ratio?
- An 'interest rate cap' on an adjustable rate mortgage (ARM) limits:
- Georgia's 'First-Time Homebuyer Programs' through the Georgia Dream program are administered by:
- When does Georgia's intangible recording tax NOT apply to a Security Deed?
- Under the SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act), residential mortgage loan originators in Georgia must:
- A 'release clause' in a blanket mortgage covering multiple Georgia lots provides that:
Real Estate Math
181 questions- A Georgia borrower takes out a $320,000 security deed. The intangible recording tax is $1.50 per $500 of the loan amount. What is the total intangible tax?
- A Georgia property is listed at $389,000. After 60 days with no offers, the seller reduces the price by 4%. What is the new listing price?
- A Georgia property sells for $425,000. The total commission is 6%, split equally between the listing and buyer's broker. Within the listing office, the listing agent receives 55% of their office's commission. What does the listing agent earn?
- An investor purchases a Georgia rental property for $180,000. The annual net operating income (NOI) is $14,400. What is the capitalization rate?
- A Georgia home sells for $425,000. The listing broker charges 6% commission, split equally with the cooperating broker. How much does each broker receive?
- A property's assessed value in Georgia is $120,000 (40% of fair market value). What is the fair market value?
- A buyer takes a 30-year, $200,000 mortgage at 6% annual interest. What is the first month's interest payment?
- A rectangular lot is 150 feet wide and 200 feet deep. How many acres is this lot? (1 acre = 43,560 sq ft)
- A property has a monthly gross income of $3,500 and sells for $252,000. What is the Gross Rent Multiplier (GRM)?
- A Georgia seller nets $180,000 after paying a 6% commission. What was the original selling price?
- An investor buys a property for $250,000 and sells it two years later for $287,500. What is the percentage gain?
- A home is listed at $350,000 and sells for 97% of list price. What is the actual sale price?
- A property's annual NOI is $36,000. Using a 7.5% cap rate, what is the estimated value?
- A buyer obtains a $180,000 loan with 2 discount points. How much will the buyer pay in points at closing?
- A property has an assessed value of $80,000 and a mill rate of 30 mills. What is the annual property tax?
- A salesperson earns 60% of the commission their broker receives. The broker received $9,000. How much does the salesperson earn?
- A 40-acre parcel sells for $3,200 per acre. What is the total sale price?
- If a property increases in value by 8% per year, what will a $200,000 property be worth after 2 years?
- A buyer purchases a property for $260,000 with a 20% down payment. What is the loan-to-value ratio?
- A property generates a monthly rent of $2,200. Using a GRM of 100, what is the estimated value?
- The prorated daily property tax credit owed to a buyer at closing, if annual taxes are $3,650 and the seller has owned the property for 219 days of the year, is:
- A commercial space is 2,500 square feet and rents at $18 per square foot per year. What is the annual rent?
- A property manager charges 8% of effective gross income as their fee. If EGI is $84,000, what is the management fee?
- An investor wants to earn at least a 9% return on a property with an annual NOI of $22,500. What is the maximum price they should pay?
- If a property sells for $320,000 and the broker charges a 5.5% commission, what is the total commission?
- A property's fair market value is $350,000 and Georgia assesses at 40%. The millage rate is 25 mills. What is the annual property tax?
- A buyer puts 5% down on a $240,000 home. How much is the down payment?
- A property has annual gross rents of $30,000 and a GRM of 110. What is the estimated property value?
- A rectangular parcel measures 660 feet by 330 feet. How many acres is this? (1 acre = 43,560 sq ft)
- An agent earns a 3% commission on the sale of a $475,000 home. How much commission does the agent earn?
- A seller wants to net $240,000 after paying a 6% commission. What must the property sell for?
- A $150,000 loan at 7% annual interest for 30 years has a monthly payment of $997.95. How much of the FIRST payment is interest?
- A building has a replacement cost of $400,000, land value of $80,000, and accumulated depreciation of $60,000. What is the estimated value using the cost approach?
- If a property's NOI is $48,000 and it is purchased for $600,000, what is the cap rate?
- A seller receives $285,000 after paying a 6% commission. What was the sale price?
- A property sold for $425,000. The listing broker and selling broker each receive 3% commission. How much does the listing broker earn?
- An investor purchases a rental property for $180,000 and receives monthly rent of $1,500. What is the annual gross rent multiplier (GRM)?
- A commercial property has a NOI of $80,000 and sells at a 8% cap rate. What is the value?
- A buyer secures a $250,000 mortgage at 7% annual interest. What is the first month's interest payment?
- A property is assessed at 40% of its $300,000 market value. The tax rate is 25 mills. What are the annual property taxes?
- Using the Georgia transfer tax rate of $1 per $500, what is the transfer tax on a $275,000 sale?
- A salesperson earns 60% of the total 6% commission on a $400,000 sale. How much does the salesperson earn?
- A rectangular lot is 150 feet wide and 200 feet deep. What is the lot area in acres? (1 acre = 43,560 sq ft)
- A borrower pays 2 points on a $320,000 loan. What is the dollar cost of the points?
- A property has a market value of $450,000 and is assessed at 40% of value. If the mill rate is 30 mills, what are the annual property taxes?
- A building costs $240,000 to reproduce new and has 20% accumulated depreciation. What is the depreciated value of the improvements?
- An income property has an effective gross income of $96,000 and operating expenses of $32,000. If the cap rate is 8%, what is the value?
- A buyer purchases a home for $380,000 with a 20% down payment. The lender charges 1.5 discount points. What is the dollar amount of the discount points?
- A house rents for $1,800/month. Using a GRM of 130, what is the estimated value of the property?
- A property sells for $520,000. The seller pays a 5.5% commission. How much does the seller net before other closing costs?
- A 5-acre parcel sells for $2.25 per square foot. What is the total sale price? (1 acre = 43,560 sq ft)
- A borrower's gross monthly income is $7,500. Using a 28% front-end ratio, what is the maximum monthly PITI payment the lender would approve?
- Proration at closing: The seller has prepaid property taxes of $3,600 for the full year. Closing is on September 30 (day 273 of 365). How much does the buyer owe the seller at closing? (Use 365-day method)
- A home was purchased for $200,000 and sold 4 years later for $260,000. What is the percentage increase in value?
- A duplex generates monthly rents of $1,200 and $1,350. The annual operating expenses are $8,400. What is the annual NOI?
- A Georgia property is assessed at $160,000 with a mill rate of 35 mills. What are the annual property taxes?
- Calculate the Georgia transfer tax on a home that sells for $189,500.
- A broker lists a property at $350,000 and receives a 6% commission when it sells for $342,000. How much commission does the broker earn?
- How many square feet are in a section of land?
- A buyer has a monthly gross income of $9,000. The lender's back-end DTI limit is 43%. The buyer's monthly non-housing debts are $800. What is the maximum total monthly debt the buyer can have?
- An investor buys a property for $500,000, makes $50,000 in improvements, and sells for $630,000 paying 5% commission. What is the net profit?
- A property generates monthly gross rents of $4,500. Annual vacancy is 8%. Annual operating expenses are $22,000. What is the annual NOI?
- A $400,000 mortgage at 6% annual interest, 30-year term, has a monthly payment factor of $5.996 per $1,000. What is the approximate monthly P&I payment?
- A lot 100 feet wide and 150 feet deep is sold for $1.50 per square foot. What is the sale price?
- An office building has 20,000 sq ft of leasable space. 2,000 sq ft is vacant. What is the occupancy rate?
- A property's assessed value is $200,000 with a homestead exemption of $10,000. The net taxable value is $190,000 and the mill rate is 40 mills. What are the annual taxes?
- A salesperson and broker split commissions 55%/45% respectively. If the total commission on a $500,000 sale at 5.5% is split evenly between listing and selling brokerages, how much does the salesperson earn?
- An investor purchased a property for $400,000 five years ago and sells it for $520,000. The annual appreciation rate is approximately:
- A mortgage has a remaining balance of $185,000. Monthly P&I payment is $1,200. The interest portion of the next payment at 6% annual rate is:
- A property's EGI is $120,000, operating expenses are $48,000, and debt service is $30,000. What is the before-tax cash flow?
- Using the straight-line depreciation method over 27.5 years (residential), what is the annual depreciation on an improvement valued at $275,000?
- A listing broker receives a 6% commission and keeps 40% while paying the remaining 60% to the selling broker. If the home sold for $360,000, how much does the selling broker receive?
- A home sold for $425,000. The seller's adjusted basis is $315,000. Under IRS rules for a primary residence, the capital gain is:
- What is the annual interest on a $150,000 interest-only loan at 5.5%?
- A property produces annual gross rents of $86,400 with a 5% vacancy. Operating expenses are 35% of EGI. At a 7.5% cap rate, what is the value?
- What is 1/4 of a section of land in acres?
- A commercial property sells for $2,000,000. The Georgia transfer tax at $1 per $500 is:
- A property's net operating income is $45,000. The property is valued at $562,500. What is the cap rate?
- A buyer's earnest money of $5,000 is 2% of the purchase price. What is the purchase price?
- A property is appraised at $350,000 using the cost approach: land = $75,000, replacement cost new = $350,000, total depreciation = $75,000. What is the indicated value?
- A tenant has a gross lease at $2,500/month. Annual operating expenses paid by the landlord are $15,000. What is the landlord's net annual income from this property?
- An investor wants a 10% cash-on-cash return on a $100,000 down payment. What annual before-tax cash flow is required?
- Calculate the square footage of a room 12 feet wide and 15 feet long.
- A homebuyer's loan of $280,000 requires a 1% origination fee and 2 discount points. What are the total loan fees?
- A property purchased for $180,000 with 25% down is financed with a $135,000 mortgage. After 5 years the balance is $128,000. What is the owner's equity if the property value is now $210,000?
- Using a 360-day method, a seller who closes on day 90 (March 31) has prepaid annual property taxes of $4,320. How much does the buyer owe the seller?
- An agent earns a $12,000 commission and is on a 70/30 split with the broker. How much does the broker keep?
- A property has an assessed value of $250,000. The county levy is 12 mills, school levy is 18 mills, and city levy is 5 mills. What are the total annual property taxes?
- A building has 10,000 sq ft of leasable space renting for $18/sq ft/year (NNN). Annual operating expenses paid by tenants are $4/sq ft. What is the landlord's annual gross rent?
- A building has a net rentable area of 50,000 sq ft. The base rent is $20/sq ft/year. The building has 10% vacancy. What is the effective gross income (assuming no other income)?
- A home costs $420,000. A buyer makes a 5% down payment and obtains FHA financing. What is the loan amount before adding the UFMIP?
- An apartment complex has 48 units, all rented at $1,100/month. Annual expenses total $268,800. What is the annual NOI?
- A property is sold using a 1031 exchange. The relinquished property sold for $800,000 with a cost basis of $300,000. The replacement property costs $950,000. How much capital gain is deferred?
- A monthly rent of $1,800 is being raised by 3%. What is the new monthly rent?
- A property sells for $640,000. The selling broker and listing broker split the 5% commission 50/50. The listing agent gets 60% of the listing broker's share. How much does the listing agent earn?
- A property has an EGI of $145,000, operating expenses of $55,000, and a cap rate of 7%. What is the value?
- A seller nets $310,000 after paying a 5% commission. What was the original sale price?
- A rectangular parcel is 3/4 mile by 1/2 mile. How many acres does it contain? (1 mile = 5,280 ft; 1 acre = 43,560 sq ft)
- A buyer is assuming a seller's existing mortgage of $185,000. The seller's original purchase price was $230,000. If the home is selling for $295,000, what cash does the buyer need for down payment (before closing costs)?
- What is the monthly interest on a $380,000 mortgage at 5.25% annual interest?
- A property tax bill is $5,400/year. What is the daily tax rate (using 365 days)?
- A building with 12,000 sq ft of space rents for $15/sq ft/year with 8% vacancy. What is the annual EGI?
- An investor needs a 9% return on a $500,000 investment. What annual NOI is required?
- A commercial lease is $22/sq ft/year for 2,500 sq ft. What is the monthly rent?
- A property was purchased for $325,000. It appreciated at 4% per year for 3 years. What is the current value?
- A salesperson's income for the year totaled $78,000 in commissions. If the average commission per transaction was $6,500, how many transactions did they close?
- A property's current NOI is $60,000 and is expected to grow by 5% per year. What will the NOI be in 2 years?
- A building sells for $1,500,000. The buyer makes a 25% down payment. What is the loan amount?
- A home has a market value of $485,000. Georgia assesses property at 40% of market value. What is the assessed value?
- If a property appreciates from $250,000 to $320,000, what is the dollar appreciation and percentage increase?
- A 30-year loan of $360,000 at 6.5% annually has a monthly payment factor of $6.32 per $1,000. What is the monthly payment?
- A property is listed at $499,000. A buyer offers $480,000. The seller counters at $492,000. They finally agree at $488,000. What is the commission at 5.5%?
- A building depreciates over 39 years (commercial). Annual straight-line depreciation on a $585,000 improvement is:
- A real estate exam has 152 questions. The passing score is 72%. How many questions must be answered correctly?
- A 1/2 section of land has how many acres?
- A house is priced per square foot at $185/sq ft. The home is 2,400 sq ft. What is the list price?
- A property generates $36,000 annual rent. After a 7% vacancy and $14,000 in operating expenses, the NOI is used to value the property at a 6.5% cap rate. What is the estimated value?
- If a homeowner's original cost basis is $200,000, they add $30,000 in improvements, and then sell for $310,000 after 8 years, what is the capital gain?
- A buyer makes a 20% down payment on a $475,000 home. The lender charges 2 points. What is the total cash needed just for the down payment and points (before other closing costs)?
- A 20-unit apartment complex generates monthly revenue of $24,000. Annual operating expenses are $216,000. At a 7% cap rate, what is the property's value?
- An investor uses a 1031 exchange. The relinquished property's adjusted basis is $150,000 and it sells for $450,000. What is the deferred gain?
- A 12-unit building with each unit renting for $900/month has a GRM of 108. What is the indicated value?
- A property purchased for $600,000 with 30% down is leveraged. After 5 years the value is $750,000 and the loan balance is $385,000. What is the ROE (return on equity based on appreciation only)?
- A property has a potential gross income of $100,000. Vacancy is 10%, miscellaneous income is $2,000, and operating expenses are 40% of EGI. What is the NOI?
- What is the transfer tax on a Georgia home sold for $525,000?
- A buyer receives a $10,000 down payment assistance grant. The home costs $250,000. The buyer makes a total 10% down payment including the grant. How much cash does the buyer contribute?
- A commercial tenant leases 3,000 sq ft at $24/sq ft/year (NNN). The tenant's monthly base rent is:
- An investor buys a rental property for $180,000 all-cash. Annual NOI is $14,400. What is the cash-on-cash return?
- A property's assessed value is $225,000. It is reassessed at 5% higher. What is the new assessed value?
- A property produces an NOI of $85,000. If cap rates in the market are 7%, what is the value?
- A building's potential gross income is $200,000. With 8% vacancy and 1% credit loss, what is the effective gross income?
- A buyer places an earnest money deposit of $7,500. The purchase price is $375,000. What percentage of the purchase price is the earnest money?
- Using straight-line depreciation, a property with improvements of $480,000 and a 27.5-year useful life has an annual depreciation of:
- A home increases in value from $300,000 to $366,000. What is the annual appreciation rate over 3 years (simple)?
- A commercial building has 25,000 sq ft of net rentable area. Base rent is $28/sq ft/year with annual NNN expenses of $8/sq ft. What is the tenant's total annual cost?
- A broker charges a 6% commission and splits it 50/50 with a cooperating broker. Each broker pays their respective salesperson 65%. A selling salesperson sold a $320,000 home. What is their commission?
- A property has a gross income of $75,000, expenses of $30,000, and debt service of $25,000. What is the before-tax cash flow?
- A 10-unit building with average rent of $1,050/month sells at a price/unit ratio of $85,000. What is the purchase price?
- A property's annual property taxes are $6,000 on an assessed value of $150,000. What is the effective tax rate (mill rate in decimals)?
- A commercial property has a net operating income of $75,000. If similar properties are selling at a 7.5% cap rate, what is the estimated value of the property?
- A listing broker charges a 6% commission on the first $100,000 and 4% on the remaining amount. If a property sells for $350,000, what is the total commission?
- A buyer assumes an existing mortgage with a balance of $180,000 at closing. The seller originally borrowed $200,000. The buyer will be responsible for what amount in addition to the down payment?
- A property sold for $425,000. The Georgia intangible recording tax on a new $340,000 first mortgage is $3 per $1,000 (rounded up). What is the intangible tax?
- A buyer wants to offer a price that will result in the seller netting exactly $280,000 after paying a 6% commission. What must the offer price be?
- A 30-year mortgage for $200,000 at 6% per year has a monthly payment of approximately $1,199. Over the life of the loan, the total amount paid is approximately:
- A property manager charges 8% of collected rents to manage a 20-unit building. If average monthly rent is $1,100, what is the annual management fee?
- A seller accepts an offer of $389,000. The listing agent's brokerage and selling agent's brokerage each receive 3% of the sale price. How much does each brokerage receive?
- A property sold for $550,000. The seller nets $502,800 after paying the real estate commission. What was the commission rate?
- A home is assessed at 40% of its market value. The market value is $375,000 and the mill rate is 25 mills. What is the annual property tax?
- A borrower qualifies for a maximum monthly payment of $1,800. If the loan factor for a 30-year mortgage at 6.5% is $6.32 per $1,000, what is the maximum loan amount (rounded to nearest $1,000)?
- A seller purchased a home 5 years ago for $280,000 and sells it today for $364,000. What is the percentage increase in value?
- A seller pays a 6% commission on a sale of $425,000. The listing broker and selling broker split the commission 60/40 respectively. How much does the selling broker receive?
- A Georgia transfer tax (state) is $1 per $500 of consideration. What is the transfer tax on a sale of $485,000?
- An investor pays $850,000 for a commercial property. The property generates $72,250 in annual net operating income. What is the cap rate?
- An office building has 50,000 rentable square feet with current occupancy of 88%. At $22 per square foot annually, what is the effective gross annual rent?
- A lender charges 2 origination points and 1 discount point on a $320,000 mortgage. What is the total dollar amount of points charged?
- If a property is listed at $299,900 and sells at 98% of list price, what is the actual sale price?
- A real estate investor buys a property for $400,000 with a 25% down payment. The remaining balance is financed at 5.5% annually. What is the annual interest charge on the loan in the first year?
- A property's effective gross income is $95,000. Operating expenses are $42,000 (excluding debt service). The cap rate is 6.5%. What is the estimated property value?
- A duplex generates $1,500 per month from each unit. Annual expenses are $12,000. Using a cap rate of 7%, what is the estimated value?
- A home sold for $412,000 in Georgia. What is the state transfer tax owed ($1 per $500 of consideration)?
- A property generates potential gross income of $120,000. Vacancy and collection loss is estimated at 5%. Operating expenses are $40,000. What is the NOI?
- A property owner wants to net $350,000 after paying a 5% real estate commission. What must the selling price be?
- An office park has 8 units, each with 2,500 sq ft. Tenant A leases 3 units, Tenant B leases 2 units, and Tenant C leases 1 unit. The remaining 2 units are vacant. If annual operating expenses are $48,000, what is each tenant's share of CAM charges based on occupancy percentage?
- A home buyer receives a seller concession of 3% of the purchase price toward closing costs. If the purchase price is $340,000, what is the dollar value of the concession?
- A house has 2,200 sq ft of living area. The cost to replace it is $90 per sq ft. The land value is $55,000. Total depreciation is estimated at 15%. What is the property value using the cost approach?
- A 6-unit apartment building generates $8,400 per month in gross rents. Annual operating expenses (excluding mortgage) are $36,000. If the building is purchased for $850,000, what is the cap rate?
- A broker earns a 6% commission on the sale of a $275,000 property. The broker pays the selling agent 50% of the broker's 60% share. How much does the selling agent receive?
- A property purchased for $185,000 five years ago sold today for $240,500. What is the total percentage appreciation?
- A property has a potential gross income of $75,000, vacancy of 8%, and operating expenses of $28,000. Using a cap rate of 8%, estimate the property value.
- An investor purchases a rental property with a GRM (Gross Rent Multiplier) of 9. If the annual gross rent is $24,000, what is the estimated purchase price?
- A property's gross rent multiplier (GRM) is 8.5. The property generates $3,200 per month in rent. What is the estimated value?
- A property is purchased for $320,000. The annual property tax is $4,800. The home is assessed at 40% of market value. What is the millage rate?
- A homeowner paid $195,000 for a property and later sold it for $246,000. After paying $14,760 in commission, what was the homeowner's net profit from the sale?
- A builder offers a 2-1 buydown on a $350,000 loan at a market rate of 7%. Year 1 the rate is 5%, Year 2 is 6%, then 7% thereafter. What is the approximate monthly payment saving in Year 1 vs. market rate?
- A commercial building has 15,000 sq ft of leasable space. Operating expenses are $3.50/sq ft. What is the annual operating expense budget?
- A property was purchased for $450,000 and depreciated at 2.5% per year for 10 years for income tax purposes. What is the accumulated depreciation amount?
- A Georgia property sells for $520,000. The buyer pays 20% down. The lender charges 3% origination fee on the loan. What is the origination fee?
- A rental property had annual revenues of $48,000 and expenses of $21,600. What is the expense ratio?
- An apartment building with 20 units was purchased for $2,400,000. At $1,800/unit/month average rent and 93% occupancy, what is the cap rate?
- A property's NOI is $58,500 per year. The property sells at a price that yields a 6.5% cap rate. What is the sale price?
Property Ownership
152 questions- Under Georgia law, which of the following is a characteristic of joint tenancy?
- In Georgia, when a married couple holds title as 'tenants in common,' what happens to one spouse's interest when they die?
- A Georgia condominium owner who owes unpaid assessments to the homeowners association may face:
- Which of the following is an example of a trade fixture in Georgia commercial real estate?
- In Georgia, a property owner's right to use their land is limited by all of the following governmental powers EXCEPT:
- In Georgia, two unmarried co-owners each hold an undivided equal interest with the right of survivorship. This is called:
- Georgia is NOT a community property state. This means that property acquired during marriage in Georgia is typically owned as:
- Which of the following is a characteristic of tenancy in common in Georgia?
- Fee simple absolute is best described as:
- A life estate in Georgia gives the life tenant the right to:
- In a condominium, the common elements are owned by:
- Which doctrine holds that a property owner owns everything above the land to the sky and below to the earth's core?
- An easement appurtenant benefits:
- In Georgia, adverse possession requires continuous, open, and hostile possession for a minimum of:
- Which of the following best describes a 'covenant running with the land'?
- Which form of co-ownership is only available to married couples in states that recognize it?
- A mechanic's lien in Georgia is filed by:
- In Georgia, a lis pendens is a notice that:
- Which of the following is a general lien affecting all property owned by a debtor?
- In Georgia, property taxes are a specific lien on the particular property. If property taxes are not paid, the county may:
- The bundle of rights associated with real property ownership includes all of the following EXCEPT:
- An appurtenance is best described as:
- When a married couple in Georgia takes title to property, absent specific contrary instructions, how is title presumed to be held?
- A fixture in real estate is personal property that has become:
- The MARIA test is used to determine whether an item is a fixture. MARIA stands for:
- The recording of a deed with the county clerk in Georgia provides:
- In Georgia, the county official responsible for maintaining the real property deed records is the:
- What type of ownership interest does a cooperative apartment purchaser actually hold?
- Which of the following best describes an encroachment?
- A survey of a property is conducted to:
- In Georgia, the legal description method that divides land using a base line, principal meridian, ranges, and townships is called the:
- The metes and bounds legal description method uses:
- Riparian rights pertain to property owners whose land:
- In Georgia, which type of deed is typically used in a foreclosure sale?
- A special warranty deed in Georgia provides a covenant that:
- Georgia is NOT a community property state. This means that:
- Joint tenancy in Georgia requires which four unities?
- Tenancy in common differs from joint tenancy primarily because:
- A fee simple absolute estate is best described as:
- A life estate in Georgia grants the life tenant the right to:
- The doctrine of adverse possession in Georgia requires continuous, open, notorious, hostile, and exclusive possession for how many years?
- An easement appurtenant runs with the land, meaning it:
- Which of the following is an example of an encumbrance on real property?
- In Georgia, a condominium owner typically owns:
- A deed restriction (restrictive covenant) that limits a property to residential use only is an example of:
- In Georgia, the homestead exemption reduces the assessed value of an owner-occupied primary residence for property tax purposes by:
- Which of the following items would be considered real property in Georgia?
- The legal description method that uses a point of beginning, bearings, and distances to describe property boundaries is called:
- The government rectangular survey system divides land into townships that are:
- A property held in severalty means it is owned:
- Riparian rights in Georgia give property owners adjacent to a stream or river the right to:
- Accretion refers to the process by which:
- A license (as distinct from an easement) in real property law is:
- Which of the following is an appurtenance to real property?
- A lis pendens recorded against a property in Georgia provides notice that:
- A Georgia homeowner files for Chapter 7 bankruptcy. The homestead exemption in Georgia protects up to how much equity from creditors?
- A tenancy at will in Georgia is terminated by:
- The difference between real property and personal property is that real property includes:
- A fixture in real estate is determined by which test?
- An easement in gross benefits:
- Avulsion is the sudden loss or gain of land due to:
- In Georgia, when a person dies intestate (without a will), their real property passes to their heirs through:
- Escheat in Georgia means that if a person dies without heirs and without a will, their property:
- A property owner who grants a conservation easement to a land trust in Georgia:
- The Georgia property tax is an ad valorem tax, which means it is based on:
- The doctrine of merger (related to deed covenants) means that when a fee simple estate is created, lesser interests previously held:
- A Georgia homeowner who installs a fence that encroaches on a neighbor's property may create:
- Tenancy by the entirety in Georgia is:
- When a Georgia homeowner refinances their home, the existing security deed is typically:
- The legal concept of 'seisin' in a deed refers to the grantor's:
- A dedication in real estate is the process by which:
- In Georgia, a quiet title action is a legal proceeding used to:
- ALTA/NSPS Land Title Surveys are often required for commercial transactions because they:
- Which of the following is a general (statutory) lien that affects all property of the debtor?
- The bundle of rights in real property ownership includes all of the following EXCEPT:
- A 'leasehold estate' is best described as:
- The landlord's interest (ownership) retained when creating a leasehold is called the:
- A periodic tenancy in Georgia automatically renews for successive periods unless:
- A tenancy at sufferance arises when a tenant:
- Which of the following creates an encumbrance on title in Georgia?
- In Georgia, property taxes for the year 2025 are due and payable by:
- The 'covenant against encumbrances' in a warranty deed warrants that the property is free from:
- In Georgia, recording a deed in the county deed records provides:
- A buyer who purchases property without checking the public records and takes subject to existing recorded liens:
- A Georgia property owner who receives a tax bill showing a higher-than-expected assessed value may appeal through the:
- A 'naked title' holder (as in a Georgia Security Deed) has:
- A property owner who is also a licensed real estate broker must disclose their license status when:
- A 'remainder interest' in real property belongs to:
- A 'partition action' in Georgia allows a co-owner to:
- Georgia's senior citizen additional homestead exemption provides additional property tax relief for homeowners who:
- An acre of land equals approximately:
- Which form of deed conveys the most protection to the buyer?
- A mineral rights reservation in a Georgia deed means:
- In Georgia, the requirement to disclose a property's location in a floodplain to prospective buyers is considered:
- A Georgia homeowner's association lien for unpaid dues is:
- A 'constructive eviction' claim requires the tenant to show that the landlord's failure to maintain the property:
- The right of survivorship in joint tenancy means that upon one joint tenant's death:
- A leaseholder who improves rental property must negotiate with the landlord regarding 'trade fixtures' because:
- A 'prescriptive easement' in Georgia is created by use that is:
- In Georgia, which lien has the highest priority over all other liens?
- A Georgia commercial property owner who subdivides their lot to create a new buildable parcel must comply with:
- A 'mineral interest' is separated from the surface estate when:
- In Georgia, the legal principle of 'accession' holds that a property owner acquires ownership of:
- A 'life estate pur autre vie' is a life estate measured by:
- Under Georgia law, a 'tenancy by the entireties' (joint ownership by married couples) is:
- In Georgia, property held as 'joint tenancy with right of survivorship' requires which essential unities?
- Georgia is NOT a community property state. This means property acquired during marriage is:
- In Georgia, a life tenant has the right to use the property but has obligations that include:
- Under Georgia law, a prescriptive easement (easement by prescription) is acquired through:
- In Georgia, adverse possession requires all of the following EXCEPT:
- A Georgia homestead exemption provides:
- An 'easement appurtenant' in Georgia:
- A 'deed restriction' (restrictive covenant) is an example of:
- A 'fee simple defeasible' estate in Georgia is one that:
- In Georgia, property held as 'tenancy in common' means each co-owner:
- In Georgia, a deed must contain a 'granting clause' which:
- The 'habendum clause' in a Georgia deed typically states:
- A 'pur autre vie' life estate in Georgia is one measured by:
- In Georgia, property taxes are a(n):
- A 'covenant running with the land' in Georgia is binding on:
- The government's power of 'police power' allows it to:
- A 'mineral rights' severance in Georgia means:
- A 'riparian rights' owner along a non-navigable stream in Georgia typically has the right to:
- In Georgia, 'tenancy by the entireties' is:
- The legal doctrine of 'estoppel' in real property can prevent a party from:
- A deed 'covenant against encumbrances' in a general warranty deed means the grantor warrants that:
- An 'easement by necessity' in Georgia arises when:
- A 'fee simple absolute' is considered the highest form of real property ownership because:
- In Georgia, 'escheat' is the process by which:
- An 'easement in gross' is held by:
- A 'quiet title action' in Georgia is a lawsuit filed to:
- Georgia's 'Uniform Disposition of Unclaimed Property Act' requires holders of unclaimed property to:
- The 'doctrine of constructive notice' in Georgia means that:
- A 'license' as a real property concept (distinct from a real estate license) is:
- A 'nonfreehold estate' (leasehold estate) in Georgia is characterized by:
- A 'deed of gift' in Georgia is used to:
- Under Georgia law, which of the following interests would survive a property owner's death and transfer to their heirs?
- A 'plat of survey' that shows a proposed subdivision in Georgia must be approved and recorded in:
- An 'air lot' in Georgia (used in condominium and airspace development) is:
- In Georgia, 'solar easements' allow a property owner to:
- Georgia's 'Greenspace Program' allows local governments to:
- When the owner of a dominant estate sells the property, what happens to an appurtenant easement benefiting that property?
- The 'doctrine of prior appropriation' for water rights (used in Western states) differs from Georgia's approach because Georgia uses:
- In Georgia, a 'color of title' adverse possession claim requires occupancy for:
- A 'possessory lien' in Georgia real estate law gives a creditor the right to:
- The 'Torrens system' of title registration (used in some states) would differ from Georgia's recording system in that:
- A 'conservation easement' is a voluntary legal agreement that:
- A 'leasehold estate' that runs for a specific term (e.g., 1-year lease) is called a(n):
- In Georgia, a 'tenancy at will' exists when:
- A 'leasehold estate' in Georgia is considered real property or personal property?
- In Georgia, which type of co-ownership automatically creates a right of survivorship?
- In Georgia, when a person dies with a valid will (testate), their real property passes:
Agency
149 questions- Under the Georgia Brokerage Relationships in Real Estate Transactions Act (BRRETA), the disclosure of brokerage relationships must be made:
- Under Georgia's BRRETA, which of the following is a duty owed by a buyer's broker to their client?
- Under Georgia's BRRETA, a licensee who has not entered into a brokerage engagement with any party is acting as:
- Dual agency in Georgia under BRRETA requires:
- A Georgia listing broker must disclose which of the following to a prospective buyer even if the seller instructs otherwise?
- Under Georgia's BRRETA, a broker who represents the seller also becomes the buyer's agent when:
- Under Georgia agency law, a buyer's agent owes fiduciary duties to the:
- In Georgia, a broker who represents both the buyer and seller in the same transaction is called a:
- Which of the following best describes 'designated agency' under Georgia law?
- A Georgia listing agent is showing their listing to an unrepresented buyer. In this scenario the agent is:
- Georgia's Brokerage Relationships in Real Estate Transactions Act (BRRETA) requires agency disclosure:
- Under Georgia BRRETA, which duty does a seller's agent NOT owe to the buyer?
- An agent who represents neither the buyer nor the seller but facilitates the transaction is called a:
- When must a Georgia licensee provide the 'Understanding Brokerage Relationships' brochure or equivalent disclosure?
- Which of the following is an example of an expressed agency relationship?
- In Georgia, which fiduciary duty requires an agent to place the client's interests above their own?
- Under Georgia BRRETA, a licensee acting as a transaction broker owes which duties to both parties?
- An agent who lists a property discovers that the foundation has serious undisclosed defects. The agent's duty to the buyer requires:
- What does the term 'puffing' mean in a real estate context?
- Misrepresentation by a real estate agent that is unintentional (honest mistake) is known as:
- In Georgia, a broker may represent a buyer without a written buyer representation agreement, but the relationship should be disclosed:
- Which of the following is NOT a way an agency relationship in Georgia can be terminated?
- An agent who acts outside the scope of their authority creates what type of liability?
- Under the duty of obedience, an agent must follow the client's instructions EXCEPT when those instructions are:
- A seller's broker who fails to promptly present an offer to the seller may be in breach of the duty of:
- Apparent authority of an agent arises from:
- In which scenario is an agent MOST likely to have a conflict of interest?
- After a listing expires in Georgia, the listing agent's duty of confidentiality to the seller:
- In Georgia, what document must be presented to a buyer at the first substantial contact?
- Georgia's BRRETA law allows for which types of brokerage relationships?
- Under Georgia law, a dual agency arrangement requires:
- A Georgia seller's agent owes which duties to the buyer?
- A designated agency arrangement in Georgia means:
- Under Georgia BRRETA, a buyer's agent owes which duty to the seller?
- When must a Georgia listing broker disclose the existence of other offers on a property?
- A real estate licensee in Georgia who assists a buyer without a written buyer's brokerage agreement is presumed to be:
- An agent's duty of confidentiality in Georgia survives:
- A Georgia real estate broker who acts as a property manager for a client is acting in what capacity?
- Under Georgia BRRETA, a broker who represents the seller in a transaction owes the seller the duty of:
- A buyer's agent in Georgia has a duty to disclose to the buyer:
- The duty of obedience in a fiduciary relationship requires the agent to:
- A listing agent who tells a buyer that 'the seller is desperate and will accept far less' has violated which duty?
- A Georgia real estate agent's authority is typically limited to the authority granted in the:
- Which of the following would terminate an agency relationship in Georgia?
- In Georgia, a transaction where no written buyer brokerage agreement exists and the buyer works with a cooperating broker is governed by:
- The duty of accounting in an agency relationship requires the agent to:
- A Georgia real estate agent who purchases property listed by their broker without disclosure to the seller is violating:
- An agent's duty of care requires the agent to:
- A Georgia broker who fails to disclose a known material defect to a buyer is most likely guilty of:
- The doctrine of respondeat superior in real estate agency means:
- A Georgia buyer's agent who receives a home inspection report showing significant defects must:
- Apparent authority in agency law exists when:
- A Georgia agent who discovers mid-transaction that a seller's material representation was false must:
- The duty of loyalty in a seller's agency requires the agent to:
- Which of the following would NOT constitute material information that a Georgia buyer's agent must disclose?
- In Georgia, a real estate agent's authority to bind the seller to a contract requires:
- A buyer who works with a buyer's agent in Georgia benefits from the agent's duty to:
- The term 'fiduciary' comes from the Latin word for:
- A Georgia licensee's duty of disclosure includes disclosing their licensed status when:
- A buyer's agent who discovers that a comparable sale used to price the subject property was not truly comparable must:
- The GAR Exclusive Buyer Brokerage Agreement in Georgia obligates the buyer to:
- In Georgia, a referral fee paid from one broker to another for directing a client is:
- Under the NAR Code of Ethics (which many Georgia REALTORS follow), REALTORS must:
- In a designated agency situation in Georgia, the designated agents:
- A Georgia listing agent who knows the seller's property has a history of flooding should:
- Sub-agency occurs when:
- The three main categories of authority a real estate agent may have are:
- A Georgia seller who discovers their agent misled them about the property's market value during the listing process may:
- A Georgia licensee who has a buyer seeking to purchase a property that the licensee personally owns should:
- Georgia's BRRETA does NOT apply to:
- A Georgia licensee who represents both the buyer and seller in a transaction (dual agent) must:
- If a buyer asks a listing agent (seller's agent) if the seller will accept a lower offer, the agent should:
- When a Georgia buyer's agent learns that their buyer-client is planning to commit mortgage fraud, the agent must:
- The Statute of Frauds requirement for a real estate agency agreement means that in Georgia:
- A Georgia buyer's broker receives a referral from an out-of-state broker. The Georgia broker closes the transaction and is contacted by the out-of-state broker for their referral fee. The Georgia broker should:
- A buyer's agent discovers during inspection that the subject property has a sinkhole risk. The agent should:
- Under Georgia BRRETA, a broker's agency disclosure notice must be in:
- When a listing agent receives an offer significantly below list price, the agent's duty to the seller is to:
- Under Georgia BRRETA, the minimum duties owed to ALL parties in a real estate transaction (regardless of representation) include:
- A Georgia listing agent who is aware that the seller is in financial distress and needs to sell quickly owes the buyer:
- A Georgia agent's fiduciary duty survives which of the following?
- An agent who shares their seller's confidential information with a buyer's agent over lunch is:
- In Georgia, a real estate broker who is the principal (property owner) in a transaction is acting in what capacity?
- A Georgia buyer's agent who discovers the buyer is planning to use the property for illegal purposes should:
- The 'procuring cause' doctrine is relevant to commission disputes because it determines:
- A buyer's agent who tells the seller's agent 'My buyer will go up to $380,000' has violated the duty of:
- When a Georgia real estate broker assists a seller in pricing their property, the broker is performing which type of service?
- A Georgia real estate agent who has 'actual authority' to sign a contract on behalf of a client must have:
- Under Georgia BRRETA, when a broker changes the type of agency relationship being offered to a client during a transaction, the broker must:
- A buyer's agent who is offered compensation by the seller's listing broker is receiving what is known as:
- Decoupled real estate commission structures (following NAR settlement changes) mean:
- A Georgia buyer's agent must have a written buyer brokerage agreement BEFORE:
- Under Georgia BRRETA, a buyer's agent must disclose to their buyer-client:
- When a Georgia seller instructs their listing agent NOT to disclose that the property had a previous fire, the agent should:
- A Georgia buyer's agent who learns the buyer has a higher credit score than needed for qualification must:
- A real estate team leader in Georgia who acts as the lead agent for all team transactions is considered:
- A Georgia licensee who witnesses the signing of documents for a transaction they represent has fulfilled the requirement of:
- In Georgia, a real estate agent's duty to disclose material facts applies to:
- Under BRRETA, a buyer's broker who is paid by the seller through the listing broker is considered to represent:
- In Georgia, the Brokerage Engagement Agreement for buyers must be disclosed before the broker can:
- When a Georgia broker acts as a transaction broker, the broker's role is:
- A listing agent in Georgia who discovers a material defect in the listed property is obligated to:
- Under BRRETA, a designated agent is:
- A seller's agent in Georgia owes which duty to an unrepresented buyer?
- The duty of 'accounting' in a fiduciary relationship requires the agent to:
- When a listing agent presents multiple offers to a seller, the agent must:
- Under BRRETA, the duty to 'timely present offers and counteroffers' applies to:
- A buyer's agent discovers that a seller has priced their home significantly below market value. The agent should:
- Under BRRETA, 'material facts' that must be disclosed include:
- When a Georgia broker acts as a dual agent in a transaction, the broker must:
- A Georgia agent who represents a buyer in a transaction where the agent's own firm listed the property is engaged in:
- The duty of 'loyalty' in a fiduciary relationship requires the agent to:
- A Georgia buyer's broker who learns that the buyer intends to use the property for an illegal purpose should:
- Under BRRETA, a listing agent's duty to the seller includes all of the following EXCEPT:
- A Georgia agent's duty of 'confidentiality' under BRRETA requires the agent to protect which type of client information?
- The BRRETA provision that limits the ability to create agency by implication is known as:
- When a Georgia listing expires without a sale, the seller's fiduciary obligations to the agent:
- In Georgia, 'subagency' has been largely eliminated by BRRETA. What replaced it?
- Under BRRETA, which of the following is a duty an agent owes to ALL parties (clients and customers)?
- A Georgia agent's brokerage engagement with a buyer 'expires.' The buyer then submits an offer on a property the agent showed them during the engagement period. The agent:
- In Georgia, who is considered the principal in a listing agreement?
- A buyer's agent who represents the buyer but is paid by the seller through a co-op commission must:
- Under BRRETA, can a brokerage represent both a buyer and a seller in the same transaction?
- In Georgia, a seller's agent who 'puffs' about a property (e.g., 'this is the best house in the city') is:
- A buyer specifically asks their agent to keep their maximum purchase price confidential. The agent must:
- A seller's agent who knows the seller is facing foreclosure and must sell quickly should:
- A Georgia agent who inadvertently creates an agency relationship with a buyer (without a written agreement) should:
- Under BRRETA, a Georgia agent who represents both a buyer and seller in the same transaction as a disclosed dual agent must:
- In Georgia, a broker may pay a referral fee to an out-of-state agent for referring a client if:
- In Georgia, a broker who represents a seller is presumed to be:
- In Georgia, a buyer who purchases a property through an agent of the seller is considered a:
- Under BRRETA, an agent's duty to act with 'skill, care, and diligence' requires the agent to:
- Under BRRETA, the duty to 'protect client information' means the agent cannot disclose:
- An agent who tells a potential buyer 'This property will double in value within 2 years' is making:
- A Georgia real estate agent who is a licensed attorney and provides legal services to the same client they represent in a real estate transaction must:
- Under Georgia's BRRETA, the 'ministerial acts' that can be performed for customers without creating an agency relationship include:
- A Georgia buyer's agent learns that the property the buyer wants to purchase has a structural defect the seller has not disclosed. The agent must:
- A Georgia broker who maintains two offices must:
- Under BRRETA, a seller's agent is obligated to disclose to buyers which type of information?
- Under BRRETA, when does a Georgia buyer's brokerage engagement typically terminate?
- A Georgia real estate licensee acting as a transaction broker owes which of the following to both parties?
- In Georgia, a buyer signs a 3-month exclusive buyer representation agreement. During this time, may the buyer work with another buyer's agent?
- When does a Georgia buyer's agent relationship typically begin?
- Under BRRETA, the duty of 'obedience' requires a Georgia agent to:
- When a Georgia seller's agent receives an offer that is contingent on the sale of the buyer's current home, the agent must:
- The difference between a 'customer' and a 'client' in a Georgia real estate transaction is:
- A listing expires. A buyer who viewed the property during the listing period now wants to purchase directly from the seller. The seller asks the agent to prepare the documents. The agent should:
- In Georgia, a transaction broker's role is different from an agent's in that the transaction broker:
- Under BRRETA, can a Georgia licensee represent both the buyer and the seller in the same transaction as an 'exclusive designated agent' to each?
Property Valuation
129 questions- A Georgia appraiser is valuing a neighborhood convenience store. Which approach to value is most likely to be primary?
- A Georgia appraisal shows that a comparable property sold for $315,000 with a two-car garage. The subject property has a one-car garage. The appraiser estimates that the difference in garage value is $8,000. The adjustment to the comparable is:
- The principle of anticipation in real estate valuation holds that:
- A Georgia commercial property has potential gross income of $120,000, vacancy and credit loss of 8%, and operating expenses of $40,000. Using the income approach with a cap rate of 9%, what is the estimated value?
- The sales comparison approach to value is most appropriate for:
- In the income approach, what formula is used to calculate property value?
- Which type of depreciation in the cost approach is considered incurable because it comes from outside the property?
- A Comparative Market Analysis (CMA) is prepared by a real estate agent primarily to help a seller determine:
- When a comparable sale sold for more than the subject property, the appraiser makes a:
- Functional obsolescence in a property is caused by:
- Assessed value in Georgia is the value used to:
- In Georgia, property is assessed for tax purposes at what percentage of fair market value?
- The Gross Rent Multiplier (GRM) is calculated as:
- The principle of substitution states that:
- The cost approach to value is most reliable for:
- In the cost approach, the formula for estimating value is:
- The principle of progression states that a property's value is:
- An appraiser makes a final value conclusion by reconciling the three approaches. This process is called:
- An appraisal conducted for a federally related transaction must be performed by a:
- Plottage (assemblage) refers to the increase in value when:
- Which of the following would be considered an arm's-length transaction for comparable sales purposes?
- Effective age in appraisal refers to:
- Which appraisal principle holds that when a property has too many improvements for the neighborhood, its value is limited by the market?
- The income multiplier method uses which of the following to estimate value?
- In the sales comparison approach to value, the appraiser makes adjustments to the comparable sales. If a comparable lacks a feature that the subject property has, the appraiser should:
- The cost approach to value is most reliable for appraising:
- Functional obsolescence in real property refers to:
- External (economic) obsolescence differs from functional obsolescence in that it is:
- The gross rent multiplier (GRM) is calculated by dividing the:
- A Georgia property has an annual NOI of $54,000 and a capitalization rate of 6%. What is the estimated value?
- When appraising a property, which approach to value considers the land value separately from the improvements?
- An appraisal is an opinion of value. In Georgia, residential appraisals for federally related transactions must be performed by:
- Highest and best use in real estate appraisal means the use that is:
- Effective age of a building refers to:
- The income capitalization approach to value assumes that value is:
- In an appraisal, a comparable sale that is superior to the subject property requires the appraiser to:
- Paired sales analysis is used in appraisal to:
- The reproduction cost in the cost approach refers to:
- A capitalization rate for an income property is influenced by all of the following EXCEPT:
- The market approach to value (sales comparison) would be LEAST appropriate for:
- Potential gross income (PGI) in an income analysis assumes:
- A real estate professional preparing a Comparative Market Analysis (CMA) must disclose that a CMA is:
- In the cost approach, after determining the replacement cost new, the appraiser deducts:
- The overall capitalization rate (OAR) for an income property reflects:
- In the income approach, 'contract rent' refers to:
- A plottage increment in real estate valuation refers to:
- Physical deterioration in the cost approach is divided into:
- Reconciliation in the appraisal process involves:
- An adjustable rate's 'index' in an ARM loan typically refers to:
- A broker's price opinion (BPO) is most commonly used by:
- Regression and progression are appraisal principles that affect value through:
- A Uniform Standards of Professional Appraisal Practice (USPAP) is important because it:
- In the sales comparison approach, a 'time adjustment' is made when:
- An appraiser who conducts an appraisal for a client who is also the appraiser's relative must:
- An appraisal report that is 'self-contained' (now called an appraisal report under current USPAP) contains:
- A 'drive-by' appraisal (exterior-only inspection) is:
- The income approach uses a 'direct capitalization' method when:
- A discounted cash flow (DCF) analysis differs from direct capitalization in that DCF:
- In a residential appraisal, the most important comparable is generally the one that:
- An appraisal done for a refinance is often based on the assumption that:
- The 'extra' value created by a corner lot compared to interior lots is called:
- USPAP requires appraisers to retain their workfiles for a minimum of:
- The land residual technique in appraising is used when:
- A 'before and after' approach in appraisal is commonly used when:
- The 'cost to cure' method of depreciation estimates functional obsolescence by calculating:
- An appraiser determines that a property's contributory value of a swimming pool is $15,000. This means:
- The gross income multiplier (GIM) for annual rents is calculated as:
- When multiple appraisal approaches give different value indications, the final value conclusion involves:
- 'Value in use' differs from 'market value' in that value in use is:
- A property that would sell for more in pieces than as a whole exhibits:
- In a seller's market, cap rates for investment properties tend to:
- The 'band of investment' technique in the income approach estimates a cap rate by:
- An 'as improved' appraisal values the property:
- A 'market value' definition in a appraisal context assumes:
- Assemblage in real estate refers to the process of:
- A 'retrospective appraisal' values a property:
- The income approach to value is LEAST appropriate for which property type?
- The 'cost approach' gives the most reliable indication of value when:
- A real estate appraiser who develops an 'as-is' market value on a property in poor condition will:
- The subject property in an appraisal refers to:
- A property with a 'stigma' (such as a murder having occurred there) may experience what type of depreciation?
- In real estate, 'price' and 'value' are:
- An appraiser who discovers that a comparable sale was between related parties (family members) should:
- When appraising a property using the income approach, the capitalization rate is determined by:
- In an appraisal, 'functional obsolescence' refers to:
- The principle of 'substitution' in real estate appraisal means:
- In the sales comparison approach, adjustments are made to the comparable properties because:
- The 'gross rent multiplier' (GRM) is calculated as:
- In the cost approach to value, 'reproduction cost' differs from 'replacement cost' in that:
- External obsolescence (also called economic or locational obsolescence) is:
- Appraisers use 'paired sales analysis' to:
- An appraisal that determines 'market value' estimates the price that:
- The 'income approach' to value is MOST appropriate for:
- In a 'seller's market,' home values tend to:
- An appraiser's final 'reconciliation' step in the appraisal process involves:
- In Georgia, the basis for the state's property tax assessment is typically:
- In real estate appraisal, 'highest and best use' must satisfy which criteria?
- In the income approach, 'effective gross income' is calculated as:
- The 'principle of conformity' in real estate valuation states that:
- A 'before and after' method is used in appraisal when:
- A 'recapture rate' in the income approach accounts for:
- The 'effective age' of a building in appraisal refers to:
- An appraiser uses the 'Marshall Valuation Service' (or similar cost data service) to estimate:
- The 'economic life' of a building in appraisal is defined as:
- In a declining real estate market, an appraiser would likely apply:
- The 'gross income multiplier' (GIM) is typically used for:
- When appraising a property in a depressed market with few sales, an appraiser may place more weight on the:
- The 'principle of regression' in real estate valuation holds that:
- An appraiser who assigns a value above the contracted purchase price to justify a pre-determined value is committing:
- The 'land residual technique' in the income approach is used when:
- In the cost approach, 'physical depreciation' is divided into which categories?
- In a comparative market analysis (CMA), when a comparable property has a feature the subject property lacks (e.g., a pool), the appraiser/agent should:
- The 'principle of progression' in real estate states that:
- In the income approach, 'potential gross income' (PGI) represents:
- An appraiser who determines that a property's 'highest and best use' is a multi-family development (rather than the existing single-family home) will typically value the land:
- When comparing two properties using the sales comparison approach, an appraiser finds a comp with an extra bathroom. The appraiser should make an adjustment to the comparable by:
- In appraisal, the 'as-improved' value differs from the 'as-is' value in that:
- The 'land-to-value ratio' in real estate investment analysis is used to:
- An appraiser's 'scope of work' decision determines:
- In the income approach, the 'direct capitalization' method converts income to value by:
- When an appraiser determines the 'contributory value' of a feature (like a swimming pool), this represents:
- The 'band of investment technique' in the income approach is used to:
- An appraiser uses a 'bracketing' technique in the sales comparison approach by:
- When an appraiser reports a value 'subject to completion' on a new construction, this means:
- In the cost approach, the 'site value' is estimated as if the land were:
- Which appraisal approach is typically given the MOST weight when appraising a single-family owner-occupied home in Georgia?
- When performing a comparable market analysis (CMA), a Georgia agent should select comparables that:
- Under the income approach, 'market rent' differs from 'contract rent' in that:
- An appraiser's 'exposure time' estimate in an appraisal report represents:
Property Management
128 questions- A property manager's primary duty is to:
- A management agreement between an owner and a property manager is what type of agency relationship?
- In Georgia, a property manager who collects rents and security deposits for others must:
- Gross leases require the tenant to pay:
- A triple-net lease (NNN) requires the tenant to pay:
- In Georgia, what is the maximum amount a residential landlord may collect as a security deposit under the Georgia Landlord-Tenant Act?
- Under Georgia's Landlord-Tenant Act, a landlord must return a security deposit within how many days after the tenant vacates?
- What is the term for a tenant who remains in possession after their lease expires without the landlord's permission?
- A percentage lease, often used in retail settings, requires the tenant to pay rent based on:
- Effective gross income (EGI) for a rental property is calculated as:
- A net operating income (NOI) is calculated as:
- In Georgia, a landlord must give a tenant at least how many days' notice before terminating a month-to-month tenancy?
- An eviction in Georgia is initiated by the landlord filing a:
- Under a gross lease, unexpected increases in property taxes are paid by:
- A capitalization rate of 5% compared to a 10% cap rate on two identical income properties indicates that the property with the 5% cap rate is:
- A landlord who enters a tenant's rental unit without notice (except in emergencies) in Georgia may be violating:
- Which of the following would NOT be considered a legitimate deduction from a tenant's security deposit in Georgia?
- An index lease ties rent increases to a specific economic index such as the:
- Which type of lease gives a tenant the option to purchase the property during or at the end of the lease term?
- A ground lease is a long-term lease on which the tenant:
- A property manager's primary fiduciary duty is to:
- In Georgia, a property management agreement should specify:
- Under Georgia's landlord-tenant law, a landlord must return a tenant's security deposit within how many days after the tenant vacates?
- A Georgia landlord who fails to return a security deposit or provide an itemization within the required time may be liable for:
- A management fee for residential property in Georgia is most commonly structured as:
- The Americans with Disabilities Act (ADA) primarily applies to property managers of:
- A property manager receives rents and must keep them in:
- In Georgia, eviction of a tenant requires:
- A gross lease (used in residential rentals) means:
- A triple net (NNN) lease requires the tenant to pay:
- A percentage lease (common in retail) means the tenant pays:
- A property manager who signs lease agreements must hold at minimum a:
- The Operating Expense Ratio (OER) for an income property is calculated as:
- Under the Georgia Landlord-Tenant Act, a landlord's duty to maintain the premises in a habitable condition is known as the:
- A tenant who is constructively evicted may have the right to:
- A property manager's operating budget should include all of the following EXCEPT:
- In Georgia, a landlord who accepts rent after serving a notice to vacate for nonpayment:
- A CAM charge in a commercial lease refers to:
- The vacancy rate for a rental property is calculated as:
- Rent stabilization ordinances (where applicable) in Georgia would:
- A management agreement that gives the property manager the authority to sign leases on behalf of the owner creates a:
- Deferred maintenance refers to:
- A REIT (Real Estate Investment Trust) allows investors to:
- Under the Americans with Disabilities Act (ADA), new commercial construction must:
- An estoppel certificate in commercial leasing is a document where the tenant:
- A property manager's annual management report to the owner should include:
- In a commercial lease, a 'base year' expense stop means:
- A ground lease in Georgia is a lease where the tenant:
- Under Georgia landlord-tenant law, a landlord's notice requirement before entering a rental unit (non-emergency) is:
- A lessee who assigns a lease is:
- The economic life of a building refers to:
- A net lease (N) requires the tenant to pay base rent plus:
- A landlord who receives a security deposit in Georgia must:
- In a property management context, deferred maintenance becomes capitalized when:
- A lease with a CPI escalation clause means rent increases are tied to:
- A 'turnover cost' for a rental property includes:
- A condominium homeowners association (HOA) in Georgia has the power to:
- An apartment complex with 200 units has 15 vacant units. The annual per-unit rent is $14,400. What is the annual income lost to vacancy?
- In Georgia commercial leasing, a 'radius restriction' clause prevents the tenant from:
- A tenant's right of quiet enjoyment means the tenant is entitled to:
- Under Georgia law, a landlord may legally deduct from a security deposit for:
- A Georgia property manager who fails to maintain proper trust accounting records may face:
- In Georgia, a residential lease for a term longer than one year must be:
- A commercial tenant's 'build-out' (tenant improvement) allowance in a lease means the landlord:
- Fair market rent for a rental property is best determined by:
- The Americans with Disabilities Act (ADA) Title III requires that existing commercial facilities:
- A property manager who discovers significant code violations during a routine inspection should:
- In Georgia, the Condominium Act (OCGA Title 44, Chapter 3) governs:
- A property manager's annual plan for major capital improvements (roof replacement, HVAC, etc.) is called a:
- Under Georgia's Uniform Residential Landlord and Tenant Act (URLTA), what action must a tenant take if they want to terminate a lease based on the landlord's failure to maintain the property?
- In Georgia commercial leasing, 'usable' versus 'rentable' square footage differs because:
- A 'gross-up' provision in a commercial lease allows the landlord to:
- Renter's insurance is important for tenants because it covers:
- Under Georgia law, a landlord must return the security deposit or provide an itemized deduction list within 30 days. If the landlord fails to do so, the landlord may be liable for:
- A net operating income (NOI) for a property is calculated BEFORE deducting:
- A management contract with an 'indemnification clause' means:
- A 'holdover tenant' (tenant at sufferance) in a Georgia commercial lease is treated as:
- A property management company that collects rent for 200 rental units across multiple owners must maintain:
- In Georgia, residential landlords are required to provide tenants with written notice of their intent to sell the property:
- A property manager who suspects a tenant is using a rental unit for illegal drug activity should:
- A property manager who discovers their client's rental property has been damaged by a fire should first:
- In Georgia, property management companies that provide real estate services must:
- A property manager who hires contractors for repairs exceeding the authorized spending limit must:
- A standard residential management agreement in Georgia should specify the manager's authority regarding:
- Net income from a rental property BEFORE debt service is called:
- Under Georgia law, a landlord who enters a rental unit without notice or consent of the tenant may be liable for:
- In Georgia, the dispossessory process begins when the landlord files a:
- A property manager who uses rental income to pay their own bills rather than remitting to the owner is guilty of:
- A property management company's 'reserves account' is used to:
- A triple net (NNN) lease tenant who fails to pay property taxes could result in the landlord:
- Under Georgia's landlord-tenant law, a landlord who enters a tenant's unit without proper notice (except in emergencies) may be liable for:
- A property manager in Georgia accepts a security deposit of $2,000. The manager must:
- Under Georgia's Security Deposit statute, a landlord must return a tenant's security deposit or provide an itemized statement of deductions within how many days after move-out?
- A commercial lease that requires the tenant to pay base rent plus a percentage of monthly sales revenue is called a:
- A 'triple net' (NNN) lease requires the commercial tenant to pay:
- An 'estoppel certificate' in commercial real estate is used to:
- The 'capital expenditures' budget in property management covers costs for:
- A 'CAM charge' (Common Area Maintenance) in a commercial lease represents:
- When a tenant 'abandons' a rental property in Georgia, the landlord should:
- A 'gross lease' for commercial property means the tenant pays:
- Georgia's Landlord-Tenant Act requires that before a landlord can recover the dwelling unit through eviction, the landlord must first:
- The 'operating expense ratio' (OER) for an investment property is calculated as:
- Under Georgia's landlord-tenant law, a landlord's duty to maintain habitable rental premises means the property must:
- A 'turnkey' commercial tenant improvement describes:
- A 'management agreement' between a property owner and a property management company must clearly define:
- A commercial property's 'net operating income' (NOI) is calculated as:
- A 'lease with option to purchase' provides the tenant with:
- A Georgia landlord who wrongfully withholds a tenant's security deposit without providing an itemized statement within 30 days faces:
- When a tenant 'holds over' in Georgia after their lease expires and the landlord accepts rent, a new tenancy is created called:
- An 'index lease' in commercial real estate ties rent increases to:
- In Georgia, a 'dispossessory proceeding' is initiated when:
- A 'sale-leaseback' transaction involves:
- A 'modified gross lease' for commercial property typically means:
- In Georgia, a landlord who locks out a tenant or removes their belongings without going through proper eviction proceedings may be liable for:
- When a tenant provides a 'notice to vacate' to a landlord in Georgia, they are:
- In Georgia, a property manager who collects rents on behalf of property owners is generally required to:
- When a commercial tenant exercises a 'right of first refusal' in their lease, the tenant is:
- The 'break-even ratio' for an investment property represents:
- Under Georgia's Tenant Remedies Act, a tenant whose landlord fails to make essential repairs may be able to:
- In Georgia commercial leasing, 'tenant improvement (TI) allowance' refers to:
- An 'anchor tenant' in a shopping center refers to:
- In commercial leasing, 'usable square footage' differs from 'rentable square footage' in that:
- A 'subordination, non-disturbance, and attornment' (SNDA) agreement in commercial real estate benefits a tenant by:
- A 'REIT' (Real Estate Investment Trust) is similar to a property management company in that it:
- When calculating a property's 'cash-on-cash return,' an investor divides:
- In Georgia, when a commercial lease contains a 'co-tenancy clause,' it means the tenant can:
- A 'lease renewal' versus a 'lease extension' in Georgia commercial real estate differs because:
- A 'vacancy factor' in a property's pro forma financial analysis accounts for:
Escrow & Title
123 questions- Georgia is known as an attorney closing state, which means:
- In Georgia, a security deed (also called a deed to secure debt) differs from a mortgage because:
- When a Georgia borrower pays off their mortgage (security deed), the lender must execute and deliver a:
- In a Georgia real estate transaction, the transfer tax (intangible tax on the security deed) is paid by the:
- In Georgia, real estate closings are almost always conducted by a:
- A title search in Georgia examines the chain of title to identify:
- Owner's title insurance protects against:
- A lender's title insurance policy protects:
- The Georgia Transfer Tax is paid at the rate of $1 per $1,000 of consideration on the first $100,000, then $1.10 per $1,000 above $100,000. Who typically pays this tax in Georgia?
- Under Georgia law, which instrument is used to convey title from a deceased person's estate to a beneficiary?
- A general warranty deed in Georgia provides which of the following covenants?
- A quitclaim deed conveys:
- FIRPTA requires withholding on the sale of U.S. real property by a foreign seller at a rate of:
- Which of the following items would typically appear as a debit to the seller at closing?
- Which of the following is NOT typically included in the chain of title?
- Marketable title means the title is:
- Under the Georgia Good Funds Law, disbursements at closing may not be made until:
- When a mortgage is paid off in Georgia, what document is recorded to clear the lien from title?
- In Georgia, the security instrument used by lenders (instead of a traditional mortgage) is called a:
- A buyer's lender requires the purchase of a lender's title insurance policy. This policy:
- The HUD-1 Settlement Statement has been replaced for most mortgage transactions by:
- In Georgia, which document is used to transfer title from a grantor to a grantee?
- Which of the following must be recorded for a deed to provide constructive notice in Georgia?
- A title commitment (binder) issued by a title company represents:
- Proration at closing adjusts financial items so that:
- In a Georgia closing, who typically pays the real estate transfer tax (documentary stamp / deed tax)?
- Georgia's transfer tax rate is $1 per $1,000 (or fraction thereof) of the consideration. What is the transfer tax on a $275,000 sale?
- A subordination agreement in real estate allows a later mortgage to:
- An abstract of title is:
- In Georgia, real estate closings are typically conducted by:
- A title search in Georgia examines the public record chain of title to identify:
- An owner's title insurance policy in Georgia protects:
- A lender's title insurance policy (loan policy) protects:
- Georgia's transfer tax (real estate transfer tax) is calculated at a rate of:
- In Georgia, who is responsible for paying the real estate transfer tax?
- The transfer tax on a Georgia home sold for $350,000 would be:
- A warranty deed in Georgia provides the grantee with which covenants?
- For a deed to be valid in Georgia, which of the following is required?
- The priority of liens against Georgia real property is generally determined by:
- A mechanic's lien in Georgia may be filed by:
- In Georgia, a mechanics' lien must be filed within how many days after the last date labor or materials were provided?
- A judgment lien in Georgia attaches to:
- Title insurance underwriters perform a title search before issuing a policy to:
- A satisfaction of mortgage (or discharge) is recorded when:
- In Georgia, a deed must be witnessed by how many witnesses to be eligible for recording?
- The Georgia Security Deed (also called a Deed to Secure Debt) differs from a mortgage because:
- Georgia's foreclosure process under a Security Deed is primarily:
- At a Georgia real estate closing, who typically disburses funds to the seller, payoff lenders, and other parties?
- A cloud on title refers to:
- An abstract of title in Georgia is:
- In Georgia, a title examination is typically performed by:
- The ALTA (American Land Title Association) title insurance policy provides more protection than a standard policy by including coverage for:
- In Georgia, property taxes become a lien on the property as of:
- When property taxes are prorated at closing in Georgia, the method typically used is:
- A 'special warranty deed' in Georgia differs from a general warranty deed in that it only warrants against claims:
- An involuntary lien arises:
- In Georgia, a deed must contain a legal description that:
- A Georgia closing attorney's duties to the buyer and seller create:
- A title company that discovers a gap in the chain of title (missing deed) would typically:
- In Georgia, the documentary evidence of a title search is called:
- A 'title commitment' (binder) issued before closing is:
- In a Georgia foreclosure sale, the successful bidder receives title through a:
- The Closing Disclosure (CD) must be provided to the borrower at least how many business days before closing?
- The Loan Estimate (LE) under TRID must be provided to the borrower within how many business days of application?
- RESPA requires that when a seller requires the use of a particular title company as a condition of sale, the seller must:
- A Georgia 'deed in lieu of foreclosure' involves the borrower:
- A short sale in Georgia occurs when:
- After a non-judicial foreclosure sale in Georgia, the former homeowner has a right of redemption for:
- A 'first position' mortgage (first lien) in Georgia is superior to subsequent liens because it was:
- The 'tacking' doctrine in adverse possession allows a claimant to:
- A 'special assessment' lien arises from:
- In Georgia, when a buyer purchases property and a third party has an 'unrecorded' claim against the title, the buyer takes the property:
- Title insurance exceptions typically include which of the following?
- A subordination agreement in real estate lending is used to:
- The equitable right of redemption in Georgia allows a borrower to:
- A 'deed of release' in Georgia is used to:
- The '100-year floodplain' designation means the area has a:
- A 'concurrent closing' in a real estate transaction refers to:
- In Georgia, all real estate closings must be conducted by:
- A 'title binder' (or title commitment) in Georgia is:
- Which type of deed provides the greatest protection to the buyer?
- In Georgia, which instrument is used at closing to clear a Security Deed from the title after the loan is paid off?
- Recording a deed in Georgia protects a buyer by providing:
- A 'lis pendens' recorded against a Georgia property means:
- In Georgia, title insurance protects against:
- A 'mechanics lien' in Georgia can be filed against a property when:
- In Georgia, which party typically pays for the owner's title insurance policy?
- A 'ALTA survey' provides:
- In Georgia, the deed must be signed by the grantor and:
- A 'subordination agreement' in Georgia allows:
- In Georgia, a 'special warranty deed' limits the grantor's covenant to:
- A 'marketable title' in Georgia means:
- In Georgia, 'constructive notice' provided by recording means:
- In Georgia, who is responsible for property taxes at closing?
- The 'RESPA' (Real Estate Settlement Procedures Act) applies to:
- A 'HUD-1 Settlement Statement' has been replaced for most transactions by which document?
- In Georgia, the 'right of redemption' for property sold at a tax sale allows the former owner to:
- In Georgia, an 'abstract of title' is a:
- The 'chain of title' in Georgia represents:
- A 'cloud on title' refers to:
- In a Georgia closing, the 'Closing Disclosure' must be provided to the buyer at least:
- In Georgia, 'adverse possession' can result in the adverse possessor receiving:
- In Georgia, which of the following takes LOWEST priority as a lien against property?
- In Georgia, a 'judgment lien' attaches to real property owned by the judgment debtor when:
- A 'deed in lieu of foreclosure' in Georgia benefits the borrower by:
- In Georgia, an 'attorney's title opinion' provides:
- A 'partition action' in Georgia is a lawsuit that allows:
- In Georgia, when does title to property actually transfer in a sale transaction?
- In Georgia, a 'final title search' is conducted just before closing to ensure:
- A 'survey exception' in a title insurance policy means:
- In Georgia, an 'acknowledgment' on a deed is the grantor's statement before a notary that:
- A 'vendor's lien' in Georgia arises when:
- What is the purpose of 'ALTA lender's title insurance' in Georgia?
- A 'deed of confirmation' in Georgia is used to:
- The Georgia 'Lien Theory' versus 'Title Theory' distinction refers to:
- A 'release deed' (partial release) in Georgia is used when:
- In Georgia, a 'judgment creditor' who obtains a lien against property through a court judgment must do what to enforce collection?
- What is the 'after-acquired title doctrine' in Georgia?
- In Georgia, a 'special lien' (specific lien) differs from a 'general lien' in that:
- A 'FIRPTA withholding' at a Georgia closing is required when:
- A 'prorated' item on a Georgia closing statement means:
- In Georgia, what must a closing attorney do before disbursing funds at a real estate closing?
- A seller in Georgia provides a general warranty deed. The covenant of 'seisin' warrants that:
Land Use & Zoning
121 questions- Which type of zoning allows multiple uses — such as residential, commercial, and office — in the same zone?
- A variance allows a property owner to:
- A non-conforming use is a land use that:
- Eminent domain is the government's power to:
- A special use permit (conditional use permit) is required when a landowner wants to operate a use that is:
- Which type of deed restriction is a private land use control?
- The police power of government allows it to:
- A subdivision plat must typically be approved by the local government and recorded in:
- Which of the following is an example of a buffer zone in zoning?
- The concept of 'highest and best use' in real estate means:
- In Georgia, a Planned Unit Development (PUD) differs from standard zoning because it allows:
- Georgia's Coastal Marshland Protection Act protects:
- An impact fee charged to a new residential developer is intended to:
- What does an 'overlay district' add to standard zoning?
- Spot zoning refers to:
- An agricultural conservation easement prevents a landowner from:
- The Georgia Mountains, Piedmont, and Coastal Plain regions have different real estate characteristics primarily because of:
- A community's comprehensive (master) plan serves as a:
- Which of the following best describes 'infill development'?
- Georgia's Zoning Procedures Law (O.C.G.A. § 36-66) requires local governments to:
- Zoning ordinances in Georgia are enacted by:
- A nonconforming use in zoning law refers to:
- A variance in zoning allows a property owner to:
- In Georgia, a property owner who is denied a zoning variance may appeal to the:
- A special use permit (conditional use permit) allows:
- Buffer zones between different zoning districts are used to:
- A taking occurs when government regulation of land:
- The police power of government allows the state to:
- Subdivision regulations in Georgia typically govern:
- A master plan (comprehensive plan) in Georgia is used by local governments to:
- In Georgia, a planned unit development (PUD) allows:
- A developer who wants to build beyond the allowed floor area ratio (FAR) might seek a:
- A historic district designation in Georgia can affect a property owner's ability to:
- Inclusionary zoning requires developers to:
- An easement by necessity arises when:
- The term 'highest and best use as vacant' in an appraisal context means:
- A setback requirement in a zoning code specifies:
- A developer in Georgia who divides land into 5 or more lots for sale must comply with:
- An agricultural exemption from property taxes in Georgia (under Conservation Use Value Assessment) requires the property owner to agree to:
- A covenant running with the land means the covenant:
- Transfer of development rights (TDR) programs allow property owners to:
- A wetland mitigation bank allows developers who impact wetlands to:
- An overlay zone in zoning adds requirements:
- In Georgia, impact fees charged to new development are used to:
- Georgia's Development of Regional Impact (DRI) review process applies to:
- A 'greenfield' development refers to:
- In Georgia, a property owner who wants to rezone their property must typically:
- A 'use by right' in zoning means that a proposed use:
- Georgia's Mountain and River Corridor Protection Act protects:
- The concept of 'smart growth' in land use planning promotes:
- A Georgia property located within a 100-year floodplain is subject to:
- Cluster zoning allows:
- An 'adequate public facilities ordinance' (APFO) requires that:
- Form-based codes differ from traditional zoning codes by emphasizing:
- New Urbanism is a planning philosophy that promotes:
- A certificate of occupancy (CO) is required:
- In Georgia, local governments may use their authority to require 'green building' standards for new construction under their:
- A 'use restriction' in a deed differs from a zoning restriction because:
- The concept of 'vested rights' in Georgia zoning law protects a developer who has:
- A transfer of development rights (TDR) helps preserve farmland by allowing:
- LEED certification for buildings stands for:
- A 'moratorium' on new development in Georgia means:
- The Community Development Block Grant (CDBG) program in Georgia provides federal funds for:
- Georgia's 'Smart Growth' programs encourage local governments to:
- Under Georgia's 'Zoning Procedures Law,' local zoning decisions that meet certain criteria must be made within:
- In Georgia, an 'annexation' occurs when a city:
- A Georgia property owner who believes their property has been wrongly classified under the zoning code may:
- A 'mixed-use' development in Georgia zoning includes:
- Transit-oriented development (TOD) in Georgia creates communities that:
- A Georgia 'local historic district' designation is administered by:
- An agricultural conservation district in Georgia is designed to:
- In Georgia, a property owner who receives a building permit and constructs a structure has a 'vested right' to:
- A 'scenic easement' on a Georgia property restricts the owner from:
- An 'accessory dwelling unit' (ADU) in a residential zone refers to:
- Infill development in Georgia refers to:
- A 'downzoning' action reduces the development intensity allowed on a property and is sometimes challenged by property owners as:
- The Fair Housing Act prohibits local governments from using zoning laws to:
- A 'tree preservation ordinance' in Georgia protects trees by requiring property owners to:
- A 'variance by reason of hardship' in Georgia zoning requires the property owner to demonstrate:
- Georgia's 'Coastal Marshlands Protection Act' protects:
- When a local government in Georgia 'abandons' a public right-of-way (like a street), the adjacent property owners typically:
- Floor area ratio (FAR) in zoning is calculated as:
- A 'use by right' differs from a 'conditional use' in that a use by right:
- A 'special use permit' (also called a conditional use permit) allows:
- Under Georgia law, what is a 'buffer zone' as used in zoning?
- A 'planned unit development' (PUD) in Georgia typically allows:
- The Georgia Zoning Procedures Law requires local governments to:
- A 'floor area ratio' (FAR) in zoning regulates:
- A 'density bonus' in Georgia housing law typically allows developers to:
- In Georgia, a 'nonconforming use' that was established legally prior to a zoning change may:
- In Georgia, 'agricultural conservation easements' are used to:
- A 'taking' under eminent domain requires the government to provide:
- A 'lot coverage' requirement in a zoning ordinance limits:
- A Georgia municipality's 'comprehensive plan' (land use plan) serves as:
- An 'impact fee' in Georgia is charged to:
- A 'transfer of development rights' (TDR) program allows:
- In Georgia, a 'plat' is a:
- In Georgia, 'spot zoning' refers to:
- The Georgia 'Coordinated and Comprehensive Planning Act' requires local governments to:
- A zoning 'overlay district' in Georgia:
- In Georgia, a 'restrictive covenant' in a subdivision can be enforced by:
- A 'building permit' in Georgia is required before:
- A 'moratorium' on building permits in a Georgia municipality means:
- A 'certificate of occupancy' (CO) in Georgia signifies that:
- A property owner in Georgia who disagrees with a zoning board's decision may appeal to:
- A 'cluster development' in Georgia allows homes to be:
- Under the Georgia 'Tree Ordinance' requirements in many municipalities, developers must:
- In Georgia, a 'subdivision' approval is typically required when:
- Georgia's 'Agricultural District' designation allows farmland owners to:
- A 'form-based code' in Georgia focuses primarily on:
- A property in a 'historic district' in Georgia may require:
- A 'historic preservation tax credit' in Georgia provides incentives for:
- A 'use variance' in Georgia zoning allows a property owner to:
- In Georgia, an 'annexation' occurs when:
- A 'smart growth' planning approach in Georgia emphasizes:
- A 'rezoning' in Georgia is considered a 'legislative' act, which means:
- A Georgia municipality's 'unified development code' (UDC) combines:
- A property owner in Georgia who is denied a building permit may have the decision reviewed by:
- Georgia's 'Development of Regional Impact' (DRI) process applies to:
- An 'as-of-right' development in Georgia is one that:
- Georgia's 'OneGeorgia Authority' is focused on:
Fair Housing
111 questions- Under federal and Georgia fair housing law, which of the following is a protected class?
- A Georgia landlord advertises a rental as 'adults only, no children.' This advertisement is:
- Which of the following Georgia actions constitutes 'steering'?
- A Georgia property manager collects applications on a first-come, first-served basis and uses written criteria for all applicants. This practice:
- The Fair Housing Act of 1968 prohibits discrimination based on all of the following EXCEPT:
- Steering is a fair housing violation that involves:
- Blockbusting is the illegal practice of:
- Which amendment extended Fair Housing Act protections to persons with disabilities?
- Under the Fair Housing Act, a landlord must allow a tenant with a disability to make reasonable modifications to the unit if:
- The Civil Rights Act of 1866 prohibits discrimination based on:
- A Georgia landlord who refuses to rent to a family because they have three children under 18 is most likely violating which protected class?
- Redlining is a fair housing violation involving:
- Which federal agency is primarily responsible for enforcing the Fair Housing Act?
- A real estate advertisement that states 'Perfect for young professionals — no families' most likely violates which protected class?
- The Americans with Disabilities Act (ADA) primarily applies to accessibility requirements for:
- Which of the following is an example of a reasonable accommodation under the Fair Housing Act for a disabled tenant?
- Under the Fair Housing Act, a 'Mrs. Murphy' exemption applies to:
- Which of the following advertising statements would NOT violate the Fair Housing Act?
- Georgia's Fair Housing Act protects additional classes beyond the federal law. Which of the following is a Georgia-specific protected class?
- A real estate licensee who uses different qualifying standards for buyers based on national origin is engaged in:
- Which of the following housing is EXEMPT from the Fair Housing Act's familial status provisions?
- A fair housing tester is a person who:
- Under the Fair Housing Act, what is the statute of limitations for filing a complaint with HUD?
- Which of the following is NOT a protected class under the federal Fair Housing Act?
- The federal Fair Housing Act was enacted in which year?
- Blockbusting is defined as the illegal practice of:
- Steering in real estate refers to:
- Redlining is the illegal practice of:
- Under the Fair Housing Act, a disabled tenant has the right to make reasonable modifications to a rental unit. Who typically pays for these modifications?
- A property owner who rents rooms in their owner-occupied home with no more than 4 units and does not use a real estate agent is exempt from:
- Familial status as a protected class under the Fair Housing Act protects:
- A landlord advertises 'No children allowed.' This advertisement violates the Fair Housing Act's prohibition against discrimination based on:
- A real estate agent who tells a Black buyer that homes in a certain neighborhood are 'not suitable for you' is engaged in which illegal practice?
- Under the Fair Housing Act, a landlord may NOT legally ask a prospective tenant:
- The Fair Housing Act exempts which of the following from most of its requirements?
- A lender who offers less favorable loan terms to an applicant because of race is guilty of:
- HUD is the federal agency responsible for enforcing the:
- A buyer who believes they have been the victim of housing discrimination in Georgia may file a complaint with:
- Properties designated as senior housing communities are exempt from the familial status provisions of the FHA if they qualify under which criteria?
- An agent who tells a client 'there are a lot of [ethnic group] moving into that neighborhood' is engaged in:
- Disparate impact in fair housing law means:
- Under the Fair Housing Act, a disability is defined as:
- A reasonable accommodation under the FHA requires a landlord to:
- The Fair Housing Act requires that multifamily buildings with 4 or more units built after 1991 must:
- A landlord's policy of requiring a higher security deposit from tenants with disabilities could be:
- Under the FHA, an assistance animal (service animal or emotional support animal) in a no-pets building is considered:
- A real estate agent who refuses to show homes above a certain price range to an applicant based on race is engaged in:
- An MLS rule that requires all properties to be shown to all qualified buyers is an example of:
- A real estate agent who refuses to accept a listing from a seller because the seller has indicated intent to discriminate should:
- The 1866 Civil Rights Act (42 U.S.C. §1982) prohibits discrimination based on:
- A landlord who refuses to rent to an applicant because the applicant has a Section 8 (Housing Choice Voucher) is in Georgia:
- Title VIII of the Civil Rights Act of 1968 (Fair Housing Act) was a major step forward because it:
- A testers program is used to detect fair housing violations by:
- An advertising statement that a property is 'perfect for young professionals' could potentially raise concerns under fair housing because it:
- Under the FHA, 'sex' as a protected class has been interpreted by HUD and courts to include:
- The National Fair Housing Alliance (NFHA) is an organization that:
- A real estate company's policy of requiring a co-signer for all renters with non-traditional employment could be:
- The Americans with Disabilities Act (ADA) and the Fair Housing Act differ in that the ADA:
- A real estate agent's duty under the Fair Housing Act includes which of the following?
- A landlord who charges higher application fees to applicants of one national origin compared to others is guilty of:
- Under the Fair Housing Act, advertising that shows only white families in property photos may constitute:
- A property manager who implements a 'no pets' policy but refuses to grant an exception for a verified emotional support animal for a disabled tenant is:
- The Fair Housing Act applies to which types of residential properties?
- Which federal executive order, signed in 1962, first prohibited discrimination in federally assisted housing?
- A person who believes they have experienced housing discrimination has how long after the discriminatory act to file a complaint with HUD?
- The maximum civil penalty for a first-time fair housing violation by the Department of Justice is approximately:
- An MLS that maintains a policy of excluding listings in certain neighborhoods from sharing with non-member brokers based on race would be violating:
- Under the FHA, 'restrictive covenants' in deeds that prohibit sale to persons of a certain race are:
- Under the Federal Fair Housing Act, which of the following is a prohibited discriminatory act?
- In Georgia, the state fair housing law adds which protected class NOT covered by federal law?
- A real estate agent who steers minority buyers toward certain neighborhoods and away from others is engaged in:
- Under the Fair Housing Act, a landlord who refuses to allow a tenant with a disability to make reasonable modifications to their unit:
- A landlord who advertises 'English speakers preferred' in a rental listing is likely violating which fair housing protection?
- The Americans with Disabilities Act (ADA) primarily applies to real estate in the context of:
- Which of the following statements about steering is correct?
- The 'familial status' protected class under the Fair Housing Act protects:
- A real estate agent who charges different commission rates based on a client's race is:
- Which federal law prohibits racial discrimination in ALL real estate transactions (even by private owners selling their own home)?
- A Georgia property owner who wants to limit occupancy of a rental unit to '2 persons per bedroom' is:
- An advertisement that says 'Perfect for young professionals' for a rental property:
- A seller instructs their listing agent 'don't bring me any offers from families with young children.' The agent should:
- Which of the following is an exemption under the Fair Housing Act of 1968?
- Under the Fair Housing Act, a request for reasonable accommodation by a person with a disability must be granted by a landlord unless:
- A landlord who provides less favorable lease terms to a tenant because of the tenant's disability is engaging in:
- A real estate agent who advertises only in English-language publications in a community with a large Spanish-speaking population may be:
- The 'disparate impact' theory in fair housing law means:
- Which of the following activities by a lender violates the Fair Housing Act?
- A landlord who raises the rent for existing tenants after learning they have a disability is:
- A real estate broker who fires an agent for consistently working with buyers from a specific ethnic group to help them find housing is likely:
- The 'Housing for Older Persons Act' (HOPA) provides a fair housing exemption for age-restricted housing when:
- A lender who 'reverse redlines' a community is engaging in:
- A Georgia real estate agent who keeps a 'do not show' list of properties in certain neighborhoods based on racial composition:
- A landlord in Georgia who uses a 'no Section 8 vouchers' policy may be:
- Under the Fair Housing Act, an aggrieved person must file a complaint with HUD within how many days of the alleged discriminatory act?
- Blockbusting in Georgia is the illegal practice of:
- A Georgia landlord who refuses to rent to a Muslim tenant based on religious grounds is violating:
- A Georgia property manager who requires a higher security deposit from tenants with children violates:
- The 'testers' used by fair housing organizations:
- A real estate professional who selectively shows buyers only certain neighborhoods based on their own preferences (even without explicit client instruction) is engaging in:
- A Georgia housing developer who restricts a development to residents age 55 and older must ensure that:
- A property manager in Georgia who maintains a legitimate 'no pets' policy may refuse to accommodate a tenant's emotional support dog if:
- Under the Fair Housing Act, when a landlord sells a property with a discriminatory restrictive covenant in the deed, the landlord should:
- Under fair housing law, a landlord who uses a neutral policy (e.g., 'no criminal records') that disproportionately excludes a protected class must:
- A Georgia listing agent who advertises a property as 'walking distance to church' is:
- A news article reveals that a local apartment complex has systematically denied applications from African American applicants. This is an example of:
- A Georgia apartment complex advertises 'No Assistance Programs Accepted' and is located in a community with a large racial minority population. This policy may be found to violate fair housing law because:
- A real estate broker who receives a complaint from a minority client about fair housing violations must:
- A Georgia landlord who imposes a policy requiring 'no overnight guests' could violate fair housing if the policy is applied to:
- Under the Fair Housing Act, a complaint filed with HUD must be investigated within what timeframe?
- A Georgia lender who charges higher fees to buyers of properties in certain zip codes — without regard to borrower creditworthiness — may be engaging in:
- A Georgia property management company that advertises 'English Only Tenants' is most likely violating which protected class?
Environmental
108 questions- Which federal environmental law requires disclosure of known lead-based paint hazards in homes built before 1978?
- Radon is a naturally occurring radioactive gas that enters homes primarily through:
- CERCLA (Superfund) imposes liability for environmental cleanup costs on:
- Asbestos is most dangerous when it is:
- An underground storage tank (UST) on a commercial property poses a risk primarily because of:
- Which environmental hazard is specifically associated with older fiberglass pipe insulation and ceiling tiles?
- A 'Phase I Environmental Site Assessment' is used to:
- In Georgia, which state agency oversees environmental regulation and remediation programs?
- Wetlands regulation in Georgia is primarily governed by which federal law?
- Which of the following is the EPA's recommended action level for radon in a home?
- Mold in a property is primarily a concern because it can:
- A Georgia seller of residential property is required to disclose:
- Carbon monoxide detectors in Georgia are required in:
- Which of the following is used to measure the intensity of electromagnetic fields (EMFs) near power lines that some buyers are concerned about?
- Under Georgia law, sellers of residential property built before 1978 must provide buyers with the EPA pamphlet 'Protect Your Family from Lead in Your Home' because of:
- Which of the following best describes a 'brownfield' site?
- A Superfund site is a location designated by the EPA under CERCLA for:
- In the sale of a home where lead-based paint is suspected, buyers have how many days to conduct a lead paint inspection under the federal Lead Disclosure Rule?
- USGBC's LEED certification evaluates buildings on their:
- Which of the following soil contamination issues is most commonly associated with dry cleaning businesses?
- Lead-based paint disclosure is required for homes built before what year?
- Radon is a naturally occurring gas that enters buildings from the soil. In Georgia, radon is a concern primarily because:
- CERCLA (Superfund) holds which parties liable for hazardous waste cleanup costs?
- Asbestos is most hazardous when it is in what condition?
- A property located near a dry-cleaning business should be investigated for potential contamination from:
- Underground storage tanks (USTs) are an environmental concern in real estate primarily because:
- Wetlands in Georgia are protected under which federal law?
- Formaldehyde in homes is commonly found in:
- In Georgia, a Phase I Environmental Site Assessment is typically conducted to:
- The Mold Disclosure Act requires Georgia real estate professionals to:
- PCBs (polychlorinated biphenyls) are most commonly found in older buildings in:
- The EPA action level for radon in indoor air is:
- The Toxic Substances Control Act (TSCA) provides the EPA authority to regulate:
- An innocent landowner defense under CERCLA requires the property owner to show they:
- A brownfield is best defined as:
- Georgia's Environmental Protection Division (EPD) has authority over:
- Carbon monoxide in a home is most commonly associated with:
- The National Environmental Policy Act (NEPA) requires federal agencies to:
- Flooding and Georgia's Special Flood Hazard Areas (SFHAs) are identified on:
- A seller in Georgia is required to disclose which of the following if known?
- Electromagnetic fields (EMFs) near high-voltage power lines are a real estate concern because:
- A seller's property sits adjacent to a former gas station site. The most important first step for the buyer to take is:
- Sick building syndrome is associated with:
- Georgia's Hazardous Site Response Act (HSRA) requires:
- When a Georgia property seller discloses that they are aware of underground fuel storage tanks on the property, the buyer should:
- Lead service lines in older Georgia homes are a concern because they:
- The Superfund Amendments and Reauthorization Act (SARA) added protections for:
- A real estate agent has a general duty to disclose environmental hazards that are:
- The Clean Air Act in Georgia regulates:
- A real estate professional in Georgia who suspects a property has an environmental contamination issue should:
- In Georgia, who must perform an assessment for the presence of lead-based paint before demolition of a pre-1978 structure?
- The Endangered Species Act (ESA) can affect real estate development in Georgia if:
- A '1,000 feet riparian buffer zone' in Georgia protects:
- Smoke detectors and carbon monoxide detectors in Georgia rental properties are required because:
- A Georgia property owner who discovers a petroleum leak from a previously unknown underground storage tank on their newly purchased property may seek relief under:
- Chinese drywall found in some Georgia homes built between 2001-2009 is an environmental concern because it:
- Polychlorinated biphenyls (PCBs) were banned from use in the United States in:
- The Resource Conservation and Recovery Act (RCRA) governs:
- When a Georgia broker is aware that a property for sale may have an environmental issue, the broker should:
- The Safe Drinking Water Act regulates:
- A Phase II Environmental Site Assessment in Georgia involves:
- The Voluntary Remediation Program (VRP) in Georgia allows property owners to:
- A 'deed restriction' placed on a remediated brownfield property in Georgia may require:
- Meth contamination in a Georgia home (from methamphetamine production) is a concern because:
- In Georgia, a 'Notification of Intent' (NOI) is filed with the EPD before construction activities that disturb:
- The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) differs from RCRA in that CERCLA focuses on:
- Georgia's Shore Protection Act regulates development:
- A real estate professional in Georgia who encounters a property with potential contamination from a nearby industrial facility should advise the buyer to:
- Indoor air quality in Georgia homes can be affected by 'off-gassing' from new construction materials. This is also known as:
- The Stormwater Management program in Georgia requires property owners to manage:
- A Georgia property owner discovers underground storage tanks (USTs) on their property from a prior use as a gas station. Under CERCLA, who can be held liable for cleanup?
- Lead-based paint disclosure requirements under federal law apply to:
- Which environmental hazard is a naturally occurring radioactive gas that seeps through soil and can accumulate in buildings?
- In Georgia, properties near wetlands may be subject to regulation by:
- A Phase I Environmental Site Assessment (ESA) typically includes:
- The Georgia Brownfields Program is designed to:
- Asbestos-containing materials (ACMs) in a building are considered most hazardous when they are:
- The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) is also known as:
- In Georgia, a seller of residential property is required to disclose:
- The EPA's 'Renovation, Repair and Painting' (RRP) rule requires contractors working in pre-1978 homes to:
- A 'mold disclosure' in Georgia real estate is important because:
- A 'Phase II Environmental Site Assessment' differs from a Phase I in that it:
- Polychlorinated biphenyls (PCBs) in real estate are associated with:
- Properties near former dry cleaning facilities may be contaminated with:
- The Residential Lead-Based Paint Hazard Reduction Act requires sellers of pre-1978 homes to give buyers a minimum of how many days to conduct a lead paint inspection?
- In Georgia, properties located in designated 100-year flood zones (Zone A or AE) typically require:
- In Georgia, a 'Voluntary Environmental Remediation Property' program allows:
- Georgia's 'Shore Protection Act' regulates development near:
- Georgia's 'Hazardous Site Inventory' (HSI) lists:
- Properties with underground storage tanks (USTs) in Georgia must be registered with:
- A 'wetlands delineation' is performed to:
- The National Environmental Policy Act (NEPA) requires an 'environmental impact statement' (EIS) for:
- The term 'sick building syndrome' (SBS) in real estate refers to:
- In Georgia, a 'streambank buffer' requirement near rivers and streams is intended to:
- The 'innocent landowner defense' under CERCLA provides protection to a buyer who:
- Which environmental law requires property sellers to provide buyers with information about known naturally occurring hazards such as earthquake fault zones in California but also applies analogous disclosure obligations in other states?
- A Georgia commercial property developer must comply with which federal law when a project disturbs more than one acre of land?
- The EPA's 'Superfund Amendments and Reauthorization Act' (SARA) added which important protection for buyers?
- Properties located in Georgia's coastal areas may be subject to regulation under the 'Georgia Coastal Management Program' which protects:
- A real estate agent who shows a property that has been remediated for contamination should:
- A 'recognized environmental condition' (REC) identified in a Phase I ESA means:
- In Georgia, the 'Metropolitan River Protection Act' protects:
- A property abutting a railroad right-of-way may be contaminated with:
- The 'innocent landowner' CERCLA defense requires a purchaser to have conducted:
- In Georgia, a leaking underground storage tank (LUST) that causes groundwater contamination must be reported to:
- When a commercial property in Georgia is being sold and the buyer discovers evidence of on-site contamination, the best course of action is:
- Georgia's 'Water Supply Watershed Protection Act' restricts development near:
- In Georgia, the 'Hazardous Site Response Act' (HSRA) establishes the framework for:
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