Barney Fletcher Real Estate Questions with
100% Correct Answers
deed
Document/instrument used to transfer title to REAL property
A broker started a real estate company wanting to use the name ABC Realty. What is
true regarding this situation?
The broker must file a request with the secretary of state
A citizen phoned the GREC with a complaint on a licensee. The GREC sent him a form
to fill out. However, he never followed up the complaint in writing. What would the
GREC do?
Even though he did not put it in writing, the GREC may investigate anyway at their own
discretion
A handicap person wants to rent a home that has steps to the front door. What best
describes the situation?
The tenant can, at their expense, install the ramp and must remove it at the end of the lease
Which of the following does a broker NOT have to keep for the GREC auditors?
a. Listings
b. Contracts
c. Advertising copy
d. Closing statements
Advertising copy
,Which of the following items could the GREC require of a person before issuing a
license?'
a. A driver's license
b. The person must be a resident of Georgia
c. Georgia Crime Information Center report
d. U.S. citizenship
Georgia Crime Information Center report
A salesperson was involved in a transaction that consisted of a 6 month lease and an
option to purchase. Which of the following statements best describes how the
salesperson should handle the documents?
a. Fill in the lease but not the option
b. Send the documents to an attorney and have the attorney prepare the forms
c. Fill in the option but not the lease as the lease was for 6 months or less
d. Fill in both the lease and the option on standard forms and take to the broker for
review
Fill in both the lease and the option on standard forms and take to the broker for review
A secretary of a real estate company has passed the state exam but not yet received her
license. Which of the following activities could she do?
a. Give out information on listings to the public
b. Pass out business cards with her name on it
,c. Give another agent in the office an address of a listing
d. List but not show property
Give another agent in the office an address of a listing
Broker Carr had a 90 day exclusive listing. One month after the listing began, Broker
Dole contacted the seller and told him he had a buyer moving in one month after the
listing terminates and asked the seller to sign an agreement to take effect after the
listing expires. This is:
a violation of state law
To supervise a branch office, you must be:
a Broker or Associate Broker
To supervise in Georgia one must have some type of broker's license, such as an Associate
Broker or Qualifying Broker.
Which of the following is not found in a property management agreement?
The property manager conducting an appraisal on the property once a year
A borrower applied for a VA first mortgage for $100,000. However, the property
appraised for $80,000. If the buyer still wished to buy the property, which could
happen?
a. The veteran could not get the VA loan because the price was higher than the
appraisal.
b. VA would require the veteran to get a second mortgage for the difference.
c. VA could allow the veteran to make up the difference in cash.
, d. The broker could write up a different contract for a different sales price to take to the
lender.
VA could allow the veteran to make up the difference in cash.
Interest that is calculated every month based on the remaining loan balance is best
referred to as?
Simple Interest
Sam sold a property to Emma for $225,000. Sam's loan balance was $44,500 with an
interest rate of 7%. Emma's conventional loan was at 8% with a 90% loan to value
ratio. The taxes for the year were $1250 and the home owner's insurance was $495.
Closing took place on October 30th. Based on this information, answer the following
question. What was the amount of the property tax proration?
$212.33
(Closing after July 1st, paid in full. Seller credited 62 days - October 31st-December 31st)
$ 1,250 (annual tax) / 365 (days in year) = $ 3.4246 per day x 62 days = $ 212. 3287 = $
212.33
Sam sold a property to Emma for $225,000. Sam's loan balance was $44,500 with an
interest rate of 7%. Emma's conventional loan was at 8% with a 90% loan to value
ratio. The taxes for the year were $1250 and the home owner's insurance was $495.
Closing took place on October 30th. Based on this information, answer the following
question. How much was the transfer tax?
100% Correct Answers
deed
Document/instrument used to transfer title to REAL property
A broker started a real estate company wanting to use the name ABC Realty. What is
true regarding this situation?
The broker must file a request with the secretary of state
A citizen phoned the GREC with a complaint on a licensee. The GREC sent him a form
to fill out. However, he never followed up the complaint in writing. What would the
GREC do?
Even though he did not put it in writing, the GREC may investigate anyway at their own
discretion
A handicap person wants to rent a home that has steps to the front door. What best
describes the situation?
The tenant can, at their expense, install the ramp and must remove it at the end of the lease
Which of the following does a broker NOT have to keep for the GREC auditors?
a. Listings
b. Contracts
c. Advertising copy
d. Closing statements
Advertising copy
,Which of the following items could the GREC require of a person before issuing a
license?'
a. A driver's license
b. The person must be a resident of Georgia
c. Georgia Crime Information Center report
d. U.S. citizenship
Georgia Crime Information Center report
A salesperson was involved in a transaction that consisted of a 6 month lease and an
option to purchase. Which of the following statements best describes how the
salesperson should handle the documents?
a. Fill in the lease but not the option
b. Send the documents to an attorney and have the attorney prepare the forms
c. Fill in the option but not the lease as the lease was for 6 months or less
d. Fill in both the lease and the option on standard forms and take to the broker for
review
Fill in both the lease and the option on standard forms and take to the broker for review
A secretary of a real estate company has passed the state exam but not yet received her
license. Which of the following activities could she do?
a. Give out information on listings to the public
b. Pass out business cards with her name on it
,c. Give another agent in the office an address of a listing
d. List but not show property
Give another agent in the office an address of a listing
Broker Carr had a 90 day exclusive listing. One month after the listing began, Broker
Dole contacted the seller and told him he had a buyer moving in one month after the
listing terminates and asked the seller to sign an agreement to take effect after the
listing expires. This is:
a violation of state law
To supervise a branch office, you must be:
a Broker or Associate Broker
To supervise in Georgia one must have some type of broker's license, such as an Associate
Broker or Qualifying Broker.
Which of the following is not found in a property management agreement?
The property manager conducting an appraisal on the property once a year
A borrower applied for a VA first mortgage for $100,000. However, the property
appraised for $80,000. If the buyer still wished to buy the property, which could
happen?
a. The veteran could not get the VA loan because the price was higher than the
appraisal.
b. VA would require the veteran to get a second mortgage for the difference.
c. VA could allow the veteran to make up the difference in cash.
, d. The broker could write up a different contract for a different sales price to take to the
lender.
VA could allow the veteran to make up the difference in cash.
Interest that is calculated every month based on the remaining loan balance is best
referred to as?
Simple Interest
Sam sold a property to Emma for $225,000. Sam's loan balance was $44,500 with an
interest rate of 7%. Emma's conventional loan was at 8% with a 90% loan to value
ratio. The taxes for the year were $1250 and the home owner's insurance was $495.
Closing took place on October 30th. Based on this information, answer the following
question. What was the amount of the property tax proration?
$212.33
(Closing after July 1st, paid in full. Seller credited 62 days - October 31st-December 31st)
$ 1,250 (annual tax) / 365 (days in year) = $ 3.4246 per day x 62 days = $ 212. 3287 = $
212.33
Sam sold a property to Emma for $225,000. Sam's loan balance was $44,500 with an
interest rate of 7%. Emma's conventional loan was at 8% with a 90% loan to value
ratio. The taxes for the year were $1250 and the home owner's insurance was $495.
Closing took place on October 30th. Based on this information, answer the following
question. How much was the transfer tax?
