GA REAL ESTATE U QUESTIONS AND ANSWERS
Single family homes are? - Answers :Private freestanding residential houses.
Property types are generally categorized by the ...... that applies to that property. -
Answers :Zoning laws
Schools and churches are considered....... Properties? - Answers :Special purpose
A lack of supply is known as? - Answers :scarcity
Candidates taking a licensee exam who are eligible active duty military and reserve
personnel receive a...? - Answers :5 point credit
If you've been subject to disciplinary actions for any licensing agency all the following
info must be taken before applying for a real estate license in Georgia, Except? -
Answers :Provide a copy of his license in the associated jurisdiction.
Every sales person has to provide the commission with evidence that they completed a
...... post license course within 1 year of obtaining their license. - Answers :25-hours
If a broker's renewal fees aren't paid, what happens to the licenses of the licensees
working under the broker? - Answers :All licenses for licenses under the broker will
lapse
........... involves licensees with property management relationships with their clients.
Any written property management agreement must identify the property being managed
and list the terms and conditions of the manager's responsibility. - Answers
:Management agreements
The Commission keeps electronic licensing records for...? - Answers :15 years
The activation fee to apply for a license as an individual or associate broker,
salesperson, or community association manager is.......... The activation fee for a new
firm, school, or instructor is ........ Both fees include $20 toward the real estate
education, research and Recovery fund - Answers :$45/$75
....... Suspended due to nonpayment or failure to meet educational requirements costs
$100 if submitted within 4 months of the lapse. - Answers :Reinstating a license
Members of the Georgia Real Estate Commission are? - Answers :Appointed by the
governor
After your license has been denied or suspended you can? - Answers :Appeal to the
commission and then ask for a judicial review if you are not satisfied with the outcome.
, One benefit of buying a home is...? - Answers :Long-term appreciation
Many factors can increase or reduce monthly mortgage payments. Assume that a buyer
is planning to buy a $150,000 home, and any loan payments will NOT include closing
costs or insurance. Which scenario will produce the highest monthly payment? -
Answers :Taking out a 20 year fixed rate private owner mortgage at 4.25% with 5%
down.
Mark is trying to decide if he should rent or own a home. His job requires that he travels,
sometimes even for long periods of time. As Mark's real estate agent, what should you
suggest to Mark? - Answers :He should rent a home, as it offers more flexibility.
Loan Origination Fees are usually equal to or less then........ percent of the total loan
amount. - Answers :1 (one)
Katie owns 100 percent of her home and wants to add a small kitchen to a master suite
to create a mini apartment she can rent out to help defray the costs of owning her
home. Can she still deduct all eligible expenses as personal home expenses? -
Answers :No. Renting a portion of a home that can be considered a complete home,
makes some expenses ineligible.
The monetary gain resulting from the increase in the market value of an investment,
excluding additions of capital, is known as.....? - Answers :Appreciation
This refers to the trade or exchange of one real property for another without the need to
pay income taxes on the gain at the time of trade? - Answers :Tax-deferred exchange
Which statement is true about home owners and insurance coverage in the US? -
Answers :Many US homeowners are under insured.
Mortgage lenders generally require a policy that covers specific perils for structures and
dwellings at full replacement value without depreciation. However, they do not require
coverage for? - Answers :Content
A 30th-floor condominium unit with built-in central AC is best described as...? - Answers
:Real property
Which of these would not be part of a raw land sale? - Answers :House
Because land is unique, the value of land...? - Answers :increases
Is land destructible? - Answers :NO
Of the choices, which is the best land to build on? - Answers :Flat land near roads
Real estate is considered a ......... asset? - Answers :Illiquid
Single family homes are? - Answers :Private freestanding residential houses.
Property types are generally categorized by the ...... that applies to that property. -
Answers :Zoning laws
Schools and churches are considered....... Properties? - Answers :Special purpose
A lack of supply is known as? - Answers :scarcity
Candidates taking a licensee exam who are eligible active duty military and reserve
personnel receive a...? - Answers :5 point credit
If you've been subject to disciplinary actions for any licensing agency all the following
info must be taken before applying for a real estate license in Georgia, Except? -
Answers :Provide a copy of his license in the associated jurisdiction.
Every sales person has to provide the commission with evidence that they completed a
...... post license course within 1 year of obtaining their license. - Answers :25-hours
If a broker's renewal fees aren't paid, what happens to the licenses of the licensees
working under the broker? - Answers :All licenses for licenses under the broker will
lapse
........... involves licensees with property management relationships with their clients.
Any written property management agreement must identify the property being managed
and list the terms and conditions of the manager's responsibility. - Answers
:Management agreements
The Commission keeps electronic licensing records for...? - Answers :15 years
The activation fee to apply for a license as an individual or associate broker,
salesperson, or community association manager is.......... The activation fee for a new
firm, school, or instructor is ........ Both fees include $20 toward the real estate
education, research and Recovery fund - Answers :$45/$75
....... Suspended due to nonpayment or failure to meet educational requirements costs
$100 if submitted within 4 months of the lapse. - Answers :Reinstating a license
Members of the Georgia Real Estate Commission are? - Answers :Appointed by the
governor
After your license has been denied or suspended you can? - Answers :Appeal to the
commission and then ask for a judicial review if you are not satisfied with the outcome.
, One benefit of buying a home is...? - Answers :Long-term appreciation
Many factors can increase or reduce monthly mortgage payments. Assume that a buyer
is planning to buy a $150,000 home, and any loan payments will NOT include closing
costs or insurance. Which scenario will produce the highest monthly payment? -
Answers :Taking out a 20 year fixed rate private owner mortgage at 4.25% with 5%
down.
Mark is trying to decide if he should rent or own a home. His job requires that he travels,
sometimes even for long periods of time. As Mark's real estate agent, what should you
suggest to Mark? - Answers :He should rent a home, as it offers more flexibility.
Loan Origination Fees are usually equal to or less then........ percent of the total loan
amount. - Answers :1 (one)
Katie owns 100 percent of her home and wants to add a small kitchen to a master suite
to create a mini apartment she can rent out to help defray the costs of owning her
home. Can she still deduct all eligible expenses as personal home expenses? -
Answers :No. Renting a portion of a home that can be considered a complete home,
makes some expenses ineligible.
The monetary gain resulting from the increase in the market value of an investment,
excluding additions of capital, is known as.....? - Answers :Appreciation
This refers to the trade or exchange of one real property for another without the need to
pay income taxes on the gain at the time of trade? - Answers :Tax-deferred exchange
Which statement is true about home owners and insurance coverage in the US? -
Answers :Many US homeowners are under insured.
Mortgage lenders generally require a policy that covers specific perils for structures and
dwellings at full replacement value without depreciation. However, they do not require
coverage for? - Answers :Content
A 30th-floor condominium unit with built-in central AC is best described as...? - Answers
:Real property
Which of these would not be part of a raw land sale? - Answers :House
Because land is unique, the value of land...? - Answers :increases
Is land destructible? - Answers :NO
Of the choices, which is the best land to build on? - Answers :Flat land near roads
Real estate is considered a ......... asset? - Answers :Illiquid
