GA REAL ESTATE ACADEMY FINAL EXAM TEST BANK WITH ALL VERSIONS OF THE EXAM WITH ALLMODULES COVERED | ACCURATE AND VERIFIED QUESTIONS AND ANSWERS FOR GUARANTEED PASS| LATEST UPDATE

This comprehensive Georgia Real Estate Academy Final Exam study guide includes accurate, verified, and up-to-date multiple-choice questions with correct answers and explanations. It covers all essential modules required for the Georgia Real Estate Licensing Exam, including property ownership, contracts, finance, agency, valuation, fair housing, tax calculations, and legal principles. Perfect for students preparing for the GA Real Estate final exam, this resource is designed to guarantee exam readiness with real exam-style questions and rationales to reinforce learning1. A miner openly lives and prospects on a 20,000-acre ranch for 20 years. The owner then removes him. The miner claims ownership. What is the likely outcome? A. Denied, because the miner never paid rent B. Denied, because the property is too large C. Upheld, because the possession was not concealed D. Upheld, because the miner was a tenant Correct Answer: C. Upheld, because the possession was not concealed Rationale: Under adverse possession laws, open, continuous, and notorious use can lead to a valid ownership claim after the statutory period. 2. A tenant pays a low rent but agrees to cover all operating expenses. This is an example of a: A. Gross lease B. Fixed lease C. Net lease D. Percentage lease Correct Answer: C. Net lease Rationale: In a net lease, tenants pay base rent plus expenses like taxes, insurance, and maintenance. 3. Under the Statute of Frauds, a five-year lease must be: A. Oral to be enforceable B. Agreed upon by handshake C. Notarized D. In writing to be enforceable Correct Answer: D. In writing to be enforceable Rationale: Leases over one year must be in writing to be legally enforceable under the Statute of Frauds. 4. A property owner is required to have a shake roof due to: A. Local fire codes B. Homeowners association rules C. City zoning laws D. A deed restriction Correct Answer: D. A deed restriction Rationale: Deed restrictions are private limitations on property use, often requiring specific building materials or designs. 5. A master plan is best described as: A. A blueprint for individual homes B. A zoning permit system C. A fusion of land use laws and local objectives D. A list of building code requirements Correct Answer: C. A fusion of land use laws and local objectives Rationale: A master plan integrates planning goals with regulations guiding community development. 6. A zoning board may approve a variance if: A. The property is near a school B. The variance would lower taxes C. It avoids undue and unjustified hardship D. Neighbors agree to it Correct Answer: C. It avoids undue and unjustified hardship Rationale: Variances are allowed when strict compliance with zoning laws imposes unnecessary hardship on the owner. 7. What are the dimensions of a township? A. 1 mile by 1 mile B. 6 miles by 6 miles C. 12 miles by 12 miles D. 2.5 miles by 2.5 miles Correct Answer: B. 6 miles by 6 miles Rationale: A township in the Public Land Survey System is 36 square miles, or 6 miles by 6 miles. 8. How many acres are in the W½ of the N½ of the NE¼ of Section 16? A. 10 acres B. 20 acres C. 40 acres D. 80 acres Correct Answer: C. 40 acres Rationale: Multiply: 640 (full section) × 1/4 × 1/2 × 1/2 = 40 acres. 9. Real estate is a unique economic product because: A. It depreciates faster than other assets B. It can’t be taxed C. Its demand must come to the supply D. Its supply moves to where demand is highest Correct Answer: C. Its demand must come to the supply Rationale: Unlike movable goods, real estate is fixed in location—buyers must go to it. 10. A major factor influencing property demand is: A. Availability of schools B. Neighborhood aesthetics C. Employment D. Road conditions Correct Answer: C. Employment Rationale: Employment levels drive both residential and commercial property demand in any market. 11. If rents are declining in office properties in a market, it likely means: A. Demand exceeds supply B. Supply exceeds demand C. Interest rates are low D. Property taxes increased Correct Answer: B. Supply exceeds demand Rationale: A surplus in available space leads to declining rents as landlords compete for tenants. 12. The highest and best use of a property is the use that is: A. Fastest to develop B. Environmentally friendly C. Legal, feasible, and most productive D. Least expensive Correct Answer: C. Legal, feasible, and most productive Rationale: This is a core principle of real estate valuation and appraisal. 13. A strength of the sales comparison approach is that it: A. Is quick to perform B. Does not require adjustments C. Is based on the principle of substitution D. Ignores market fluctuations Correct Answer: C. Is based on the principle of substitution Rationale: Buyers will not pay more than the cost of acquiring a similar, substitute property. 14. When a major employer leaves an area, causing vacant and poorly maintained homes, this is an example of: A. Curable depreciation B. Functional obsolescence C. Curable economic loss D. Incurable economic obsolescence Correct Answer: D. Incurable economic obsolescence Rationale: This type of depreciation is caused by external factors and is beyond the property owner’s control. 15. The cost approach to valuation involves estimating: A. Future income and expenses B. Interest and principal only C. Land cost and depreciation of improvements D. Comparative market data Correct Answer: C. Land cost and depreciation of improvements Rationale: This approach values property by summing land value and adjusted building cost. 16. Mortgage lenders are most concerned about: A. The applicant’s marital status B. The size of the home C. The neighborhood D. Financial ability and collateral value Correct Answer: D. Financial ability and collateral value Rationale: Lenders evaluate risk by verifying income and property value. 17. Lenders use the loan-to-value (LTV) ratio to ensure: A. Appraisal fees are covered B. The buyer has good credit C. The loan is less than the property’s value D. The seller is not overpricing Correct Answer: C. The loan is less than the property’s value Rationale: This minimizes lender risk in case of default. 18. Disclosure of financing costs at closing is mandated by: A. RESPA B. Truth-in-Lending laws C. Equal Credit Opportunity Act D. Fair Housing Act Correct Answer: B. Truth-in-Lending laws Rationale: These laws require clear disclosure of loan terms and costs to borrowers.