GA Real Estate Final Exam Questions &
Answers
Two days after closing, the seller gives a $500 bonus check to the selling agent. The agent should: ANS:
Instruct seller that bonuses are illegal
When should a Georgia broker who manages a community association be covered by a fidelity bond or
fidelity insurance? ANS: If at any time the broker has access to $60,000 or more of association funds
A buyer sued a licensee for fraud in a real estate transaction and received a judgment in the amount of
$15,000. The licensee owns, free and clear, a cabin in Georgia valued at $10,000. For the buyer to file a
claim against the Real Estate Education, Research and Recovery Fund he must: ANS: Have the property
levied upon and sold, then file a claim against the Fund for the balance remaining to satisfy the
judgment.
Which of the following would not be taken into account when estimating sellers' closing costs? ANS:
Prepayment Penalty
When serving solely as a buyer's agent, it is unlawful for the real estate licensee to disclose any
confidential information about the _______. ANS: Buyer
A real estate licensee acting solely as a seller's agent, it is unlawful for the real estate licensee to disclose
any information about the _________. ANS: Seller
What conditions must be met to terminate a contract? ANS: It is impossible for one of the parties to
preform.
What type of lease agreement features a natural break-even point? ANS: Percentage Lease
Which one of the following is NOT one of the six moral and ethical responsibilities that an agent owes
the principal in fiduciary relationships under common and statutory law stem? ANS: Responsibility
, If a salesperson's sponsoring broker mentioned in the written affiliation agreement that the salesperson
could sign a listing as the agent, can the salesperson legally do so in Georgia? ANS: Yes, because the
salesperson was authorized to do so in the affiliation agreement
One of the main purposes of the FHA is to: ANS: Insure Home Loans
What type of loan would be the BEST option for senior homeowners, who have paid off their loan and
would like to receive monthly income? ANS: Reverse Mortgage
What is an annual debt-to-service on a mortgage? ANS: The monthly mortgage payment multiplied by
the number of months in a year.
Define separate property: ANS: Property owned by one spouse before marriage or acquired by one
spouse during marriage by gift, inheritance, or with the proceeds of a separate propertyCorrect
What does the due diligence period in the GAR contract mean? ANS: The buyer can terminate the
contract for any reason during this period
Which of the following are known as an economic characteristic(s)? ANS: Scarcity
Improvements
Area Preference
Permanence of Investment
Land, minerals beneath the earth's surface, water on/below the earth's surface, and the air above the
surface all describe what? ANS: Physical boundaries of land
A consumer can receive a free credit score: ANS: Every four months from different credit reporting
companies
Answers
Two days after closing, the seller gives a $500 bonus check to the selling agent. The agent should: ANS:
Instruct seller that bonuses are illegal
When should a Georgia broker who manages a community association be covered by a fidelity bond or
fidelity insurance? ANS: If at any time the broker has access to $60,000 or more of association funds
A buyer sued a licensee for fraud in a real estate transaction and received a judgment in the amount of
$15,000. The licensee owns, free and clear, a cabin in Georgia valued at $10,000. For the buyer to file a
claim against the Real Estate Education, Research and Recovery Fund he must: ANS: Have the property
levied upon and sold, then file a claim against the Fund for the balance remaining to satisfy the
judgment.
Which of the following would not be taken into account when estimating sellers' closing costs? ANS:
Prepayment Penalty
When serving solely as a buyer's agent, it is unlawful for the real estate licensee to disclose any
confidential information about the _______. ANS: Buyer
A real estate licensee acting solely as a seller's agent, it is unlawful for the real estate licensee to disclose
any information about the _________. ANS: Seller
What conditions must be met to terminate a contract? ANS: It is impossible for one of the parties to
preform.
What type of lease agreement features a natural break-even point? ANS: Percentage Lease
Which one of the following is NOT one of the six moral and ethical responsibilities that an agent owes
the principal in fiduciary relationships under common and statutory law stem? ANS: Responsibility
, If a salesperson's sponsoring broker mentioned in the written affiliation agreement that the salesperson
could sign a listing as the agent, can the salesperson legally do so in Georgia? ANS: Yes, because the
salesperson was authorized to do so in the affiliation agreement
One of the main purposes of the FHA is to: ANS: Insure Home Loans
What type of loan would be the BEST option for senior homeowners, who have paid off their loan and
would like to receive monthly income? ANS: Reverse Mortgage
What is an annual debt-to-service on a mortgage? ANS: The monthly mortgage payment multiplied by
the number of months in a year.
Define separate property: ANS: Property owned by one spouse before marriage or acquired by one
spouse during marriage by gift, inheritance, or with the proceeds of a separate propertyCorrect
What does the due diligence period in the GAR contract mean? ANS: The buyer can terminate the
contract for any reason during this period
Which of the following are known as an economic characteristic(s)? ANS: Scarcity
Improvements
Area Preference
Permanence of Investment
Land, minerals beneath the earth's surface, water on/below the earth's surface, and the air above the
surface all describe what? ANS: Physical boundaries of land
A consumer can receive a free credit score: ANS: Every four months from different credit reporting
companies
