Georgia Real Estate School ACTUAL EXAM COMPLETE
ACCURATE REAL EXAM 2026 QUESTIONS WITH WELL
ELABORATED ANSWERS AND RATIONALES (100%
CORRECT VERIFIED SOLUTIONS) GUARANTEED PASS
A+|BRAND NEW! 2026-2027
The term "economic obsolescence" describes a type of:
A. zoning
B. depreciation
C. eminent domain
D. variance
B:depreciation
According to Georgia Real Estate Commission Rules and Regulations, a
broker must deposit earnest money promptly. If Broker Bob wants to
hold the check pending acceptance of the contract, he may do so only
if:
A. all parties agree in a written contract
B. upon the broker giving 24 hour notice to all parties
C. only with the written permission of the buyer
D. only with the written permission of the seller
A:all parties agree in a written contract
,When there is a "meeting of the minds", which of the following has been
accomplished?
A. The contract's major terms have been satisfied
B. The offer has been signed and presented
C. There has been acknowledgment and delivery
D. There has been an offer and an acceptance.
ANSWERS: D
Which of the following statements regarding earnest money is true?
A. A contract without earnest money is valid but unenforceable
B. A buyer should be made aware of the fact that the check will be
deposited and will be deducted from his or her account
C. The original check should be returned at closing
D. The check is held in a FDIC insured checking account
ANSWERS: B
An offer may be withdrawn:
A. If the right to withdraw the offer is contained in the agreement
B. Only after the time limit for acceptance has expired
C. Upon a counteroffer
D. At any time prior to being notified of acceptance
ANSWERS: D
,Falk has a one-year lease on a house. The contract includes an option
to purchase the house for $110,000 at any time during the term of the
lease. Which is true?
A. If Falk exercises his option, all rent paid to date will be applied to the
purchase price, whether or not the lease so specifies
B. Falk is obligated to buy the house within one year
C. The optionor can cancel the option at any time by paying back any
money received for it
D. If Falk decides to buy, the seller cannot renegotiate the price
ANSWERS: D
An express, bilateral contract is created when:
A. A broker finds a buyer for an unlisted property
B. A salesman shows a home to a buyer who mentions the intention of
depositing earnest money
C. A seller and purchaser put in writing their agreement to sell and buy
the seller's property
D. A broker allows a cooperating broke to show a home
ANSWERS: C
Which of the following statements regarding sales contracts is true?
A. Contracts need only to focus on major terms since the details will be
worked out in the closing process
B. If the contract is silent on a particular matter, the parties will turn to
the accepted industry standards
C. The contract should be as clear and as detailed as possible since it is
legally binding
D. Since sales contracts are executed contracts, it is not necessary to
specify the type of deed that will be used for conveyance
ANSWERS: C
, A salesperson is representing a buyer who has entered into a contract
to purchase a home. Prior to the closing the buyer changes his mind
and demands that his $2,000 earnest money check be returned. The
salesperson should:
A. Refer the matter to the broker
B. Explain that the broker will issue an immediate refund
C. Return the original $2,000 check to the buyer
D. Tell the buyer that he is not entitled to a refund because he is in
breach of contract
ANSWERS: A
Which of the following statements regarding earnest money is true?
A. A sales contract is valid even if there is no earnest money specified
B. A salesperson is not obligated to turn the earnest money over to the
broker until the contract becomes a binding agreement
C. The earnest money check should be retained in the file and returned
to the buyer at the closing
D. Earnest money is not valid unless it is in the form of cash or a check
ANSWERS: A
Karen's offer to purchase the Miller's home was accepted and all
contingencies had been removed. The scheduled closing was just ten
days off when Karen changed her mind and informed her buyer broker
that she wanted to know how to get out of the contract. What advice
might the broker give to Karen?
A. She should contact an attorney for legal advice
B. She may have to buy the house and then resell
C. The lender might be persuaded to withdraw the loan approval
D. Karen can just refuse to close and see what happens
ANSWERS: A
ACCURATE REAL EXAM 2026 QUESTIONS WITH WELL
ELABORATED ANSWERS AND RATIONALES (100%
CORRECT VERIFIED SOLUTIONS) GUARANTEED PASS
A+|BRAND NEW! 2026-2027
The term "economic obsolescence" describes a type of:
A. zoning
B. depreciation
C. eminent domain
D. variance
B:depreciation
According to Georgia Real Estate Commission Rules and Regulations, a
broker must deposit earnest money promptly. If Broker Bob wants to
hold the check pending acceptance of the contract, he may do so only
if:
A. all parties agree in a written contract
B. upon the broker giving 24 hour notice to all parties
C. only with the written permission of the buyer
D. only with the written permission of the seller
A:all parties agree in a written contract
,When there is a "meeting of the minds", which of the following has been
accomplished?
A. The contract's major terms have been satisfied
B. The offer has been signed and presented
C. There has been acknowledgment and delivery
D. There has been an offer and an acceptance.
ANSWERS: D
Which of the following statements regarding earnest money is true?
A. A contract without earnest money is valid but unenforceable
B. A buyer should be made aware of the fact that the check will be
deposited and will be deducted from his or her account
C. The original check should be returned at closing
D. The check is held in a FDIC insured checking account
ANSWERS: B
An offer may be withdrawn:
A. If the right to withdraw the offer is contained in the agreement
B. Only after the time limit for acceptance has expired
C. Upon a counteroffer
D. At any time prior to being notified of acceptance
ANSWERS: D
,Falk has a one-year lease on a house. The contract includes an option
to purchase the house for $110,000 at any time during the term of the
lease. Which is true?
A. If Falk exercises his option, all rent paid to date will be applied to the
purchase price, whether or not the lease so specifies
B. Falk is obligated to buy the house within one year
C. The optionor can cancel the option at any time by paying back any
money received for it
D. If Falk decides to buy, the seller cannot renegotiate the price
ANSWERS: D
An express, bilateral contract is created when:
A. A broker finds a buyer for an unlisted property
B. A salesman shows a home to a buyer who mentions the intention of
depositing earnest money
C. A seller and purchaser put in writing their agreement to sell and buy
the seller's property
D. A broker allows a cooperating broke to show a home
ANSWERS: C
Which of the following statements regarding sales contracts is true?
A. Contracts need only to focus on major terms since the details will be
worked out in the closing process
B. If the contract is silent on a particular matter, the parties will turn to
the accepted industry standards
C. The contract should be as clear and as detailed as possible since it is
legally binding
D. Since sales contracts are executed contracts, it is not necessary to
specify the type of deed that will be used for conveyance
ANSWERS: C
, A salesperson is representing a buyer who has entered into a contract
to purchase a home. Prior to the closing the buyer changes his mind
and demands that his $2,000 earnest money check be returned. The
salesperson should:
A. Refer the matter to the broker
B. Explain that the broker will issue an immediate refund
C. Return the original $2,000 check to the buyer
D. Tell the buyer that he is not entitled to a refund because he is in
breach of contract
ANSWERS: A
Which of the following statements regarding earnest money is true?
A. A sales contract is valid even if there is no earnest money specified
B. A salesperson is not obligated to turn the earnest money over to the
broker until the contract becomes a binding agreement
C. The earnest money check should be retained in the file and returned
to the buyer at the closing
D. Earnest money is not valid unless it is in the form of cash or a check
ANSWERS: A
Karen's offer to purchase the Miller's home was accepted and all
contingencies had been removed. The scheduled closing was just ten
days off when Karen changed her mind and informed her buyer broker
that she wanted to know how to get out of the contract. What advice
might the broker give to Karen?
A. She should contact an attorney for legal advice
B. She may have to buy the house and then resell
C. The lender might be persuaded to withdraw the loan approval
D. Karen can just refuse to close and see what happens
ANSWERS: A
