- Study guides, Class notes & Summaries

1. A seller wants to allow a buyer to assume the existing mortgage and avoid future liability. What would best meet the seller’s needs? A. Assignment B. Subordination C. Novation D. Escrow agreement ️ Correct Answer: C. Novation Rationale: Novation is a legal substitution of a new party in a contract, relieving the original party of liability. 2. To qualify as a tax-deferred exchange, a property must be: A. Used as a primary residence B. Held for less than one year C....

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23 pages

Written in 2024/2025

Grade A+

lisarhodes411

Pass the Georgia Real Estate Licensing Exam with Confidence! This fully updated 2025 test bank includes 997 verified practice questions and answers, carefully aligned with the Georgia Real Estate Commission (GREC) exam content outline. Covers all key topics: Licensing and Law in Georgia Real Estate Contracts Property Ownership and Land Use Controls Finance and Valuation Agency Relationships Fair Housing Laws Property Management Real Estate Math & Calculations ...

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562 pages

Written in 2024/2025

Grade A+

ExamGenie

GA REAL ESTATE ACADEMY FINAL EXAM WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) ALREADY GRADED A+ "A retailer installs special display counters to exhibit her products. At the end of the lease term, the retailer moves to another state, leaving the counters in the store. At this point the counters are considered which of the following? - CORRECT ANSWER Real property, since the trade fixtures were abandoned" "How is a legal life estate created? - CORRECT ANSWER By operation...

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17 pages

Written in 2024/2025

Grade A+

Andreas4114

GA REAL ESTATE FINAL EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS "Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) - CORRECT ANSWER A federal law enacted by Congress in 1980 to create a tax on the chemical and petroleum industries and provided broad authority to respond directly to releases or threatened releases of hazardous substances that may endanger public health or the environment. Also known as Superfund." "Home Rule - CORRECT ANSWER In Georg...

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17 pages

Written in 2024/2025

Grade A+

Andreas4114

GA REAL ESTATE FINAL EXAM QUESTIONS & ANSWERS "Which of the following would not be taken into account when estimating sellers' closing costs? - CORRECT ANSWER 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 _______. - CORRECT ANSWER Buyer" "A real estate licensee acting solely as a seller's agent, it is unlawful for the real estate licensee to disclose an...

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12 pages

Written in 2024/2025

Grade A+

Andreas4114

GA REAL ESTATE PRACTICE QUESTIONS WITH CORRECT SOLUTIONS "Which is true concerning the Commission Chairperson? - CORRECT ANSWER He is appointed by the Commission members annually." "The Georgia Real Estate Commission is - CORRECT ANSWER comprised of 6 members appointed by the governor and confirmed by the Senate." "Which of the following best describes a brokerage agreement? - CORRECT ANSWER A written compensatory agreement between broker and seller" "The Commiss...

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88 pages

Written in 2024/2025

Grade A+

Andreas4114

GEORGIA REAL ESTATE FINAL PREP QUESTIONS WITH VERIFIED ANSWERS "To realize the maximum value of property, a reasonable degree of sociological and economic homogeneity is necessary, but it should not become monotonously uniform. In real estate, this concept is called the principle of - CORRECT ANSWER "conformity"" "If the borrower's LTV (loan to value ratio) is more than 80%, - CORRECT ANSWER the borrower's LTV (loan to value ratio) is more than 80%, the lender requires...

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15 pages

Written in 2024/2025

Grade A+

Andreas4114

GEORGIA REAL ESTATE FINAL PREP QUESTIONS WITH DETAILED VERIFIED 100% CORRECT ANSWERS "The Georgia Real Estate Commission established and maintains a real estate education, research, and recovery fund. What is one of the primary purposes of the fund? a. For sellers to recover lost money on sales agreements. b. For widows to gain money if their spouses passed away. c. For people to get recourse of uncollected judgement against licensees. d. For sellers to recover escrow money that banks...

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25 pages

Written in 2024/2025

Grade A+

Andreas4114

REAL ESTATE FINAL EXAM QUESTIONS WITH 100% CORRECT ANSWERS "For about how much assessed value is the Homeowner's Property Tax Exemption? - CORRECT ANSWER $7,000" "Misuse of the real estate appraisal report or coercion of the appraiser are now: - CORRECT ANSWER federal felonies." "A person who is authorized by the Secretary of State to witness the acknowledgement of documents is known as a(n): - CORRECT ANSWER notary public." "A broker who mixes personal funds ...

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9 pages

Written in 2024/2025

Grade A+

Andreas4114

GEORGIA REAL ESTATE 2025 NEWEST FINAL EXAM STUDY GUIDE QUESTIONS BANK COMPLETE ACCURATE QUIZZES WITH VERIFIED ANSWERS "Active License - CORRECT ANSWER Status of an individual who has met all qualifications to practice real estate as a broker, associate broker, or salesperson; and such license is held by a broker, rather than by the Commission." "Air Lot - CORRECT ANSWER A designated air space over a parcel of land. In condominiums, each individual unit occupies a separate one....

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33 pages

Written in 2024/2025

Grade A+

Andreas4114

GEORGIA REAL ESTATE U FINAL EXAM STUDY CORRECTLY ANSWERED QUESTIONS "In economics, supply is...? - CORRECT ANSWER The quantity of goods or services available, whether in abundance or scarcity." "In economics, demand is...? - CORRECT ANSWER The supply of willing and able consumers, which can be few or numerous." "When the supply is limited and demand is high...? - CORRECT ANSWER Prices escalate" "To become a real estate broker, a person must have...? - CORRECT AN...

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45 pages

Written in 2024/2025

Grade A+

Andreas4114

REAL ESTATE EXAM GEORGIA EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED. One of the significant differences between an employee and an independent contractor is that - -an employee must be covered by workman's compensation Besides the seller, who may sign a real estate listing agreement - -The broker or any salesperson with the broker's written permission This is required to be included in an exclusive agency listing agreement? - -The signature of the seller and a definite d...

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8 pages

Written in 2023/2024

Grade A+

QuickPass