Colibri Real Estate (Real Estate Express)
Final Exam Review
Which of these persons would require a real estate license?
A) Suresh is a full-time employee of a utility company. He negotiates and acquires
leases for the company.
B) Greta is an attorney who conveys real estate under a power of attorney.
C) Jack refers clients to his licensed broker brother and receives a fee from the parties
he refers.
D) A partnership sells a building owned by the partners. - CORRECT ANSWER-C) Jack
refers clients to his licensed broker brother and receives a fee from the parties he
refers.
Broker Larry received an earnest money check from a buyer for $3,000. He needed the
money, so he cashed the check. At closing, he gave the seller a check for $3,180, the
amount of the original check plus 6% interest. Which statement is true?
A) Larry should have deposited the earnest money in a federally-insured account with
other escrow funds.
B) It was okay that Larry cashed the check, but he should not have given the interest to
the seller.
C) Larry should have deposited the check into his personal account and kept the
interest.
D) Larry should have discussed what to do with the interest with all of the parties
involved in the transaction. - CORRECT ANSWER-A) Larry should have deposited the
earnest money in a federally-insured account with other escrow funds.
Which of the following is true of Georgia support personnel?
A) They must be licensed.
B) They may insert factual information into form contracts under the supervision of the
employing broker.
C) They may independently host open houses.
D) They must always be unlicensed. - CORRECT ANSWER-B) They may insert factual
information into form contracts under the supervision of the employing broker.
,How many hours of continuing education must a licensee complete for each year of
licensure?
A) 8 hours
B) 9 hours
C) 5 hours
D) 4 hours - CORRECT ANSWER-B) 9 hours
Glenda is the office manager for a local real estate firm. She is responsible for
coordinating the paperwork flow through the office, preparing ads and supervising the
clerical staff. Glenda is
A) required to have a salesperson's license.
B) violating license law.
C) required to have a broker license.
D) exempt from the license law. - CORRECT ANSWER-D) exempt from the license law.
Haru is working with his buyers to draw up a written offer on a property they want to
purchase. Which of the following items is not required in the offer?
A) The property description
B) The mortgage lender
C) The method of payment
D) Special stipulations the offer requires - CORRECT ANSWER-B) The mortgage
lender
Kezia just bought and closed on a new home that cost $195,000. her mortgage amount
is $165,500. how much is the intangible recording tax on Kezia's property?
A) $585
B) $195
C) $165.50
D) $496.50 - CORRECT ANSWER-D) $496.50
*An intangible recording tax is due and payable on each instrument securing one or
more long-term notes at the rate of $1.50 per each $500
$165,500 ÷ $500 = 331
331 x $1.50 = $496.50
Salesperson Gordon refuse to accept an offer to purchase his home from buyer Juan
Valdez of Columbia because Gordon feels the earnest money of $100 is not enough.
Which of the following statements about Gordon's refusal is correct?
A) Gordon is in violation of fair housing law because he discriminated on the basis of
national origin.
,B) Since Gordon refused on the basis of the earnest money, he is not in violation of fair
housing law.
C) Gordon is in violation of civil rights law because he discriminated on the basis of
race.
D) Gordon is guilty of redlining - CORRECT ANSWER-B) Since Gordon refused on the
basis of the earnest money, he is not in violation of fair housing law.
Broker Jane has been accused of a law violation regarding commissions. Which of the
following might result in her being found guilty?
A) Jane paid a commission to her licensed personal assistant.
B) Jane paid a commission to the wife of one of her licensees who was recently killed in
an auto accident. The deceased licensee had earned the commission prior to his death.
C) Jane paid a commission plus a bonus to one of her licensees.
D) Jane paid a commission to a Florida licensee who is not licensed in Georgia for
licensing activity in Georgia. - CORRECT ANSWER-D) Jane paid a commission to a
Florida licensee who is not licensed in Georgia for licensing activity in Georgia.
Any salesperson can legally receive her share of the commission on a sale from
A) her employing broker only.
B) any cooperating broker with whom she completes a sale.
C) a builder she represents in a sale
D) the purchaser of the home in a successful sale. - CORRECT ANSWER-A) her
employing broker only.
Which of the following is NOT a protected class under Georgia fair housing law?
A) Sexual preference
B) Familial status
C) Religion
D) Race - CORRECT ANSWER-A) Sexual preference
Syed is an inactive licensee. He just moved to a new home across town. What must he
do?
A) Call the Commission and give it his new address.
B) Report the address change when he's ready to reactivate his license.
C) Send a written notice to the Commission within 30 days.
D) Notify the post office to send a change of address notice to the Commission. -
CORRECT ANSWER-C) Send a written notice to the Commission within 30 days.
Jada is a community association manager. Which of the following would be one of her
duties?
, A) Advising an owner about his legal liability for a visitor's injury on his property.
B) Following the instructions of all the owners in the community association.
C) Lending $1,000 to the community association.
D) Sending a monthly newsletter to the owners. - CORRECT ANSWER-D) Sending a
monthly newsletter to the owners.
Which of the following does NOT need to be included in a property management
agreement?
A) A specific description of the property
B) The names of the owners
C) The names of the tenants
D) The terms of the management fee - CORRECT ANSWER-C) The names of the
tenants
Gary got his license in May of 2021. His birthday is September 28. When will his license
expire?
A) May 31, 2025
B) September 1, 2025
C) September 30, 2025
D) May 1, 2009 - CORRECT ANSWER-C) September 30, 2025
*Real estate licenses expire on the last day of the licensee's birth month, every 4 years.
A seller's agent must disclose any adverse physical conditions in the immediate
neighborhood within _______ of a property.
A) 1 mile
B) 2 miles
C) 5 miles
D) 10 miles - CORRECT ANSWER-A) 1 mile
Jadarius has had his license suspended. By law, Jadarius's name will b e published on
the Georgia Real Estate Commission website if the licenses has been suspended for
how long?
A) 15 days
B) 30 days
C) 60 days
D) 90 days - CORRECT ANSWER-C) 60 days
Why was the Real Estate Education, Research and Recovery Fund established?
A) To educate the public about real estate
Final Exam Review
Which of these persons would require a real estate license?
A) Suresh is a full-time employee of a utility company. He negotiates and acquires
leases for the company.
B) Greta is an attorney who conveys real estate under a power of attorney.
C) Jack refers clients to his licensed broker brother and receives a fee from the parties
he refers.
D) A partnership sells a building owned by the partners. - CORRECT ANSWER-C) Jack
refers clients to his licensed broker brother and receives a fee from the parties he
refers.
Broker Larry received an earnest money check from a buyer for $3,000. He needed the
money, so he cashed the check. At closing, he gave the seller a check for $3,180, the
amount of the original check plus 6% interest. Which statement is true?
A) Larry should have deposited the earnest money in a federally-insured account with
other escrow funds.
B) It was okay that Larry cashed the check, but he should not have given the interest to
the seller.
C) Larry should have deposited the check into his personal account and kept the
interest.
D) Larry should have discussed what to do with the interest with all of the parties
involved in the transaction. - CORRECT ANSWER-A) Larry should have deposited the
earnest money in a federally-insured account with other escrow funds.
Which of the following is true of Georgia support personnel?
A) They must be licensed.
B) They may insert factual information into form contracts under the supervision of the
employing broker.
C) They may independently host open houses.
D) They must always be unlicensed. - CORRECT ANSWER-B) They may insert factual
information into form contracts under the supervision of the employing broker.
,How many hours of continuing education must a licensee complete for each year of
licensure?
A) 8 hours
B) 9 hours
C) 5 hours
D) 4 hours - CORRECT ANSWER-B) 9 hours
Glenda is the office manager for a local real estate firm. She is responsible for
coordinating the paperwork flow through the office, preparing ads and supervising the
clerical staff. Glenda is
A) required to have a salesperson's license.
B) violating license law.
C) required to have a broker license.
D) exempt from the license law. - CORRECT ANSWER-D) exempt from the license law.
Haru is working with his buyers to draw up a written offer on a property they want to
purchase. Which of the following items is not required in the offer?
A) The property description
B) The mortgage lender
C) The method of payment
D) Special stipulations the offer requires - CORRECT ANSWER-B) The mortgage
lender
Kezia just bought and closed on a new home that cost $195,000. her mortgage amount
is $165,500. how much is the intangible recording tax on Kezia's property?
A) $585
B) $195
C) $165.50
D) $496.50 - CORRECT ANSWER-D) $496.50
*An intangible recording tax is due and payable on each instrument securing one or
more long-term notes at the rate of $1.50 per each $500
$165,500 ÷ $500 = 331
331 x $1.50 = $496.50
Salesperson Gordon refuse to accept an offer to purchase his home from buyer Juan
Valdez of Columbia because Gordon feels the earnest money of $100 is not enough.
Which of the following statements about Gordon's refusal is correct?
A) Gordon is in violation of fair housing law because he discriminated on the basis of
national origin.
,B) Since Gordon refused on the basis of the earnest money, he is not in violation of fair
housing law.
C) Gordon is in violation of civil rights law because he discriminated on the basis of
race.
D) Gordon is guilty of redlining - CORRECT ANSWER-B) Since Gordon refused on the
basis of the earnest money, he is not in violation of fair housing law.
Broker Jane has been accused of a law violation regarding commissions. Which of the
following might result in her being found guilty?
A) Jane paid a commission to her licensed personal assistant.
B) Jane paid a commission to the wife of one of her licensees who was recently killed in
an auto accident. The deceased licensee had earned the commission prior to his death.
C) Jane paid a commission plus a bonus to one of her licensees.
D) Jane paid a commission to a Florida licensee who is not licensed in Georgia for
licensing activity in Georgia. - CORRECT ANSWER-D) Jane paid a commission to a
Florida licensee who is not licensed in Georgia for licensing activity in Georgia.
Any salesperson can legally receive her share of the commission on a sale from
A) her employing broker only.
B) any cooperating broker with whom she completes a sale.
C) a builder she represents in a sale
D) the purchaser of the home in a successful sale. - CORRECT ANSWER-A) her
employing broker only.
Which of the following is NOT a protected class under Georgia fair housing law?
A) Sexual preference
B) Familial status
C) Religion
D) Race - CORRECT ANSWER-A) Sexual preference
Syed is an inactive licensee. He just moved to a new home across town. What must he
do?
A) Call the Commission and give it his new address.
B) Report the address change when he's ready to reactivate his license.
C) Send a written notice to the Commission within 30 days.
D) Notify the post office to send a change of address notice to the Commission. -
CORRECT ANSWER-C) Send a written notice to the Commission within 30 days.
Jada is a community association manager. Which of the following would be one of her
duties?
, A) Advising an owner about his legal liability for a visitor's injury on his property.
B) Following the instructions of all the owners in the community association.
C) Lending $1,000 to the community association.
D) Sending a monthly newsletter to the owners. - CORRECT ANSWER-D) Sending a
monthly newsletter to the owners.
Which of the following does NOT need to be included in a property management
agreement?
A) A specific description of the property
B) The names of the owners
C) The names of the tenants
D) The terms of the management fee - CORRECT ANSWER-C) The names of the
tenants
Gary got his license in May of 2021. His birthday is September 28. When will his license
expire?
A) May 31, 2025
B) September 1, 2025
C) September 30, 2025
D) May 1, 2009 - CORRECT ANSWER-C) September 30, 2025
*Real estate licenses expire on the last day of the licensee's birth month, every 4 years.
A seller's agent must disclose any adverse physical conditions in the immediate
neighborhood within _______ of a property.
A) 1 mile
B) 2 miles
C) 5 miles
D) 10 miles - CORRECT ANSWER-A) 1 mile
Jadarius has had his license suspended. By law, Jadarius's name will b e published on
the Georgia Real Estate Commission website if the licenses has been suspended for
how long?
A) 15 days
B) 30 days
C) 60 days
D) 90 days - CORRECT ANSWER-C) 60 days
Why was the Real Estate Education, Research and Recovery Fund established?
A) To educate the public about real estate
