COLIBRI REAL ESTATE 30 HOUR FINAL PA EXAM
2024/2025 | ACCURATE CURRENTLY TESTING REAL
EXAM VERSION WITH A COMPREHENSIVE STUDY
GUIDE AND DETAILED ANSWERS | EXPERT
VERIFIED FOR GUARANTEED PASS
Joe Alpha of ABC Real Estate Corp. has been very successful in
buying houses, fixing them up, and reselling them. He put an
advertisement in the local newspaper seeking investors to help
him purchase property and pay for renovations, promising an
excellent return on investment when the properties sold. Do you
think that Joe needs a securities broker-dealer license? -
<<ANSWER>>No
Ellie is very regimented. She likes to be in the office by 8 a.m. and
be home by 5:30 p.m. She likes that same precision in her
monthly budget—she wants to know what's coming in and how
much she can expect to put into her IRA. She is a good candidate
for a career in real estate sales. - <<ANSWER>>False
Phil, a real estate licensee, considers going to work for JJ Realty.
Broker Jana James offers him a 60%-40% split on commission. If
JJ Realty takes in $5,000 total commission on Phil's first sale,
what is Phil's split? - <<ANSWER>>$3,000
A real estate licensee is more likely to be an employee of his
broker. - <<ANSWER>>False
,Regarding the handling of earnest money in a Georgia real estate
contract, which of the following is true? - <<ANSWER>>The
amount of earnest money and who will hold these funds is
determined by contract agreement
Items other than legal tender (money) may suffice as earnest
money as long as the item is identified and assigned a monetary
value in writing. Earnest money may be held by whomever is
contractually agreed upon, including either the listing broker or the
selling broker. If earnest money is deposited in an interest-bearing
trust account, then all parties to the contract must agree in writing
as to who receives the interest earned.
What purpose does the Superfund serve? - <<ANSWER>>It
allows the EPA to clean up abandoned waste sites and requires
the responsible party to cover the costs of doing so
The Clean Water Act deals with water quality. The Clean Air Act
prevents air pollution. The Lead-Based Paint Hazard Reduction
Act prevents lead poisoning. The Superfund allows the EPA to
clean up such sites and compels responsible parties to perform
clean ups or reimburse the government for EPA clean ups.
A broker has a policy that agents will not be dual agents in in-
company transactions or when the agents sell their own listings.
Which would a potential buyer be to the listing agent if the buyer
wants to buy the agent's listing? - <<ANSWER>>customer
A dual agent is a broker or salesperson who represents both
buyer and seller. A client is a party represented by a broker. An
agent is someone a client hires to represent them like a broker.
The customer is the party in the transaction that is not
represented.
,Seller and buyer entered into an instrument of conveyance in
which the buyer immediately received legal title. Which instrument
would have been used by the parties? - <<ANSWER>>deed
An offer cannot become a contract until the offer is accepted. An
option may never be exercised. A land contract only conveys
equitable title. A deed is the instrument that conveys legal title.
An attorney refers a friend looking to purchase a home to a
broker. Subsequently, the broker contacts the attorney's friend
and assists in finding a property for the friend to buy. At what
point might the broker be allowed to compensate the attorney for
the referral? - <<ANSWER>>At no time
License law in Georgia allows a broker to pay a referral fee ONLY
to another real estate broker.
A real estate listing is an agreement between -
<<ANSWER>>seller and broker
The listing agreement is an agreement between broker and seller;
the broker is entitled to a commission when a ready, willing, and
able buyer makes an offer acceptable to the seller.
Executor Fred calls Agent Tom to list a vacant tract of land,
instructing him to list the land for $700,000. Several weeks later,
Agent Tom becomes aware of a developer who would pay as
much as $1,000,000 for the property. Tom thereupon submits a
full-price offer to the owner and purchases the property. Tom then
resells the property to the developer and pockets a $300,000
profit. Which statement is TRUE? - <<ANSWER>>Tom violated
the law by not providing notice of information that would affect
Fred
, Tom had a duty to inform Fred of the true value of the property.
This would be known as self-dealing.
Point of beginning refers to - <<ANSWER>>the first corner of the
parcel to be surveyed.
The point of beginning is where a metes and bound description
starts and ends.
An individual has operated a service station in Georgia for years,
in an area recently rezoned for residential use. After the gas
station was virtually demolished by a severe storm, what would be
true? - <<ANSWER>>The owner could only rebuild the gas
station if the location was spot zoned for commercial use or if the
owner was granted a variance
Under these circumstances, the owner had been operating the
service station under non-conforming use; when the property was
destroyed, it would have to be rebuilt to comply with current
zoning laws, unless the location was spot zoned for commercial
or the owner was granted a variance from the zoning board. The
owner would not be entitled to compensation for the loss of the
business.
Who is NOT an agent or subagent? - <<ANSWER>>a non-
licensed personal assistant of an agent
A broker, property manager, and salesperson would either be
considered an agent, or subagent. An unlicensed assistant can
only do administrative tasks for the agent.
With the intention of offering a homebuyer some assurances
about the physical condition of the property under contract, the
customary residential sales agreement form in Georgia makes the
2024/2025 | ACCURATE CURRENTLY TESTING REAL
EXAM VERSION WITH A COMPREHENSIVE STUDY
GUIDE AND DETAILED ANSWERS | EXPERT
VERIFIED FOR GUARANTEED PASS
Joe Alpha of ABC Real Estate Corp. has been very successful in
buying houses, fixing them up, and reselling them. He put an
advertisement in the local newspaper seeking investors to help
him purchase property and pay for renovations, promising an
excellent return on investment when the properties sold. Do you
think that Joe needs a securities broker-dealer license? -
<<ANSWER>>No
Ellie is very regimented. She likes to be in the office by 8 a.m. and
be home by 5:30 p.m. She likes that same precision in her
monthly budget—she wants to know what's coming in and how
much she can expect to put into her IRA. She is a good candidate
for a career in real estate sales. - <<ANSWER>>False
Phil, a real estate licensee, considers going to work for JJ Realty.
Broker Jana James offers him a 60%-40% split on commission. If
JJ Realty takes in $5,000 total commission on Phil's first sale,
what is Phil's split? - <<ANSWER>>$3,000
A real estate licensee is more likely to be an employee of his
broker. - <<ANSWER>>False
,Regarding the handling of earnest money in a Georgia real estate
contract, which of the following is true? - <<ANSWER>>The
amount of earnest money and who will hold these funds is
determined by contract agreement
Items other than legal tender (money) may suffice as earnest
money as long as the item is identified and assigned a monetary
value in writing. Earnest money may be held by whomever is
contractually agreed upon, including either the listing broker or the
selling broker. If earnest money is deposited in an interest-bearing
trust account, then all parties to the contract must agree in writing
as to who receives the interest earned.
What purpose does the Superfund serve? - <<ANSWER>>It
allows the EPA to clean up abandoned waste sites and requires
the responsible party to cover the costs of doing so
The Clean Water Act deals with water quality. The Clean Air Act
prevents air pollution. The Lead-Based Paint Hazard Reduction
Act prevents lead poisoning. The Superfund allows the EPA to
clean up such sites and compels responsible parties to perform
clean ups or reimburse the government for EPA clean ups.
A broker has a policy that agents will not be dual agents in in-
company transactions or when the agents sell their own listings.
Which would a potential buyer be to the listing agent if the buyer
wants to buy the agent's listing? - <<ANSWER>>customer
A dual agent is a broker or salesperson who represents both
buyer and seller. A client is a party represented by a broker. An
agent is someone a client hires to represent them like a broker.
The customer is the party in the transaction that is not
represented.
,Seller and buyer entered into an instrument of conveyance in
which the buyer immediately received legal title. Which instrument
would have been used by the parties? - <<ANSWER>>deed
An offer cannot become a contract until the offer is accepted. An
option may never be exercised. A land contract only conveys
equitable title. A deed is the instrument that conveys legal title.
An attorney refers a friend looking to purchase a home to a
broker. Subsequently, the broker contacts the attorney's friend
and assists in finding a property for the friend to buy. At what
point might the broker be allowed to compensate the attorney for
the referral? - <<ANSWER>>At no time
License law in Georgia allows a broker to pay a referral fee ONLY
to another real estate broker.
A real estate listing is an agreement between -
<<ANSWER>>seller and broker
The listing agreement is an agreement between broker and seller;
the broker is entitled to a commission when a ready, willing, and
able buyer makes an offer acceptable to the seller.
Executor Fred calls Agent Tom to list a vacant tract of land,
instructing him to list the land for $700,000. Several weeks later,
Agent Tom becomes aware of a developer who would pay as
much as $1,000,000 for the property. Tom thereupon submits a
full-price offer to the owner and purchases the property. Tom then
resells the property to the developer and pockets a $300,000
profit. Which statement is TRUE? - <<ANSWER>>Tom violated
the law by not providing notice of information that would affect
Fred
, Tom had a duty to inform Fred of the true value of the property.
This would be known as self-dealing.
Point of beginning refers to - <<ANSWER>>the first corner of the
parcel to be surveyed.
The point of beginning is where a metes and bound description
starts and ends.
An individual has operated a service station in Georgia for years,
in an area recently rezoned for residential use. After the gas
station was virtually demolished by a severe storm, what would be
true? - <<ANSWER>>The owner could only rebuild the gas
station if the location was spot zoned for commercial use or if the
owner was granted a variance
Under these circumstances, the owner had been operating the
service station under non-conforming use; when the property was
destroyed, it would have to be rebuilt to comply with current
zoning laws, unless the location was spot zoned for commercial
or the owner was granted a variance from the zoning board. The
owner would not be entitled to compensation for the loss of the
business.
Who is NOT an agent or subagent? - <<ANSWER>>a non-
licensed personal assistant of an agent
A broker, property manager, and salesperson would either be
considered an agent, or subagent. An unlicensed assistant can
only do administrative tasks for the agent.
With the intention of offering a homebuyer some assurances
about the physical condition of the property under contract, the
customary residential sales agreement form in Georgia makes the
