Georgia Real Estate Test Questions Answered Correctly Latest Update 2025-2026
Industrial real estate includes - Answers warehouses, factories, land in industrial districts, and
power plants.
Mixed-use real estate is property that allows for - Answers two uses, commercial and residential,
in the same building.
Schools are considered part of which real estate classification? - Answers Special purpose
All of the following would affect demand EXCEPT - Answers fiscal policy
A real estate professional who performs a visual survey of a property's structure and prepares a
report for a purchaser or an owner is a(n) - Answers home inspector
A licensee who helps clients choose among the various alternatives involved in purchasing,
using, or investing in property is a - Answers real estate counselor
The Counselors of Real Estate (CRE), Commercial Investment Real Estate Institute (CIREI), and
Institute of Real Estate Management (IREM) are affiliated institutes of - Answers NAR
The scope of the property manager's work depends on the terms of the individual employment
contract, which is known as - Answers management agreement
Many trade organizations serve the real estate business. The largest is the - Answers National
Association of REALTORS® (NAR).
Residential real estate includes - Answers property used for single-family or multifamily
dwellings, whether in urban, suburban, or rural areas.
All of the following affect how quickly the forces of supply and demand work EXCEPT - Answers
degree of standardization of the product's price
The NAR is composed of - Answers state, regional, and local associations.
A licensee is a person who has satisfied the requirements of the employing broker. - Answers
False
Improvements such as water lines and storm sewers made on public lands to serve a new
development are called off-site improvements. - Answers true
Many trade organizations serve the real estate business. The largest is the National Association
of REALTORS® (NAR). - Answers True
The Institute of Real Estate Management (IREM) is affiliated with the National Association of
Real Estate Brokers (NAREB). - Answers False
Shopping centers, stores, theaters, hotels, and parking facilities are examples of special-
,purpose properties. - Answers False
Because it is possible for a single real estate firm or an individual real estate professional to
perform all the services and handle all classes of property, few firms and professionals
specialize in any one type. - Answers False
The Federal Reserve Board (the Fed) establishes a discount rate of interest for the money it
lends to commercial banks. - Answers True
Two characteristics of real estate govern the way the market reacts to the pressures of supply
and demand: uniqueness and immobility. - Answers True
Which of the following is a physical characteristic of land? - Answers indestructibility
The phrase bundle of legal rights is properly included in - Answers the definition of real property.
All of the following are included in a property owner's bundle of legal rights EXCEPT - Answers
exclude utility meter readers.
Method of annexation, adaptation to real estate, and agreement between the parties are the
legal tests for determining whether an item is - Answers a fixture or personal property.
A woman rents space in a commercial building and installs large tables fastened to the walls
and shelves to the floor. These items - Answers are trade fixtures and may properly be removed.
Dry land accounts for only about - Answers one-quarter of the earth.
In addition to state licensing laws, other laws that have a significant effect on the practice of
real estate include - Answers state and local land-use and zoning laws.
Land is considered to be - Answers indestructible.
A body of complex laws is involved in - Answers even the most simple real estate transaction.
According to law, a trade fixture is usually treated as - Answers personalty.
The four economic characteristics of land that affect its value as a product in the marketplace
are - Answers scarcity, improvements, permanence of investment, and area preference.
All 50 states, the District of Columbia, and all Canadian provinces have passed laws that require
real estate brokers and real estate salespeople to be licensed and - Answers differ in some
details, such as prelicensing education requirements.
owner has title to property - Answers right of possession
to sell, will, transfer, or encumber property - Answers right of disposition
to keep others from entering or using property - Answers right of exclusion
, to control the property within the law - Answers right to control
to use the property in any legal manner - Answers right of enjoyment
Traditionally, ownership rights of real property are described as a barrel of legal rights. -
Answers false
Real estate is defined as land at, above, and below the earth's surface, plus all things
permanently attached to it, whether natural or artificial. - Answers true
apples picked from tree become personal property - Answers severence: seperating from the
land
tenant vacates, leaving trade fixture behind - Answers accession:
sand and cement mixed to become driveway - Answers annexation
Trade fixtures that are not removed become the real property of the landlord. Acquiring the
property in this way is known as accession and is related to the legal principle of constructive
annexation. - Answers true
Real property is also called chattels. - Answers false
Real property possesses seven basic characteristics that define its nature and affect its use.
These characteristics fall into two broad categories—economic and physical. - Answers true
The four economic characteristics of land that affect its value as a product in the marketplace
are scarcity, improvements, permanence of investment, and immobility. - Answers false
All 50 states have passed laws that require real estate brokers and real estate salespeople to be
licensed. - Answers true
A real estate licensee must be an expert in all areas of real estate law. - Answers false
owners own their own unit and share ownership of common areas - Answers condominium
owners own their own unit in a development but have no ownership in the common areas -
Answers planned unit development (PUD)
owners own shares in a corporation that has title to the property - Answers cooperative
Manufactured housing is also known as a modular home. - Answers false
A condominium has units that share common walls and facilities within a larger building. The
owners, however, do not actually own the units. Instead, a corporation holds title to the real
estate. - Answers false
maximum loan balance for interest deduction for single taxpayer - Answers 500,000
Industrial real estate includes - Answers warehouses, factories, land in industrial districts, and
power plants.
Mixed-use real estate is property that allows for - Answers two uses, commercial and residential,
in the same building.
Schools are considered part of which real estate classification? - Answers Special purpose
All of the following would affect demand EXCEPT - Answers fiscal policy
A real estate professional who performs a visual survey of a property's structure and prepares a
report for a purchaser or an owner is a(n) - Answers home inspector
A licensee who helps clients choose among the various alternatives involved in purchasing,
using, or investing in property is a - Answers real estate counselor
The Counselors of Real Estate (CRE), Commercial Investment Real Estate Institute (CIREI), and
Institute of Real Estate Management (IREM) are affiliated institutes of - Answers NAR
The scope of the property manager's work depends on the terms of the individual employment
contract, which is known as - Answers management agreement
Many trade organizations serve the real estate business. The largest is the - Answers National
Association of REALTORS® (NAR).
Residential real estate includes - Answers property used for single-family or multifamily
dwellings, whether in urban, suburban, or rural areas.
All of the following affect how quickly the forces of supply and demand work EXCEPT - Answers
degree of standardization of the product's price
The NAR is composed of - Answers state, regional, and local associations.
A licensee is a person who has satisfied the requirements of the employing broker. - Answers
False
Improvements such as water lines and storm sewers made on public lands to serve a new
development are called off-site improvements. - Answers true
Many trade organizations serve the real estate business. The largest is the National Association
of REALTORS® (NAR). - Answers True
The Institute of Real Estate Management (IREM) is affiliated with the National Association of
Real Estate Brokers (NAREB). - Answers False
Shopping centers, stores, theaters, hotels, and parking facilities are examples of special-
,purpose properties. - Answers False
Because it is possible for a single real estate firm or an individual real estate professional to
perform all the services and handle all classes of property, few firms and professionals
specialize in any one type. - Answers False
The Federal Reserve Board (the Fed) establishes a discount rate of interest for the money it
lends to commercial banks. - Answers True
Two characteristics of real estate govern the way the market reacts to the pressures of supply
and demand: uniqueness and immobility. - Answers True
Which of the following is a physical characteristic of land? - Answers indestructibility
The phrase bundle of legal rights is properly included in - Answers the definition of real property.
All of the following are included in a property owner's bundle of legal rights EXCEPT - Answers
exclude utility meter readers.
Method of annexation, adaptation to real estate, and agreement between the parties are the
legal tests for determining whether an item is - Answers a fixture or personal property.
A woman rents space in a commercial building and installs large tables fastened to the walls
and shelves to the floor. These items - Answers are trade fixtures and may properly be removed.
Dry land accounts for only about - Answers one-quarter of the earth.
In addition to state licensing laws, other laws that have a significant effect on the practice of
real estate include - Answers state and local land-use and zoning laws.
Land is considered to be - Answers indestructible.
A body of complex laws is involved in - Answers even the most simple real estate transaction.
According to law, a trade fixture is usually treated as - Answers personalty.
The four economic characteristics of land that affect its value as a product in the marketplace
are - Answers scarcity, improvements, permanence of investment, and area preference.
All 50 states, the District of Columbia, and all Canadian provinces have passed laws that require
real estate brokers and real estate salespeople to be licensed and - Answers differ in some
details, such as prelicensing education requirements.
owner has title to property - Answers right of possession
to sell, will, transfer, or encumber property - Answers right of disposition
to keep others from entering or using property - Answers right of exclusion
, to control the property within the law - Answers right to control
to use the property in any legal manner - Answers right of enjoyment
Traditionally, ownership rights of real property are described as a barrel of legal rights. -
Answers false
Real estate is defined as land at, above, and below the earth's surface, plus all things
permanently attached to it, whether natural or artificial. - Answers true
apples picked from tree become personal property - Answers severence: seperating from the
land
tenant vacates, leaving trade fixture behind - Answers accession:
sand and cement mixed to become driveway - Answers annexation
Trade fixtures that are not removed become the real property of the landlord. Acquiring the
property in this way is known as accession and is related to the legal principle of constructive
annexation. - Answers true
Real property is also called chattels. - Answers false
Real property possesses seven basic characteristics that define its nature and affect its use.
These characteristics fall into two broad categories—economic and physical. - Answers true
The four economic characteristics of land that affect its value as a product in the marketplace
are scarcity, improvements, permanence of investment, and immobility. - Answers false
All 50 states have passed laws that require real estate brokers and real estate salespeople to be
licensed. - Answers true
A real estate licensee must be an expert in all areas of real estate law. - Answers false
owners own their own unit and share ownership of common areas - Answers condominium
owners own their own unit in a development but have no ownership in the common areas -
Answers planned unit development (PUD)
owners own shares in a corporation that has title to the property - Answers cooperative
Manufactured housing is also known as a modular home. - Answers false
A condominium has units that share common walls and facilities within a larger building. The
owners, however, do not actually own the units. Instead, a corporation holds title to the real
estate. - Answers false
maximum loan balance for interest deduction for single taxpayer - Answers 500,000
