GA REAL ESTATE TEST EXAM WITH ALL 501 QUESTIONS
AND VERIFIED ANSWERS GRADED A+ LATEST VERSION
2024-2025.
Leisure property - ANSWER-Includes hotels motels golf courses resorts sporting arenas movie theaters
and restaurants (Requires hands on management)
industrial property rights - ANSWER-Includes heavy or light manufacturing warehouse and distribution.
Clear height is a key consideration
Healthcare properties - ANSWER-Includes doctors offices urgent care clinics hospitals require a
specialized outfitting
Office buildings - ANSWER-Includes Class A, B or C; may be high rise or low rise
four elements of a legally valid contract - ANSWER-1. Competent parties
2. Mutual agreement (offer and acceptance)
3. Lawful objective
4. Consideration
Statute of Frauds - ANSWER-Dictates that all contracts must be in writing
four elements of a legally valid contract - ANSWER-1. Competent parties
2. Mutual agreement (offer and acceptance)
3. Lawful objective
4. Consideration
,Statute of Frauds - ANSWER-Dictates that all contracts must be in writing
Retail Properties - ANSWER-Includes store fronts, shopping centers, malls
Residential properties - ANSWER-Properties design for dwelling
Commercial properties - ANSWER-Property is designed for commerce And profit
Specialty properties - ANSWER-Includes mixed-use, planned-unit development and transit-oriented
development
mixed-use development - ANSWER-development that combines housing and businesses in a single
building
Planned Unit Development (PUD) - ANSWER-A high density project with mixed zoning (e.g. retail or
residential healthcare etc.)
Transit-oriented development (TOD) - ANSWER-development focused around a transportation hub
Class A office building - ANSWER-These buildings have high-quality standard finishes state of the art
systems exceptional accessibility and a definite market presence
Class B office building - ANSWER-These buildings have adequate systems and finishes that are fair to
good for the area
Class C office building - ANSWER-These buildings are aimed at tenants requiring functional space at
below average rents for the area
Farm broker - ANSWER-Deals already buying and selling farms. Farms can range from small family farm
to a corporate farm and thousands of acres. Hornberger must be well-versed in all six of agriculture as
well as state and federal taxes including those related to farm subsidies
,Rights of owning farmland - ANSWER-Mineral rights, water right, development right, surface rights,
subsurface rights, oil and gas rights.
Government owned real estate - ANSWER-Highways and streets, schools, military instillations, hospitals,
museums, courthouse and other municipal buildings, fire and police stations, national and state parks,
airports, zoos, foreclosures
General Services Administration (GSA) - ANSWER-A U.S. federal agency that is responsible for most
federal purchases. It is based in Washington, D.C., and has 11 regional offices throughout the U.S.
The GSa buys and leases properties for its operational needs and that of federal agencies.
U.S department of housing and urban development (HUD) - ANSWER-Government agency that handles
foreclosures and will contact local brokerages to list and market them
When is a real estate license required? - ANSWER-A real estate license is required even as a government
employee when negotiating the purchase, sale or lease of a property
Real Estate Syndicate - ANSWER-A group of investors who pool their money to purchase high-priced real
estate as a short-term investment. Taxation depends on the form of the syndicate ( corporation, general
or limited partnerships, or llc)
REIT (Real Estate Investment Trust) - ANSWER-Companies that own and usually operate income
producing real estate. ( multi- family, warehouse and retail)
Mortgage REITs - ANSWER-Real estate investment trusts that purchase mortgage obligations and
effectively become real estate lenders.
(Buy the debt not properties)
Equity REITs - ANSWER-Real estate investment trusts that invest in and operate income-producing
properties
(Buy property not debt)
, Real Estate Mortgage Investment Conduit (REMIC) - ANSWER-A tax entity that issues multiple classes of
investor interests (securities) backed by a pool of mortgages.
investment security - ANSWER-An investment is a security if:
-it is intended to make a profit, and that profit is solely derived from the management effort of others.
-it is an investment of money
-is a group enterprise
Real Estate Analysis - ANSWER-Process for providing recommendations or data on various trends in real
estate
Duties requiring a realtor license in Georgia - ANSWER-- for others, for compensation of any kind ( see
long list in bookmarks)
Statue 43, chapter 40 of Georgia statutes codes - ANSWER-Georgia license law- passed to protect
consumers from improper practice of real estate.
GREC Georgia Real Estate Commission - ANSWER-Established to provide the authority to enforce the law
( Georgia license law)
Broker - ANSWER-A person, firm, company, or corporation that performs real estate activities for
another person for a fee or compensation of any kind
A broker can be a Person or corporations
Associate Broker - ANSWER-A person with a broker's license who chooses to work under the supervision
and name of another licensed broker
salesperson - ANSWER-A person who performs real estate activities while employed by or associated
with a licensed real estate broker.
Can not work alone must work for a broker
Holds a salesperson license
AND VERIFIED ANSWERS GRADED A+ LATEST VERSION
2024-2025.
Leisure property - ANSWER-Includes hotels motels golf courses resorts sporting arenas movie theaters
and restaurants (Requires hands on management)
industrial property rights - ANSWER-Includes heavy or light manufacturing warehouse and distribution.
Clear height is a key consideration
Healthcare properties - ANSWER-Includes doctors offices urgent care clinics hospitals require a
specialized outfitting
Office buildings - ANSWER-Includes Class A, B or C; may be high rise or low rise
four elements of a legally valid contract - ANSWER-1. Competent parties
2. Mutual agreement (offer and acceptance)
3. Lawful objective
4. Consideration
Statute of Frauds - ANSWER-Dictates that all contracts must be in writing
four elements of a legally valid contract - ANSWER-1. Competent parties
2. Mutual agreement (offer and acceptance)
3. Lawful objective
4. Consideration
,Statute of Frauds - ANSWER-Dictates that all contracts must be in writing
Retail Properties - ANSWER-Includes store fronts, shopping centers, malls
Residential properties - ANSWER-Properties design for dwelling
Commercial properties - ANSWER-Property is designed for commerce And profit
Specialty properties - ANSWER-Includes mixed-use, planned-unit development and transit-oriented
development
mixed-use development - ANSWER-development that combines housing and businesses in a single
building
Planned Unit Development (PUD) - ANSWER-A high density project with mixed zoning (e.g. retail or
residential healthcare etc.)
Transit-oriented development (TOD) - ANSWER-development focused around a transportation hub
Class A office building - ANSWER-These buildings have high-quality standard finishes state of the art
systems exceptional accessibility and a definite market presence
Class B office building - ANSWER-These buildings have adequate systems and finishes that are fair to
good for the area
Class C office building - ANSWER-These buildings are aimed at tenants requiring functional space at
below average rents for the area
Farm broker - ANSWER-Deals already buying and selling farms. Farms can range from small family farm
to a corporate farm and thousands of acres. Hornberger must be well-versed in all six of agriculture as
well as state and federal taxes including those related to farm subsidies
,Rights of owning farmland - ANSWER-Mineral rights, water right, development right, surface rights,
subsurface rights, oil and gas rights.
Government owned real estate - ANSWER-Highways and streets, schools, military instillations, hospitals,
museums, courthouse and other municipal buildings, fire and police stations, national and state parks,
airports, zoos, foreclosures
General Services Administration (GSA) - ANSWER-A U.S. federal agency that is responsible for most
federal purchases. It is based in Washington, D.C., and has 11 regional offices throughout the U.S.
The GSa buys and leases properties for its operational needs and that of federal agencies.
U.S department of housing and urban development (HUD) - ANSWER-Government agency that handles
foreclosures and will contact local brokerages to list and market them
When is a real estate license required? - ANSWER-A real estate license is required even as a government
employee when negotiating the purchase, sale or lease of a property
Real Estate Syndicate - ANSWER-A group of investors who pool their money to purchase high-priced real
estate as a short-term investment. Taxation depends on the form of the syndicate ( corporation, general
or limited partnerships, or llc)
REIT (Real Estate Investment Trust) - ANSWER-Companies that own and usually operate income
producing real estate. ( multi- family, warehouse and retail)
Mortgage REITs - ANSWER-Real estate investment trusts that purchase mortgage obligations and
effectively become real estate lenders.
(Buy the debt not properties)
Equity REITs - ANSWER-Real estate investment trusts that invest in and operate income-producing
properties
(Buy property not debt)
, Real Estate Mortgage Investment Conduit (REMIC) - ANSWER-A tax entity that issues multiple classes of
investor interests (securities) backed by a pool of mortgages.
investment security - ANSWER-An investment is a security if:
-it is intended to make a profit, and that profit is solely derived from the management effort of others.
-it is an investment of money
-is a group enterprise
Real Estate Analysis - ANSWER-Process for providing recommendations or data on various trends in real
estate
Duties requiring a realtor license in Georgia - ANSWER-- for others, for compensation of any kind ( see
long list in bookmarks)
Statue 43, chapter 40 of Georgia statutes codes - ANSWER-Georgia license law- passed to protect
consumers from improper practice of real estate.
GREC Georgia Real Estate Commission - ANSWER-Established to provide the authority to enforce the law
( Georgia license law)
Broker - ANSWER-A person, firm, company, or corporation that performs real estate activities for
another person for a fee or compensation of any kind
A broker can be a Person or corporations
Associate Broker - ANSWER-A person with a broker's license who chooses to work under the supervision
and name of another licensed broker
salesperson - ANSWER-A person who performs real estate activities while employed by or associated
with a licensed real estate broker.
Can not work alone must work for a broker
Holds a salesperson license
