GA Real Estate Exam - Real Estate Practice Test Latest 2023 Already Passed

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GA Real Estate Exam - Real Estate Practice Test Latest 2023 Already Passed Personal property that, by its attachment to real property, is regarded as real estate is called: A. an emblements B. pe... rsonalty C. a fixture D. an appliance ✔✔C. a fixture What is the main purpose of police power? A. to protect the health, safety, and welfare of the community B. to prevent people from committing crimes C. to put out fires D. to make sure the property owners and citizens know their place ✔✔A. to protect the health, safety, and welfare of the community If a person has complete control over their property, and the ownership in the property is not defeasible, what interest does the person have in the property? A. fee conditional estate B. fee simple estate C. live estate D. defeasible fee estate ✔✔B. fee simple estate Which of the following is the difference between the value of a property and the total amount of liens against the property? A. investment B. basis C. down payment D. equity ✔✔D. equity A metes-and-bounds legal description: A. can be created for areas excluded from the rectangular survey system B. is not acceptable in a court in most jurisdictions C. must commence and finish at the same identifiable point D. is used only in extreme cases where there is no recorded subdivision plats ✔✔C. must commence and finish at the same identifiable point Your neighbors use a portion of your property to reach their guest apartment, which is on their property. As far as you can tell, you never gave them permission to use your property, and you discuss with your attorney the possibility of preventing the neighbors from using your property. Your attorney explains that the ownership of the neighbors real estate includes an easement appurtenant giving them the right to use that portion of your property. Your property is the: A. leasehold interest B. dominant tenement C. servient tenement D. license property ✔✔C. servient tenement There are no nationwide or state zoning laws. A. True B. False ✔✔A. True What is the difference between a specific lien and a general lien? A. A specific lien is secured by a specific piece of property, and a general lien is secured by the collective assets of a person against whom the lien is held B. A general lien is secured by a specific piece of property, and a specific lien is secured by the collective assets of a person against whom the lien is held C. Specific liens require collateral, and general liens do not D. General liens require collateral, and specific liens do not ✔✔A. A specific lien is secured by a specific piece of property, and a general lien is secured by the collective assets of a person against whom the lien is held All of the following are agency relationships EXCEPT: A. the attorney-client relationship B. the real estate salesperson-buyer relationship C. the real estate broker-buyer relationship D. the listing broker-seller relationship E. none of the above ✔✔B. the real estate salesperson-buyer relationship A broker collects a non-refundable fee from the seller when the listing is signed to cover the advertising of the property for sale. Such a fee is called an "advance fee" and is considered trust funds. A. True B. False ✔✔B. False Selma lists her property with XYZ Realty, ABC Realty, and MNO Realty. In each listing agreement, Selma has agreed to pay a commission to the listing firm only if that firm finds a ready, willing, and able buyer and a sale is consummated. This type of listing is: A. an exclusive agency listing B. an open listing C. an exclusive right to sell listing D. an MLS listing ✔✔B. an open listing The law in all states provides that contracts for the sale of real estate or an interest in real estate are unenforceable unless they are in writing and signed by the parties. What law is this? A. statute of limitations B. statute of estoppel C. statute of real estate D. statute of frauds ✔✔D. statute of frauds The legal act of transferring ownership, or the intention to have a deed be operative and effective is manifested by _______ of the deed. A. delivery B. acceptance C. notary D. recording ✔✔A. delivery A lender is required under the Truth-in-Lending Act (Regulation Z) to furnish an applicant for a real estate loan with a copy of a _________. This document must be given to the borrower before the borrower can be obligated to repay the loan. A. Amortization schedule B. Disclosure statement ✔✔B. Disclosure statement ________ is NOT part of the property manager's responsibilities. A. fairness and honesty B. keeping up with rental rates in the area C. telling the owner the market value of the building D. keeping up with vacancies ✔✔C. telling the owner the market value of the building Robin rents a unit from owner Joaquin. Therefore: A. Joaquin is the lessee and Robin is the lessor B. Joaquin is the lessor and Robin is the lessee C. Robin is a lessor and Joaquin is the landlord D. Joaquin is a lessee and Robin is a tenant ✔✔B. Joaquin is the lessor and Robin is the lessee The principal of appraisal that dictates that home values tend to increase when demand increases is the principal of: A. giving up present spending in exchange for future benefits B. buying real estate for cash C. saving for future consumption D. revenue exceeding costs ✔✔D. revenue exceeding costs Investing can best be defined as: A. giving up present spending in exchange for future benefits B. buying real estate for cash C. saving for future consumption D. revenue exceeding costs ✔✔A. giving up present spending in exchange for future benefits The process that involves covering a landfill with two to four feet of clay-like soil and planting grass on the soil is the process of: A. soiling B. capping C. chipping D. remediation ✔✔B. capping Which of the following is the standard real estate settlement form for the federally-related mortgage loans? A. good faith estimate settlement statement B. truth in lending disclosure statement C. HUD-1 settlement statement D. regulation Z settlement statement ✔✔C. HUD-1 settlement statement The illegal and discriminatory practice of ________ occurs when one person induces another to enter into a real estate transaction by insinuating that the real property values in a neighborhood will decline as a result of a member of a protected class buying property in that neighborhood. A. blockbusting B. redlining C. boycotting D. neighborhood canvassing ✔✔A. blockbusting [Show More]

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