Free Ga Real Estate Practice Exam

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• [FREE] Free Ga Real Estate Practice Exam

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  We help students cut through the clutter, so they can achieve that passing score and move forward with their career goals and professional dreams. If you have three months to prepare for this test, our system is right for you. If you are studying for the Georgia real estate test at the last minute, our system is right for you. Remember, successful results are guaranteed — or you get a full refund. Georgia Reciprocal Agreements Georgia has broad real estate license reciprocity with other states. There is one major exception, however: Florida residents are required to pass a supplement exam offered by the state of Georgia to be able to get a reciprocal license.

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  You can take this practice test an unlimited amount of times. Closing your browser or leaving this page will clear your answers. We have far more materials waiting for you when you are ready to move forward. Good luck on the Georgia real estate salesperson practice exam! Georgia State Section Click on the button below to "Start" your practice exam now. Leaving the page and or closing the browser now or at any moment during the exam will reset your answers. You can always go back and retake any practice test. You can also go over your answers at any moment during the practice test by clicking "List" and picking one of the questions that interests you.

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  Most states administer the tests in two parts, and require that the candidate pass both. The general part of the exam is broken into several categories, similar to the categories you will see in this sample practice test below. Another test to determine whether an item is a fixture is whether the item is so adapted to the real property, that to remove the item will diminish the value or utility of the real property. Of course, if the purchase contract specifically includes a certain item with the sale of the property, that item must be regarded as a fixture, whether it meets the legal definition of fixture or not.

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  Likewise if the purchase contract specifically excludes an item from the sale, it must be regarded as personal property, and should be removed. Incorrect answer. Please choose another answer. Which of the following lists correctly describes the physical and economic characteristics of real estate? Immovable, indestructible, unique, scarce. Depreciable, indestructible, scarce, unique. Unique, immovable, abundant, indestructible.

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  Moveable, indestructible, scarce, unique. Land is characterized as immovable because an entire parcel of real estate cannot be moved to another site. Land is considered unique because, at the very least, each parcel of real estate has its own different and distinct place on the planet. Finally, land is considered scarce because entire new parcels of real estate cannot be manufactured.

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  Test-Taking Tip: Because the words "unique" and "indestructible" are in each answer choice, you do not need to spend valuable exam time considering them. B is incorrect. Land does not depreciate. Why not? Because, in contrast to a house or a building, an entire parcel of land does not wear out and need to be replaced. Test-Taking Tip: Make sure you remember this rule for your exam: Land does not depreciate. C is incorrect. Despite there being a lot of land, land is considered scarce as brand-new parcels of land cannot be created through human labor. D is incorrect. Land is not considered moveable. While topsoil or even a building can be moved, an entire parcel of real estate cannot be moved to a new location. Freehold Estates 3. 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? Defeasible estates estates which can be defeated give a person or entity control over a property only so long as certain conditions are met or avoided.

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  Ulyanna and Daniel own two contiguous properties situated on the shores of a fast-moving river. Ulyanna's parcel is situated upstream from Daniel's parcel. Over time, the action of the river's water has moved some silt and dirt from the shores of Ursula's property and deposited it downstream on the shores of Daniel's property. Based upon this fact pattern, which of the following lists best describes what has occurred on Daniel's property? Alienation, attachment, alluvium b. Accession, littoral, standing water c. Assemblage, plottage, increased value d. Accession, accretion, alluvium This series of words best describes what has happened on Daniel's property.

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  As it pertains to real estate, "accession" means to acquire more land, even a small amount of land. Here, what happened on Daniel's land is accession by accretion because the natural action of the river's water deposited silt on the shores of Daniel's property. A is incorrect. Alienation can occur either through voluntary means e. Here, Daniel is acquiring property, not losing it.

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  Answer Choice "A" is also incorrect because of the word "attachment. For example, if a tenant had rented Daniel's property, constructed a shed on it, and then left the shed after the lease was over, that would have been an example of accession by attachment. Here, Daniel is gaining additional property through the natural action of the river's water i. Littoral has to do with rights of owners who live by standing water, like a lake, a pond, or the ocean.

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  There is nothing in the fact pattern to suggest either parcel of property is near a body of standing water. These terms are used by appraisers to describe the increase in value when an owner combines several contiguous or touching parcels into one large parcel. The act of combining several parcels into one parcel is called "assemblage. Real Estate Ownership 5. Which of the following is the difference between the value of a property and the total amount of liens against the property?

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  Many owners are under the misguided belief that a high down payment will always result in high equity. This is only true if the market value of the property remains the same as it is when the down payment is given; or increases after the down payment is given. If the market value of the property decreases, the equity in the property will decrease also, regardless of the purchase price and down payment amount. A parcel of residential real estate is held in a life estate. The life tenancy is held by a woman, and she is the measuring life.

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  Her nephew is the remainderman. The life tenant wants to take out a loan using the property as collateral. Which of the following statements is correct? No lender will lend money when the collateral is real estate held in a life estate. The remainderman's signature on the loan documents is irrelevant to the lender's security interest in the realty. Because she is merely a life tenant, the woman holds a nonfreehold estate.

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  Both the life tenant and the remainderman will need to sign the loan documents to protect the lender's security interest in the property. The life tenant i. However, if only the life tenant life signs the loan documents, then the debt will die with her. In order to protect the lender's security interest in the event of the aunt's death, both the life tenant and the remainderman will need to sign the loan documents.

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  The same would be true if the property were being sold: Both the life tenant and the remainderman would need to sign the deed in order to ensure that the buyer's ownership interest in the property would continue after the life tenant dies. Test-Taking Tip: Remember a life estate is an estate of ownership aka a "freehold" estate. With a life estate, there is a "present interest" and a "future interest. Provided that both the life tenant and the remainderman sign the loan documents, the lender's security interest in the real estate will be protected if the life tenant dies during the term of the loan.

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  If the remainderman does not sign the loan documents, the lender's security interest in the real estate will terminate upon the death of the life tenant. A nonfreehold estate is a leasehold estate. A life estate, by contrast, is a freehold estate i. There are four separate, recently-sold parcels of real estate on Main Street.

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  Parcel 1 was owned by a Real Estate Investment Trust and was voluntarily conveyed to the City where the property is situated. Parcel 2 was owned by four unmarried brothers and was voluntarily conveyed to their father. Parcel 3 was owned by two corporations, until one corporation recently sold its ownership interest in the property to the other corporation. Parcel 4 was owned by Mr. What do all of these buyers have in common? Concurrent ownership.

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  Fractional, but undivided ownership. Right of survivorship. Ownership in severalty occurs when there is only one owner of a parcel of real estate. The owner can be, for example, an individual, a corporation, a governmental entity, a trust, or a partnership. As long as it is sole ownership, it is an ownership in severalty aka "an estate in severalty". Test-Taking Tip: This is frequently tested because of the word "several" in "severalty. Concurrent ownership occurs when there are multiple owners of the same parcel of real estate holding title together at the same time.

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  If there are multiple owners e. If two owners hold title with a right of survivorship, and one owner dies, then the survivor acquires the decedent's interest in the property automatically, through operation of law. When properly written, it is acceptable and enforceable in all court jurisdictions, and can be created for any parcel of property. Oftentimes, a deed will contain two types of land description. Generally, a metes and bounds description is accompanied by a rectangular survey or government survey description or lot, block and tract description. Non-monetary Encumbrances 9. Your neighbors use a portion of your property to reach their guest apartment, which is on their property. As far as you can recall, 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.

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  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. In this case, your property is servient because it is the one burdened by the easement while your neighbor's is dominant since it is the one that benefits. If you would have given permission to the neighbors to use your driveway, you would have effectively licensed the neighbors, not the property. The word "license" is not typically used as an adjective for the word property.

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