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GEORGIA COLIBRI REAL ESTATE FINAL TEST A
2025 LATEST WITH 400 QUESTIONS AND CORRECT
VERIFIED ANSWERS/ GA LICENSURE E XAM/
COLIBRI REAL ESTATE FINAL EXAM 2025
A person licensed under state law to practice real estate. - ANSWER-Licensee
A Georgia lender may consider all of the following factors in qualifying an
applicant for a home loan EXCEPT: - ANSWER-If the applicant had a source from
which the down payment might be borrowed
Which of the following statements is true regarding real estate trust accounts in Georgia? - ANSWER-A broker may have multiple trust accounts as long as each is registered with the Real Estate Commission Interest-bearing trust accounts are permitted as long as the contract states that the designated trust money will be held in an interest-bearing account as well as to whom the interest will be paid. Trust money must be held in a separate FDIC insured "trust account." A broker is not limited to the number of trust accounts he or she may open as long as each account number and bank account name is provided to the Commission.
A legal property description in Georgia that identifies boundaries and is commonly
used to survey property is known as: - ANSWER-System of metes and bounds
The principal method of delineating property boundaries for surveys and creating a legal description for property in Georgia is called the metes and bounds system.The short form, also known as lot, block system, is the other acceptable legal description for property in Georgia.
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pg. 2 Typically, the amount of down payment will have to be verified from the applicant's own financial resources. Credit history and income to debt ratio would all factor into the lender's decision to approve a loan.
What document is evidence of the relationship between property owner and property manager? - ANSWER-Property management agreement
A listing agreement is between seller and broker. A buyer broker contract is between buyer and broker. A lease is between landlord and tenant.
For a purchaser who is buying a home in Georgia with an LTV of 90%, escrow establishment charges for prepaid property taxes might be estimated by a lender as
an amount equal to: - ANSWER-The number of months reflected in the tax escrow
chart determined by the estimated date of the first monthly payment for the loan
The tax escrow chart in Georgia for determining how many months of property taxes a lender can require a borrower to prepay at closing is based on when the borrower's first monthly payment will be due.
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
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
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pg. 3 Georgia real estate licensee would prepare a competitive market analysis for a client in order to: - ANSWER-Assist the home seller in determining an appropriate listing price for the property
The CMA--competitive market analysis--is a research tool by which real estate agents might help a seller client determine a listing price for a home. Offering an opinion or estimation of value would be the job of a licensed appraiser, not a real estate licensee. A licensed appraiser would also be the individual to evaluate property value for a lender.
When a party repudiates a contract, the other party can then sue for performance or damages. The non-breaching party does not have to wait for a specified closing date to begin litigation.
A buyer has obtained a mortgage in which the LTV is 95% of the first $40,000 of the sale price and 90% of the remainder of the sale price. What are the buyer's costs on a $185,000 sale if the lender charges a 2% loan origination fee and 2 points? - ANSWER- $6,740
There are several steps in calculating the answer to this question. First, determine the amount by which the first $40,000 is reduced; $40,000 x 0.05 = $2,000 (100% - 95% = 5% not covered). Next, determine the remainder of the loan; $185,000 - $40,000 = $145,000. Now, calculate the amount by which the remaining $145,000 is reduced; $145,000 x 0.10 = $14,500 (100% - 90% = 10% not covered). Next, determine the amount to apply toward the loan origination fee and discount points; $185,000 - $2,000 - $14,500 = $168,500. Now, calculate the origination fee; $168,500 x 0.02 = $3,370. Next, calculate the points charged; $168,500 x 0.02 = $3,370. Finally, add the origination fee and points together to calculate the buyer's total cost; $3,370 + $3,370 = $6,740.
If a property has an assessed value of $87,500, and the level of assessment was 35%, what is the value of the property? - ANSWER-$250,000 3 / 4
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$87,500 / .35 = $250,000
A real estate licensee is more likely to be an employee of his broker. - ANSWER- False
If a broker supervises the real estate activities of an associated licensee, that licensee CANNOT be considered an independent contractor. - ANSWER-False
A real estate licensee who is an independent contractor is paid based on successful real estate transactions, not on hours worked. - ANSWER-True
Generically speaking, a person who, for a fee, sells, lists, leases, exchanges, negotiates, or otherwise deals in the real estate of others or represents publicly that they do so. - ANSWER-Broker
A business that serves as an intermediary between buyers and sellers and/or lessees and lessors of real estate. - ANSWER-Brokerage
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
Insurance that protects real estate licensees from liability due to mistakes or negligence. It does not cover claims related to fraud or discrimination. - ANSWER-Errors and Omissions Insurance (E&O)
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