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SECTION 2, Unit 1: Practice Test

Total questions: 41

Worksheet time: 21mins

Name
Class
Date
1.

Emily is licensed to run her own firm and manage its activities.

a)

Broker

b)

Salesperson

2.

Carlos, a licensed professional with more than 10 years’ experience, provides brokerage services and supervises the associated licensees who work for him.

a)

Broker

b)

Salesperson

3.

Kim is a licensed professional with fewer than three years’ experience providing brokerage services.

a)

Broker

b)

Salesperson

4.

Delia is a relatively new licensee who works with her firm’s clients. She loves the real estate business and hopes in a few years’ time to become a sole proprietor.

a)

Broker

b)

Salesperson

5.

Andrew’s license allows him to provide brokerage services as long as his actions are supervised.

a)

Broker

b)

Salesperson

6.

Quentin is licensed to supervise the licensees who work for his firm and is liable for their actions.

a)

Broker

b)

Salesperson

7.

Jaime’s job requires that he be board certified.

a)

Home Inspector

b)

Appraiser

8.

Raoul has an appointment today to check out and report on the condition of a property on 68th Street.

a)

Home Inspector

b)

Appraiser

9.

Sonja estimates a property’s value based on established valuation guidelines.

a)

Home Inspector

b)

Appraiser

10.

Christophe recently submitted a report on a property that’s for sale in the Orchard Park area. The house is in need of repair, but because of his role, Christophe shouldn’t offer to make the repairs.

a)

Home Inspector

b)

Appraiser

11.

Annalise works for a bank that specializes in home mortgage loans. However, on occasion—if the deal isn’t too risky—she and her bank will agree to finance development/construction projects.

a)

Investor

b)

Lender

12.

Rolf is an entrepreneur who’s funded a land development project that he believes is going to result in some excellent returns.

a)

Investor

b)

Lender

13.

Stefan is patting himself on the back because a development project that he funded is bringing him some fantastic returns. The homes in the new subdivision are selling like hotcakes.

a)

Investor

b)

Lender

14.

Rolf recently applied for a loan to fund a new land development project. Mark did his research and ran the numbers, and he knows that Rolf isn’t the best money-maker on the planet. Mark and the firm he works for have agreed to finance the deal, but underwriting says they’re going to have to come with a larger down payment and a shorter payback schedule. In this situation, Mark is a ___________.

a)

Investor

b)

Lender

15.

Lilly is a licensed real estate broker with years of experience in real estate. Rather than concentrate on obtaining listings and securing sales, she assists her clients in making informed real estate decisions based on thoughtful analysis and critical inquiry.

a)

Real Estate Attorney

b)

Real Estate Counselor

16.

Julie is on retainer by a large brokerage firm. She provides an extra layer of protection from litigation for the firm. Her background enables her to answer any questions the firm’s licensees may have about real estate legal matters.

a)

Real Estate Attorney

b)

Real Estate Counselor

17.

Alim is working with his client, Silvia, to put together an investment deal with a well-known and respected local land developer. Alim’s role is to make sure the contract is legally sound and that his client’s interests are fully protected.

a)

Real Estate Attorney

b)

Real Estate Counselor

18.

Armand is a seasoned real estate veteran who earlier in his career focused on snagging listings and securing sales. Now he prides himself on being able to give his clients professional advice, knowing that he’s earned his fee, regardless of whether his clients decide to buy or sell. He’s very detail-oriented and believes the more data he can gather and provide about a specific real estate project, the better decisions his clients will be able to make.

a)

Real Estate Attorney

b)

Real Estate Counselor

19.

Vera is employed by a large brokerage firm. Although most of her time is spent protecting the firm from litigation, she sometimes brokers real estate deals.

a)

Real Estate Attorney

b)

Real Estate Counselor

20.

Suzie works for a company that provides training for licensees who need to meet their license renewal requirements. She’s not required to have a real estate license.

a)

Property Manager

b)

Real Estate Educator

21.

Rick manages an apartment complex for Ms. Marston, the property owner.

a)

Property Manager

b)

Real Estate Educator

22.

lsa works for a firm that specializes in managing multi-million dollar properties for a number of very wealthy and powerful clients. Ilsa has several clients who she’s personally responsible for. Although the risk of lawsuits is high, and there are always contractor and tenant issues to address, Ilsa loves her job.

a)

Property Manager

b)

Real Estate Educator

23.

Henry teaches at a small community college. His courses teach students what they need to know to pass the state’s pre-licensing real estate exam.

a)

Property Manager

b)

Real Estate Educator

24.

Diego is a very experienced licensed real estate professional. He’s responsible for the maintenance, repair, and upgrades for several property owners. Diego also has to keep detailed financial records and provide monthly reports to each owner.

a)

Property Manager

b)

Real Estate Educator

25.

Rosie is a licensed broker. She bought and sold property for 15 years and was very good at it, but now she prefers to share what she knows with others. She conducts seminars throughout the state and hosts a series of popular online webinars.

a)

Property Manager

b)

Real Estate Educator

26.

The activities of real estate professionals are defined by federal, state, and local laws and statutes.

a)

True

b)

False

27.

Adam is so psyched. He can’t wait to tell his golfing buddies about the new listing he just landed for the Willow Creek Golf Club & Resort.

a)

Residential

b)

Retail

c)

Healthcare

d)

Leisure

28.

Marsha has a client who's looking for a place to manufacture and warehouse his new line of snowboards.

a)

Residential

b)

industrial

c)

office building

d)

leisure

29.

Nicole has just signed an agency agreement with a group of doctors looking for a place to open a family practice.

a)

residential

b)

retail

c)

healthcare

d)

office buildings

30.

Ricky’s first-ever clients just closed on a condo near downtown.

a)

Leisure

b)

office building

c)

residential

d)

retail

31.

Neisha just met with the CEO of a small business (20 employees) who wants to establish his headquarters in the area.

a)

Office building

b)

health care

c)

industrial

d)

retail

32.

Enzo is working with the owner of a strip mall to lease one of his empty units.

a)

retail

b)

health care

c)

retail

d)

leisure

33.

Myron, Sheila, and Stephen grew up together, went to the same college, shared the same apartment for years, and even got their first jobs at the same company. But now as they start their own families, they find that their needs are changing, and it’s time to go their separate ways. Myron and Kim, childhood sweethearts who recently married, are expecting their first child. Kim has two kids from a previous marriage, so they are looking for a community that has everything their growing family needs in a relatively small area, such as neighborhoods, schools, and shopping. They hope to live in a BLANK. Sheila and her partner, Reese, recently purchased a condo situated above a trendy little restaurant. The entire neighborhood is a mix of homes and shops. Sheila and Reese live in a BLANK. Stephen, who's decided to pursue his dream to become a dancer, needs to be able to head into the city for auditions, so he’s elected to move into a community near train and rail stations, but still offers convenient shopping and recreational opportunities. Stephen lives in a BLANK. 

(a)  

34.

Jack, a real estate licensee, grew up on a farm and finds it fulfilling to specialize in farm brokerages. In order for Jack to broker farm deals, he must first have a degree in agriculture.

a)

True

b)

False

35.

Agriculture is Georgia’s number one industry.

a)

True

b)

False

36.

As a farm broker, it’s vital to understand the tax implications and government subsidies pertaining to farmland ownership

a)

True

b)

False

37.

What rights are usually included with farmland ownership?

Select all that apply.

a)

Mineral Rights

b)

Water Rights

c)

Development Rights

d)

Surface & Subsurface Rights

e)

Oil and Gas Rights

38.

Negotiate the sale of a fire house

a)

License Required

b)

No License Required

39.

Approve a VA loan

a)

License Required

b)

No License Required

40.

Lease retail space in an airport

a)

License Required

b)

No License Required

41.

Acquire and develop land for a new military base

a)

License Required

b)

No License Required