Of the government's four powers over land (remembered as PETE), which one lets the government take private property for a public use upon paying just compensation?

escheat when an owner leaves no heirs

taxation to raise public revenue

police power to regulate land use

insured by the FHA and made by approved private lenders

available only to eligible military veterans

made directly by the federal government to buyers

guaranteed against loss by the Department of Veterans Affairs

An agent who wishes to buy their client's listed property for themselves must:

disclose their licensee status and interest and obtain the client's consent

disregard fiduciary duties in a personal purchase

keep their license status secret from the client

avoid telling the client the property's true value

the landlord pays the property's operating expenses such as taxes and insurance

the tenant pays all of the operating expenses

the rent varies with the tenant's gross sales

the tenant owns the building outright

Under the federal Homeowners Protection Act, PMI on many owner-occupied residential loans must be automatically terminated when the loan balance reaches:

78% of the property's original value, if payments are current

50% of the original value, at roughly the midpoint of a standard thirty-year amortization

the exact day the loan closes, so the coverage is really in effect for only a moment

100% of the original value, meaning it can never actually be canceled during the loan term

Two or more competing firms agree to refuse to cooperate with a broker who discounts commissions. This illegal antitrust practice is a:

A tie-in arrangement, linking the sale of one service to the required purchase of a second one

A price ceiling that state or federal law affirmatively requires competing brokerages to observe

A legitimate and lawful independent business decision made separately by each individual firm

Leaking underground storage tanks (USTs), such as old fuel tanks, are a real estate concern primarily because they can:

Contaminate the soil and groundwater, creating cleanup liability

Actually improve and increase the market value of the property they are buried beneath

Cause problems only at large commercial airports and never at any other kind of property

Provide the buyer with a valuable federal income-tax credit at the time of the purchase

Under Georgia's Brokerage Relationships in Real Estate Transactions Act (BRRETA), a licensee who represents a client owes that client:

Statutory duties of loyalty and confidence

Only a general duty of honest dealing

No enforceable duties until the closing

Duties owed to the broker, not the client

Georgia Real Estate Salesperson Exam Practice Test

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Sample practice questions

A few real questions from this free bank, with full explanations. Use the practice tool above for the whole set.

1. Property Ownership
Which type of estate gives an owner the fullest bundle of rights, is of potentially unlimited duration, and passes to the owner's heirs?
- a.Fee simple absolute
- b.Estate at will
- c.Estate for years
- d.Life estate
Answer: a
Explanation: A fee simple absolute is the highest and most complete estate in land: it lasts indefinitely and is freely inheritable and transferable. A life estate ends at the death of the measuring life, so it is not inheritable. An estate for years and an estate at will are leasehold (less-than-freehold) estates that give possession, not ownership, so they confer far fewer rights.
2. Land Use Controls and Regulations
Of the government's four powers over land (remembered as PETE), which one lets the government take private property for a public use upon paying just compensation?
- a.escheat when an owner leaves no heirs
- b.taxation to raise public revenue
- c.eminent domain
- d.police power to regulate land use
Answer: c
Explanation: Eminent domain is the power to take private property for a public use, exercised through condemnation, and it requires just compensation. Police power regulates use without taking title, escheat transfers property to the state when an owner dies without heirs, and taxation raises revenue.
3. Financing
An FHA loan is:
- a.insured by the FHA and made by approved private lenders
- b.available only to eligible military veterans
- c.made directly by the federal government to buyers
- d.guaranteed against loss by the Department of Veterans Affairs
Answer: a
Explanation: FHA loans are made by FHA-approved private lenders and insured by the Federal Housing Administration, which lets lenders offer low down payments to qualified buyers. VA loans are guaranteed for veterans, neither is funded directly by the government, and FHA loans are open to the general public.
4. Agency
An agent who wishes to buy their client's listed property for themselves must:
- a.disregard fiduciary duties in a personal purchase
- b.keep their license status secret from the client
- c.avoid telling the client the property's true value
- d.disclose their licensee status and interest and obtain the client's consent
Answer: d
Explanation: Loyalty and disclosure require the agent to reveal their licensee status and personal interest and obtain informed consent before buying the client's property; hidden self-dealing breaches fiduciary duty, and the agent must still deal honestly about value.
5. Property Management
In a gross lease:
- a.the tenant pays all of the operating expenses
- b.the rent varies with the tenant's gross sales
- c.the tenant owns the building outright
- d.the landlord pays the property's operating expenses such as taxes and insurance
Answer: d
Explanation: Under a gross lease the tenant pays a flat rent and the landlord covers operating expenses such as taxes, insurance, and maintenance - common in residential and some office leases. A net lease shifts expenses to the tenant, and a percentage lease ties rent to sales.
6. Real Estate Calculations
Each discount point equals 1% of the loan amount. How much do 3 discount points cost on a $250,000 loan?
- a.$2,500
- b.$750
- c.$25,000
- d.$7,500
Answer: d
Explanation: One point = 1% of the loan = $250,000 x 0.01 = $2,500. Three points = 3 x $2,500 = $7,500. Points are a one-time, up-front charge calculated on the loan amount, not the sale price.
7. Financing
Under the federal Homeowners Protection Act, PMI on many owner-occupied residential loans must be automatically terminated when the loan balance reaches:
- a.50% of the original value, at roughly the midpoint of a standard thirty-year amortization
- b.the exact day the loan closes, so the coverage is really in effect for only a moment
- c.78% of the property's original value, if payments are current
- d.100% of the original value, meaning it can never actually be canceled during the loan term
Answer: c
Explanation: The Homeowners Protection Act requires automatic PMI termination when the loan is scheduled to reach 78% of the original value (and it allows a borrower to request cancellation at 80%). This prevents lenders from charging PMI indefinitely once the equity cushion is large enough.
8. Agency
Two or more competing firms agree to refuse to cooperate with a broker who discounts commissions. This illegal antitrust practice is a:
- a.A tie-in arrangement, linking the sale of one service to the required purchase of a second one
- b.Group boycott
- c.A price ceiling that state or federal law affirmatively requires competing brokerages to observe
- d.A legitimate and lawful independent business decision made separately by each individual firm
Answer: b
Explanation: A group boycott is a concerted agreement among competitors to refuse to deal with another firm, and it violates antitrust law even if aimed at a discounter. Each firm may independently decide with whom to work, but agreeing together to exclude a competitor is illegal.
9. Property Disclosures
Leaking underground storage tanks (USTs), such as old fuel tanks, are a real estate concern primarily because they can:
- a.Actually improve and increase the market value of the property they are buried beneath
- b.Contaminate the soil and groundwater, creating cleanup liability
- c.Cause problems only at large commercial airports and never at any other kind of property
- d.Provide the buyer with a valuable federal income-tax credit at the time of the purchase
Answer: b
Explanation: Underground storage tanks can leak petroleum or chemicals that contaminate soil and groundwater, triggering costly cleanup and potential liability under environmental laws. They are a due-diligence red flag on many commercial and some residential properties, not a benefit.
10. RE Practice in Georgia
Under Georgia's Brokerage Relationships in Real Estate Transactions Act (BRRETA), a licensee who represents a client owes that client:
- a.Only a general duty of honest dealing
- b.Statutory duties of loyalty and confidence
- c.No enforceable duties until the closing
- d.Duties owed to the broker, not the client
Answer: b
Explanation: BRRETA sets out the statutory duties a Georgia licensee owes to a client, including loyalty, obedience to lawful instructions, disclosure, confidentiality, and accounting. Customers are owed a more limited set of duties such as honesty and disclosure of material facts.

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