4.0 Real Property Real Estate License Practice Quiz
28 exam-style questions covering 9% of the Real Estate License exam. Instant feedback on every answer, progress tracking, no signup required.
This domain is part of the Georgia Real Estate Salesperson License practice test. Each question is tagged by exam objective and difficulty so you can drill exactly the areas you need.
Sample Questions
The metes and bounds method of legal description defines a parcel of land by:
- A. township and range grid coordinates from the government survey
- B. a lot and block number referencing a recorded subdivision plat
- C. courses and distances starting and ending at a designated point of beginning
- D. street address and the county assessor's parcel identification number
Metes and bounds traces the property boundary using compass bearings (courses) and measured distances, starting and ending at the same point of beginning.
In the rectangular (government) survey system, one section of land contains:
- A. 1 acre
- B. 640 acres
- C. 36 acres
- D. 160 acres
A section is one square mile (5,280 × 5,280 feet = 27,878,400 square feet ÷ 43,560 = 640 acres).
A single-story house measures 45 feet wide by 30 feet deep. What is the gross living area (GLA)?
- A. 900 square feet
- B. 150 square feet
- C. 75 square feet
- D. 1,350 square feet
GLA = length × width = 45 × 30 = 1,350 square feet.
A rectangular parcel measures 660 feet by 660 feet. How many acres does it contain? (1 acre = 43,560 sq ft)
- A. 2 acres
- B. 5 acres
- C. 10 acres
- D. 43,560 acres
660 × 660 = 435,600 square feet. 435,600 ÷ 43,560 = 10 acres.
The real estate principle that location is the most critical determinant of a property's value is expressed by the term:
- A. regression
- B. substitution
- C. anticipation
- D. situs
Situs refers to the economic and social importance of location in determining real estate value, the basis for the classic phrase 'location, location, location.'
When measuring gross living area (GLA) for a residential appraisal, an appraiser would typically EXCLUDE:
- A. finished bedrooms on the second floor above grade
- B. a finished basement, because it is located below grade
- C. an enclosed, heated sunroom addition above grade
- D. a den or home office on the main above-grade floor
FNMA guidelines and standard appraisal practice exclude below-grade finished space from GLA; a finished basement is measured and described separately.
A comparative market analysis (CMA) differs from a licensed appraisal in that a CMA:
- A. is prepared by a licensed appraiser and satisfies USPAP requirements
- B. is prepared by a real estate licensee to help set a listing or offer price and is not a formal valuation for lending purposes
- C. is required by mortgage lenders as the primary valuation tool before approving a loan
- D. must be prepared in conformance with Uniform Standards of Professional Appraisal Practice
A CMA is an informal market comparison used by agents to assist clients in pricing; it is not a state-regulated appraisal and is not accepted by lenders for loan underwriting.
A tenant installs commercial refrigeration equipment in a leased restaurant space for use in the business and fails to remove it when the lease expires. The tenant's BEST argument against the landlord's claim that the equipment has become a fixture is that it is a:
- A. fixture permanently incorporated into the real estate
- B. permanent improvement transferred to the landlord at lease end
- C. chattel that remained personal property throughout the tenancy
- D. trade fixture that the tenant had the right to remove during the tenancy
Business equipment installed by a tenant to carry on a trade or business is a trade fixture, which the tenant retains the right to remove during the lease term or within a reasonable time after expiration.
Key Terms in This Domain
- Metes and bounds: Legal description by directions and distances from a defined point of beginning back to itself
- Real property: Land plus everything permanently attached to it (improvements, fixtures), plus the bundle of rights
- Fixture: Item of personal property that has become real property by attachment, adaptation, agreement, intention, or relationship (MARIA test)
- General warranty deed: Strongest deed; grantor warrants title against all defects, even those before grantor owned
- Special warranty deed: Grantor warrants title only against defects arising during grantor's ownership
- Statute of frauds: Requirement that contracts for the sale of real property must be in writing to be enforceable
- Judgment lien: Court judgment recorded against the debtor's real property; general lien on all owned property
- Property taxation: Ad valorem tax based on assessed value; senior lien on the property
- LTV: Loan-to-Value ratio = loan amount / property value; PMI typically required above 80% on conventional loans
- Equity: Property value minus outstanding liens; the owner's ownership stake
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Other Real Estate License Domains
- 1.0 Agency Relationships and Contracts
- 2.0 Real Property Ownership and Interest
- 3.0 Finance
- 5.0 Marketing Regulations
- 6.0 Property Management
- 7.0 Real Estate Calculations
- 8.0 State Laws & Rules (Georgia)
- 9.0 Real Estate Practice in Georgia
- 10.0 Finance & Closing (Georgia)
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