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Retake Recovery Practice Set Preview

Use the diagnostic categories on your PSI score report to choose the first weak portion, then narrow by official area. A retake set should repair the reason for each miss rather than replay the same mixed mock. Answer this 7-question public preview here, then continue the complete experience in Pass Georgia.

Facts checked against the current PSI Candidate Information Bulletin and GREC sources.

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Mixed recoveryContractsAgencyPractice of Real EstateProperty OwnershipFinancingValuationCalculationsDisclosuresTransfer of TitleLand UseProperty ManagementState Laws and RulesReal Estate Practice in GeorgiaFinance and Closing

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Missing ruleGeorgia distinctionWording or distractorMath setup
7-question public previewNo sign-upExplanations and repair links
1 / 7Study mode: Finance and Closing

A Georgia property sells for $500,000 with a qualifying $375,250 secured note. What is the intangible recording tax?

Filled circles are answered. A dot means marked for review. Choose a number to return and change an answer.

34% of the real exam is Georgia law. 52 of 152 questions.

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All 7 questions and explanations

Studying instead of taking a test? Open any question to read its choices, the answer, and the reason each option is right or wrong. The numbering matches the public set above.

For a useful score, finish the test above before opening these answers. These are original practice questions based on published topics and sources.

1. A Georgia property sells for $500,000 with a qualifying $375,250 secured note. What is the intangible recording tax?Finance and Closing. Open choices and explanation.
  1. A.$750.00
  2. B.$1,125.00
  3. C.$1,126.50
  4. D.$1,500.00

Answer C: $1,126.50

The note, not the price, is the base. $375,250 is 750.5 units of $500, rounded up to 751. Multiply by $1.50.

Why each choice works or fails

  • A. Wrong. Uses $1.50 per $1,000 of price.
  • B. Wrong. Drops the fractional $500 unit (750 x $1.50).
  • C. Correct. 751 x $1.50 = $1,126.50.
  • D. Wrong. Uses the $500,000 price as the base.

Work it through

  1. $375,250 / $500 = 750.5, rounded up to 751 units
  2. 751 x $1.50 = $1,126.50

Rule to remember: Georgia intangible recording tax follows the qualifying secured note and rounds a fractional $500 unit up.

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2. A buyer purchases at $400,000 with a qualifying $320,000 long-term note secured by the property. The intangible recording tax is calculated on:Finance and Closing. Open choices and explanation.
  1. A.$400,000
  2. B.$80,000
  3. C.$160,000
  4. D.$320,000

Answer D: $320,000

The intangible recording tax applies to the face amount of the long-term note secured by the property. The transfer tax applies to the sale price. A stem giving you both numbers is testing exactly this.

Why each choice works or fails

  • A. Misconception: the price is the base. The price is the transfer tax base.
  • B. Misconception: taxing the equity. $80,000 is the down payment.
  • C. Misconception: applying the 40% assessment ratio, which belongs to property tax, to the price.
  • D. Correct. The tax follows the face amount of the secured note.

Work it through

  1. Intangible tax follows the loan: $320,000
  2. Transfer tax would follow the price: $400,000

Rule to remember: Intangible tax on the loan, transfer tax on the price.

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3. A Georgia property has a fair market value of $300,000. What is its assessed value for property tax?Finance and Closing. Open choices and explanation.
  1. A.$300,000
  2. B.$180,000
  3. C.$120,000
  4. D.$12,000

Answer C: $120,000

Georgia assesses at 40% of fair market value before the millage rate is applied. Miss the ratio and every downstream figure is wrong.

Why each choice works or fails

  • A. Misconception: assessed value equals market value. Full value skips the 40% ratio.
  • B. Misconception: subtracting 40% instead of taking 40%. $300,000 - $120,000 = $180,000.
  • C. Correct. $300,000 x 0.40 = $120,000.
  • D. Misconception: a decimal slip, using 4% instead of 40%.

Work it through

  1. $300,000 x 0.40 = $120,000 assessed value

Rule to remember: Georgia assesses at 40% of fair market value.

Read the statutory textStudy the related lessonBack to question index
4. A Georgia deed transfers for $410,050 in taxable consideration. What is the real estate transfer tax?Finance and Closing. Open choices and explanation.
  1. A.$410.00
  2. B.$410.05
  3. C.$410.10
  4. D.$411.00

Answer C: $410.10

After the first $1,000, $409,050 remains. Divide by $100 and round 4,090.5 up to 4,091 units. Add $1 to $409.10.

Why each choice works or fails

  • A. Wrong. Drops the fractional $100 unit.
  • B. Wrong. Applies $1 per $1,000 to the exact price.
  • C. Correct. $1 + 4,091 x $0.10 = $410.10.
  • D. Wrong. Rounds the price up to the next $1,000.

Work it through

  1. $410,050 - $1,000 = $409,050
  2. $409,050 / $100 = 4,090.5, rounded up to 4,091
  3. $1 + 4,091 x $0.10 = $410.10

Rule to remember: Transfer tax uses taxable consideration and counts each fractional statutory unit.

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5. A Georgia property transfers for $360,000 with a qualifying $288,000 secured note. Which pairing is correct before fractional adjustments?Finance and Closing. Open choices and explanation.
  1. A.Both taxes use $360,000
  2. B.Both taxes use $288,000
  3. C.Transfer tax uses $360,000; intangible tax uses $288,000
  4. D.Transfer tax uses $288,000; intangible tax uses $360,000

Answer C: Transfer tax uses $360,000; intangible tax uses $288,000

Transfer tax is charged on the deed, so its base is the consideration paid. Intangible recording tax is charged on recording the security deed, so its base is the face amount of the secured note. Match each tax to the document it rides on.

Why each choice works or fails

  • A. Wrong. Intangible tax does not use the price.
  • B. Wrong. Transfer tax does not use the loan.
  • C. Correct. Transfer on consideration; intangible on the note.
  • D. Wrong. Reverses the two bases.

Work it through

  1. Transfer event identifies consideration: $360,000
  2. Secured-note recording identifies note amount: $288,000

Rule to remember: Transfer tax rides on the deed and uses the price; intangible tax rides on the security deed and uses the note.

Read the sourceStudy the related lessonBack to question index
6. A Georgia home sells for $285,000, and the buyer finances $228,000 with a new loan. No existing loan is assumed. What is the state transfer tax?Finance and Closing. Open choices and explanation.
  1. A.$228.00
  2. B.$684.00
  3. C.$285.00
  4. D.$2,850.00

Answer C: $285.00

Transfer tax follows the consideration, not the loan. $1 covers the first $1,000 and $0.10 applies to each additional $100, which works out to $1 per $1,000 on an even amount.

Why each choice works or fails

  • A. Wrong. $228.00 uses the loan amount as the base.
  • B. Wrong. $684.00 is the intangible recording tax on the $228,000 note.
  • C. Correct. $1 + 2,840 x $0.10 = $285.00.
  • D. Wrong. $2,850.00 moves the decimal, charging $10 per $1,000.

Work it through

  1. $285,000 - $1,000 = $284,000
  2. $284,000 / $100 = 2,840 units x $0.10 = $284.00
  3. $1.00 + $284.00 = $285.00

Rule to remember: Transfer tax follows the price ($1 first $1,000, $0.10 per added $100). Intangible tax follows the loan.

Read the sourceStudy the related lessonBack to question index
7. A Georgia home has $420,000 fair market value, a stated $12,000 exemption from assessed value, and 30 mills. What is annual tax?Finance and Closing. Open choices and explanation.
  1. A.$4,680
  2. B.$5,040
  3. C.$12,240
  4. D.$12,600

Answer A: $4,680

Assessed value is $168,000. Subtract $12,000 to get $156,000 taxable assessed value, then apply 0.030.

Why each choice works or fails

  • A. Correct. ($168,000 - $12,000) x 0.030 = $4,680.
  • B. Wrong. Skips the exemption.
  • C. Wrong. Skips the 40% ratio before subtracting the exemption.
  • D. Wrong. Applies millage to full market value.

Work it through

  1. $420,000 x 0.40 = $168,000 assessed value
  2. $168,000 - $12,000 = $156,000 taxable value
  3. $156,000 x 0.030 = $4,680

Rule to remember: Georgia's ordinary sequence is fair market value, 40% assessment, stated exemptions, then millage.

Read the statutory textStudy the related lessonBack to question index

What does this assessment cover?

PSI says a failing score report includes diagnostic strengths and weaknesses by examination type. Translate that evidence into the closest published area, then gather a larger fresh sample before the next attempt.
Question coverage in this assessment
Official content areaPublished weightQuestions hereComplete lesson
Finance and Closing15 of the 52 Georgia questions7Study Finance and Closing

The Georgia-specific distinction

Keep the national and Georgia subtotals separate. If Georgia is weak, split the work again into Laws and Rules, Georgia Practice, and Finance and Closing rather than reading one general state summary.

Worked result example

If the report points to Georgia and review notes show national-instinct errors, build a Georgia-only set, read the Georgia distinction after each item, and follow with a fresh 52-question simulation.

Common exam traps

  • Retaking a full practice exam before repairing anything.
  • Studying only the lowest raw score without considering sample size.
  • Memorizing questions from the failed attempt.
  • Booking again because the average improved while one group stayed weak.

Ready to move on?

  1. Score the set before opening notes.
  2. Explain the winning rule without repeating the answer choice.
  3. Classify every miss as knowledge, distinction, wording, math setup, or timing.
  4. Repair the weakest official area, then answer a fresh set on another day.
  5. Move on only when the result is stable and guesses are being marked as gaps.

Recommended next lesson

Use the complete retake recovery plan. Use the result above to choose the first lesson or drill rather than following a generic order.

Assessment integrity

The questions are original and mapped to the current PSI outline. This preview introduces the assessment; the complete version is in Pass Georgia. PSI says practice exams help candidates become familiar with general question types, but they do not replace education and a good practice score does not guarantee an examination outcome. This page reports evidence, not a pass probability.

About this practice set

Facts checked against the current PSI Candidate Information Bulletin and GREC sources.

Are these actual PSI exam questions?

No. Every item is original, written from the current published outline and primary sources. No question is copied, recalled, reconstructed, or represented as a live PSI item.

Does this score predict whether I will pass?

No. One practice result is evidence about this question sample. Use the area breakdown, review guesses as well as misses, and confirm improvement with fresh questions on another day.

What should I do after the result?

Open the explanation for every miss and guess, restate the rule, use the linked repair lesson, then continue with the next lesson: Use the complete retake recovery plan.

Is the assessment free?

Yes. This 7-question preview has no email gate, account requirement, or card. The complete assessment, saved mastery, spaced review, and adaptive recommendations are in Pass Georgia.