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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 8-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
8-question public previewNo sign-upExplanations and repair links
1 / 8Study mode: Contracts

A seller changes the closing date on a buyer's offer, signs it, and returns it to the buyer. What has the seller created?

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.

Read, reason, review

All 8 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 seller changes the closing date on a buyer's offer, signs it, and returns it to the buyer. What has the seller created?Contracts. Open choices and explanation.
  1. A.A binding contract
  2. B.A voidable contract
  3. C.An option contract
  4. D.A counteroffer

Answer D: A counteroffer

Any change to the terms of an offer rejects the original and creates a counteroffer. The buyer is now free to accept, reject or counter again, and the original offer is dead.

Why each choice works or fails

  • A. Acceptance must match the offer exactly; a changed term means no contract formed.
  • B. Voidable describes a formed contract with a defect; no contract formed here.
  • C. An option requires separate consideration to hold an offer open; none was given.
  • D. Correct. Changing any term rejects the offer and makes a new one.

Rule to remember: Change any term and you have rejected the offer and made a new one.

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2. Under the standard Georgia REALTORS purchase and sale agreement, the due diligence period primarily gives the buyer the right to:Contracts. Open choices and explanation.
  1. A.Terminate the contract for any or no reason
  2. B.Require the seller to complete requested repairs
  3. C.Extend the closing date without the seller's consent
  4. D.Reduce the price if an inspection finds defects

Answer A: Terminate the contract for any or no reason

The due diligence period is a negotiated window in which the buyer may terminate by written notice for any or no reason. It does not obligate the seller to repair anything; repairs happen only if the parties amend the contract. A buyer who lets the period expire without terminating takes the property as-is.

Why each choice works or fails

  • A. During the period the buyer may terminate by notice for any or no reason.
  • B. Due diligence does not obligate the seller to make repairs. Repairs happen only if the parties amend the contract.
  • C. The due diligence provision does not itself extend closing. An extension must follow an applicable contract right or an agreement between the parties.
  • D. A defect does not force a price reduction. Any change in price requires the seller's agreement to an amendment.

Rule to remember: Due diligence buys the right to leave for any or no reason, not the right to demand repairs.

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3. A buyer assigns their purchase contract to a third party. Absent a clause forbidding it, the assignment:Contracts. Open choices and explanation.
  1. A.Is generally valid, but the original buyer remains liable
  2. B.Voids the contract unless the seller consents to it
  3. C.Requires the listing broker's written approval
  4. D.Releases the buyer and makes the assignee solely liable

Answer A: Is generally valid, but the original buyer remains liable

Contracts are generally assignable unless they say otherwise. Assignment moves the benefit, but the original party stays on the hook unless the seller releases them by novation.

Why each choice works or fails

  • A. Correct. Assignment is generally allowed, and the assignor stays liable unless released by novation.
  • B. Misconception: assignment breaks the contract. Absent a no-assignment clause, it transfers rights without voiding anything.
  • C. Misconception: the broker controls the deal. The listing broker is not a party and has no approval right.
  • D. Misconception: assignment shifts liability. Only a novation releases the original party.

Rule to remember: Assignment moves the benefit. Only novation moves the liability.

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4. Which event does NOT terminate an offer?Contracts. Open choices and explanation.
  1. A.The offeree asking whether the price is negotiable
  2. B.A counteroffer made by the offeree
  3. C.The lapse of the time stated in the offer
  4. D.The death of the offeror before acceptance

Answer A: The offeree asking whether the price is negotiable

A mere inquiry about terms is not a rejection, so the offer stays open. A counteroffer rejects the original offer, an offer ends when its stated time lapses, and the death of either party before acceptance ends it. Asking "would you take less?" keeps the offer alive; saying "I will pay less" kills it and substitutes a counteroffer.

Why each choice works or fails

  • A. Correct. An inquiry is not a rejection, so the offer survives it.
  • B. A counteroffer rejects the original offer and ends it.
  • C. An offer expires when its stated time runs out.
  • D. Death of either party before acceptance terminates the offer.

Rule to remember: An inquiry about terms leaves an offer open; a counteroffer, lapse, or death before acceptance ends it.

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5. All of the following are required for a valid real estate contract EXCEPT:Contracts. Open choices and explanation.
  1. A.Offer and acceptance
  2. B.Consideration
  3. C.Recording at the courthouse
  4. D.Legal purpose

Answer C: Recording at the courthouse

Recording protects an interest against third parties. It has nothing to do with whether the contract is valid between the two people who signed it.

Why each choice works or fails

  • A. Offer and acceptance (mutual assent) is a required element.
  • B. Consideration is a required element.
  • C. Correct. Recording protects against third parties but is not needed for validity.
  • D. Legal purpose is a required element.

Rule to remember: Recording gives notice to the world. It does not create validity.

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6. A seller signs a valid purchase contract, then refuses to close because a higher offer arrived. The buyer wants the house, not money. Which remedy should the buyer ask the court for?Contracts. Open choices and explanation.
  1. A.Liquidated damages
  2. B.Compensatory damages
  3. C.Rescission
  4. D.Specific performance

Answer D: Specific performance

Courts treat every parcel of real property as unique, so money often cannot replace the particular house a buyer contracted for. Specific performance is the remedy that orders the breaching seller to go through with the conveyance.

Why each choice works or fails

  • A. Liquidated damages are a preset sum of money, often the earnest money. That is a payment, not the house.
  • B. Compensatory damages pay for the buyer's loss in money. Candidates pick it as the default remedy, but it does not deliver the property.
  • C. Rescission cancels the contract and returns the parties to where they started, the opposite of what this buyer wants.
  • D. Correct. Specific performance orders the seller to convey the property as agreed.

Rule to remember: Land is unique, so a court can order specific performance: the seller must convey, not just pay.

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7. A person whom a court has adjudicated mentally incompetent, and for whom a guardian has been appointed, signs a purchase agreement. The contract is:Contracts. Open choices and explanation.
  1. A.Void
  2. B.Voidable by the seller
  3. C.Enforceable
  4. D.Executed

Answer A: Void

A person adjudicated incompetent, with a guardian managing the estate, has no legal capacity to contract, so no contract ever formed. This differs from a mentally impaired person never adjudicated, or a minor: those contracts are voidable, and only the person lacking capacity may disaffirm.

Why each choice works or fails

  • A. Correct. Someone adjudicated incompetent with a guardian in place has no capacity to contract.
  • B. The other party cannot disaffirm; and adjudication makes the agreement void, not voidable.
  • C. An agreement lacking a party with capacity cannot be enforced.
  • D. Executed means fully performed; that says nothing about validity.

Rule to remember: Adjudicated incompetent with a guardian means void. A minor or an unadjudicated impaired person means voidable.

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8. A buyer and seller have both signed a purchase agreement, and closing is set for next month. Until closing, the contract is best described as:Contracts. Open choices and explanation.
  1. A.Executory
  2. B.Executed
  3. C.Void
  4. D.Unilateral

Answer A: Executory

A contract stays executory while any party still has something left to do. Here both sides still owe performance at closing, so the contract is executory; it becomes executed once everyone has fully performed.

Why each choice works or fails

  • A. Correct. Obligations remain to be performed, so the contract is executory.
  • B. Executed means every party has fully performed, which happens at closing.
  • C. Nothing suggests missing capacity, illegality, or another defect.
  • D. A purchase agreement exchanges promises on both sides, so it is bilateral.

Rule to remember: Executed means everybody has performed. Anything less is executory.

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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
Contracts19% of the national portion8Study Contracts

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