NATIONAL REAL ESTATE CORE EXAM 2026 SET QUESTIONS
AND ANSWERS RATED A+
✔✔In preparing an appraisal, which of the following would have the least impact on the
appraiser's estimate of value? - ✔✔physical deterioration
✔✔An appraiser has been hired to value a commercial office building that is fully
leased. What approach to appraisal will he use to determine his opinion of value? -
✔✔Income approach
✔✔What is the least important factor for a license holder preparing a CMA - ✔✔The
information from expired listings of unsold property in the area
✔✔An appraiser is using the Market Data Approach to determine the value of a
residential property. What is FALSE? - ✔✔His comparables should not be more than
one year old
✔✔What expenses of home ownership can a buyer deduct on his income taxes? -
✔✔taxes and interest on his mortgage
✔✔Mark has an option to purchase Bob's property. The option expires at the end of the
month and Mark would like to extend the option. What would he need to do? - ✔✔pay
an additional option fee
✔✔A buyer has signed an agreement to purchase a property from a seller. He has met
all the terms and conditions of the listing. The listing broker has taken the agreement to
the seller. The seller has changed his mind about selling and refuses to sign the
agreement. What is true? - ✔✔The seller does not have sell, but he owes the listing
broker a commission
✔✔Mark has an Open Listing on a seller's property. He had shown the property three
times to the same potential buyers. Each time, he notified the sellers of the showing by
phone. He heard from the sellers that he should no longer show the property as it was
sold. Several weeks later, he learned that it was sold to the buyers he brought to the
property. What are Mark's rights with respect to a commission from the sellers? -
✔✔Mark is not entitled to any commission as he did not bring the offer to the sellers
✔✔The best description of a counteroffer is - ✔✔a rejection of an offer
✔✔Which of the following contracts would be voidable? - ✔✔A contract with a minor
✔✔A buyer and his agent visit a listed property. The buyer loves the property and wants
to purchase it. He speaks with the seller, who is at home at the time, and they come to
an agreement regarding price and terms. They shake hands on the agreement and the
, buyer happily leaves the property. His agent should: - ✔✔Warn the buyer that the verbal
sales contract is unenforceable
✔✔Which of the following terms is used to describe a situation where a buyer and seller
agree to terminate a contract? - ✔✔Mutual recession
✔✔A seller's property is listed for $399,900. A buyer makes an offer for $389,000. The
seller counter offers for $392,500. The buyers have not responded to the counteroffer.
The sellers receive another offered for $395,000. They would like to accept this new
offer. What is true - ✔✔They can accept the new offer, but only after withdrawing their
counteroffer
✔✔A broker owes customers - ✔✔honesty and fairness
✔✔What are an agents duties to his principal? - ✔✔Reasonable care, obedience,
loyalty, disclosure, accounting and confidentiality
✔✔An agent has acted without authority to do so. His principal has found out about the
actions and accepted them. What kind of agency does this describe? - ✔✔agency by
ratification
✔✔Broker B has signed a Buyer Representation Agreement with his clients. As a
Buyer's agent he must disclose all of the following except: - ✔✔his buyer's ability to
make a higher offer
✔✔A broker has written permission to represent both the seller and the buyer as a dual
agent. Under these circumstances, which of the duties of the agent would be the easiest
for him to fulfill? - ✔✔Accounting
✔✔A property at 123 Main street has been listed by Mary, a sales license holder at ABC
Realty for several weeks. Last week, Mary died. What effect will Mary's death have on
the Listing Agreement? - ✔✔None
✔✔Which of the following is not a duty of an agent? - ✔✔(OLD CAR) Trust
✔✔A signed employment agreement is necessary to... - ✔✔sue for commission
✔✔A listing agent would probably not disclose - ✔✔death on the property due to natural
causes
✔✔Which of the following deaths on the property should never be disclosed? -
✔✔Death due to HIV/AIDS
AND ANSWERS RATED A+
✔✔In preparing an appraisal, which of the following would have the least impact on the
appraiser's estimate of value? - ✔✔physical deterioration
✔✔An appraiser has been hired to value a commercial office building that is fully
leased. What approach to appraisal will he use to determine his opinion of value? -
✔✔Income approach
✔✔What is the least important factor for a license holder preparing a CMA - ✔✔The
information from expired listings of unsold property in the area
✔✔An appraiser is using the Market Data Approach to determine the value of a
residential property. What is FALSE? - ✔✔His comparables should not be more than
one year old
✔✔What expenses of home ownership can a buyer deduct on his income taxes? -
✔✔taxes and interest on his mortgage
✔✔Mark has an option to purchase Bob's property. The option expires at the end of the
month and Mark would like to extend the option. What would he need to do? - ✔✔pay
an additional option fee
✔✔A buyer has signed an agreement to purchase a property from a seller. He has met
all the terms and conditions of the listing. The listing broker has taken the agreement to
the seller. The seller has changed his mind about selling and refuses to sign the
agreement. What is true? - ✔✔The seller does not have sell, but he owes the listing
broker a commission
✔✔Mark has an Open Listing on a seller's property. He had shown the property three
times to the same potential buyers. Each time, he notified the sellers of the showing by
phone. He heard from the sellers that he should no longer show the property as it was
sold. Several weeks later, he learned that it was sold to the buyers he brought to the
property. What are Mark's rights with respect to a commission from the sellers? -
✔✔Mark is not entitled to any commission as he did not bring the offer to the sellers
✔✔The best description of a counteroffer is - ✔✔a rejection of an offer
✔✔Which of the following contracts would be voidable? - ✔✔A contract with a minor
✔✔A buyer and his agent visit a listed property. The buyer loves the property and wants
to purchase it. He speaks with the seller, who is at home at the time, and they come to
an agreement regarding price and terms. They shake hands on the agreement and the
, buyer happily leaves the property. His agent should: - ✔✔Warn the buyer that the verbal
sales contract is unenforceable
✔✔Which of the following terms is used to describe a situation where a buyer and seller
agree to terminate a contract? - ✔✔Mutual recession
✔✔A seller's property is listed for $399,900. A buyer makes an offer for $389,000. The
seller counter offers for $392,500. The buyers have not responded to the counteroffer.
The sellers receive another offered for $395,000. They would like to accept this new
offer. What is true - ✔✔They can accept the new offer, but only after withdrawing their
counteroffer
✔✔A broker owes customers - ✔✔honesty and fairness
✔✔What are an agents duties to his principal? - ✔✔Reasonable care, obedience,
loyalty, disclosure, accounting and confidentiality
✔✔An agent has acted without authority to do so. His principal has found out about the
actions and accepted them. What kind of agency does this describe? - ✔✔agency by
ratification
✔✔Broker B has signed a Buyer Representation Agreement with his clients. As a
Buyer's agent he must disclose all of the following except: - ✔✔his buyer's ability to
make a higher offer
✔✔A broker has written permission to represent both the seller and the buyer as a dual
agent. Under these circumstances, which of the duties of the agent would be the easiest
for him to fulfill? - ✔✔Accounting
✔✔A property at 123 Main street has been listed by Mary, a sales license holder at ABC
Realty for several weeks. Last week, Mary died. What effect will Mary's death have on
the Listing Agreement? - ✔✔None
✔✔Which of the following is not a duty of an agent? - ✔✔(OLD CAR) Trust
✔✔A signed employment agreement is necessary to... - ✔✔sue for commission
✔✔A listing agent would probably not disclose - ✔✔death on the property due to natural
causes
✔✔Which of the following deaths on the property should never be disclosed? -
✔✔Death due to HIV/AIDS
