NATIONAL REAL ESTATE 2026 SUMMER-FALL EXAM PREP TEST QUESTIONS WITH WELL
DETAILED SOLUTIONS – GRADED A+
Unilateral Contract
Contract containing ONE promise given in exchange for completing an act. NO obligation
to act.
Bilateral Contract
Contract containing TWO promises. Example: A listing agreement is a bilateral contract
Writ of Attachment
A document filed during a lawsuit that prevents a debtor from conveying the property
Fixtures
items of personal property attached to real property that are not removed by the seller
Trade Fixtures
Personal property used in a business and can be removed by the lessee when the lease
terminates.
Appraisal
is an estimate or an opinion of value
,Market Value
An estimate of probably price on the date of the appraisal.
Market Price
What the property actually sells for
The 3 approaches to value are:
1) Market Data Approach (single family homes)
2) Cost Approach (commercial property)
3) Income Approach (income producing property)
Blockbusting
Encouraging owners to sell their properties because minorities are moving into a
neighborhood
Steering
Trying to influence a buyer's housing choice using race, religion, ethinicity, national origin,
or ancestory factors as the reasoning.
Redlining
Denying loans in certain areas due to race, religion, sex, familial status, or a disability.
, The Civil Rights Act of 1866 Covers:
1) Race
2) Color
3) Ancestry (it's the only act that covers this)
It applies to all property (Real & Personal)
There are no exceptions
The Federal Fair Housing Act Covers:
1) Race
2) Color
3) Religion
4) Sex
5) National Origin
6) Disability
7) Familial Status
It applies ONLY to housing & land for housing
Exceptions:
1) FSBO
2) FSBO - 4 plex
3) Religious Groups
4) Private Clubs
DETAILED SOLUTIONS – GRADED A+
Unilateral Contract
Contract containing ONE promise given in exchange for completing an act. NO obligation
to act.
Bilateral Contract
Contract containing TWO promises. Example: A listing agreement is a bilateral contract
Writ of Attachment
A document filed during a lawsuit that prevents a debtor from conveying the property
Fixtures
items of personal property attached to real property that are not removed by the seller
Trade Fixtures
Personal property used in a business and can be removed by the lessee when the lease
terminates.
Appraisal
is an estimate or an opinion of value
,Market Value
An estimate of probably price on the date of the appraisal.
Market Price
What the property actually sells for
The 3 approaches to value are:
1) Market Data Approach (single family homes)
2) Cost Approach (commercial property)
3) Income Approach (income producing property)
Blockbusting
Encouraging owners to sell their properties because minorities are moving into a
neighborhood
Steering
Trying to influence a buyer's housing choice using race, religion, ethinicity, national origin,
or ancestory factors as the reasoning.
Redlining
Denying loans in certain areas due to race, religion, sex, familial status, or a disability.
, The Civil Rights Act of 1866 Covers:
1) Race
2) Color
3) Ancestry (it's the only act that covers this)
It applies to all property (Real & Personal)
There are no exceptions
The Federal Fair Housing Act Covers:
1) Race
2) Color
3) Religion
4) Sex
5) National Origin
6) Disability
7) Familial Status
It applies ONLY to housing & land for housing
Exceptions:
1) FSBO
2) FSBO - 4 plex
3) Religious Groups
4) Private Clubs
