NATIONAL REAL ESTATE EXAM |COMPLETE QUESTIONS WITH EXPERT
SOLUTION | 2026 LATEST UPDATED GET A+
In most cases, broker compensation, as a percentage of home price, falls somewhere between: -
(Answer)5-7%
A Christian organization owns a fourplex. It wants to rent to only Christian tenants. Under the
federal Fair Housing Act, is this legal? - (Answer)Yes. Religious organizations which rent to
tenants for residential purposes are exempt from the Fair Housing Act
What happens to trade fixtures after a business moves out of a leased property? - (Answer)The
tenant removes their trade fixtures and takes them upon moving out.
Suppose that a borrower has a gross monthly income of $3,000 and wants to qualify for a
conforming loan (total debt service ratio of 36%) with a monthly PITI payment of $800. What is
the maximum amount of additional long-term obligations this borrower may have after PITI? -
(Answer)$280
A square bedroom measures 10 feet by 10 feet. What is the area of the room? - (Answer)100
square feet
,Which of these is an economic characteristic that makes land a distinctive commodity?* -
(Answer)situs
In a fixed-rate mortgage that is fully amortized, the total amount of interest to be paid is: -
(Answer)predetermined
Which is exempt from the federal Fair Housing Act? - (Answer)renting a room in a house
occupied by the owner
The Americans with Disabilities Act applies to: - (Answer)privately owned or government-
owned public accommodations
Condemnation is the act of seizing private property from citizens. What gives the government the
right to do this? - (Answer)eminent domain
The PHYSICAL characteristics of land are that land is indestructible, non-homogenous, and: -
(Answer)immobile
Which statement BEST defines the term contingency? - (Answer)stipulation that must be
satisfied before the contract can be performed
, If a borrower is behind on payments, the acceleration clause gives the lender the ability to: -
(Answer)call the entire loan balance due immediately
A metes and bounds legal description always returns to: - (Answer)the point of beginning
What should a license holder do if a client instructs them to do something that would
discriminate against a protected class? - (Answer)advise the client they cannot legally
discriminate against certain groups
What is a novation? - (Answer)the substitution of one contract for another
A married couple bought a home ten years ago for $400,000. Their neighborhood has rapidly
grown in popularity, and they were able to sell their home this year for $950,000. How much of
that money will they be required to pay capital gains tax on? - (Answer)$50,000
Which element of a valid contract states that the contract cannot require any illegal activities or
outcomes? - (Answer)lawful objective
SOLUTION | 2026 LATEST UPDATED GET A+
In most cases, broker compensation, as a percentage of home price, falls somewhere between: -
(Answer)5-7%
A Christian organization owns a fourplex. It wants to rent to only Christian tenants. Under the
federal Fair Housing Act, is this legal? - (Answer)Yes. Religious organizations which rent to
tenants for residential purposes are exempt from the Fair Housing Act
What happens to trade fixtures after a business moves out of a leased property? - (Answer)The
tenant removes their trade fixtures and takes them upon moving out.
Suppose that a borrower has a gross monthly income of $3,000 and wants to qualify for a
conforming loan (total debt service ratio of 36%) with a monthly PITI payment of $800. What is
the maximum amount of additional long-term obligations this borrower may have after PITI? -
(Answer)$280
A square bedroom measures 10 feet by 10 feet. What is the area of the room? - (Answer)100
square feet
,Which of these is an economic characteristic that makes land a distinctive commodity?* -
(Answer)situs
In a fixed-rate mortgage that is fully amortized, the total amount of interest to be paid is: -
(Answer)predetermined
Which is exempt from the federal Fair Housing Act? - (Answer)renting a room in a house
occupied by the owner
The Americans with Disabilities Act applies to: - (Answer)privately owned or government-
owned public accommodations
Condemnation is the act of seizing private property from citizens. What gives the government the
right to do this? - (Answer)eminent domain
The PHYSICAL characteristics of land are that land is indestructible, non-homogenous, and: -
(Answer)immobile
Which statement BEST defines the term contingency? - (Answer)stipulation that must be
satisfied before the contract can be performed
, If a borrower is behind on payments, the acceleration clause gives the lender the ability to: -
(Answer)call the entire loan balance due immediately
A metes and bounds legal description always returns to: - (Answer)the point of beginning
What should a license holder do if a client instructs them to do something that would
discriminate against a protected class? - (Answer)advise the client they cannot legally
discriminate against certain groups
What is a novation? - (Answer)the substitution of one contract for another
A married couple bought a home ten years ago for $400,000. Their neighborhood has rapidly
grown in popularity, and they were able to sell their home this year for $950,000. How much of
that money will they be required to pay capital gains tax on? - (Answer)$50,000
Which element of a valid contract states that the contract cannot require any illegal activities or
outcomes? - (Answer)lawful objective
