Puerto Rico Real Estate Salesperson Licensing Actual Exam Questions and Answers Latest Update

EXAM COVERAGE SUMMARY
I. Real Estate Law & Regulation (Ley 10)
 Licensing requirements and renewal (every 2 years)
 Junta de Reglamentación de Bienes Raíces (JRB) authority
 Broker-salesperson relationships and supervision
 Termination notification requirements (24 hours)
 Advertising requirements (no blind advertising)
 Record retention (3 years minimum)
 License suspension grounds
II. Property Rights & Ownership
 Registry of Property system (Registro de la Propiedad)
 Title studies, certifications, and defects (nube en el título)
 Real rights (derechos reales) and servitudes
 Property descriptions and boundaries (deslinde, mensura)
 Condominium ownership and common areas
 Joint ownership and inheritance
III. Contracts & Transactions
 Valid contract requirements (consent, object, price/cause)
 Purchase agreements and promise to purchase (pre-contrato)
 Option contracts (opción)
 Earnest money (arras) and escrow requirements
 Deed requirements (escritura pública before notary)
 Contract default and remedies
 Counteroffers and offer expiration
IV. Real Estate Finance
 Loan types (conventional, FHA, VA)
 Mortgage notes and deeds
 PMI requirements
 Loan prequalification vs. preapproval

,  Closing Disclosure requirements
 Interest calculations and amortization
 Short sales and foreclosures
V. Agency & Fiduciary Duties
 Fiduciary duties (loyalty, obedience, disclosure, confidentiality, accounting,
reasonable care)
 Dual agency requirements (written consent)
 Listing agreements (exclusive right-to-sell)
 Buyer representation agreements
 Commission calculations and splits
 Salesperson compensation rules
VI. Fair Housing & Anti-Discrimination
 Federal Fair Housing Act protections (7 protected classes)
 ECOA and lending discrimination
 Steering and blockbusting prohibitions
 Familial status and disability protections
 Advertising restrictions
 Reasonable accommodations
VII. Property Valuation
 Sales comparison approach
 Cost approach
 Income approach (cap rate, GRM, NOI)
 Market value definition
 Highest and best use
 Appraisal standards (USPAP)
VIII. Taxes & Liens
 CRIM property tax assessment and collection
 Primary residence exemption
 Transfer taxes (arancel notarial)
 Tax liens and delinquency
 HOA/condominium assessments
IX. Environmental & Disclosure Requirements

,  Lead-based paint disclosure (pre-1978)
 Latent defects disclosure
 Mold and radon considerations
 Flood zone requirements (FEMA)
 Coastal property regulations
 Termite and pest certifications
X. Real Estate Math & Calculations
 Commission calculations
 Tax calculations
 Interest calculations
 NOI, cap rate, GRM
 Square footage conversions
 Loan-to-value ratios



SECTION I: REAL ESTATE LAW & REGULATION (Questions 1-25)

1. The Junta de Reglamentación de Bienes Raíces de Puerto Rico (JRB) has the primary
authority to regulate which of the following?
A) Mortgage lending practices
B) Real estate brokers, salespersons, and companies
C) Property tax assessments
D) Construction permits and zoning

Answer: B
The JRB is specifically established under Ley 10 to regulate real estate licensing and the
professional conduct of brokers, salespersons, and real estate companies operating in Puerto
Rico.



2. A real estate license in Puerto Rico must be renewed by the licensee every:
A) 1 year
B) 2 years
C) 3 years
D) 5 years

, Answer: B
Ley 10 establishes a biennial renewal cycle for real estate licenses in Puerto Rico. Licensees
must complete continuing education requirements and submit renewal applications to the
JRB.



3. If a broker terminates a salesperson's employment, the broker must notify the Junta
within:
A) 48 hours
B) 72 hours
C) 24 hours
D) 5 business days

Answer: C
The JRB requires notification of salesperson termination within 24 hours to maintain
accurate licensing records and ensure the terminated salesperson is not practicing without
proper sponsorship.



4. Blind advertising in real estate is defined as:
A) Advertising exclusively in Braille
B) Advertising that omits the broker's or company's name
C) Advertising that does not include a property address
D) Advertising placed after dark

Answer: B
Blind advertising violates Ley 10's transparency requirements. All real estate advertisements
must clearly identify the brokerage or supervising broker to prevent consumer confusion.



5. A salesperson may legally receive compensation for a real estate transaction from:
A) The buyer directly
B) The seller directly
C) Their supervising broker only
D) Any licensed real estate professional