Real Estate Practice Exam Questions
1. Brokerage definition... - the business practice of bringing together the parties in a practice.
2. What are two examples of special use property? - schools and cemetary
3. What is an example of functional obsolescence? - bathroom
4. Principal definition... - a consumer of real estate services who has entered into an agency
relationship with a broker or another licensee employed by a broker.
5. Capitalization definition... - the process of determining the present value of a property from it's
future income.
6. What is the salespersons obligation to a buyer under single agency listing? - Inform the buyer
8. All are examples of real estate except... - factories
9. What is homeowners insurance? - Insurance to protect owners from fires and other etc.
10. Special agent definition... - the type of agency in which the principal authorizes the agent to
represent the agent in "one specific transaction or business activity"
11. Which is not used to determine cost approach to estimate value?
-Quantity Survey Method
-Unit-in-Place Method
, -Square Foot Method
-Gross Rent Multiplier Method - Gross Rent Multiplier Method
What is steering? - the unlawful act of keeping a buyer away from certain communities or
guiding them to purchase in certain communities.
15. Entitlement to commission when transaction is not consummated. - Except when listing
broker does not disclose information
16. Can a salesperson give legal advice? - No, not unless they are an attorney.
17. Who determines the commission in a listing contract? - An agreement between the owner
and broker
19. All are typical duties of a property manager with the exception of... - Investing profits
20. Transfer tax is typically paid by for by whom? - Buyer and seller
21. Blockbusting definition... - An illegal real estate practice caused by inciting fear and panic
selling by suggesting that persons of minority background are or may be moving into an area or
that the majority of residents are moving out of an area.
23. Special agency listing definition... - n/a
25. Net listing definition... - a type of listing in which a seller desires to sell real property and
receive a guaranteed amount of money for the sale, so that the broker's commission is any sale
price amount of money over and above the guaranteed price to the seller.
26. The main factor a property manager should use to evaluate a prospective tenant is - can
they make monthly rent payments on time.
1. Brokerage definition... - the business practice of bringing together the parties in a practice.
2. What are two examples of special use property? - schools and cemetary
3. What is an example of functional obsolescence? - bathroom
4. Principal definition... - a consumer of real estate services who has entered into an agency
relationship with a broker or another licensee employed by a broker.
5. Capitalization definition... - the process of determining the present value of a property from it's
future income.
6. What is the salespersons obligation to a buyer under single agency listing? - Inform the buyer
8. All are examples of real estate except... - factories
9. What is homeowners insurance? - Insurance to protect owners from fires and other etc.
10. Special agent definition... - the type of agency in which the principal authorizes the agent to
represent the agent in "one specific transaction or business activity"
11. Which is not used to determine cost approach to estimate value?
-Quantity Survey Method
-Unit-in-Place Method
, -Square Foot Method
-Gross Rent Multiplier Method - Gross Rent Multiplier Method
What is steering? - the unlawful act of keeping a buyer away from certain communities or
guiding them to purchase in certain communities.
15. Entitlement to commission when transaction is not consummated. - Except when listing
broker does not disclose information
16. Can a salesperson give legal advice? - No, not unless they are an attorney.
17. Who determines the commission in a listing contract? - An agreement between the owner
and broker
19. All are typical duties of a property manager with the exception of... - Investing profits
20. Transfer tax is typically paid by for by whom? - Buyer and seller
21. Blockbusting definition... - An illegal real estate practice caused by inciting fear and panic
selling by suggesting that persons of minority background are or may be moving into an area or
that the majority of residents are moving out of an area.
23. Special agency listing definition... - n/a
25. Net listing definition... - a type of listing in which a seller desires to sell real property and
receive a guaranteed amount of money for the sale, so that the broker's commission is any sale
price amount of money over and above the guaranteed price to the seller.
26. The main factor a property manager should use to evaluate a prospective tenant is - can
they make monthly rent payments on time.
