Real Estate Practice Exam
Practice Questions with certified
solutions
Qs
What should you do about material defect disclosures? - n
Ans✔
inform the buyer and seller
Qs
What is private mortgage insurance? - n
Ans✔
It protects the lender if there is default
Qs
What is the first step in the appraisal process? - n
Ans✔
Indicate objective of appraisal
Qs
50. What is an example of external depreciation? - n
Ans✔
Nearby property that suffers from lack of maintenance and is negatively affecting
the sellers property.
Qs
Who does a selling salesperson represent under buyer agency? - n
Ans✔
,Buyer
Qs
What is not an example of a real estate business violation of the antitrust laws? - n
Ans✔
opening offices in new locations
Qs
Equity definition... - n
Ans✔
the value of real estate above any debt on that property.
Qs
Who are the parties in a listing agreement? - n
Ans✔
owner and listing broker.
Qs
All are examples of fiduciary responsibilities under a single agency listing
agreement except.. . - n
Ans✔
negotiate lowest price.
Qs
Reconciliation definition... - n
Ans✔
the process of comparing the property values derived from different approaches to
value, selecting the most suitable approach for the particular property being
appraised and coming to a final conclusion of value.
Qs
, The following are typical property management operation expenses except... - n
Ans✔
ceiling replacement
Qs
The following are examples of agricultural property except... - n
Ans✔
government owned rural land
Qs
Physical deterioration... - n
Ans✔
associated with normal wear and tear.
Qs
Proper listing price of the property... - n
Ans✔
based on seller
Qs
Exclusive Right to Sell Listing definition... - n
Ans✔
A type of listing to list and sell real estate property in which the seller employs one
broker but that broker earns a commission "no matter who sells the property
including the owner"
Qs
What type of property would be most appropriate to use the cost approach method?
-n
Ans✔
25 year old church
Practice Questions with certified
solutions
Qs
What should you do about material defect disclosures? - n
Ans✔
inform the buyer and seller
Qs
What is private mortgage insurance? - n
Ans✔
It protects the lender if there is default
Qs
What is the first step in the appraisal process? - n
Ans✔
Indicate objective of appraisal
Qs
50. What is an example of external depreciation? - n
Ans✔
Nearby property that suffers from lack of maintenance and is negatively affecting
the sellers property.
Qs
Who does a selling salesperson represent under buyer agency? - n
Ans✔
,Buyer
Qs
What is not an example of a real estate business violation of the antitrust laws? - n
Ans✔
opening offices in new locations
Qs
Equity definition... - n
Ans✔
the value of real estate above any debt on that property.
Qs
Who are the parties in a listing agreement? - n
Ans✔
owner and listing broker.
Qs
All are examples of fiduciary responsibilities under a single agency listing
agreement except.. . - n
Ans✔
negotiate lowest price.
Qs
Reconciliation definition... - n
Ans✔
the process of comparing the property values derived from different approaches to
value, selecting the most suitable approach for the particular property being
appraised and coming to a final conclusion of value.
Qs
, The following are typical property management operation expenses except... - n
Ans✔
ceiling replacement
Qs
The following are examples of agricultural property except... - n
Ans✔
government owned rural land
Qs
Physical deterioration... - n
Ans✔
associated with normal wear and tear.
Qs
Proper listing price of the property... - n
Ans✔
based on seller
Qs
Exclusive Right to Sell Listing definition... - n
Ans✔
A type of listing to list and sell real estate property in which the seller employs one
broker but that broker earns a commission "no matter who sells the property
including the owner"
Qs
What type of property would be most appropriate to use the cost approach method?
-n
Ans✔
25 year old church
