Real Estate Practice Exam Questions
Study online at https://quizlet.com/_94a5av
1. 1. Brokerage definition... the business practice of
bringing together the parties
in a practice.
2. 2. What are two examples of special use property? schools and cemetary
3. 3. What is an example of functional obsolescence? bathroom
4. 4. Principal definition... a consumer of real estate ser-
vices who has entered into
an agency relationship with
a broker or another licensee
employed by a broker.
5. 5. Capitalization definition... the process of determining
the present value of a proper-
ty from it's future income.
6. 6. What is the salespersons obligation to a buyer Inform the buyer
under single agency listing?
7. 8. All are examples of real estate except... factories
8. 9. What is homeowners insurance? Insurance to protect owners
from fires and other etc.
9. 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"
10. 11. Which is not used to determine cost approach to Gross Rent Multiplier Method
estimate value?
1/9
, Real Estate Practice Exam Questions
Study online at https://quizlet.com/_94a5av
-Quantity Survey Method
-Unit-in-Place Method
-Square Foot Method
-Gross Rent Multiplier Method
11. What is steering? the unlawful act of keeping a
buyer away from certain com-
munities or guiding them to
purchase in certain communi-
ties.
12. 15. Entitlement to commission when transaction is Except when listing broker
not consummated. does not disclose information
13. 16. Can a salesperson give legal advice? No, not unless they are an at-
torney.
14. 17. Who determines the commission in a listing con- An agreement between the
tract? owner and broker
15. 19. All are typical duties of a property manager with Investing profits
the exception of...
16. 20. Transfer tax is typically paid by for by whom? Buyer and seller
17. 21. Blockbusting definition... An illegal real estate practice
caused by inciting fear and
panic selling by suggesting
that persons of minority back-
ground are or may be moving
into an area or that the major-
ity of residents are moving out
of an area.
2/9
Study online at https://quizlet.com/_94a5av
1. 1. Brokerage definition... the business practice of
bringing together the parties
in a practice.
2. 2. What are two examples of special use property? schools and cemetary
3. 3. What is an example of functional obsolescence? bathroom
4. 4. Principal definition... a consumer of real estate ser-
vices who has entered into
an agency relationship with
a broker or another licensee
employed by a broker.
5. 5. Capitalization definition... the process of determining
the present value of a proper-
ty from it's future income.
6. 6. What is the salespersons obligation to a buyer Inform the buyer
under single agency listing?
7. 8. All are examples of real estate except... factories
8. 9. What is homeowners insurance? Insurance to protect owners
from fires and other etc.
9. 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"
10. 11. Which is not used to determine cost approach to Gross Rent Multiplier Method
estimate value?
1/9
, Real Estate Practice Exam Questions
Study online at https://quizlet.com/_94a5av
-Quantity Survey Method
-Unit-in-Place Method
-Square Foot Method
-Gross Rent Multiplier Method
11. What is steering? the unlawful act of keeping a
buyer away from certain com-
munities or guiding them to
purchase in certain communi-
ties.
12. 15. Entitlement to commission when transaction is Except when listing broker
not consummated. does not disclose information
13. 16. Can a salesperson give legal advice? No, not unless they are an at-
torney.
14. 17. Who determines the commission in a listing con- An agreement between the
tract? owner and broker
15. 19. All are typical duties of a property manager with Investing profits
the exception of...
16. 20. Transfer tax is typically paid by for by whom? Buyer and seller
17. 21. Blockbusting definition... An illegal real estate practice
caused by inciting fear and
panic selling by suggesting
that persons of minority back-
ground are or may be moving
into an area or that the major-
ity of residents are moving out
of an area.
2/9
