Real Estate License Practice Exam // Barney Fletcher Real Estate Final Practice Test 2025 with 230 Recently Tested Questions and Correct Answers

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Real Estate License Practice Exam //
Barney Fletcher Real Estate Final Practice
Test 2025 with 230 Recently Tested
Questions and Correct Answers

A buyer is purchasing a home for $250,000 with a 5% down payme
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nt. The closing costs are $8,000. How much total cash does the buy
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er need at closing? Select the best answer 20,500, 21,000, 21,500 ,
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22,000 - ..........ANSWER.......20,500
p p




A property with an annual gross operating income of $100,000 and
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p operating expenses of $40,000 sees its rental income increase by 1
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0%. What is the new Net Operating Income (NOI)? Select the best a
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nswer 70,000 , 66,000 , 60,000 , 65,000 -
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p ..........ANSWER.......70,000



A buyer is using a VA loan to purchase a $250,000 home with no do
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wn payment. The closing costs are $7,000, and the VA funding fee i
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s 2% of the loan amount. How much total cash does the buyer need
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at closing? Select the best answer $12,000 ,$10,000 ,$7,000 , $9,0
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00 - ..........ANSWER.......$12,000
p p

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If a lender charges a 1% loan origination fee on a $200,000 mortga
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ge, what is the total cost of the fee? Select the best answer $2,000, $
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2,200, $1,800 , $2,500 - ..........ANSWER.......$2,000
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A property sold for $300,000 with a state transfer tax rate of $1.50
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per $1,000. Calculate the total state transfer tax due at closing. Sele
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ct the best answer $450, $4,500, $900, $225 -
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p ..........ANSWER.......$450



A buyer is purchasing a property for $400,000 and is making a dow
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n payment of $100,000. What is the LTV ratio for the mortgage nee
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ded to cover the remaining cost? Select the best answer 75%, 80%,
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85%, 90% - ..........ANSWER.......75%
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A seller is selling their property for $600,000. The closing costs are
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3% of the sale price, the agent's commission is 5%, and the seller ha
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s a remaining mortgage balance of $100,000. What are the seller's
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net proceeds? Select the best answer 442,000, 452,000, 462,000, 4
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72,000 - ..........ANSWER.......452,000 p p

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What is a primary tax benefit of holding property in a trust? Select t
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he best answer Reduced property taxes, Avoidance of capital gains t
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ax, Increased depreciation deductions, Avoidance of probate taxes -
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p ..........ANSWER.......Avoidance of probate taxes p p p




If a property is 120 feet wide and 150 feet deep, and the price per sq
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uare foot is $10, what is the total value of the property? Select the be
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st answer $180,000, $200,000, $150,000, $1,800,000 -
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p ..........ANSWER.......$180,000



Which of the following rights allows the owner to extract undergrou
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nd resources from the property? Select the best answer Mineral rig
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hts , Air rights ,Surface rights , Water rights -
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p ..........ANSWER.......Mineral rights p




During the final walkthrough of a property, the buyer notices that t
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he dining room chandelier, previously assumed to be included in th
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e sale, is listed as the seller's personal property. What should the bu
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yer do? Select the best answer Request a reduction in the sale price,
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Demand the chandelier be included in the sale, Proceed with the sal
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e without changes, Ask for an equivalent replacement -
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p ..........ANSWER.......Request a reduction in the sale price p p p p p p

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If one tenant in common incurs significant personal debt, what is th
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e potential impact on the property owned as tenants in common? S
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elect the best answer The property may be subject to a lien for the te
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nant's debt, All tenants must equally share the debt, The property is
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p automatically sold to cover the debt, No impact, as debts of one tenp p p p p p p p p p p p




ant do not affect the property -
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p ..........ANSWER.......The property may be subject to a lien for the te p p p p p p p p p p




nant's debt p




Which of the following best describes tenancy in common? Select th
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e best answer Undivided interest without survivorship, Equal share
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s with survivorship, Ownership by a single entity, Divided interest
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with survivorship - p p




p ..........ANSWER.......Undivided interest without survivorship p p p




A property owner discovers that their neighbor has been using a por
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tion of their land for over five years. What is the first step the owner
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should take to address the potential adverse possession claim? Sele
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ct the best answer Consult a real estate attorney, Immediately erect
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a fence, Demand the neighbor to stop using the land, Sell the disput
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ed land portion. - ..........ANSWER.......Consult a real estate attorney
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