2026 EXAM SMART | ACTUAL EXAM QUESTIONS
AND CORRECT ANSWERS (PROFESSOR
VERIFIED) | ALREADY GRADED A+
A seller wanted to net $80,000 after paying a clerks fee of $60, $150 for a survey, $450 for title
insurance, a loan pay-off of $36,000 and a 5% commission. What would the sale price have to
be? - CORRECT ANSWER -$122,800
What is the final step an appraiser would go through in doing an appraisal? - CORRECT
ANSWER -» Reconcile the data
Mold issues would most likely be associated with a property: - CORRECT ANSWER -in a low-
lying area with high humidity
A marshy area might be associated with: - CORRECT ANSWER -wetlands
A mobility impaired person was renting a unit in an apartment complex. Half of the units have
assigned parking spaces near the door. The other half do not. The owner: - CORRECT ANSWER
-must give a parking space near the door to the handicapped person if one is available and a need
is demonstrated
A brownfield in real estate terms would be where a commercial or industrial property: -
CORRECT ANSWER -was suspected of containing toxic waste
A broker found a ready, willing and able minority who offered full price for a house. The seller
refused to sell because the buyer was a minority. The broker could legally do all of the following
EXCEPT: - CORRECT ANSWER -show the property only to non-minorities
The government, in taking private property to build a highway, is exercising which of the
following rights? - CORRECT ANSWER -eminent domain
,The 1968 Civil Rights Act allows the assigning of a salesperson to which of the following? -
CORRECT ANSWER -branch offices based on the composite age of the neighborhoods
An owner of a 4 unit rental property sold the property to a buyer. Closing took place on July
10th. The owner had collected rent on July 1st with 2 of the units renting for $650 each and the
rest renting for $550 each. What was the amount of the rent proration - CORRECT ANSWER -
1,600
A home sold for $23,000. The buyers paid closing costs of 6% and taxes and insurance of $299.
Upon what price was the commission rate computed? - CORRECT ANSWER -23,000
When a contract is signed between a buyer and a seller, the buyer is known to have received
equitable title upon the happening of which of the following event - CORRECT ANSWER -
Signing of the agreement by the buyer and seller
In advertising for prospects, all of the following terms could be used EXCEPT: - CORRECT
ANSWER -national origin
Which of the following organizations does NOT participate in the secondary mortgage market? -
CORRECT ANSWER -Federal Housing Administration
Capitalization refers to which valuation approach? - CORRECT ANSWER -Income
A buyer's new loan would show up on the closing statement as a: - CORRECT ANSWER -credit
to the buyer
A commercial property had a possible gross income of $150,000, a vacancy rate of 2%, annual
management fees of $6,000, annual maintenance of $7,000 and $102,000 in annual mortgage
expenses. If the capitalization rate is 8.5%, what would be the estimate of value for this
property? - CORRECT ANSWER -$1,576,470.58
, An owner wanted to extend the current garage, but found out that the modification would extend
the garage over the side set-back line. What would the owner need to obtain in order to extend
the garage past the set-back line? - CORRECT ANSWER -Variance
Salesperson T works for Broker R and obtains a listing from Seller S. Which of the following
best describes the relationship? - CORRECT ANSWER -Salesperson T is an agent of Broker R
and Broker R is an agent of Seller S
false information was given to induce a person to enter into a contract. Which of the following
legal effects BEST describes this contract? - CORRECT ANSWER -Voidable by the
misrepresented party
existing easements, restrictions, liens and taxes are listed in which of the following clauses in a
warranty deed? - CORRECT ANSWER -Reservations
A handicapped person asked the landlord for permission to alter the apartment. Which of the
following is true regarding the costs of changing the apartment back after the termination of the
lease? - CORRECT ANSWER -the landlord can require that it be restored as it was before the
alteration
Discount points of 1% would be computed based upon the: - CORRECT ANSWER -loan
amount
Discolored soil near an underground storage tank might be an indication of: - CORRECT
ANSWER -environmental contamination
A house valued at $350,000 will depreciate an average of 3.5% per year. What will be the value
after 4 years? - CORRECT ANSWER -
AND CORRECT ANSWERS (PROFESSOR
VERIFIED) | ALREADY GRADED A+
A seller wanted to net $80,000 after paying a clerks fee of $60, $150 for a survey, $450 for title
insurance, a loan pay-off of $36,000 and a 5% commission. What would the sale price have to
be? - CORRECT ANSWER -$122,800
What is the final step an appraiser would go through in doing an appraisal? - CORRECT
ANSWER -» Reconcile the data
Mold issues would most likely be associated with a property: - CORRECT ANSWER -in a low-
lying area with high humidity
A marshy area might be associated with: - CORRECT ANSWER -wetlands
A mobility impaired person was renting a unit in an apartment complex. Half of the units have
assigned parking spaces near the door. The other half do not. The owner: - CORRECT ANSWER
-must give a parking space near the door to the handicapped person if one is available and a need
is demonstrated
A brownfield in real estate terms would be where a commercial or industrial property: -
CORRECT ANSWER -was suspected of containing toxic waste
A broker found a ready, willing and able minority who offered full price for a house. The seller
refused to sell because the buyer was a minority. The broker could legally do all of the following
EXCEPT: - CORRECT ANSWER -show the property only to non-minorities
The government, in taking private property to build a highway, is exercising which of the
following rights? - CORRECT ANSWER -eminent domain
,The 1968 Civil Rights Act allows the assigning of a salesperson to which of the following? -
CORRECT ANSWER -branch offices based on the composite age of the neighborhoods
An owner of a 4 unit rental property sold the property to a buyer. Closing took place on July
10th. The owner had collected rent on July 1st with 2 of the units renting for $650 each and the
rest renting for $550 each. What was the amount of the rent proration - CORRECT ANSWER -
1,600
A home sold for $23,000. The buyers paid closing costs of 6% and taxes and insurance of $299.
Upon what price was the commission rate computed? - CORRECT ANSWER -23,000
When a contract is signed between a buyer and a seller, the buyer is known to have received
equitable title upon the happening of which of the following event - CORRECT ANSWER -
Signing of the agreement by the buyer and seller
In advertising for prospects, all of the following terms could be used EXCEPT: - CORRECT
ANSWER -national origin
Which of the following organizations does NOT participate in the secondary mortgage market? -
CORRECT ANSWER -Federal Housing Administration
Capitalization refers to which valuation approach? - CORRECT ANSWER -Income
A buyer's new loan would show up on the closing statement as a: - CORRECT ANSWER -credit
to the buyer
A commercial property had a possible gross income of $150,000, a vacancy rate of 2%, annual
management fees of $6,000, annual maintenance of $7,000 and $102,000 in annual mortgage
expenses. If the capitalization rate is 8.5%, what would be the estimate of value for this
property? - CORRECT ANSWER -$1,576,470.58
, An owner wanted to extend the current garage, but found out that the modification would extend
the garage over the side set-back line. What would the owner need to obtain in order to extend
the garage past the set-back line? - CORRECT ANSWER -Variance
Salesperson T works for Broker R and obtains a listing from Seller S. Which of the following
best describes the relationship? - CORRECT ANSWER -Salesperson T is an agent of Broker R
and Broker R is an agent of Seller S
false information was given to induce a person to enter into a contract. Which of the following
legal effects BEST describes this contract? - CORRECT ANSWER -Voidable by the
misrepresented party
existing easements, restrictions, liens and taxes are listed in which of the following clauses in a
warranty deed? - CORRECT ANSWER -Reservations
A handicapped person asked the landlord for permission to alter the apartment. Which of the
following is true regarding the costs of changing the apartment back after the termination of the
lease? - CORRECT ANSWER -the landlord can require that it be restored as it was before the
alteration
Discount points of 1% would be computed based upon the: - CORRECT ANSWER -loan
amount
Discolored soil near an underground storage tank might be an indication of: - CORRECT
ANSWER -environmental contamination
A house valued at $350,000 will depreciate an average of 3.5% per year. What will be the value
after 4 years? - CORRECT ANSWER -
