2026 COMPLETE QUESTIONS AND VERIFIED
SOLUTIONS
◉ Which of the following types of legal descriptions identifies a
property by outlining its boundaries in terms of a series of
directions and distances from a specific point of origin? Answer:
metes and bound
◉ If a purchase contract for a commercial property includes a due
diligence contingency for the buyer, then the buyer MAY: Answer:
terminate the contract if the buyer is not satisfied with the
inspection
◉ Which of the following actions is an example of blockbusting?
Answer: stating that the presence of certain persons in a
neighborhood will increase crime
◉ When a contract states that "time is of the essence," the contract
MUST be delivered and presented: Answer: as soon as possible
◉ In order for a property manager to determine net operating
income on a property, which of the following fees is subtracted from
the effective gross income? Answer: operating expenses
, ◉ A broker lists a property. The broker advertises and shows the
property several times, but after each showing, the owners call the
broker with a list of unreasonable restrictions they want placed on
the showing of the property. The broker decides not to continue the
listing. In this situation, the broker: Answer: may rescind the listing
contract upon obtaining permission from the owners
◉ A portion of an advertisement reads: "New four-bedroom, two-
bath home for sale in a family neighborhood. Yours for only $1,100
per month." This advertisement VIOLATES the provisions of the:
Answer: Truth in Lending and Fair Housing Acts
◉ The CERCLA is administered by the: Answer: Environmental
Protection Agency (EPA)
◉ A net lease affords the lessee the: Answer: deduction for real
estate taxes
◉ If a broker lists a property and agrees to net the seller $83,000
after the broker's 6% commission is paid, the property must be sold
for a MINIMUM of: Answer: $88,298