REAL ESTATE PRACTICE EXAM QUESTIONS

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REAL ESTATE PRACTICE EXAM QUESTIONS

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2026/2027

Institution Real Estate

Module Real Estate

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REAL ESTATE PRACTICE EXAM QUESTIONS

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REAL ESTATE PRACTICE EXAM QUESTIONS

1. Brokerage denition...

Correct answer: the business practice of bringing together the parties in a practice.

2. What are two examples of special use property?

Correct answer: schools and cemetary

3. What is an example of functional obsolescence?

Correct answer: bathroom

4. Principal denition...

Correct answer: a consumer of real estate services who has entered into an agency
relationship with a broker or another licensee employed by a broker.

5. Capitalization denition...

Correct answer: the process of determining the present value of a property from it's future
income.

6. What is the salespersons obligation to a buyer under single agency listing?

Correct answer: Inform the buyer

8. All are examples of real estate except...

Correct answer: factories

9. What is homeowners insurance?

Correct answer: Insurance to protect owners from res and other etc.

, 10. Special agent denition...

Correct answer: the type of agency in which the principal authorizes the agent to
represent the agent in "one specic transaction or business activity"

11. Which is not used to determine cost approach to estimate value?

-Quantity Survey Method

-Unit-in-Place Method

-Square Foot Method

-Gross Rent Multiplier Method

Correct answer: Gross Rent Multiplier Method

What is steering?

Correct answer: the unlawful act of keeping a buyer away from certain communities or
guiding them to purchase in certain communities.

15. Entitlement to commission when transaction is not consummated.

Correct answer: Except when listing broker does not disclose information

16. Can a salesperson give legal advice?

Correct answer: No, not unless they are an attorney.

17. Who determines the commission in a listing contract?

Correct answer: An agreement between the owner and broker

19. All are typical duties of a property manager with the exception of...

Correct answer: Investing prots

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Uploaded on: August 11, 2026
Number of pages: 12
Written in: 2026/2027
Type: Exam (elaborations)
Contains: Questions & answers

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