Real Estate Practice Exam Questions Expert
Verified Actual Questions & Answers
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1. Brokerage definition... - Answerthe business practice of bringing together the
parties in a practice.
2. What are two examples of special use property? - Answerschools and cemetary
3. What is an example of functional obsolescence? - Answerbathroom
4. Principal definition... - Answera consumer of real estate services who has entered
into an agency relationship with a broker or another licensee employed by a broker.
5. Capitalization definition... - Answerthe 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? -
AnswerInform the buyer
8. All are examples of real estate except... - Answerfactories
9. What is homeowners insurance? - AnswerInsurance to protect owners from fires
and other etc.
10. Special agent definition... - Answerthe type of agency in which the principal
authorizes the agent to represent the agent in "one specific 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 - AnswerGross Rent Multiplier Method
What is steering? - Answerthe 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. - AnswerExcept
when listing broker does not disclose information
, 16. Can a salesperson give legal advice? - AnswerNo, not unless they are an
attorney.
17. Who determines the commission in a listing contract? - AnswerAn agreement
between the owner and broker
19. All are typical duties of a property manager with the exception of... -
AnswerInvesting profits
20. Transfer tax is typically paid by for by whom? - AnswerBuyer and seller
21. Blockbusting definition... - AnswerAn illegal real estate practice caused by inciting
fear and panic selling by suggesting that persons of minority background are or may be
moving into an area or that the majority of residents are moving out of an area.
23. Special agency listing definition... - Answern/a
25. Net listing definition... - Answera type of listing in which a seller desires to sell real
property and receive a guaranteed amount of money for the sale, so that the broker's
commission is any sale price amount of money over and above the guaranteed price to
the seller.
26. The main factor a property manager should use to evaluate a prospective tenant is -
Answercan they make monthly rent payments on time.
27. All are examples of single agency disclosures with the exception of -
Answerrevealing the owner will except less.
30. What is the most reliable method of appraisal for residential real estate? -
AnswerSales comparison approach
31. Assemblage definition... - Answerconsolidating two separate lots into one.
32. What would not be a depreciation of value? - AnswerUnimproved land
33. What has the greatest effect on real estate value? - AnswerDemand of people
and location
34. What rules require fair housing laws to be in a listing contract? - AnswerPA
Human Relations Act
40. Typically who pays for title insurance? - AnswerBuyer
Verified Actual Questions & Answers
for Guaranteed Pass | Newest Update
1. Brokerage definition... - Answerthe business practice of bringing together the
parties in a practice.
2. What are two examples of special use property? - Answerschools and cemetary
3. What is an example of functional obsolescence? - Answerbathroom
4. Principal definition... - Answera consumer of real estate services who has entered
into an agency relationship with a broker or another licensee employed by a broker.
5. Capitalization definition... - Answerthe 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? -
AnswerInform the buyer
8. All are examples of real estate except... - Answerfactories
9. What is homeowners insurance? - AnswerInsurance to protect owners from fires
and other etc.
10. Special agent definition... - Answerthe type of agency in which the principal
authorizes the agent to represent the agent in "one specific 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 - AnswerGross Rent Multiplier Method
What is steering? - Answerthe 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. - AnswerExcept
when listing broker does not disclose information
, 16. Can a salesperson give legal advice? - AnswerNo, not unless they are an
attorney.
17. Who determines the commission in a listing contract? - AnswerAn agreement
between the owner and broker
19. All are typical duties of a property manager with the exception of... -
AnswerInvesting profits
20. Transfer tax is typically paid by for by whom? - AnswerBuyer and seller
21. Blockbusting definition... - AnswerAn illegal real estate practice caused by inciting
fear and panic selling by suggesting that persons of minority background are or may be
moving into an area or that the majority of residents are moving out of an area.
23. Special agency listing definition... - Answern/a
25. Net listing definition... - Answera type of listing in which a seller desires to sell real
property and receive a guaranteed amount of money for the sale, so that the broker's
commission is any sale price amount of money over and above the guaranteed price to
the seller.
26. The main factor a property manager should use to evaluate a prospective tenant is -
Answercan they make monthly rent payments on time.
27. All are examples of single agency disclosures with the exception of -
Answerrevealing the owner will except less.
30. What is the most reliable method of appraisal for residential real estate? -
AnswerSales comparison approach
31. Assemblage definition... - Answerconsolidating two separate lots into one.
32. What would not be a depreciation of value? - AnswerUnimproved land
33. What has the greatest effect on real estate value? - AnswerDemand of people
and location
34. What rules require fair housing laws to be in a listing contract? - AnswerPA
Human Relations Act
40. Typically who pays for title insurance? - AnswerBuyer
