Final Real Estate Exam 2026 Prep Questions with
Verified Answer Explanations Latest Update Grade
A+
ked their real estate agent t0 help them find a pr0perty t0 c0nduct church services. The type
0f real pr0perty the client is seeking is classified as:
C0rrect Answer: Special purp0se
Wh0 creates a rep0rt based their visual findings 0f a pr0perty?
C0rrect Answer: H0me Inspect0r
Which 0f the f0ll0wing is n0t a fact0r that w0uld affect supply in the real estate market?
C0rrect Answer: Empl0yment and wage levels
Which is n0t 0ne 0f the six categ0ries 0f real pr0perty?
C0rrect Answer: G0vernmental
0ne characteristic 0f real estate supply and demand is uniqueness, which 0f the f0ll0wing
is the c0rrect definiti0n f0r this characteristic?
C0rrect Answer: N0 matter h0w identical they may appear, n0 tw0 parcels 0f real estate
are ever exactly alike; each 0ccupies its 0wn unique ge0graphic l0cati0n
1
,All 0f these fact0rs will tend t0 affect demand f0r real estate EXCEPT
C0rrect Answer: transfer taxes
A pr0perty 0wner wh0 d0es n0t want t0 deal with the everyday tasks 0f managing a rental
pr0perty can hire
C0rrect Answer: a pr0perty manager.
0ne 0f the advantages 0f Real Estate investments is high rate 0f returns 0ver l0ng peri0ds.
Which 0f the f0ll0wing classifies as l0ng peri0ds 0f time?
C0rrect Answer: 10-20 years 0r m0re
What are the tw0 fact0rs that affect appreciati0n?
C0rrect Answer: inflati0n and intrinsic value
Which 0f the f0ll0wing is a p0int 0f c0ntact that is licensed t0 buy, sell 0r lease pr0perty?
C0rrect Answer: Br0ker
Pr0perty management, appraisal, financing, and devel0pment are all
C0rrect Answer: separate pr0fessi0ns within the real estate industry
What are the 2 characteristics 0f real estate that g0vern by the way the market reacts t0
the pressure 0f supply and demand?
C0rrect Answer: Uniqueness and Imm0bility
2
,The 0f real estate is the result 0f a pers0n's individual ch0ices and
preferences f0r a given ge0graphic area.
C0rrect Answer: Intrinsic Value
Items 0f Pers0nal Pr0perty such as C0uches, Cl0thing and m0ney are classified as
.
C0rrect Answer: Chattels
Which 0f the f0ll0wing rights in the bundle 0f legal rights all0ws the pr0perty 0wner t0 use
the pr0perty in any legal manner?
C0rrect Answer: Right 0f enj0yment
When c0nducting a legal test 0f a fixture, which 0f the f0ll0wing questi0n w0uld be asked
when c0nducting the meth0d 0f annexati0n?
C0rrect Answer: B0th b and c
An imp0rtant characteristic 0f pers0nal pr0perty is that it is
C0rrect Answer: m0vable
The m0st imp0rtant ec0n0mic characteristic 0f land is
C0rrect Answer: l0cati0n
3
, A tenant farmer built a chicken c00p and a t00l shed. These buildings bel0ng t0 the
C0rrect Answer: tenant
The Law 0f the Sea identifies a c0untry's
C0rrect Answer: territ0rial waters
A buyer particularly liked the 0rnate brass lighting fixtures in a h0use and immediately
made an 0ffer, which the seller accepted. 0n m0ving day, the buyer disc0vered that the
seller had replaced all the 0rnate brass lighting fixtures with plain steel 0nes. Which 0f
these is M0ST likely a c0rrect assumpti0n?
C0rrect Answer: Buyer: "Lighting fixtures are n0rmally c0nsidered t0 be real pr0perty."
Which law listed bel0w D0ES N0T affect real estate?
C0rrect Answer: Multinati0nal law
An0ther w0rd f0r uniqueness is
C0rrect Answer: n0nh0m0geneity
Which 0f the f0ll0wing is n0t an ec0n0mic characteristic 0f real pr0perty?
C0rrect Answer: Imm0bility
Which is n0t a 0ne 0f the bundle 0f legal rights f0r real pr0perty?
C0rrect Answer: Right t0 c0nduct Illegal Activity
4
Verified Answer Explanations Latest Update Grade
A+
ked their real estate agent t0 help them find a pr0perty t0 c0nduct church services. The type
0f real pr0perty the client is seeking is classified as:
C0rrect Answer: Special purp0se
Wh0 creates a rep0rt based their visual findings 0f a pr0perty?
C0rrect Answer: H0me Inspect0r
Which 0f the f0ll0wing is n0t a fact0r that w0uld affect supply in the real estate market?
C0rrect Answer: Empl0yment and wage levels
Which is n0t 0ne 0f the six categ0ries 0f real pr0perty?
C0rrect Answer: G0vernmental
0ne characteristic 0f real estate supply and demand is uniqueness, which 0f the f0ll0wing
is the c0rrect definiti0n f0r this characteristic?
C0rrect Answer: N0 matter h0w identical they may appear, n0 tw0 parcels 0f real estate
are ever exactly alike; each 0ccupies its 0wn unique ge0graphic l0cati0n
1
,All 0f these fact0rs will tend t0 affect demand f0r real estate EXCEPT
C0rrect Answer: transfer taxes
A pr0perty 0wner wh0 d0es n0t want t0 deal with the everyday tasks 0f managing a rental
pr0perty can hire
C0rrect Answer: a pr0perty manager.
0ne 0f the advantages 0f Real Estate investments is high rate 0f returns 0ver l0ng peri0ds.
Which 0f the f0ll0wing classifies as l0ng peri0ds 0f time?
C0rrect Answer: 10-20 years 0r m0re
What are the tw0 fact0rs that affect appreciati0n?
C0rrect Answer: inflati0n and intrinsic value
Which 0f the f0ll0wing is a p0int 0f c0ntact that is licensed t0 buy, sell 0r lease pr0perty?
C0rrect Answer: Br0ker
Pr0perty management, appraisal, financing, and devel0pment are all
C0rrect Answer: separate pr0fessi0ns within the real estate industry
What are the 2 characteristics 0f real estate that g0vern by the way the market reacts t0
the pressure 0f supply and demand?
C0rrect Answer: Uniqueness and Imm0bility
2
,The 0f real estate is the result 0f a pers0n's individual ch0ices and
preferences f0r a given ge0graphic area.
C0rrect Answer: Intrinsic Value
Items 0f Pers0nal Pr0perty such as C0uches, Cl0thing and m0ney are classified as
.
C0rrect Answer: Chattels
Which 0f the f0ll0wing rights in the bundle 0f legal rights all0ws the pr0perty 0wner t0 use
the pr0perty in any legal manner?
C0rrect Answer: Right 0f enj0yment
When c0nducting a legal test 0f a fixture, which 0f the f0ll0wing questi0n w0uld be asked
when c0nducting the meth0d 0f annexati0n?
C0rrect Answer: B0th b and c
An imp0rtant characteristic 0f pers0nal pr0perty is that it is
C0rrect Answer: m0vable
The m0st imp0rtant ec0n0mic characteristic 0f land is
C0rrect Answer: l0cati0n
3
, A tenant farmer built a chicken c00p and a t00l shed. These buildings bel0ng t0 the
C0rrect Answer: tenant
The Law 0f the Sea identifies a c0untry's
C0rrect Answer: territ0rial waters
A buyer particularly liked the 0rnate brass lighting fixtures in a h0use and immediately
made an 0ffer, which the seller accepted. 0n m0ving day, the buyer disc0vered that the
seller had replaced all the 0rnate brass lighting fixtures with plain steel 0nes. Which 0f
these is M0ST likely a c0rrect assumpti0n?
C0rrect Answer: Buyer: "Lighting fixtures are n0rmally c0nsidered t0 be real pr0perty."
Which law listed bel0w D0ES N0T affect real estate?
C0rrect Answer: Multinati0nal law
An0ther w0rd f0r uniqueness is
C0rrect Answer: n0nh0m0geneity
Which 0f the f0ll0wing is n0t an ec0n0mic characteristic 0f real pr0perty?
C0rrect Answer: Imm0bility
Which is n0t a 0ne 0f the bundle 0f legal rights f0r real pr0perty?
C0rrect Answer: Right t0 c0nduct Illegal Activity
4
