Real Estate Practice Exam A+ Grade Assured Complete Solutions And Verified Answers

REAL ESTATE EXAM vc vc




Exam Solution vc




NATIONAL PORTION OF REAL ESTATE EXAM 2026 A+ G vc vc vc vc vc vc vc vc




RADE ASSURED COMPLETE SOLUTIONS AND VERIFIED vc vc vc vc vc vc




ANSWERS (F7166) vc




QUESTION 1 vc




If a 17 year old signs a contract is the contract:
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ANSWER

voidable



QUESTION 2 vc




A property owner advertises property available for lease with a swimming pool. The pro
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perty owner may vc vc




ANSWER

a.Require the families to live in a specific area away from the pool. b.Refuse to rent to families with chil
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dren. c.Require the parents to supervise their children when they are in the pool. d.be required to hire a
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lifegaurd C.
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QUESTION 3 vc




Agency means the broker owes to their client's certain duties. Which of the following is N
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OT true? vc




ANSWER

A. Loyalty B Honesty
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C. Indemnification
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D. accounting C.
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QUESTION 4 vc

,If the interest for four months on a loan of $80,000 was $3200, what was the annual rate
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of interest?
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ANSWER

12%



QUESTION 5 vc




In order to establish net operating income in the income approach to valuation, which of
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the following would be deducted from effective gross income?
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ANSWER

A. Taxes
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B. Mortgage interest
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C. Building depreciation
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D. Capital improvements A
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QUESTION 6 vc




A house has a market value of $ 110,000. The assessed value is 30% of the market value.
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If the mill levy is 52 mills, what is the yearly tax on the house?
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ANSWER

$1,716 110,000 x .052 x .3 = $1,716 ***annual tax = assessed value x tax rate (mill)
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QUESTION 7 vc




What would most likely cause housing prices to fall?
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ANSWER

A. The sale of 3 luxury homes in a neighborhood
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B. A company hiring 250 engineers
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C. Sharp increase in interest rates
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D. A reduction in building activity C
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QUESTION 8 vc




The Internal Revenue code provides for tax-deferred exchange only of:
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ANSWER

A. Residential property
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B. Commercial property
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C. Urban property
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D. Like kind property **tax-deferred exchange = 1030
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,QUESTION 9 vc




Subordination clause? vc




ANSWER

Allows a change in the order/priority of mortgages
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QUESTION 10 vc




A buyer made an offer to purchase a property. The owner responded with a counteroffer
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. While the buyer was reviewing the counteroffer, the owner received a better offer. The
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owner can accept the second offer if:
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ANSWER

A. The owner withdraws the counteroffer before it is accepted
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B. The owner gives the first buyer notice that another offer was received and an opportunity to revise t
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he bid vc



C. The first buyer is informed, in writing, of the owner's intent to accept another offer
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D. It satisfies or exceeds all terms included in the counteroffer A
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QUESTION 11 vc




Building ordinances may specify and regulate: vc vc vc vc vc



A. Use of land
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B. Zoning
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C. Material used in plumbing
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D. Easements
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ANSWER

C. Material used in plumbing
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QUESTION 12 vc




Seller is giving the buyer a contingency but doesn't want to be stopped from selling forev
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er. The seller should consider:
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A. Increasing the earnest money
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B. Get proof of buyer financing
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C. Refusing the contingency
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D. Countering with an escape clause
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ANSWER

D. Countering with an escape clause
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, QUESTION 13 vc




Which of the following clauses in a conventional mortgage instrument entitles the lender
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to accelerate the loan if the loan is assumed?
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A. Prepayment
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B. Due-on-sale
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C. Right to sell
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D. Defeasance
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ANSWER

B. Due-on-sale ***allows a lender to accelerate the loan and demand immediate payment
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QUESTION 14 vc




An agreement of sale becomes enforceable when signed by:
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A. The buyer
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B. The seller
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C. The buyer and listing broker
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D. Both buyer and seller
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ANSWER

D. Both buyer and seller
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QUESTION 15 vc




A tenant leased property and agrees to pay taxes and insurance. This is a:
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A. Gross lease
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B. Variable lease
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C. Net lease
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D. Ground lease
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ANSWER

C. Net lease
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QUESTION 16 vc




Gross lease/fixed lease vc vc




ANSWER

Tenant pays fixed rent; landlord pays all expenses (utilities, taxes, special assessments)
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QUESTION 17 vc




Net lease vc