Real Estate - National & Louisiana Exam 2026/2027 PRACTICE
QUESTIONS UPDATED STUDY GUIDE ACCURATE EXAM APPROVED
QUESTIONS AND CORRECT VERIFIED ANSWERS WITH DETAILED
RATIONALES (A NEW UPDATED VERSION 2026 EDITION) |ALREADY
GRADED A+ (BRAND NEW!)Social Science - Economics
ANSWERS: Replacement
When using the Cost Approach to value, which method would
most often be used when appraising an older building?
ANSWERS: Contribution
An owner decides to add a bathroom to a house that is in a
deteriorating neighborhood. Which principle of value would
best indicate the effect of the new bathroom on the total
value?
ANSWERS: Comparative Market Analysis
How does an agent usually determine the listing price of a home?
ANSWERS: Authentic Act
A statement which is signed in front of witnesses and is notarized is
a(n)
_____________________ __________.
,ANSWERS: Sue the agent
An agent tells a buyer that the property taxes on the house are the
lowest in the area. After buying the house he finds that they are
actually the highest.
What can he do?
ANSWERS: Sue for partial performance
A buyer represents himself in the purchase of a home. The seller
agrees to leave all kitchen appliances, and it is written into the sales
agreement. When the buyer moves into the house, the appliances
are not there. What can he do?
ANSWERS: $70,000
A house sold for $75,000 four years ago. Buyers obtained a 70%
loan at 8% for 30 years. They recently had the house appraised
and found the value has increased to $125,000. Their loan balance
is $55,000. What is their equity?
ANSWERS: Use a written deed
When a seller sells his property he must always:
ANSWERS: an insurance company
What does the FHA function like?
,ANSWERS: to be able to sell the loan on the secondary market
The main reason lenders follow Fannie Mae guidelines is:
ANSWERS: agents
Who is mainly responsible for adhering to fair housing laws?
ANSWERS: disclose defects
A broker lists a house and the seller states that he wants to sell is "AS
IS." The agent should still:
ANSWERS: The party with whom he has a contract
An agent owes the duty of care to whom?
ANSWERS: substitution
The Sales Comparison Approach is based on the principle of:
ANSWERS: $124,000
House A has an enclosed garage worth $3000. House B is newer
which gives it an increase in value of $4000. House B is worth
$125,000. What is the value of House A?
, ANSWERS: Cooperative
What type of communal living does NOT operate under condominium
laws?
ANSWERS: Cooperative
What type of communal living does NOT operate under condominium
laws?
ANSWERS: Cooperative
What type of communal living does NOT operate under condominium
laws?
ANSWERS: Cooperative
What type of communal living does NOT operate under condominium
laws?
ANSWERS: Cooperative
What type of communal living does NOT operate under condominium
laws?
ANSWERS: Cooperative
What type of communal living does NOT operate under condominium
laws?
ANSWERS: Cooperative
What type of communal living does NOT operate under condominium
laws?
QUESTIONS UPDATED STUDY GUIDE ACCURATE EXAM APPROVED
QUESTIONS AND CORRECT VERIFIED ANSWERS WITH DETAILED
RATIONALES (A NEW UPDATED VERSION 2026 EDITION) |ALREADY
GRADED A+ (BRAND NEW!)Social Science - Economics
ANSWERS: Replacement
When using the Cost Approach to value, which method would
most often be used when appraising an older building?
ANSWERS: Contribution
An owner decides to add a bathroom to a house that is in a
deteriorating neighborhood. Which principle of value would
best indicate the effect of the new bathroom on the total
value?
ANSWERS: Comparative Market Analysis
How does an agent usually determine the listing price of a home?
ANSWERS: Authentic Act
A statement which is signed in front of witnesses and is notarized is
a(n)
_____________________ __________.
,ANSWERS: Sue the agent
An agent tells a buyer that the property taxes on the house are the
lowest in the area. After buying the house he finds that they are
actually the highest.
What can he do?
ANSWERS: Sue for partial performance
A buyer represents himself in the purchase of a home. The seller
agrees to leave all kitchen appliances, and it is written into the sales
agreement. When the buyer moves into the house, the appliances
are not there. What can he do?
ANSWERS: $70,000
A house sold for $75,000 four years ago. Buyers obtained a 70%
loan at 8% for 30 years. They recently had the house appraised
and found the value has increased to $125,000. Their loan balance
is $55,000. What is their equity?
ANSWERS: Use a written deed
When a seller sells his property he must always:
ANSWERS: an insurance company
What does the FHA function like?
,ANSWERS: to be able to sell the loan on the secondary market
The main reason lenders follow Fannie Mae guidelines is:
ANSWERS: agents
Who is mainly responsible for adhering to fair housing laws?
ANSWERS: disclose defects
A broker lists a house and the seller states that he wants to sell is "AS
IS." The agent should still:
ANSWERS: The party with whom he has a contract
An agent owes the duty of care to whom?
ANSWERS: substitution
The Sales Comparison Approach is based on the principle of:
ANSWERS: $124,000
House A has an enclosed garage worth $3000. House B is newer
which gives it an increase in value of $4000. House B is worth
$125,000. What is the value of House A?
, ANSWERS: Cooperative
What type of communal living does NOT operate under condominium
laws?
ANSWERS: Cooperative
What type of communal living does NOT operate under condominium
laws?
ANSWERS: Cooperative
What type of communal living does NOT operate under condominium
laws?
ANSWERS: Cooperative
What type of communal living does NOT operate under condominium
laws?
ANSWERS: Cooperative
What type of communal living does NOT operate under condominium
laws?
ANSWERS: Cooperative
What type of communal living does NOT operate under condominium
laws?
ANSWERS: Cooperative
What type of communal living does NOT operate under condominium
laws?
