NATIONAL REAL ESTATE STUDY GUIDE 2026/2027
QUESTIONS AND ANSWERS RATED A+
✔✔A condo owner's policy will most likely cover the owner if - ✔✔a guest slips in the
kitchen
✔✔A condo complex has liability complex has liability insurance. This is least likely to
cover - ✔✔a units owner's carpet damaged by a broken water pipe
✔✔Accurate record keeping is the responsibility of all the brokers. If a broker's
computers are stolen what steps could have been taken to protect records? - ✔✔offsite
or cloud storage
✔✔A license holder has just attended a training seminar about technology in real estate
and is excited about using social media with her clients. Which of the following
statements about social media in real estate is NOT true? - ✔✔an agent with
permission to advertise a property on social media does not have to worry about
protecting confidential information about the client
✔✔A sales agent is showing a property. He trips in the house causes major damage to
property of the owner. What type of insurance will cover this accident? - ✔✔liability
insurance
✔✔Prior to its amendments, the Civil Rights Act of 1968 prohibited discrimination based
on... - ✔✔national origin
✔✔An agent working with immigrant buyers must be careful - ✔✔not to steer the buyers
to a neighborhood based on the language they speak
✔✔An agent is accused of discrimination. What will HUD do... - ✔✔try mediation
followed by a lawsuit if mediation fails
✔✔A mobility impaired tenant has leased an apartment in a complex with unassigned
parking. He has requested an assigned reserved space near to his unit. What is true? -
✔✔the landlord must provide an assigned reserved space for the tenant near to the
tenant's unit
✔✔An investor has 15 rent houses. He has hired an agent to lease the houses. Which
of the following actions by the agent would NOT be in violation of fair housing laws. -
✔✔refusing to show the houses to anyone over 75 years old
✔✔Which of the following would NOT be an operating expense included in the property
manager's operating budget - ✔✔mortgage payments
,✔✔Which of the following would be most likely to hire a property manager? - ✔✔an
association
✔✔A broker is running short of funds to meet this month's monthly operating expenses.
He places a client's earnest money deposit in his business account and uses it to pay is
rent. After his next closing, he replaces the client's deposit in his trust account. The
broker... - ✔✔is guilty of conversion
✔✔Which of the following is NOT an example of due diligence in a sales contract? -
✔✔a broker completes a CMA for a buyer client prior to the buyer making an offer
✔✔A sales agent just obtained a listing. The seller told the agent that she needs to sell
the property because she is going through a divorce. What must the salesperson do -
✔✔obtain the signatures of all owners on the listing agreement
✔✔Wetlands typically contain which of the following? - ✔✔navigable waters
✔✔What is the max amount of time allowed for a victim to file a Fair Housing
complaint? - ✔✔24 months
✔✔A property manager notices that the building stucco needs repair. He notifies the
landlord and recommends a contractor. The landlord uses the contractor who does not
do a good job. The new stucco leaks and mold grows. The tenant becomes ill from the
mold. Who is responsible? - ✔✔the landlord
✔✔An apartment building owner has renovated and modified several units to be
handicapped accessible. Can he advertise this accommodation? - ✔✔Yes
✔✔When did the second amendment of the Federal Fair Housing Act go into effect? -
✔✔March 12, 1989
✔✔What is the purpose of a property management trust account? - ✔✔to hold tenant
security deposits
✔✔Regulation Z applies to: - ✔✔ALL REAL ESTATE credit transactions except for
commercial loans. For non-real estate transactions, it covers up to $25,000.
✔✔The main purpose of Regulation Z is - ✔✔to notify borrowers of the true cost of
credit
✔✔What is a requirement of the CFPB - ✔✔Lenders must provide borrowers with the
LE form at the time of or within 3 business days of application
, ✔✔Which of the following closings would be covered by RESPA (1-4 residential family
housing) - ✔✔a condominium
✔✔When does the buyer under contract for deed get title to the property? - ✔✔when
the final loan payment is made
✔✔What is another name for Contract for Deed - ✔✔installment contract
✔✔What department of the government oversees the FHA insurance program? -
✔✔HUD
✔✔A buyer is aware that the interest rates should go down over the nest few months.
What type of loan should he get to enable him to buy now and take advantage of
declining rates in the future? - ✔✔ARM
✔✔Which of the following is unlikely to have a negative impact on seller's credit score? -
✔✔a straight assumption
✔✔In rental properties, increased demand can be the result of - ✔✔high mortgage
interest rates
✔✔Which of the following would not be eligible for a VA loan - ✔✔a parent or sibling of
a veteran
✔✔What is required of a loan servicer before foreclosing on a VA loan - ✔✔the VA must
be notified before the foreclosure
✔✔Who must be notified to take money out of the trust account in a real estate
transaction? - ✔✔both buyer and seller
✔✔How is earnest money recorded on the closing disclosure
a. debit to the seller
b. debit to the buyer
c. credit to the seller
d. credit to the buyer - ✔✔Credit to the buyer
✔✔What type of mortgage loan would allow the property owner to borrow additional
funds at future dates - ✔✔an HELOC
✔✔A seller has received $225,000 for the sale of his home. This represents a 20%
profit. What did he pay for the house when he purchased it? - ✔✔$187,500
QUESTIONS AND ANSWERS RATED A+
✔✔A condo owner's policy will most likely cover the owner if - ✔✔a guest slips in the
kitchen
✔✔A condo complex has liability complex has liability insurance. This is least likely to
cover - ✔✔a units owner's carpet damaged by a broken water pipe
✔✔Accurate record keeping is the responsibility of all the brokers. If a broker's
computers are stolen what steps could have been taken to protect records? - ✔✔offsite
or cloud storage
✔✔A license holder has just attended a training seminar about technology in real estate
and is excited about using social media with her clients. Which of the following
statements about social media in real estate is NOT true? - ✔✔an agent with
permission to advertise a property on social media does not have to worry about
protecting confidential information about the client
✔✔A sales agent is showing a property. He trips in the house causes major damage to
property of the owner. What type of insurance will cover this accident? - ✔✔liability
insurance
✔✔Prior to its amendments, the Civil Rights Act of 1968 prohibited discrimination based
on... - ✔✔national origin
✔✔An agent working with immigrant buyers must be careful - ✔✔not to steer the buyers
to a neighborhood based on the language they speak
✔✔An agent is accused of discrimination. What will HUD do... - ✔✔try mediation
followed by a lawsuit if mediation fails
✔✔A mobility impaired tenant has leased an apartment in a complex with unassigned
parking. He has requested an assigned reserved space near to his unit. What is true? -
✔✔the landlord must provide an assigned reserved space for the tenant near to the
tenant's unit
✔✔An investor has 15 rent houses. He has hired an agent to lease the houses. Which
of the following actions by the agent would NOT be in violation of fair housing laws. -
✔✔refusing to show the houses to anyone over 75 years old
✔✔Which of the following would NOT be an operating expense included in the property
manager's operating budget - ✔✔mortgage payments
,✔✔Which of the following would be most likely to hire a property manager? - ✔✔an
association
✔✔A broker is running short of funds to meet this month's monthly operating expenses.
He places a client's earnest money deposit in his business account and uses it to pay is
rent. After his next closing, he replaces the client's deposit in his trust account. The
broker... - ✔✔is guilty of conversion
✔✔Which of the following is NOT an example of due diligence in a sales contract? -
✔✔a broker completes a CMA for a buyer client prior to the buyer making an offer
✔✔A sales agent just obtained a listing. The seller told the agent that she needs to sell
the property because she is going through a divorce. What must the salesperson do -
✔✔obtain the signatures of all owners on the listing agreement
✔✔Wetlands typically contain which of the following? - ✔✔navigable waters
✔✔What is the max amount of time allowed for a victim to file a Fair Housing
complaint? - ✔✔24 months
✔✔A property manager notices that the building stucco needs repair. He notifies the
landlord and recommends a contractor. The landlord uses the contractor who does not
do a good job. The new stucco leaks and mold grows. The tenant becomes ill from the
mold. Who is responsible? - ✔✔the landlord
✔✔An apartment building owner has renovated and modified several units to be
handicapped accessible. Can he advertise this accommodation? - ✔✔Yes
✔✔When did the second amendment of the Federal Fair Housing Act go into effect? -
✔✔March 12, 1989
✔✔What is the purpose of a property management trust account? - ✔✔to hold tenant
security deposits
✔✔Regulation Z applies to: - ✔✔ALL REAL ESTATE credit transactions except for
commercial loans. For non-real estate transactions, it covers up to $25,000.
✔✔The main purpose of Regulation Z is - ✔✔to notify borrowers of the true cost of
credit
✔✔What is a requirement of the CFPB - ✔✔Lenders must provide borrowers with the
LE form at the time of or within 3 business days of application
, ✔✔Which of the following closings would be covered by RESPA (1-4 residential family
housing) - ✔✔a condominium
✔✔When does the buyer under contract for deed get title to the property? - ✔✔when
the final loan payment is made
✔✔What is another name for Contract for Deed - ✔✔installment contract
✔✔What department of the government oversees the FHA insurance program? -
✔✔HUD
✔✔A buyer is aware that the interest rates should go down over the nest few months.
What type of loan should he get to enable him to buy now and take advantage of
declining rates in the future? - ✔✔ARM
✔✔Which of the following is unlikely to have a negative impact on seller's credit score? -
✔✔a straight assumption
✔✔In rental properties, increased demand can be the result of - ✔✔high mortgage
interest rates
✔✔Which of the following would not be eligible for a VA loan - ✔✔a parent or sibling of
a veteran
✔✔What is required of a loan servicer before foreclosing on a VA loan - ✔✔the VA must
be notified before the foreclosure
✔✔Who must be notified to take money out of the trust account in a real estate
transaction? - ✔✔both buyer and seller
✔✔How is earnest money recorded on the closing disclosure
a. debit to the seller
b. debit to the buyer
c. credit to the seller
d. credit to the buyer - ✔✔Credit to the buyer
✔✔What type of mortgage loan would allow the property owner to borrow additional
funds at future dates - ✔✔an HELOC
✔✔A seller has received $225,000 for the sale of his home. This represents a 20%
profit. What did he pay for the house when he purchased it? - ✔✔$187,500
