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National Real Estate Licensing
Exam 2026/2027 | Complete Exam
Review | Practice Questions,
Answer Rationales & Real Estate
Salesperson
A real estate salesperson brings a buyer to a For-Sale-By-Owner transaction. The home sells for
$245,000, and the seller agrees to pay a commission of 3%. The salesperson is on a 65%
commission schedule with her broker, who pays her 65% minus office expenses of $500. How
much will the salesperson receive from this transaction rounded to the nearest dollar?
A. $4,278
B. $4,778
C. $4.452
D. $3,155
A. $4,278
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Equity refers to
A. capitalization rate
B. the difference between the value and the encumbrances
C. cash flow after all expenses
D. honesty
B. the difference between the value and the encumbrances
In real estate, a sales associate is always
A. an independent contractor
B. an employee of a licensed broker
C. a combination office manager, marketer, and organizer with a fundamental understanding of
the real estate industry, who may or may not be licensed
D. a licensee who performs real estate activities on behalf of a broker
D. a licensee who performs real estate activities on behalf of a broker
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A lease where a lessee becomes a lessor is
A. a sale lease-back
B. a sublease
C.an assignment
D. an option lease
B. a sublease
A property owner who does not want to deal with the everyday tasks of managing a rental
property can hire
A. an appraiser
B. a home inspector
C. a property manager
D. a developer
C. a property manager
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The Fair Housing Act does NOT prohibit discrimination on the basis of
A. religious preference
B. national origin
C. familial status
D. annual income
D. annual income
A primary feature of property held in joint tenancy is that
A. the fractional interests of the owners can be different
B. there is a right of survivorship
C. a maximum of two people can own the real estate
D. additional owners may be added later
B. there is a right of survivorship
National Real Estate Licensing
Exam 2026/2027 | Complete Exam
Review | Practice Questions,
Answer Rationales & Real Estate
Salesperson
A real estate salesperson brings a buyer to a For-Sale-By-Owner transaction. The home sells for
$245,000, and the seller agrees to pay a commission of 3%. The salesperson is on a 65%
commission schedule with her broker, who pays her 65% minus office expenses of $500. How
much will the salesperson receive from this transaction rounded to the nearest dollar?
A. $4,278
B. $4,778
C. $4.452
D. $3,155
A. $4,278
,/////…/.//,.,./.,./.,..,..//…,,…..,,,,,..////.,.,.,[]][‘;@@@2../././/…../////…/;;;.//
Equity refers to
A. capitalization rate
B. the difference between the value and the encumbrances
C. cash flow after all expenses
D. honesty
B. the difference between the value and the encumbrances
In real estate, a sales associate is always
A. an independent contractor
B. an employee of a licensed broker
C. a combination office manager, marketer, and organizer with a fundamental understanding of
the real estate industry, who may or may not be licensed
D. a licensee who performs real estate activities on behalf of a broker
D. a licensee who performs real estate activities on behalf of a broker
,/////…/.//,.,./.,./.,..,..//…,,…..,,,,,..////.,.,.,[]][‘;@@@2../././/…../////…/;;;.//
A lease where a lessee becomes a lessor is
A. a sale lease-back
B. a sublease
C.an assignment
D. an option lease
B. a sublease
A property owner who does not want to deal with the everyday tasks of managing a rental
property can hire
A. an appraiser
B. a home inspector
C. a property manager
D. a developer
C. a property manager
, /////…/.//,.,./.,./.,..,..//…,,…..,,,,,..////.,.,.,[]][‘;@@@2../././/…../////…/;;;.//
The Fair Housing Act does NOT prohibit discrimination on the basis of
A. religious preference
B. national origin
C. familial status
D. annual income
D. annual income
A primary feature of property held in joint tenancy is that
A. the fractional interests of the owners can be different
B. there is a right of survivorship
C. a maximum of two people can own the real estate
D. additional owners may be added later
B. there is a right of survivorship
