NATIONAL REAL ESTATE EXAM PRACTICE TEST Questions with
100% Verified Answers Latest Update
Question: Answer:
In most cases, broker compensation, as a percentage of home 5-7%
price, falls somewhere between:
Question: Answer:
A Christian organization owns a fourplex. It wants to rent to Yes. Religious organizations which rent to tenants for residential
only Christian tenants. Under the federal Fair Housing Act, is purposes are exempt
this legal? from the Fair Housing Act
Question: Answer:
What happens to trade fixtures after a business moves out of a The tenant removes their trade fixtures and takes them upon moving
leased property? out.
Question: Answer:
Suppose that a borrower has a gross monthly income of $280
$3,000 and wants to qualify for a conforming loan (total debt
service ratio of 36%) with a monthly PITI payment of $800.
What is the maximum amount of additional long-term
obligations this borrower may have after PITI?
Question: Answer:
A square bedroom measures 10 feet by 10 feet. What is the 100 square feet
area of the room?
Question: Answer:
Which of these is an economic characteristic that makes land a situs
distinctive commodity?*
Question: Answer:
In a fixed-rate mortgage that is fully amortized, the total predetermined
amount of interest to be paid is:
,Question: Answer:
Which is exempt from the federal Fair Housing Act? renting a room in a house occupied by the owner
Question: Answer:
The Americans with Disabilities Act applies to: privately owned or government-owned public accommodations
Question: Answer:
Condemnation is the act of seizing private property from eminent domain
citizens. What gives the government the right to do this?
Question: Answer:
The PHYSICAL characteristics of land are that land is immobile
indestructible, non-homogenous, and:
Question: Answer:
Which statement BEST defines the term contingency? stipulation that must be satisfied before the contract can be
performed
Question: Answer:
If a borrower is behind on payments, the acceleration clause call the entire loan balance due immediately
gives the lender the ability to:
Question: Answer:
A metes and bounds legal description always returns to: the point of beginning
Question: Answer:
What should a license holder do if a client instructs them to do advise the client they cannot legally discriminate against certain
something that would discriminate against a protected class? groups
Question: Answer:
What is a novation? the substitution of one contract for another
, Question: Answer:
A married couple bought a home ten years ago for $400,000. $50,000
Their neighborhood has rapidly grown in popularity, and they
were able to sell their home this year for $950,000. How much
of that money will they be required to pay capital gains tax
on?
Question: Answer:
Which element of a valid contract states that the contract lawful objective
cannot require any illegal activities or outcomes?
Question: Answer:
Deanna wants to sue her real estate agent, but finds out that statute of limitations
she has no legal recourse because too many years have
passed since the offending incident. What is this an example
of?
Question: Answer:
Pedro bought his house for $370,000. The assessed value is $6,887.50
$290,000. If the tax rate for Pedro's county is 2.375%, what will
he pay in ad valorem taxes this year?
Question: Answer:
A potentially valid contract in which at least one party has the voidable
option to rescind is described as:
Question: Answer:
When you're talking about mortgages, what is another name points
for an origination fee?
Question: Answer:
Both parties involved in an agency agreement agree to end mutual rescission
the agreement early. What is this called?
Question: Answer:
What does a standard title insurance policy do?* protects against any defects discovered in the title after closing
100% Verified Answers Latest Update
Question: Answer:
In most cases, broker compensation, as a percentage of home 5-7%
price, falls somewhere between:
Question: Answer:
A Christian organization owns a fourplex. It wants to rent to Yes. Religious organizations which rent to tenants for residential
only Christian tenants. Under the federal Fair Housing Act, is purposes are exempt
this legal? from the Fair Housing Act
Question: Answer:
What happens to trade fixtures after a business moves out of a The tenant removes their trade fixtures and takes them upon moving
leased property? out.
Question: Answer:
Suppose that a borrower has a gross monthly income of $280
$3,000 and wants to qualify for a conforming loan (total debt
service ratio of 36%) with a monthly PITI payment of $800.
What is the maximum amount of additional long-term
obligations this borrower may have after PITI?
Question: Answer:
A square bedroom measures 10 feet by 10 feet. What is the 100 square feet
area of the room?
Question: Answer:
Which of these is an economic characteristic that makes land a situs
distinctive commodity?*
Question: Answer:
In a fixed-rate mortgage that is fully amortized, the total predetermined
amount of interest to be paid is:
,Question: Answer:
Which is exempt from the federal Fair Housing Act? renting a room in a house occupied by the owner
Question: Answer:
The Americans with Disabilities Act applies to: privately owned or government-owned public accommodations
Question: Answer:
Condemnation is the act of seizing private property from eminent domain
citizens. What gives the government the right to do this?
Question: Answer:
The PHYSICAL characteristics of land are that land is immobile
indestructible, non-homogenous, and:
Question: Answer:
Which statement BEST defines the term contingency? stipulation that must be satisfied before the contract can be
performed
Question: Answer:
If a borrower is behind on payments, the acceleration clause call the entire loan balance due immediately
gives the lender the ability to:
Question: Answer:
A metes and bounds legal description always returns to: the point of beginning
Question: Answer:
What should a license holder do if a client instructs them to do advise the client they cannot legally discriminate against certain
something that would discriminate against a protected class? groups
Question: Answer:
What is a novation? the substitution of one contract for another
, Question: Answer:
A married couple bought a home ten years ago for $400,000. $50,000
Their neighborhood has rapidly grown in popularity, and they
were able to sell their home this year for $950,000. How much
of that money will they be required to pay capital gains tax
on?
Question: Answer:
Which element of a valid contract states that the contract lawful objective
cannot require any illegal activities or outcomes?
Question: Answer:
Deanna wants to sue her real estate agent, but finds out that statute of limitations
she has no legal recourse because too many years have
passed since the offending incident. What is this an example
of?
Question: Answer:
Pedro bought his house for $370,000. The assessed value is $6,887.50
$290,000. If the tax rate for Pedro's county is 2.375%, what will
he pay in ad valorem taxes this year?
Question: Answer:
A potentially valid contract in which at least one party has the voidable
option to rescind is described as:
Question: Answer:
When you're talking about mortgages, what is another name points
for an origination fee?
Question: Answer:
Both parties involved in an agency agreement agree to end mutual rescission
the agreement early. What is this called?
Question: Answer:
What does a standard title insurance policy do?* protects against any defects discovered in the title after closing