Real Estate Practice Exam Questions And Correct Answers 2022

Real Estate Practice Exam Questions And Correct Answers 2022 1. Brokerage definition... - correct answer the business practice of bringing together the parties in a practice. 2. What are two examples of special use property? - correct answer schools and cemetery 3. What is an example of functional obsolescence? - correct answer bathroom 4. Principal definition... - correct answer a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. 5. Capitalization definition... - correct answer the process of determining the present value of a property from its future income. 6. What is the salespersons obligation to a buyer under single agency listing? - correct answer Inform the buyer 8. All are examples of real estate except... - correct answer factories 9. What is homeowners’ insurance? - correct answer Insurance to protect owners from fires and 11. Which is not used to determine cost approach to estimate value? -Quantity Survey Method other etc. 10. Special agent definition... - correct answer the type of agency in which the principal authorizes the agent to represent the agent in "one specific transaction or business activity" -Unit-in-Place Method -Square Foot Method