National Real Estate Licensing Exam (2023) | Complete Questions & Answers (Rated A+)

National Real Estate Licensing Exam (2023) | Complete Questions & Answers (Rated A+) National Real Estate Licensing Exam (2023) | Complete Questions & Answers (Rated A+) 1. Efforts to increase homeownership include all the following EXCEPT A) requiring lower down payments. B) penalizing first-time homebuyers for using funds from IRA's. C) requiring loan applicants to have better credit. D) lowering closing costs for first-time home buyers. - ANSWER - C) requiring loan applicants to have better credit. The real cost of owning a home includes certain costs/expenses that many people overlook. Which of the following is NOT such a cost/expense of home ownership? A) Income lost on cash invested in the home B) Interest paid on borrowed capital C) Maintenance and repair expenses D) Personal property taxes - ANSWER - D) Personal property taxes Margie listed her real estate for sale at $100,000. If her cost was 80 percent of the listing price, what will her percentage of profit be when her real estate is sold for the listing price? A) 10 percent B) 15 percent C) 20 percent D) 25 percent - ANSWER - D) 25 percent Most homeowner's insurance policies contain which of the following clauses? A) A property improvement clause B) A coinsurance clause C) A co-ownership clause D) A property devaluation clause - ANSWER - B) A coinsurance clause That portion of the value of owners' property that exceeds the amount of their mortgage debt is called A) equality. B) escrow. C) surplus. D) equity. - ANSWER - D) equity. Homeowners may deduct all of the following expenses when preparing their income tax return EXCEPT A) real estate taxes. B) mortgage interest on a first home. C) mortgage interest on a second home. D) mortgage interest on a third home. - ANSWER - D) mortgage interest on a third home.