Real Estate Practice Exam Questions with complete solutions.

Real Estate Practice Exam Questions with complete solutions. 1. Brokerage definition... - correct business practice of bringing together the parties in a practice. 2. What are two examples of special use property? - correct ls and cemetary 3. What is an example of functional obsolescence? - correct oom 4. Principal definition... - correct answers.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 process of determining the present value of a property from it's future income. 6. What is the salespersons obligation to a buyer under single agency listing? - correct answers.Inform the buyer 8. All are examples of real estate except... - correct ries 9. What is homeowners insurance? - correct answers.Insurance to protect owners from fires and other etc. 10. Special agent definition... - correct type of agency in which the principal authorizes the agent to represent the agent in "one specific transaction or business activity" 11. Which is not used to determine cost approach to estimate value? -Quantity Survey Method -Unit-in-Place Method -Square Foot Method -Gross Rent Multiplier Method - correct answers.Gross Rent Multiplier Method What is steering? - correct unlawful act of keeping a buyer away from certain communities or guiding them to purchase in certain communities. 15. Entitlement to commission when transaction is not consummated. - correct answers.Except when listing broker does not disclose information 16. Can a salesperson give legal advice? - correct answers.No, not unless they are an attorney. 17. Who determines the commission in a listing contract? - correct answers.An agreement between the owner and broker 19. All are typical duties of a property manager with the exception of... - correct answers.Investing profits 20. Transfer tax is typically paid by for by whom? - correct answers.Buyer and seller 21. Blockbusting definition... - correct answers.An illegal real estate practice caused by inciting fear and panic selling by suggesting that persons of minority background are or may be moving into an area or that the majority of residents are moving out of an area. 23. Special agency listing definition... - correct answers.n/a 25. Net listing definition... - correct answers.a type of listing in which a seller desires to sell real property and receive a guaranteed amount of money for the sale, so that the broker's commission is any sale price amount of money over and above the guaranteed price to the seller. 26. The main factor a property manager should use to evaluate a prospective tenant is - correct they make monthly rent payments on time. 27. All are examples of single agency disclosures with the exception of - correct ling the owner will except less. 30. What is the most reliable method of appraisal for residential real estate? - correct answers.Sales comparison approach 31. Assemblage definition... - correct lidating two separate lots into one. 32. What would not be a depreciation of value? - correct answers.Unimproved land 33. What has the greatest effect on real estate value? - correct answers.Demand of people and location 34. What rules require fair housing laws to be in a listing contract? - correct answers.PA Human Relations Act 40. Typically who pays for title insurance? - correct answers.Buyer 44. What is the transfer tax charged by the state of PA? - correct answers.1% of the sales price