NATIONAL REAL ESTATE EXAM PRACTICE TEST |Updated|

NATIONAL REAL ESTATE EXAM PRACTICE TEST |Updated| In most cases, broker compensation, as a percentage of home price, falls somewhere between: *Ans* 5-7% A Christian organization owns a fourplex. It wants to rent to only Christian tenants. Under the federal Fair Housing Act, is this legal? *Ans* Yes. Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act What happens to trade fixtures after a business moves out of a leased property? *Ans* The tenant removes their trade fixtures and takes them upon moving out. Suppose that a borrower has a gross monthly income of $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? *Ans* $280 A square bedroom measures 10 feet by 10 feet. What is the area of the room? *Ans* 100 square feet Which of these is an economic characteristic that makes land a distinctive commodity?* *Ans* situs In a fixed-rate mortgage that is fully amortized, the total amount of interest to be paid is: *Ans* predetermined Which is exempt from the federal Fair Housing Act? *Ans* renting a room in a house occupied by the owner The Americans with Disabilities Act applies to: *Ans* privately owned or governmentowned public accommodations Condemnation is the act of seizing private property from citizens. What gives the government the right to do this? *Ans* eminent domain The PHYSICAL characteristics of land are that land is indestructible, non-homogenous, and: *Ans* immobile Which statement BEST defines the term contingency? *Ans* stipulation that must be satisfied before the contract can be performed If a borrower is behind on payments, the acceleration clause gives the lender the ability to: *Ans* call the entire loan balance due immediately