CE real estate exam questions and answers
2025/2026
Marcie bought a duplex, lived in one half, and rented out the other half. This is an
example of what type of investing?
Buy and hold
Fix and flip
Passive
Wholesaling - ANSWERS Buy and hold
After being required to put a minimum of 25% down on a loan, Duane invested in
a multi-unit apartment building. What type of property does Duane own?
Commercial
Commercial residential
MUD
Residential - ANSWERS Commercial residential
What are two ways in which an investor's approach to strategy might be
categorized?
High dollar and low dollar
Primary and secondary
Property type and investment strategy
Successful and unsuccessful - ANSWERS Property type and investment strategy
, Your client wants to buy land worth $60,000 plus a gas station on it. The gas
station is worth $75,000. What's the going concern value of the purchase?
$135,000
$15,000
$60,000
$75,000 - ANSWERS $135,000
When working with flippers, it is recommended you have systems in place that
______.
Alert you when your client is talking to another agent
Allow you to make offers quickly
Make temporary, surface improvements to properties so they show better
Prevent others from viewing properties your client is interested in - ANSWERS
Allow you to make offers quickly
For condominium properties, the owner's rights are detailed in which document?
Condominium bill of rights
Condominium bylaws
Condominium declaration
Condominium offering plan - ANSWERS Condominium bylaws
In general, what type of properties hold strong appeal for foreign investors?
Condos and co-ops in urban centers
Mega malls in suburbs
, Public transportation developments
Single-family homes - ANSWERS Condos and co-ops in urban centers
Giovanni, a foreign investor, is getting ready to sell his NYC condo. What
percentage of withholding of the sales price will FIRPTA require?
15%
28%
39.6%
It depends on Giovanni's tax bracket - ANSWERS `15%
Buddy is selling a building that houses two separate residential units. The building
is considered ______.
Both commercial and residential
Commercial
Neither commercial nor residential
Residential - ANSWERS Residential
Egbert owns property in which he lives in one unit and rents out the other four
units to tenants. What type of investment does Egbert have?
Apartment complex
Condominium
Plex
Single-family home - ANSWERS Plex
Which document includes the size of units, construction, floor plans, amenities,
recreation facilities, make and model of appliances, windows, how the
2025/2026
Marcie bought a duplex, lived in one half, and rented out the other half. This is an
example of what type of investing?
Buy and hold
Fix and flip
Passive
Wholesaling - ANSWERS Buy and hold
After being required to put a minimum of 25% down on a loan, Duane invested in
a multi-unit apartment building. What type of property does Duane own?
Commercial
Commercial residential
MUD
Residential - ANSWERS Commercial residential
What are two ways in which an investor's approach to strategy might be
categorized?
High dollar and low dollar
Primary and secondary
Property type and investment strategy
Successful and unsuccessful - ANSWERS Property type and investment strategy
, Your client wants to buy land worth $60,000 plus a gas station on it. The gas
station is worth $75,000. What's the going concern value of the purchase?
$135,000
$15,000
$60,000
$75,000 - ANSWERS $135,000
When working with flippers, it is recommended you have systems in place that
______.
Alert you when your client is talking to another agent
Allow you to make offers quickly
Make temporary, surface improvements to properties so they show better
Prevent others from viewing properties your client is interested in - ANSWERS
Allow you to make offers quickly
For condominium properties, the owner's rights are detailed in which document?
Condominium bill of rights
Condominium bylaws
Condominium declaration
Condominium offering plan - ANSWERS Condominium bylaws
In general, what type of properties hold strong appeal for foreign investors?
Condos and co-ops in urban centers
Mega malls in suburbs
, Public transportation developments
Single-family homes - ANSWERS Condos and co-ops in urban centers
Giovanni, a foreign investor, is getting ready to sell his NYC condo. What
percentage of withholding of the sales price will FIRPTA require?
15%
28%
39.6%
It depends on Giovanni's tax bracket - ANSWERS `15%
Buddy is selling a building that houses two separate residential units. The building
is considered ______.
Both commercial and residential
Commercial
Neither commercial nor residential
Residential - ANSWERS Residential
Egbert owns property in which he lives in one unit and rents out the other four
units to tenants. What type of investment does Egbert have?
Apartment complex
Condominium
Plex
Single-family home - ANSWERS Plex
Which document includes the size of units, construction, floor plans, amenities,
recreation facilities, make and model of appliances, windows, how the
