National real estate exam
(2024\2025) Exam prep questions
with correct solutions
Qs
accretion - n
Ans✔
growth in size or increase in amount
Qs
Avulsion - n
Ans✔
the sudden separation of land from one property and its attachment to another,
especially by flooding or a change in the course of a river.
Qs
AIR (Appraiser Independence Requirements) - n
Ans✔
apply to conventional loans used to purchase a single-family dwelling of one to four
units.
Qs
What's mediation? - n
Ans✔
intervention in a dispute in order to resolve it. Its the first course of action for
disputed home warranty claims; then arbitration.
Qs
Sales Comparison Approach for appraisers in order - n
,Ans✔
financing terms and cash equivalency, conditions of sale, market conditions at the
time of contract and closing, location, and physical characteristics.
Qs
What is a area's comprehensive plan - n
Ans✔
outlines the future development plans and goals of the area. Zoning decisions
should follow this plan.
Qs
fee simple defeasible estates - n
Ans✔
The estate includes the full bundle of legal rights, but ownership is based on a
condition.
Qs
Transaction Broker - n
Ans✔
Non- agent. broker who provides limited representation to a buyer, a seller, or both
in a real estate transaction, but does not represent either in a fiduciary capacity.
Qs
Release vs rescind? - n
Ans✔
Release is one party can agree to not hold the other party responsible for the
contracts obligations. Rescind is when a party rightfully cancels a contract because
of another party's material breach.
Qs
Lenders qualifying dti ratios - n
Ans✔
, 28% for the housing ratio and 36% for the total DTI ratio.
Qs
Sub agency - n
Ans✔
Only the agent working with a buyer customer on behalf of another firm's listing is
an example of sub-agency.
Qs
When purchasing a short sale or foreclosure, what's one of the biggest frustrations
buyers face? - n
Ans✔
The length of time it takes to purchase a distressed property, can take at least twice
as long.
Qs
How to townships work (public land survery system) - n
Ans✔
From right to left, in a zig zag motion. For example: township 16 would be in third
row, third from left.
Qs
What is a promissory note? - n
Ans✔
evidence of the debt that specifies the borrower's financial obligations. Collateral for
the note is typically the property on which the loan is made. It's a negotiable
instrument and can be transferred to a secondary holder.
Qs
What forms the boundaries of a township? - n
Ans✔
(2024\2025) Exam prep questions
with correct solutions
Qs
accretion - n
Ans✔
growth in size or increase in amount
Qs
Avulsion - n
Ans✔
the sudden separation of land from one property and its attachment to another,
especially by flooding or a change in the course of a river.
Qs
AIR (Appraiser Independence Requirements) - n
Ans✔
apply to conventional loans used to purchase a single-family dwelling of one to four
units.
Qs
What's mediation? - n
Ans✔
intervention in a dispute in order to resolve it. Its the first course of action for
disputed home warranty claims; then arbitration.
Qs
Sales Comparison Approach for appraisers in order - n
,Ans✔
financing terms and cash equivalency, conditions of sale, market conditions at the
time of contract and closing, location, and physical characteristics.
Qs
What is a area's comprehensive plan - n
Ans✔
outlines the future development plans and goals of the area. Zoning decisions
should follow this plan.
Qs
fee simple defeasible estates - n
Ans✔
The estate includes the full bundle of legal rights, but ownership is based on a
condition.
Qs
Transaction Broker - n
Ans✔
Non- agent. broker who provides limited representation to a buyer, a seller, or both
in a real estate transaction, but does not represent either in a fiduciary capacity.
Qs
Release vs rescind? - n
Ans✔
Release is one party can agree to not hold the other party responsible for the
contracts obligations. Rescind is when a party rightfully cancels a contract because
of another party's material breach.
Qs
Lenders qualifying dti ratios - n
Ans✔
, 28% for the housing ratio and 36% for the total DTI ratio.
Qs
Sub agency - n
Ans✔
Only the agent working with a buyer customer on behalf of another firm's listing is
an example of sub-agency.
Qs
When purchasing a short sale or foreclosure, what's one of the biggest frustrations
buyers face? - n
Ans✔
The length of time it takes to purchase a distressed property, can take at least twice
as long.
Qs
How to townships work (public land survery system) - n
Ans✔
From right to left, in a zig zag motion. For example: township 16 would be in third
row, third from left.
Qs
What is a promissory note? - n
Ans✔
evidence of the debt that specifies the borrower's financial obligations. Collateral for
the note is typically the property on which the loan is made. It's a negotiable
instrument and can be transferred to a secondary holder.
Qs
What forms the boundaries of a township? - n
Ans✔
