REAL ESTATE PRACTICE EXAM QUESTIONS AND 100% CORRECT ANSWERS|LATEST 2025/2026|GRADED A+|VERIFIED

AND 100% CORRECT ANSWERS|LATEST


1. Brokerage definition... - ANSWER-
B B B B



the business practice of bringing together the parties in a practice.
B B B B B B B B B B




2. What are two examples of special use property? - ANSWER-
B B B B B B B B B B schools and cemetary
B B




3. What is an example of functional obsolescence? - ANSWER-
B B B B B B B B B bathroom



4. Principal definition... - ANSWER-
B B B B



a consumer of real estate services who has entered into an agency relationship with a b
B B B B B B B B B B B B B B B



roker or another licensee employed by a broker.
B B B B B B B




5. Capitalization definition... - ANSWER-
B B B B



the process of determining the present value of a property from it's future income.
B B B B B B B B B B B B B




6. What is the salespersons obligation to a buyer under single agency listing? - ANSWER-
B B B B B B B B B B B B B B



Inform the buyer B B




8. All are examples of real estate except... - ANSWER-
B B B B B B B B B factories



9. What is homeowners insurance? - ANSWER-
B B B B B B



Insurance to protect owners from fires and other etc.
B B B B B B B B




10. Special agent definition... - ANSWER-
B B B B B



the type of agency in which the principal authorizes the agent to represent the agent in
B B B B B B B B B B B B B B B B



"one specific transaction or business activity"
B B B B B




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Wicky

, 11. Which is not used to determine cost approach to estimate value?
B B B B B B B B B B B




-Quantity Survey Method B B




-Unit-in-Place Method B




-Square Foot Method
B B




-Gross Rent Multiplier Method - ANSWER-
B B B B B Gross Rent Multiplier Method
B B B




What is steering? - ANSWER-
B B B B



the unlawful act of keeping a buyer away from certain communities or guiding them to
B B B B B B B B B B B B B B B



purchase in certain communities.
B B B




15. Entitlement to commission when transaction is not consummated. - ANSWER-
B B B B B B B B B B



Except when listing broker does not disclose information
B B B B B B B




16. Can a salesperson give legal advice? - ANSWER-
B B B B B B B B No, not unless they are an attorney.
B B B B B B




17. Who determines the commission in a listing contract? - ANSWER-
B B B B B B B B B B



An agreement between the owner and broker
B B B B B B




19. All are typical duties of a property manager with the exception of... - ANSWER-
B B B B B B B B B B B B B B



Investing profits B




20. Transfer tax is typically paid by for by whom? - ANSWER-
B B B B B B B B B B B Buyer and seller B B




21. Blockbusting definition... - ANSWER-
B B B B



An illegal real estate practice caused by inciting fear and panic selling by suggesting that
B B B B B B B B B B B B B B



persons of minority background are or may be moving into an area or that the majority of resi
B B B B B B B B B B B B B B B B B B



dents are moving out of an area.
B B B B B B




23. Special agency listing definition... - ANSWER-
B B B B B B n/a



2
Wicky