Real Estate Practice Exam Questions
and Answers Grade A+
the business practice of bringing together the parties in a practice.
1. Brokerage definition...
schools and cemetary
2. What are two examples of special use property?
bathroom
3. What is an example of functional obsolescence?
a consumer of real estate services who has entered into an agency relationship with a
broker or another licensee employed by a broker.
4. Principal definition...
the process of determining the present value of a property from it's future income.
5. Capitalization definition...
,Inform the buyer
6. What is the salespersons obligation to a buyer under single agency listing?
factories
8. All are examples of real estate except...
Insurance to protect owners from fires and other etc.
9. What is homeowners insurance?
the type of agency in which the principal authorizes the agent to represent the agent in
"one specific transaction or business activity"
10. Special agent definition...
Gross Rent Multiplier Method
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
,the unlawful act of keeping a buyer away from certain communities or guiding them to
purchase in certain communities.
What is steering?
Except when listing broker does not disclose information
15. Entitlement to commission when transaction is not consummated.
No, not unless they are an attorney.
16. Can a salesperson give legal advice?
An agreement between the owner and broker
17. Who determines the commission in a listing contract?
Investing profits
19. All are typical duties of a property manager with the exception of...
, Buyer and seller
20. Transfer tax is typically paid by for by whom?
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.
21. Blockbusting definition...
n/a
23. Special agency listing definition...
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.
25. Net listing definition...
can they make monthly rent payments on time.
26. The main factor a property manager should use to evaluate a prospective tenant is
revealing the owner will except less.
and Answers Grade A+
the business practice of bringing together the parties in a practice.
1. Brokerage definition...
schools and cemetary
2. What are two examples of special use property?
bathroom
3. What is an example of functional obsolescence?
a consumer of real estate services who has entered into an agency relationship with a
broker or another licensee employed by a broker.
4. Principal definition...
the process of determining the present value of a property from it's future income.
5. Capitalization definition...
,Inform the buyer
6. What is the salespersons obligation to a buyer under single agency listing?
factories
8. All are examples of real estate except...
Insurance to protect owners from fires and other etc.
9. What is homeowners insurance?
the type of agency in which the principal authorizes the agent to represent the agent in
"one specific transaction or business activity"
10. Special agent definition...
Gross Rent Multiplier Method
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
,the unlawful act of keeping a buyer away from certain communities or guiding them to
purchase in certain communities.
What is steering?
Except when listing broker does not disclose information
15. Entitlement to commission when transaction is not consummated.
No, not unless they are an attorney.
16. Can a salesperson give legal advice?
An agreement between the owner and broker
17. Who determines the commission in a listing contract?
Investing profits
19. All are typical duties of a property manager with the exception of...
, Buyer and seller
20. Transfer tax is typically paid by for by whom?
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.
21. Blockbusting definition...
n/a
23. Special agency listing definition...
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.
25. Net listing definition...
can they make monthly rent payments on time.
26. The main factor a property manager should use to evaluate a prospective tenant is
revealing the owner will except less.
