Real Estate
Practice Exam
Questions And
Answers
2025/2026
1. Brokerage definition... - correct answersthe business practice of bringing together the parties
in a practice.
10. Special agent definition... - correct answersthe type of agency in which the principal
authorizes the agent to represent the agent in "one specific transaction or business activity"
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 - correct answersGross Rent Multiplier Method
, 13. All are characterisitics of a contract for a deed except... - correct answersthe buyer receives
title when the contract is signed.
15. Entitlement to commission when transaction is not consummated. - correct answersExcept
when listing broker does not disclose information
16. Can a salesperson give legal advice? - correct answersNo, not unless they are an attorney.
17. Who determines the commission in a listing contract? - correct answersAn agreement
between the owner and broker
18. Who is considered the lender in a purchase money mortgage? - correct answersSeller
19. All are typical duties of a property manager with the exception of... - correct
answersInvesting profits
2. What are two examples of special use property? - correct answersschools and cemetary
20. Transfer tax is typically paid by for by whom? - correct answersBuyer and seller
21. Blockbusting definition... - correct answersAn 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.
22. What is the purpose of RESPA? - correct answersto to provide disclosure of closing cost info.
23. Special agency listing definition... - correct answersn/a
Practice Exam
Questions And
Answers
2025/2026
1. Brokerage definition... - correct answersthe business practice of bringing together the parties
in a practice.
10. Special agent definition... - correct answersthe type of agency in which the principal
authorizes the agent to represent the agent in "one specific transaction or business activity"
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 - correct answersGross Rent Multiplier Method
, 13. All are characterisitics of a contract for a deed except... - correct answersthe buyer receives
title when the contract is signed.
15. Entitlement to commission when transaction is not consummated. - correct answersExcept
when listing broker does not disclose information
16. Can a salesperson give legal advice? - correct answersNo, not unless they are an attorney.
17. Who determines the commission in a listing contract? - correct answersAn agreement
between the owner and broker
18. Who is considered the lender in a purchase money mortgage? - correct answersSeller
19. All are typical duties of a property manager with the exception of... - correct
answersInvesting profits
2. What are two examples of special use property? - correct answersschools and cemetary
20. Transfer tax is typically paid by for by whom? - correct answersBuyer and seller
21. Blockbusting definition... - correct answersAn 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.
22. What is the purpose of RESPA? - correct answersto to provide disclosure of closing cost info.
23. Special agency listing definition... - correct answersn/a
