Real Estate License Exam UPDATED
ACTUAL Questions and CORRECT
Answers
100. Punitive damages for a single violation in a suit brought under the Federal Fair Housing
Law are limited to which of the following? a. $10,000 b. $25,000 c. $75,000 d. $150,000 -
CORRECT ANSWER -$150,000
21. The person who borrows the money and gives the mortgage is known as the: a. mortgagee b.
assignor c. mortgagor d. payee - CORRECT ANSWER -mortgagor
22. A listing to sell property and obtain a fixed specific price for the owner is: a. an implied
listing b. a net listing c. a perpetual listing d. an exclusive agency listing - CORRECT
ANSWER -a net listing
23. When a sales agent leaves the association of a broker for any reason, the broker must return
the sales license to the Commission and notify the sales agent: a. immediately b. within 10
working days c. within 30 days d. within 5 working days - CORRECT ANSWER -
immediately
24. A person who has real property willed to her by a relative is said to acquire title by: a.
descent b. adverse possession c. devise d. escheat - CORRECT ANSWER -devise
25. All of the following acts are forbidden by the Federal Fair Housing Law except: a. racial
discrimination in home repair financing b. discrimination on the basis of national origin c. racial
discrimination in real estate board membership d. discrimination on the basis of age - CORRECT
ANSWER -discrimination on the basis of age
26. Charging an interest rate higher than the legal limit is: a. money laundering b. leveraging c.
usury d. permitted for borrowers with very low credit scores - CORRECT ANSWER -
usury
, 27. The person who conveys title to real property is the: a. grantee b. devisor c. trustor d. grantor
- CORRECT ANSWER -grantor
28. Escrow accounts are open for the protection of the: a. property b. principals c. sales agent d.
escrow holder - CORRECT ANSWER -principals
29. If a governmental agency requires a certain property for public use, it may acquire title by: a.
a lawsuit b. an attachment c. a claim of adverse possession d. condemnation under the right of
eminent domain - CORRECT ANSWER -condemnation under the right of eminent
domain
30. When there is a mortgage on your home and you pay it off, you receive: a. a warranty deed b.
a quitclaim deed c. a bill of sale d. a release of lien - CORRECT ANSWER -a release of
lien
31. A mortgage insured by the FHA is usually borrowed from: a. the seller b. a lending
institution c. the U.S. government d. Fannie Mae - CORRECT ANSWER -a lending
institution
32. Anything fastened or attached to real property permanently is considered to be: a. personal
property b. real property c. private property d. community property - CORRECT
ANSWER -real property
33. Recording a mortgage creates: a. a debt b. a lien c. a release d. a security - CORRECT
ANSWER -a lien
34. Borrowing funds to increase purchasing power is called: a. amortization b. arbitrage c.
leverage d. sale and leaseback - CORRECT ANSWER -leverage
35. A deed passes evidence of title to real property at the time it is: a. written b. notarized c.
delivered d. recorded - CORRECT ANSWER -delivered
ACTUAL Questions and CORRECT
Answers
100. Punitive damages for a single violation in a suit brought under the Federal Fair Housing
Law are limited to which of the following? a. $10,000 b. $25,000 c. $75,000 d. $150,000 -
CORRECT ANSWER -$150,000
21. The person who borrows the money and gives the mortgage is known as the: a. mortgagee b.
assignor c. mortgagor d. payee - CORRECT ANSWER -mortgagor
22. A listing to sell property and obtain a fixed specific price for the owner is: a. an implied
listing b. a net listing c. a perpetual listing d. an exclusive agency listing - CORRECT
ANSWER -a net listing
23. When a sales agent leaves the association of a broker for any reason, the broker must return
the sales license to the Commission and notify the sales agent: a. immediately b. within 10
working days c. within 30 days d. within 5 working days - CORRECT ANSWER -
immediately
24. A person who has real property willed to her by a relative is said to acquire title by: a.
descent b. adverse possession c. devise d. escheat - CORRECT ANSWER -devise
25. All of the following acts are forbidden by the Federal Fair Housing Law except: a. racial
discrimination in home repair financing b. discrimination on the basis of national origin c. racial
discrimination in real estate board membership d. discrimination on the basis of age - CORRECT
ANSWER -discrimination on the basis of age
26. Charging an interest rate higher than the legal limit is: a. money laundering b. leveraging c.
usury d. permitted for borrowers with very low credit scores - CORRECT ANSWER -
usury
, 27. The person who conveys title to real property is the: a. grantee b. devisor c. trustor d. grantor
- CORRECT ANSWER -grantor
28. Escrow accounts are open for the protection of the: a. property b. principals c. sales agent d.
escrow holder - CORRECT ANSWER -principals
29. If a governmental agency requires a certain property for public use, it may acquire title by: a.
a lawsuit b. an attachment c. a claim of adverse possession d. condemnation under the right of
eminent domain - CORRECT ANSWER -condemnation under the right of eminent
domain
30. When there is a mortgage on your home and you pay it off, you receive: a. a warranty deed b.
a quitclaim deed c. a bill of sale d. a release of lien - CORRECT ANSWER -a release of
lien
31. A mortgage insured by the FHA is usually borrowed from: a. the seller b. a lending
institution c. the U.S. government d. Fannie Mae - CORRECT ANSWER -a lending
institution
32. Anything fastened or attached to real property permanently is considered to be: a. personal
property b. real property c. private property d. community property - CORRECT
ANSWER -real property
33. Recording a mortgage creates: a. a debt b. a lien c. a release d. a security - CORRECT
ANSWER -a lien
34. Borrowing funds to increase purchasing power is called: a. amortization b. arbitrage c.
leverage d. sale and leaseback - CORRECT ANSWER -leverage
35. A deed passes evidence of title to real property at the time it is: a. written b. notarized c.
delivered d. recorded - CORRECT ANSWER -delivered
