REAL ESTATE BROKER LICENSE
EXAM PRACTICE QUESTIONS
AND CORRECT ANSWERS
(VERIFIED ANSWERS) PLUS
RATIONALES 2026 Q&A |
INSTANT DOWNLOAD PDF.
1. Which of the following is required to obtain a real estate broker
license?
A. Being under 18 years old
B. Meeting state education and experience requirements
C. Owning property in the state
D. Having a law degree
Rationale: Most states require specific education and prior experience
as a licensed salesperson to qualify for a broker license.
2. A broker owes fiduciary duties to:
A. The government
B. The client
C. Competitors
D. Mortgage lenders
Rationale: Brokers have a fiduciary duty to act in the best interest of
their clients.
,3. Which of the following is an example of a dual agency situation?
A. Representing one client
B. Representing a client in selling a business
C. Representing both buyer and seller in the same transaction
D. Handling only paperwork
Rationale: Dual agency occurs when a broker represents both parties in
a transaction.
4. When must a broker disclose material facts about a property?
A. Only if asked
B. Before the transaction is completed
C. After closing
D. Never
Rationale: Material facts must be disclosed to protect buyers and
comply with law.
5. A real estate license is an example of:
A. Personal property
B. Real property
C. A non-transferable professional license
D. Tangible property
Rationale: A real estate license is a legal credential, not physical
property.
6. What is the primary purpose of a listing agreement?
A. To set mortgage terms
B. To authorize a broker to sell a property
C. To provide insurance
D. To establish zoning rules
Rationale: A listing agreement legally permits a broker to market a
property.
, 7. Which type of listing guarantees a commission regardless of who
sells the property?
A. Open listing
B. Net listing
C. Exclusive right-to-sell listing
D. Exclusive agency listing
Rationale: Exclusive right-to-sell agreements ensure the broker is paid
no matter who sells.
8. What is the primary role of a real estate broker?
A. To provide legal advice
B. To facilitate property transactions
C. To appraise properties for tax purposes
D. To provide loans
Rationale: Brokers coordinate transactions between buyers and sellers.
9. A property manager acting on behalf of an owner is considered:
A. A buyer agent
B. A fiduciary
C. A mortgage broker
D. An appraiser
Rationale: Property managers have fiduciary responsibilities to their
owners.
10. Which of the following is an example of a trade fixture?
A. Built-in cabinets
B. Shelving used for a business
C. Tree
D. Land
Rationale: Trade fixtures are personal property used in business and
removable by the tenant.
EXAM PRACTICE QUESTIONS
AND CORRECT ANSWERS
(VERIFIED ANSWERS) PLUS
RATIONALES 2026 Q&A |
INSTANT DOWNLOAD PDF.
1. Which of the following is required to obtain a real estate broker
license?
A. Being under 18 years old
B. Meeting state education and experience requirements
C. Owning property in the state
D. Having a law degree
Rationale: Most states require specific education and prior experience
as a licensed salesperson to qualify for a broker license.
2. A broker owes fiduciary duties to:
A. The government
B. The client
C. Competitors
D. Mortgage lenders
Rationale: Brokers have a fiduciary duty to act in the best interest of
their clients.
,3. Which of the following is an example of a dual agency situation?
A. Representing one client
B. Representing a client in selling a business
C. Representing both buyer and seller in the same transaction
D. Handling only paperwork
Rationale: Dual agency occurs when a broker represents both parties in
a transaction.
4. When must a broker disclose material facts about a property?
A. Only if asked
B. Before the transaction is completed
C. After closing
D. Never
Rationale: Material facts must be disclosed to protect buyers and
comply with law.
5. A real estate license is an example of:
A. Personal property
B. Real property
C. A non-transferable professional license
D. Tangible property
Rationale: A real estate license is a legal credential, not physical
property.
6. What is the primary purpose of a listing agreement?
A. To set mortgage terms
B. To authorize a broker to sell a property
C. To provide insurance
D. To establish zoning rules
Rationale: A listing agreement legally permits a broker to market a
property.
, 7. Which type of listing guarantees a commission regardless of who
sells the property?
A. Open listing
B. Net listing
C. Exclusive right-to-sell listing
D. Exclusive agency listing
Rationale: Exclusive right-to-sell agreements ensure the broker is paid
no matter who sells.
8. What is the primary role of a real estate broker?
A. To provide legal advice
B. To facilitate property transactions
C. To appraise properties for tax purposes
D. To provide loans
Rationale: Brokers coordinate transactions between buyers and sellers.
9. A property manager acting on behalf of an owner is considered:
A. A buyer agent
B. A fiduciary
C. A mortgage broker
D. An appraiser
Rationale: Property managers have fiduciary responsibilities to their
owners.
10. Which of the following is an example of a trade fixture?
A. Built-in cabinets
B. Shelving used for a business
C. Tree
D. Land
Rationale: Trade fixtures are personal property used in business and
removable by the tenant.
