Page 1 of 31 NATIONAL REAL ESTATE EXAM PRACTICE TEST
NATIONAL REAL ESTATE EXAM PRACTICE TEST.pdf
NATIONAL REAL ESTATE EXAM
PRACTICE TEST
5-7%
In most cases, broker compensation, as a percentage of home price, falls somewhere between:
Yes. Religious organizations which rent to tenants for residential purposes are exempt from the Fair
Housing Act
A Christian organization owns a fourplex. It wants to rent to only Christian tenants. Under the federal
Fair Housing Act, is this legal?
The tenant removes their trade fixtures and takes them upon moving out.
What happens to trade fixtures after a business moves out of a leased property?
$280
Suppose that a borrower has a gross monthly income of $3,000 and wants to qualify for a conforming
loan (total debt service ratio of 36%) with a monthly PITI payment of $800. What is the maximum
amount of additional long-term obligations this borrower may have after PITI?
100 square feet
A square bedroom measures 10 feet by 10 feet. What is the area of the room?
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NATIONAL REAL ESTATE EXAM PRACTICE TEST.pdf
,Page 2 of 31 NATIONAL REAL ESTATE EXAM PRACTICE TEST
NATIONAL REAL ESTATE EXAM PRACTICE TEST.pdf
situs
Which of these is an economic characteristic that makes land a distinctive commodity?*
predetermined
In a fixed-rate mortgage that is fully amortized, the total amount of interest to be paid is:
renting a room in a house occupied by the owner
Which is exempt from the federal Fair Housing Act?
privately owned or government-owned public accommodations
The Americans with Disabilities Act applies to:
eminent domain
Condemnation is the act of seizing private property from citizens. What gives the government the right
to do this?
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NATIONAL REAL ESTATE EXAM PRACTICE TEST.pdf
,Page 3 of 31 NATIONAL REAL ESTATE EXAM PRACTICE TEST
NATIONAL REAL ESTATE EXAM PRACTICE TEST.pdf
immobile
The PHYSICAL characteristics of land are that land is indestructible, non-homogenous, and:
stipulation that must be satisfied before the contract can be performed
Which statement BEST defines the term contingency?
call the entire loan balance due immediately
If a borrower is behind on payments, the acceleration clause gives the lender the ability to:
the point of beginning
A metes and bounds legal description always returns to:
advise the client they cannot legally discriminate against certain groups
What should a license holder do if a client instructs them to do something that would discriminate
against a protected class?
the substitution of one contract for another
What is a novation?
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NATIONAL REAL ESTATE EXAM PRACTICE TEST.pdf
, Page 4 of 31 NATIONAL REAL ESTATE EXAM PRACTICE TEST
NATIONAL REAL ESTATE EXAM PRACTICE TEST.pdf
$50,000
A married couple bought a home ten years ago for $400,000. Their neighborhood has rapidly grown in
popularity, and they were able to sell their home this year for $950,000. How much of that money will
they be required to pay capital gains tax on?
lawful objective
Which element of a valid contract states that the contract cannot require any illegal activities or
outcomes?
statute of limitations
Deanna wants to sue her real estate agent, but finds out that she has no legal recourse because too
many years have passed since the offending incident. What is this an example of?
$6,887.50
Pedro bought his house for $370,000. The assessed value is $290,000. If the tax rate for Pedro's county
is 2.375%, what will he pay in ad valorem taxes this year?
voidable
A potentially valid contract in which at least one party has the option to rescind is described as:
Page 4 NATIONAL REAL ESTATE EXAM PRACTICE TEST
NATIONAL REAL ESTATE EXAM PRACTICE TEST.pdf
NATIONAL REAL ESTATE EXAM PRACTICE TEST.pdf
NATIONAL REAL ESTATE EXAM
PRACTICE TEST
5-7%
In most cases, broker compensation, as a percentage of home price, falls somewhere between:
Yes. Religious organizations which rent to tenants for residential purposes are exempt from the Fair
Housing Act
A Christian organization owns a fourplex. It wants to rent to only Christian tenants. Under the federal
Fair Housing Act, is this legal?
The tenant removes their trade fixtures and takes them upon moving out.
What happens to trade fixtures after a business moves out of a leased property?
$280
Suppose that a borrower has a gross monthly income of $3,000 and wants to qualify for a conforming
loan (total debt service ratio of 36%) with a monthly PITI payment of $800. What is the maximum
amount of additional long-term obligations this borrower may have after PITI?
100 square feet
A square bedroom measures 10 feet by 10 feet. What is the area of the room?
Page 1 NATIONAL REAL ESTATE EXAM PRACTICE TEST
NATIONAL REAL ESTATE EXAM PRACTICE TEST.pdf
,Page 2 of 31 NATIONAL REAL ESTATE EXAM PRACTICE TEST
NATIONAL REAL ESTATE EXAM PRACTICE TEST.pdf
situs
Which of these is an economic characteristic that makes land a distinctive commodity?*
predetermined
In a fixed-rate mortgage that is fully amortized, the total amount of interest to be paid is:
renting a room in a house occupied by the owner
Which is exempt from the federal Fair Housing Act?
privately owned or government-owned public accommodations
The Americans with Disabilities Act applies to:
eminent domain
Condemnation is the act of seizing private property from citizens. What gives the government the right
to do this?
Page 2 NATIONAL REAL ESTATE EXAM PRACTICE TEST
NATIONAL REAL ESTATE EXAM PRACTICE TEST.pdf
,Page 3 of 31 NATIONAL REAL ESTATE EXAM PRACTICE TEST
NATIONAL REAL ESTATE EXAM PRACTICE TEST.pdf
immobile
The PHYSICAL characteristics of land are that land is indestructible, non-homogenous, and:
stipulation that must be satisfied before the contract can be performed
Which statement BEST defines the term contingency?
call the entire loan balance due immediately
If a borrower is behind on payments, the acceleration clause gives the lender the ability to:
the point of beginning
A metes and bounds legal description always returns to:
advise the client they cannot legally discriminate against certain groups
What should a license holder do if a client instructs them to do something that would discriminate
against a protected class?
the substitution of one contract for another
What is a novation?
Page 3 NATIONAL REAL ESTATE EXAM PRACTICE TEST
NATIONAL REAL ESTATE EXAM PRACTICE TEST.pdf
, Page 4 of 31 NATIONAL REAL ESTATE EXAM PRACTICE TEST
NATIONAL REAL ESTATE EXAM PRACTICE TEST.pdf
$50,000
A married couple bought a home ten years ago for $400,000. Their neighborhood has rapidly grown in
popularity, and they were able to sell their home this year for $950,000. How much of that money will
they be required to pay capital gains tax on?
lawful objective
Which element of a valid contract states that the contract cannot require any illegal activities or
outcomes?
statute of limitations
Deanna wants to sue her real estate agent, but finds out that she has no legal recourse because too
many years have passed since the offending incident. What is this an example of?
$6,887.50
Pedro bought his house for $370,000. The assessed value is $290,000. If the tax rate for Pedro's county
is 2.375%, what will he pay in ad valorem taxes this year?
voidable
A potentially valid contract in which at least one party has the option to rescind is described as:
Page 4 NATIONAL REAL ESTATE EXAM PRACTICE TEST
NATIONAL REAL ESTATE EXAM PRACTICE TEST.pdf
