National Real Estate Exam Practice Questions and Answers
Rated A
A property owner has decided to do some home after which the property goes to his
landscaping work on his yard. He has planted a children from his first marriage. The children... -
tree surrounded by some flowering shrubs. The ANSWER -are remaindermen
tree and shrubs are an example of... -
ANSWER -improvements
Which of the following statements about an
easement is true? - ANSWER -an
A property owner has a waterfront lot on a easement is a benefit to the dominant property
stream. He has the right to use the water from owner
the stream. What is this right called? -
ANSWER -riparian
P, Q and R are joint tenants. P wants to sell the
property, but Q and R do not. What can P do? -
A tenant is aware that his lease will expire at the ANSWER -file a suit for partition
end of the month. He has begun to disassemble
his display cabinets and shelves. Which of the
following statements about this is true - A, B and C are joint tenants. C dies. B sells his
ANSWER -the tenant can take these as share to D. What type of ownership do A and D
they are trade fixtures have? - ANSWER -tenants in common
A seller is attending the closing on his property. Under what right can the government change
The title company has discovered an unsatisfied property use from commercial to residential only?
M&M lien on the property. Which of the following - ANSWER -police power
is the most likely reason for the lien? -
ANSWER -plumbing work that was
completed but never paid for Ownership of the common areas of
condominiums is most likely to be: -
ANSWER -tenancy in common
A listing agent went to inspect a seller's property
hoping to list it for sale. The seller told the listing
agent that his neighbor's satellite dish trespasses What should a buyer do to ensure that his is
on his property. This is an example of... - getting the best title to real property? -
ANSWER -encroachment ANSWER -get a general warranty deed
A father gives his son a life estate on a property. Which covenant in a deed guarantees that the
The son leases the property. The tenant dies. owners will not suffer or be disturbed by any
What happens to the property? -
claims on the property? - ANSWER -the
ANSWER -it goes back to the son until he covenant of quiet enjoyment
dies
Excess money at a foreclosure sale goes to... -
A man leaves his second wife a life estate in their
,National Real Estate Exam Practice Questions and Answers
Rated A
ANSWER -the borrower Your client will be able to qualify for a property
they wish to purchase in about 6 months, after
they had an opportunity to reduce their consumer
After defaulting on a real estate loan, a borrower debt. They have found a property that they would
is able to pay off the loan prior to the foreclosure like to purchase now. What type of agreement
sale. This is called: - ANSWER -right of can they enter into with a seller that will allow
redemption them to occupy the property now and purchase it
within the 6 months? - ANSWER -lease with
an option to buy
The required distance between buildings and a
federally protected endangered species wetlands
is an example of... - ANSWER -a buffer Tenants have signed a 3 year lease on a
zone property. In the second year the owner dies and
his heirs inherit the property. They give the
tenants notice to vacate. What is true? -
A couple purchased a condominium. The ANSWER -the tenants can stay until the
complex has an exercise room for all residents. end of the lease
The couple does not use the exercise room and
does not want to pay the monthly fee for the use
of the facility. What can they do to avoid this fee? A developer decides to build a commercial
- ANSWER -they must pay the fee as they property in the middle of a residential subdivision.
have a tenancy in common interest in all What is required? - ANSWER -a variance
common areas
A zoning ordinance would affect which of the
Which of the following is personal property? - following? - ANSWER -the concentration of
ANSWER -a lease housing in a residential area
A landlord leased space in his new retail property If a person dies without a will, who receives their
to an inexperienced business person. Based on estate? - ANSWER -spouse and children
location and the type of business, the landlord
believes it will be a great success. What type of
lease can he enter into with the tenant that will What are the requirements/ criteria for real estate
allow the landlord to benefit from the tenant's to have values? - ANSWER -demand,
success? - ANSWER -a percentage lease utility, scarcity, transferability
A buyer has purchased a property and after What principle of value defines the most
closing the seller will continue to occupy the important factor for appraisal? - ANSWER -
property. This is an example of... - highest and best use
ANSWER -sale and leaseback
What approach would an appraiser most likely
, National Real Estate Exam Practice Questions and Answers
Rated A
use to value a residential rent house in
neighborhood where a majority of the homes are A property manager is hired and signs a
leased? - ANSWER -income approach management agreement with the owner. At this
time, the property manager is... -
ANSWER -a general agent
A licensed broker is advertising that he will
perform a free appraisal if you contact him for a
listing appointment. He is not in violation of the A buyer and seller have negotiated a contract on
law... - ANSWER -if he is a licensed the seller's property with a closing set for June
appraiser 14th, time is of the essence. On June 12th the
listing agent calls the buyer's agent and tells him
the seller will be unable to close on the 14th. The
Which of the following is NOT an example of seller can close on the 16th. At this time, what is
functional obsolescence? - ANSWER - true? - ANSWER -the contract is voidable
deferred maintenance by the buyer
According to the Statute of Frauds, which of the A licensee is representing a seller in a
following leases must be in writing? - commercial transaction. The property is under
ANSWER -a lease for more than one year contract and all contingencies have been met.
The listing agent learns the State Department of
Transportation has authorized the construction of
Your client is an investor who would like to have an exit ramp to the interstate right behind the
the right to purchase a commercial tract for $5 commercial property. The exit ramp will greatly
million for the next 6 months. What type of increase the value of the seller's property. What
contract should he enter into with the seller? - should the agent do? - ANSWER -tell the
ANSWER -an option contract seller and encourage the seller to complete the
negotiated sale
A signed sales contract that has not yet gone to
A listing agent is showing his listing to a buyer
closing is... - ANSWER -executory
customer and notices a problem with the exterior
of the property that he missed when he listed the
When does an offer become a contract? - property. What should he do? - ANSWER -
point it out to the buyer as it is a material fact
ANSWER -When the offeree gives the
offeror notice of the acceptance
A buyer's agent has accidentally forwarded
confidential information about his buyer's
Which of the following statements is true about
financial background to the listing agent. What is
the duties of an agent according to the common
true? - ANSWER -the buyer's agent is guilty
law of agency? - ANSWER -an agent must
of negligence and the listing agent must disclose
treat both clients and customers with honesty
the information to the seller
and fairness
Rated A
A property owner has decided to do some home after which the property goes to his
landscaping work on his yard. He has planted a children from his first marriage. The children... -
tree surrounded by some flowering shrubs. The ANSWER -are remaindermen
tree and shrubs are an example of... -
ANSWER -improvements
Which of the following statements about an
easement is true? - ANSWER -an
A property owner has a waterfront lot on a easement is a benefit to the dominant property
stream. He has the right to use the water from owner
the stream. What is this right called? -
ANSWER -riparian
P, Q and R are joint tenants. P wants to sell the
property, but Q and R do not. What can P do? -
A tenant is aware that his lease will expire at the ANSWER -file a suit for partition
end of the month. He has begun to disassemble
his display cabinets and shelves. Which of the
following statements about this is true - A, B and C are joint tenants. C dies. B sells his
ANSWER -the tenant can take these as share to D. What type of ownership do A and D
they are trade fixtures have? - ANSWER -tenants in common
A seller is attending the closing on his property. Under what right can the government change
The title company has discovered an unsatisfied property use from commercial to residential only?
M&M lien on the property. Which of the following - ANSWER -police power
is the most likely reason for the lien? -
ANSWER -plumbing work that was
completed but never paid for Ownership of the common areas of
condominiums is most likely to be: -
ANSWER -tenancy in common
A listing agent went to inspect a seller's property
hoping to list it for sale. The seller told the listing
agent that his neighbor's satellite dish trespasses What should a buyer do to ensure that his is
on his property. This is an example of... - getting the best title to real property? -
ANSWER -encroachment ANSWER -get a general warranty deed
A father gives his son a life estate on a property. Which covenant in a deed guarantees that the
The son leases the property. The tenant dies. owners will not suffer or be disturbed by any
What happens to the property? -
claims on the property? - ANSWER -the
ANSWER -it goes back to the son until he covenant of quiet enjoyment
dies
Excess money at a foreclosure sale goes to... -
A man leaves his second wife a life estate in their
,National Real Estate Exam Practice Questions and Answers
Rated A
ANSWER -the borrower Your client will be able to qualify for a property
they wish to purchase in about 6 months, after
they had an opportunity to reduce their consumer
After defaulting on a real estate loan, a borrower debt. They have found a property that they would
is able to pay off the loan prior to the foreclosure like to purchase now. What type of agreement
sale. This is called: - ANSWER -right of can they enter into with a seller that will allow
redemption them to occupy the property now and purchase it
within the 6 months? - ANSWER -lease with
an option to buy
The required distance between buildings and a
federally protected endangered species wetlands
is an example of... - ANSWER -a buffer Tenants have signed a 3 year lease on a
zone property. In the second year the owner dies and
his heirs inherit the property. They give the
tenants notice to vacate. What is true? -
A couple purchased a condominium. The ANSWER -the tenants can stay until the
complex has an exercise room for all residents. end of the lease
The couple does not use the exercise room and
does not want to pay the monthly fee for the use
of the facility. What can they do to avoid this fee? A developer decides to build a commercial
- ANSWER -they must pay the fee as they property in the middle of a residential subdivision.
have a tenancy in common interest in all What is required? - ANSWER -a variance
common areas
A zoning ordinance would affect which of the
Which of the following is personal property? - following? - ANSWER -the concentration of
ANSWER -a lease housing in a residential area
A landlord leased space in his new retail property If a person dies without a will, who receives their
to an inexperienced business person. Based on estate? - ANSWER -spouse and children
location and the type of business, the landlord
believes it will be a great success. What type of
lease can he enter into with the tenant that will What are the requirements/ criteria for real estate
allow the landlord to benefit from the tenant's to have values? - ANSWER -demand,
success? - ANSWER -a percentage lease utility, scarcity, transferability
A buyer has purchased a property and after What principle of value defines the most
closing the seller will continue to occupy the important factor for appraisal? - ANSWER -
property. This is an example of... - highest and best use
ANSWER -sale and leaseback
What approach would an appraiser most likely
, National Real Estate Exam Practice Questions and Answers
Rated A
use to value a residential rent house in
neighborhood where a majority of the homes are A property manager is hired and signs a
leased? - ANSWER -income approach management agreement with the owner. At this
time, the property manager is... -
ANSWER -a general agent
A licensed broker is advertising that he will
perform a free appraisal if you contact him for a
listing appointment. He is not in violation of the A buyer and seller have negotiated a contract on
law... - ANSWER -if he is a licensed the seller's property with a closing set for June
appraiser 14th, time is of the essence. On June 12th the
listing agent calls the buyer's agent and tells him
the seller will be unable to close on the 14th. The
Which of the following is NOT an example of seller can close on the 16th. At this time, what is
functional obsolescence? - ANSWER - true? - ANSWER -the contract is voidable
deferred maintenance by the buyer
According to the Statute of Frauds, which of the A licensee is representing a seller in a
following leases must be in writing? - commercial transaction. The property is under
ANSWER -a lease for more than one year contract and all contingencies have been met.
The listing agent learns the State Department of
Transportation has authorized the construction of
Your client is an investor who would like to have an exit ramp to the interstate right behind the
the right to purchase a commercial tract for $5 commercial property. The exit ramp will greatly
million for the next 6 months. What type of increase the value of the seller's property. What
contract should he enter into with the seller? - should the agent do? - ANSWER -tell the
ANSWER -an option contract seller and encourage the seller to complete the
negotiated sale
A signed sales contract that has not yet gone to
A listing agent is showing his listing to a buyer
closing is... - ANSWER -executory
customer and notices a problem with the exterior
of the property that he missed when he listed the
When does an offer become a contract? - property. What should he do? - ANSWER -
point it out to the buyer as it is a material fact
ANSWER -When the offeree gives the
offeror notice of the acceptance
A buyer's agent has accidentally forwarded
confidential information about his buyer's
Which of the following statements is true about
financial background to the listing agent. What is
the duties of an agent according to the common
true? - ANSWER -the buyer's agent is guilty
law of agency? - ANSWER -an agent must
of negligence and the listing agent must disclose
treat both clients and customers with honesty
the information to the seller
and fairness
