National Real Estate Exam Practice
Questions (Latest Update )
Questions & Answers {Grade A} 100%
Correct
A signed sales contract that has not yet gone to closing is... - correct answer
executory
When does an offer become a contract? - correct answer When the offeree gives the
offeror notice of the acceptance
Which of the following statements is true about the duties of an agent according to the
common law of agency? - correct answer an agent must treat both clients and
customers with honesty and fairness
,A property manager is hired and signs a management agreement with the owner. At
this time, the property manager is... - correct answer a general agent
A buyer and seller have negotiated a contract on the seller's property with a closing
set for June 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 seller can close
on the 16th. At this time, what is true? - correct answer the contract is voidable by the
buyer
A licensee is representing a seller in a commercial transaction. The property is under
contract and all contingencies have been met. The listing agent learns the State
Department of Transportation has authorized the construction of an exit ramp to the
interstate right behind the commercial property. The exit ramp will greatly increase the
value of the seller's property. What should the agent do? - correct answer tell the
seller and encourage the seller to complete the negotiated sale
,A listing agent is showing his listing to a buyer customer and notices a problem with
the exterior of the property that he missed when he listed the property. What should
he do? - correct answer point it out to the buyer as it is a material fact
A buyer's agent has accidentally forwarded confidential information about his buyer's
financial background to the listing agent. What is true? - correct answer the buyer's
agent is guilty of negligence and the listing agent must disclose the information to the
seller
What is the difference between replacement cost and market value? - correct answer
depreciation
Economic life is defined as - correct answer years of depriciation
, An unlicensed assistant gets a call from a listing owner with questions about a
contract- what should the assistant do? - correct answer take the information to the
listing broker
An underage college student signs a lease, then discloses his age to the landlord. What
is true? - correct answer the contract is voidable at the minor's option
A seller comes into the office to sign a contract. The seller is stumbling and smells of
alcohol. How do you proceed? - correct answer tell the seller to leave and return
another time
A high rise condominium property is advertised as having the "Most beautiful view of
the city". This ad is best described as - correct answer puffing
Questions (Latest Update )
Questions & Answers {Grade A} 100%
Correct
A signed sales contract that has not yet gone to closing is... - correct answer
executory
When does an offer become a contract? - correct answer When the offeree gives the
offeror notice of the acceptance
Which of the following statements is true about the duties of an agent according to the
common law of agency? - correct answer an agent must treat both clients and
customers with honesty and fairness
,A property manager is hired and signs a management agreement with the owner. At
this time, the property manager is... - correct answer a general agent
A buyer and seller have negotiated a contract on the seller's property with a closing
set for June 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 seller can close
on the 16th. At this time, what is true? - correct answer the contract is voidable by the
buyer
A licensee is representing a seller in a commercial transaction. The property is under
contract and all contingencies have been met. The listing agent learns the State
Department of Transportation has authorized the construction of an exit ramp to the
interstate right behind the commercial property. The exit ramp will greatly increase the
value of the seller's property. What should the agent do? - correct answer tell the
seller and encourage the seller to complete the negotiated sale
,A listing agent is showing his listing to a buyer customer and notices a problem with
the exterior of the property that he missed when he listed the property. What should
he do? - correct answer point it out to the buyer as it is a material fact
A buyer's agent has accidentally forwarded confidential information about his buyer's
financial background to the listing agent. What is true? - correct answer the buyer's
agent is guilty of negligence and the listing agent must disclose the information to the
seller
What is the difference between replacement cost and market value? - correct answer
depreciation
Economic life is defined as - correct answer years of depriciation
, An unlicensed assistant gets a call from a listing owner with questions about a
contract- what should the assistant do? - correct answer take the information to the
listing broker
An underage college student signs a lease, then discloses his age to the landlord. What
is true? - correct answer the contract is voidable at the minor's option
A seller comes into the office to sign a contract. The seller is stumbling and smells of
alcohol. How do you proceed? - correct answer tell the seller to leave and return
another time
A high rise condominium property is advertised as having the "Most beautiful view of
the city". This ad is best described as - correct answer puffing
