NATIONAL REAL ESTATE EXAM PRACTICE TEST 2024 With Solutions

NATIONAL REAL ESTATE EXAM PRACTICE TEST 2024 With Solutions In most cases, broker compensation, as a percentage of home price, falls somewhere between: - Answer -5-7% A Christian organization owns a fourplex. It wants to rent to only Christian tenants. Under the federal Fair Housing Act, is this legal? - Answer -Yes. Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act What happens to trade fixtures after a business moves out of a leased property? - Answer -The tenant removes their trade fixtures and takes them upon moving out. 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? - Answer -$280 A square bedroom measures 10 feet by 10 feet. What is the area of the room? - Answer -100 square feet Which of these is an economic characteristic that makes land a distinctive commodity?* - Answer -situs In a fixed-rate mortgage that is fully amortized, the total amount of interest to be paid is: - Answer - predetermined Which is exempt from the federal Fair Housing Act? - Answer -renting a room in a house occupied by the owner The Americans with Disabilities Act applies to: - Answer -privately owned or government-owned public accommodations Condemnation is the act of seizing private property from citizens. What gives the government the right to do this? - Answer -eminent domain The PHYSICAL characteristics of land are that land is indestructible, non-homogenous, and: - Answer - immobile Which statement BEST defines the term contingency? - Answer -stipulation that must be satisfied before the contract can be performed If a borrower is behind on payments, the acceleration clause gives the lender the ability to: - Answer -call the entire loan balance due immediately