NATIONAL BROKERAGE EXAM
QUESTIONS AND ANSWERS 2026
VERIFIED.
Earnest money is usually made in the form of a - ANS check.
What is the purpose of the Statute of Frauds? - ANS It requires certain conveyance-related
contracts to be in writing.
What is the definition of a principal? - ANS A person who delegates another to act on his or
her behalf through an agency relationship
Which of the following referral fees are NOT prohibited by RESPA? - ANS Fees among
cooperating brokers
The Brooks' paid-off property sold for $247,600. What will they net after paying a 7.5%
commission to their broker? - ANS $229,030
After a listing agreement is signed, and if the agent is a member of a marketing service called a
Multiple Listing Service (MLS). What specific form must be completed before the agent can post
and market the property to other licensees who are members of MLS? - ANS An MLS form
Which document is the most important at closing? - ANS Deed
@2026/2027 ALLRIGHTS RESERVED.
, A utility right-of-way is an example of - ANS an encumbrance.
A building with integrated office and retail space would be considered - ANS a mixed-use
property.
Which of the following is an advantage of investing in a nonresidential property? -
ANS Limited rent controls
Most apartment leases are - ANS estates from period to period.
Owning a building typically - ANS reduces the flexibility of the business
Agent Sally has been with Black Realty for over three years and has worked up to the top agent
in the firm. Her commission percentage rate is double that of a starting agent. Based on this
information, what type of compensation plan does the Black agency have in place? -
ANS Graduated
AIDA stands for - ANS Attention, Interest, Desire, and Action
What is the best approach to establishing a buyer's possession? - ANS Buyers take possession
on the day of the close.
Which type of contract can have tax benefits for a seller? - ANS Contract for deed
A broker can enter into a single agency agreement with - ANS a buyer.
Which of the following situations would give concern about working for the Sunny Valley
Brokerage? - ANS Agents seem to come and go quickly.
All closing real estate sales must be reported to the IRS on which form? - ANS Form 1099
@2026/2027 ALLRIGHTS RESERVED.
QUESTIONS AND ANSWERS 2026
VERIFIED.
Earnest money is usually made in the form of a - ANS check.
What is the purpose of the Statute of Frauds? - ANS It requires certain conveyance-related
contracts to be in writing.
What is the definition of a principal? - ANS A person who delegates another to act on his or
her behalf through an agency relationship
Which of the following referral fees are NOT prohibited by RESPA? - ANS Fees among
cooperating brokers
The Brooks' paid-off property sold for $247,600. What will they net after paying a 7.5%
commission to their broker? - ANS $229,030
After a listing agreement is signed, and if the agent is a member of a marketing service called a
Multiple Listing Service (MLS). What specific form must be completed before the agent can post
and market the property to other licensees who are members of MLS? - ANS An MLS form
Which document is the most important at closing? - ANS Deed
@2026/2027 ALLRIGHTS RESERVED.
, A utility right-of-way is an example of - ANS an encumbrance.
A building with integrated office and retail space would be considered - ANS a mixed-use
property.
Which of the following is an advantage of investing in a nonresidential property? -
ANS Limited rent controls
Most apartment leases are - ANS estates from period to period.
Owning a building typically - ANS reduces the flexibility of the business
Agent Sally has been with Black Realty for over three years and has worked up to the top agent
in the firm. Her commission percentage rate is double that of a starting agent. Based on this
information, what type of compensation plan does the Black agency have in place? -
ANS Graduated
AIDA stands for - ANS Attention, Interest, Desire, and Action
What is the best approach to establishing a buyer's possession? - ANS Buyers take possession
on the day of the close.
Which type of contract can have tax benefits for a seller? - ANS Contract for deed
A broker can enter into a single agency agreement with - ANS a buyer.
Which of the following situations would give concern about working for the Sunny Valley
Brokerage? - ANS Agents seem to come and go quickly.
All closing real estate sales must be reported to the IRS on which form? - ANS Form 1099
@2026/2027 ALLRIGHTS RESERVED.
