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National Real Estate Licensing
Exam Prep 2026/2027 |
Complete Practice Questions &
Answer Explanations |
Comprehensive Study Guide
In most cases, broker compensation, as a percentage of home price, falls somewhere between:
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?
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?
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?
$280
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A square bedroom measures 10 feet by 10 feet. What is the area of the room?
100 square feet
Which of these is an economic characteristic that makes land a distinctive commodity?*
situs
In a fixed-rate mortgage that is fully amortized, the total amount of interest to be paid is:
predetermined
Which is exempt from the federal Fair Housing Act?
renting a room in a house occupied by the owner
The Americans with Disabilities Act applies to:
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?
eminent domain
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The PHYSICAL characteristics of land are that land is indestructible, non-homogenous, and:
immobile
Which statement BEST defines the term contingency?
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:
call the entire loan balance due immediately
A metes and bounds legal description always returns to:
the point of beginning
What should a license holder do if a client instructs them to do something that would
discriminate against a protected class?
advise the client they cannot legally discriminate against certain groups
What is a novation?
the substitution of one contract for another
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?
National Real Estate Licensing
Exam Prep 2026/2027 |
Complete Practice Questions &
Answer Explanations |
Comprehensive Study Guide
In most cases, broker compensation, as a percentage of home price, falls somewhere between:
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?
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?
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?
$280
,/////…/.//,.,./.,./.,..,..//…,,…..,,,,,..////.,.,.,[]][‘;@@@2../././/…../////…/;;;.//
A square bedroom measures 10 feet by 10 feet. What is the area of the room?
100 square feet
Which of these is an economic characteristic that makes land a distinctive commodity?*
situs
In a fixed-rate mortgage that is fully amortized, the total amount of interest to be paid is:
predetermined
Which is exempt from the federal Fair Housing Act?
renting a room in a house occupied by the owner
The Americans with Disabilities Act applies to:
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?
eminent domain
, /////…/.//,.,./.,./.,..,..//…,,…..,,,,,..////.,.,.,[]][‘;@@@2../././/…../////…/;;;.//
The PHYSICAL characteristics of land are that land is indestructible, non-homogenous, and:
immobile
Which statement BEST defines the term contingency?
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:
call the entire loan balance due immediately
A metes and bounds legal description always returns to:
the point of beginning
What should a license holder do if a client instructs them to do something that would
discriminate against a protected class?
advise the client they cannot legally discriminate against certain groups
What is a novation?
the substitution of one contract for another
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?
