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Real Estate Practice Exam Questions and Answers | Latest Version | 2025/2026 | Correct & Verified What type of property includes land and anything permanently attached to it? Real property What is the process of determining a property's market value for a loan or sale? Appraisal What is the legal right to use someone else’s land for a specific purpose called? Easement What type of listing allows a seller to hire multiple brokers but pay commission only to the one who sells...

1. Brokerage definition... - ANSWERSthe business practice of bringing together the parties in a practice. 2. What are two examples of special use property? - ANSWERSschools and cemetary 3. What is an example of functional obsolescence? - ANSWERSbathroom 4. Principal definition... - ANSWERSa consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. 5. Capitalization definition... - ANSWERSthe process of determi...

Real Estate Practice Exam Questions

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RealEstatePracticeOnlineExam(FirstTuesday)Latest Update. 1. A real estate sales agent may be employed by: (Page 2) - > b) their broker 2. As a prerequisite to an agent's use of an income and expense data worksheet, the agent asks a prospective broker: (Page 15) - > d) All of the above. 3. A ____ occurs when a broker or their agent has a professional or personal bias which hinders their ability to fulfill the fiduciary duties owed to their client. (Page 45) - > b) conflict of i...

RealEstatePracticeExamQuestionswith CompleteSolutions. 1. Brokerage definition... - Correct Answer the business practice of bringing together the parties in a practice. 2. What are two examples of special use property? - Correct Answer schools and cemetary 3. What is an example of functional obsolescence? - Correct Answer bathroom 4. Principal definition... - Correct Answer a consumer of real estate services who has entered into an agency relationship with a broker or another licensee em...