RE Exam questions with verified
solutions
Fair market value cannot be established unless a transaction is considered ____. - correct answer
✔✔Arm's Length
Living Trust - correct answer ✔✔Passed to trustee/successor upon death, avoid probate and transfers
ownership before death
Acre - correct answer ✔✔4,840 yards, 43,560 feet
Mile - correct answer ✔✔5,280 feet, 1760 yards
Housing and Community Development Act of 1974 - correct answer ✔✔added gender (sex) to the
protected classes
Adjustable Rate Mortgage - correct answer ✔✔interest rate can reflect change in economy
Blanket mortgage - correct answer ✔✔Covers more than one piece of property.
Federal Fair Housing Act of 1968 - correct answer ✔✔Discrimination against family status and handicap
Contract for deed - correct answer ✔✔Seller passes possession but retains title until amount paid in full
or substantially. Installment contract
Triple net lease - correct answer ✔✔tenant pays re taxes, maintenance, and insurance
Absolute net lease - correct answer ✔✔Tenant pays all 3 and structural. No legal recourse, tenant
responsible for everything that goes wrong.
, Tenancy in Common - correct answer ✔✔Undivided interest in the property. If an owner dies, the
deceased person's share is conveyed to his or her heirs, not the other owners.
Tenancy by the Entirety - correct answer ✔✔joint tenancy only available to married couples
Joint tenancy - correct answer ✔✔The joint ownership of property by two or more co-owners in which
each co-owner owns an undivided portion of the property. On the death of one of the joint tenants, his
or her interest automatically passes to the surviving joint tenants.
Exclusive Agency - correct answer ✔✔broker exclusive agent but owner can sell an doesn't owe
commission
Fair Housing Act of 1968 - correct answer ✔✔discrimination against # of children, religion, and national
origin
Tax deductible Mortgage expenses - correct answer ✔✔Re taxes and mortgage interest
RESPA - correct answer ✔✔Real Estate Settlement Procedures Act, prohibits kickback from service
provider
Void - correct answer ✔✔Contact for illegal purpose
Voidable - correct answer ✔✔enforceable against one party but not the other
Adverse possession - correct answer ✔✔someone uses property for a period of time and you lose
property or have rights to property restricted
Easement - correct answer ✔✔the right to use land for a specific and limited purpose
In order to qualify as one of the six real estate broker members of the Missouri Real Estate Commission,
how many years of real estate broker experience must you have? - correct answer ✔✔10
solutions
Fair market value cannot be established unless a transaction is considered ____. - correct answer
✔✔Arm's Length
Living Trust - correct answer ✔✔Passed to trustee/successor upon death, avoid probate and transfers
ownership before death
Acre - correct answer ✔✔4,840 yards, 43,560 feet
Mile - correct answer ✔✔5,280 feet, 1760 yards
Housing and Community Development Act of 1974 - correct answer ✔✔added gender (sex) to the
protected classes
Adjustable Rate Mortgage - correct answer ✔✔interest rate can reflect change in economy
Blanket mortgage - correct answer ✔✔Covers more than one piece of property.
Federal Fair Housing Act of 1968 - correct answer ✔✔Discrimination against family status and handicap
Contract for deed - correct answer ✔✔Seller passes possession but retains title until amount paid in full
or substantially. Installment contract
Triple net lease - correct answer ✔✔tenant pays re taxes, maintenance, and insurance
Absolute net lease - correct answer ✔✔Tenant pays all 3 and structural. No legal recourse, tenant
responsible for everything that goes wrong.
, Tenancy in Common - correct answer ✔✔Undivided interest in the property. If an owner dies, the
deceased person's share is conveyed to his or her heirs, not the other owners.
Tenancy by the Entirety - correct answer ✔✔joint tenancy only available to married couples
Joint tenancy - correct answer ✔✔The joint ownership of property by two or more co-owners in which
each co-owner owns an undivided portion of the property. On the death of one of the joint tenants, his
or her interest automatically passes to the surviving joint tenants.
Exclusive Agency - correct answer ✔✔broker exclusive agent but owner can sell an doesn't owe
commission
Fair Housing Act of 1968 - correct answer ✔✔discrimination against # of children, religion, and national
origin
Tax deductible Mortgage expenses - correct answer ✔✔Re taxes and mortgage interest
RESPA - correct answer ✔✔Real Estate Settlement Procedures Act, prohibits kickback from service
provider
Void - correct answer ✔✔Contact for illegal purpose
Voidable - correct answer ✔✔enforceable against one party but not the other
Adverse possession - correct answer ✔✔someone uses property for a period of time and you lose
property or have rights to property restricted
Easement - correct answer ✔✔the right to use land for a specific and limited purpose
In order to qualify as one of the six real estate broker members of the Missouri Real Estate Commission,
how many years of real estate broker experience must you have? - correct answer ✔✔10
