National Real Estate Exam Practice Questions and answers graded A+

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National Real Estate Exam Practice Questions and answers graded A+ A property owner has decided to do some landscaping work on his yard. He has planted a tree surrounded by some flowering shrubs. The... tree and shrubs are an example of... A property owner has a waterfront lot on a stream. He has the right to use the water from the stream. What is this right called? A tenant is aware that his lease will expire at the end of the month. He has begun to disassemble his display cabinets and shelves. Which of the following statements about this is true A seller is attending the closing on his property. The title company has discovered an unsatisfied M&M lien on the property. Which of the following is the most likely reason for the lien? A listing agent went to inspect a seller's property hoping to list it for sale. The seller told the listing agent that his neighbor's satellite dish trespasses on his property. This is an example of... A father gives his son a life estate on a property. The son leases the property. The tenant dies. What happens to the property? A man leaves his second wife a life estate in their home after which the property goes to his children from his first marriage. The children... Which of the following statements about an easement is true? P, Q and R are joint tenants. P wants to sell the property, but Q and R do not. What can P do? A, B and C are joint tenants. C dies. B sells his share to D. What type of ownership do A and D have? Under what right can the government change property use from commercial to residential only? Ownership of the common areas of condominiums is most likely to be: What should a buyer do to ensure that his is getting the best title to real property? Which covenant in a deed guarantees that the owners will not suffer or be disturbed by any claims on the property? Excess money at a foreclosure sale goes to... After defaulting on a real estate loan, a borrower is able to pay off the loan prior to the foreclosure sale. This is called: The required distance between buildings and a federally protected endangered species wetlands is an example of... A couple purchased a condominium. The complex has an exercise room for all residents. The couple does not use the exercise room and does not want to pay the monthly fee for the use of the facility. What can they do to avoid this fee? Which of the following is personal property? A landlord leased space in his new retail property to an inexperienced business person. Based on location and the type of business, the landlord believes it will be a great success. What type of lease can he enter into with the tenant that will allow the landlord to benefit from the tenant's success? A buyer has purchased a property and after closing the seller will continue to occupy the property. This is an example of... Your client will be able to qualify for a property they wish to purchase in about 6 months, after they had an opportunity to reduce their consumer debt. They have found a property that they would like to purchase now. What type of agreement can they enter into with a seller that will allow them to occupy the property now and purchase it within the 6 months? Tenants have signed a 3 year lease on a property. In the second year the owner dies and his heirs inherit the property. They give the tenants notice to vacate. What is true? A developer decides to build a commercial property in the middle of a residential subdivision. What is required? A zoning ordinance would affect which of the following? If a person dies without a will, who receives their estate? What are the requirements/ criteria for real estate to have values? What principle of value defines the most important factor for appraisal? What approach would an appraiser most likely use to value a residential rent house in neighborhood where a majority of the homes are leased? A licensed broker is advertising that he will perform a free appraisal if you contact him for a listing appointment. He is not in violation of the law... Which of the following is NOT an example of functional obsolescence? According to the Statute of Frauds, which of the following leases must be in writing? Your client is an investor who would like to have the right to purchase a commercial tract for $5 million for the next 6 months. What type of contract should he enter into with the seller? A signed sales contract that has not yet gone to closing is... When does an offer become a contract? Which of the following statements is true about the duties of an agent according to the common law of agency? A property manager is hired and signs a management agreement with the owner. At this time, the property manager is... A buyer and seller have negotiated a contract on the seller's property with a closing set for June 14th, time is of the essence. On June 12th the listing agent calls the buyer's agent and tells him the seller will be unable to close on the 14th. The seller can close on the 16th. At this time, what is true? A licensee is representing a seller in a commercial transaction. The property is under contract and all contingencies have been met. The listing agent learns the State Department of Transportation has authorized the construction of an exit ramp to the interstate right behind the commercial property. The exit ramp will greatly increase the value of the seller's property. What should the agent do? A listing agent is showing his listing to a buyer customer and notices a problem with the exterior of the property that he missed when he listed the property. What should he do? A buyer's agent has accidentally forwarded confidential information about his buyer's financial background to the listing agent. What is true? What is the difference between replacement cost and market value? Economic life is defined as An unlicensed assistant gets a call from a listing owner with questions about a contract- what should the assistant do? An underage college student signs a lease, then discloses his age to the landlord. What is true? A seller comes into the office to sign a contract. The seller is stumbling and smells of alcohol. How do you proceed? A high rise condominium property is advertised as having the "Most beautiful view of the city". This ad is best described as Which of the following facts about listed property must be disclosed A lead paint disclosure is required for all properties built before Which of the following statements about lead is NOT true? CERCLA is under the administration of: Which of the following used in 1978 is both extremely hazardous and friable? Which of the following properties would be the least desirable neighborhood? A seller must keep a copy of the lead paint disclosure he provided to the buyer for It has been found that mold can develop due to General liability insurance will A condo owner's policy will most likely cover the owner if A condo complex has liability complex has liability insurance. This is least likely to cover Accurate record keeping is the responsibility of all the brokers. If a broker's computers are stolen what steps could have been taken to protect records? A license holder has just attended a training seminar about technology in real estate and is excited about using social media with her clients. Which of the following statements about social media in real estate is NOT true? A sales agent is showing a property. He trips in the house causes major damage to property of the owner. What type of insurance will cover this accident? Prior to its amendments, the Civil Rights Act of 1968 prohibited discrimination based on... An agent working with immigrant buyers must be careful An agent is accused of discrimination. What will HUD do... A mobility impaired tenant has leased an apartment in a complex with unassigned parking. He has requested an assigned reserved space near to his unit. What is true? An investor has 15 rent houses. He has hired an agent to lease the houses. Which of the following actions by the agent would NOT be in violation of fair housing laws. Which of the following would NOT be an operating expense included in the property manager's operating budget Which of the following would be most likely to hire a property manager? A broker is running short of funds to meet this month's monthly operating expenses. He places a client's earnest money deposit in his business account and uses it to pay is rent. After his next closing, he replaces the client's deposit in his trust account. The broker... Which of the following is NOT an example of due diligence in a sales contract? A sales agent just obtained a listing. The seller told the agent that she needs to sell the property because she is going through a divorce. What must the salesperson do Wetlands typically contain which of the following? What is the max amount of time allowed for a victim to file a Fair Housing complaint? A property manager notices that the building stucco needs repair. He notifies the landlord and recommends a contractor. The landlord uses the contractor who does not do a good job. The new stucco leaks and mold grows. The tenant becomes ill from the mold. Who is responsible? An apartment building owner has renovated and modified several units to be handicapped accessible. Can he advertise this accommodation? When did the second amendment of the Federal Fair Housing Act go into effect? What is the purpose of a property management trust account? Regulation Z applies to: The main purpose of Regulation Z is What is a requirement of the CFPB [Show More]

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