mo real estate Exam Questions
and Answers 100% PASS
Missouri licensee Jim is sole owner of three houses. He lists one for sale on Craigslist under
the "For Sale by Owner" section, with his name and cell number, and his sponsoring broker's
name and phone number. Is this permitted by law? - CORRECT ANSWER-No, because
licensees may not list any properties they own as "for sale by owner." Jim's mistake here was
indicating that this property was for sale by owner. He posted it in the FSBO section of
Craigslist, and he didn't disclose his licensed status. Both of these were big mistakes.
Severable rights - CORRECT ANSWER-surface rights, air rights, and subsurface rights that can
be sold by a property owner while still retaining the property itself
Joint tenancy - CORRECT ANSWER-right of survivorship; upon death of a joint tenant, their
interest in the property passes on to the remaining joint tenant
resort timeshare - CORRECT ANSWER-Fee simple interest for the private use of a residential
property for one week every single year. Title work, a closing, and the buyer is conveyed a
deed.
Easement appurtenant - CORRECT ANSWER-Allows use of neighboring property which
automatically transfers upon the sale of either dominant or servient property; "runs with the
land"
,fully executed - CORRECT ANSWER-Status of contract when all terms have been fulfilled and
transaction has been closed
Fee Simple Absolute - CORRECT ANSWER-Highest form of land ownership which includes the
full and complete bundle of property rights of possession, control, exclusion, enjoyment, and
disposition
tenancy in common - CORRECT ANSWER-ownership that allows two or more owners to have
various unequal percentages of ownership, and also grants owners to have an equal
undivided interest in a property
tenancy in severalty - CORRECT ANSWER-one property owner/sole owner of a property
what are the four land use controls - CORRECT ANSWER-police power, escheat, eminent
domain, and taxation
what is the general purpose for cities to require building permits - CORRECT ANSWER-to
require a min level of construction standards which maintains the safety and well being of
the public
Andy's arcade has been in business in the same location for 15years. The city recently
rezoned the area, no longer allowing commercial usage. Soon after the rezoning, Andy's
suffered a devastating fire and the arcade as a total loss. What will Andy need to obtain from
the city in order to rebuild the arcade in the same location? - CORRECT ANSWER-Andy will
need to obtain a variance. A variance would allow the property owner to deviate from the
regular zoning requirements et forth by the zoning board. Without a variance, all
construction in the zoned area must be residential.
© 2026 Copyright. All Rights Reserved. This document is
protected by copyright law
,the city of brownwood plans to build a new water treatment facility but the land that is
required is is privately owned. eminent domain allows the city to: - CORRECT ANSWER-take
possession off the land against the owner's wishes, yet the owner must be compensated
mr thompson passed away and had no heirs and left no will or instructions as to whom he
wanted to leave his property to. In this situation, his property will revert back to the state
under the doctrine of: - CORRECT ANSWER-escheat: when a person dies w no heirs or will in
place and property they owned reverts back to state government ownership
agent brook is preparing for a listing appointment and has gathered information to prepare a
report of recent market data for the seller to review. The report agents reconcile to obtain a
reasonable list price for a property based on current listings, recent sales, and expireds
would be called: - CORRECT ANSWER-comparative market analysis CMA
Paul owns an older residential property in an area now zoned for commercial use. Paul
decides to renovate the home into a laundry mat. The change in the properties functionality
for Paul's financial gain is an example of what - CORRECT ANSWER-highest and best use:
transition of residential property to an income producing business
jon's tire store is being built across the street from big bob's tires. what appraisal principle
describes this situation. - CORRECT ANSWER-competition: two similar businesses attract
more customers when within close proximity than they would separately
buyer Sam purchased a run down residential home in a neighborhood with many nice well
kept properties. Sam intends to renovate the home and resell it for a profit. considering the
nicer homes in the neighborhood help raise his property value, what appraisal principle is
Sam leveraging? - CORRECT ANSWER-progression: dilapidated property will gain value when
, surrounding properties are well kept. Nicer homes surrounding a property that is run down
will only raise the subject properties value.
during the appraisal process, the appraiser will never adjust the price of the - CORRECT
ANSWER-subject property
While working on an appraisal report, appraiser Jake finds that the comparable property is
superior to the subject property with more amenities. How will Jake make adjustments to
arrive at a value of the subject property? - CORRECT ANSWER-subtract value from
comparable. price comparable home sold for with more features needs to be adjusted down
to find the probable price the subject property will sell for without those features.
The beautiful town is experiencing a fast influx of new residents. there are a few homes on
the market and no new construction developments in the works. What will this do to the
price of the existing homes? - CORRECT ANSWER-prices will increase bc of influx of new
residents in an area with limited housing drives property values up
homeowner Paul is selling his home without a real estate agent. He places an ad stating
"owner financing 3% down payment" is Paul's advertisement in violation of the truth in
lending act? - CORRECT ANSWER-Property owners are not regulated by TRIL advertising
requirements. the Truth in Lending Act and Regulaton Z regulates the terms used in lending
ads by lenders. Property owners are exempt from the advertising requirements when selling
their property
which loan type does not require a downpayment - CORRECT ANSWER-VA loan
© 2026 Copyright. All Rights Reserved. This document is
protected by copyright law
and Answers 100% PASS
Missouri licensee Jim is sole owner of three houses. He lists one for sale on Craigslist under
the "For Sale by Owner" section, with his name and cell number, and his sponsoring broker's
name and phone number. Is this permitted by law? - CORRECT ANSWER-No, because
licensees may not list any properties they own as "for sale by owner." Jim's mistake here was
indicating that this property was for sale by owner. He posted it in the FSBO section of
Craigslist, and he didn't disclose his licensed status. Both of these were big mistakes.
Severable rights - CORRECT ANSWER-surface rights, air rights, and subsurface rights that can
be sold by a property owner while still retaining the property itself
Joint tenancy - CORRECT ANSWER-right of survivorship; upon death of a joint tenant, their
interest in the property passes on to the remaining joint tenant
resort timeshare - CORRECT ANSWER-Fee simple interest for the private use of a residential
property for one week every single year. Title work, a closing, and the buyer is conveyed a
deed.
Easement appurtenant - CORRECT ANSWER-Allows use of neighboring property which
automatically transfers upon the sale of either dominant or servient property; "runs with the
land"
,fully executed - CORRECT ANSWER-Status of contract when all terms have been fulfilled and
transaction has been closed
Fee Simple Absolute - CORRECT ANSWER-Highest form of land ownership which includes the
full and complete bundle of property rights of possession, control, exclusion, enjoyment, and
disposition
tenancy in common - CORRECT ANSWER-ownership that allows two or more owners to have
various unequal percentages of ownership, and also grants owners to have an equal
undivided interest in a property
tenancy in severalty - CORRECT ANSWER-one property owner/sole owner of a property
what are the four land use controls - CORRECT ANSWER-police power, escheat, eminent
domain, and taxation
what is the general purpose for cities to require building permits - CORRECT ANSWER-to
require a min level of construction standards which maintains the safety and well being of
the public
Andy's arcade has been in business in the same location for 15years. The city recently
rezoned the area, no longer allowing commercial usage. Soon after the rezoning, Andy's
suffered a devastating fire and the arcade as a total loss. What will Andy need to obtain from
the city in order to rebuild the arcade in the same location? - CORRECT ANSWER-Andy will
need to obtain a variance. A variance would allow the property owner to deviate from the
regular zoning requirements et forth by the zoning board. Without a variance, all
construction in the zoned area must be residential.
© 2026 Copyright. All Rights Reserved. This document is
protected by copyright law
,the city of brownwood plans to build a new water treatment facility but the land that is
required is is privately owned. eminent domain allows the city to: - CORRECT ANSWER-take
possession off the land against the owner's wishes, yet the owner must be compensated
mr thompson passed away and had no heirs and left no will or instructions as to whom he
wanted to leave his property to. In this situation, his property will revert back to the state
under the doctrine of: - CORRECT ANSWER-escheat: when a person dies w no heirs or will in
place and property they owned reverts back to state government ownership
agent brook is preparing for a listing appointment and has gathered information to prepare a
report of recent market data for the seller to review. The report agents reconcile to obtain a
reasonable list price for a property based on current listings, recent sales, and expireds
would be called: - CORRECT ANSWER-comparative market analysis CMA
Paul owns an older residential property in an area now zoned for commercial use. Paul
decides to renovate the home into a laundry mat. The change in the properties functionality
for Paul's financial gain is an example of what - CORRECT ANSWER-highest and best use:
transition of residential property to an income producing business
jon's tire store is being built across the street from big bob's tires. what appraisal principle
describes this situation. - CORRECT ANSWER-competition: two similar businesses attract
more customers when within close proximity than they would separately
buyer Sam purchased a run down residential home in a neighborhood with many nice well
kept properties. Sam intends to renovate the home and resell it for a profit. considering the
nicer homes in the neighborhood help raise his property value, what appraisal principle is
Sam leveraging? - CORRECT ANSWER-progression: dilapidated property will gain value when
, surrounding properties are well kept. Nicer homes surrounding a property that is run down
will only raise the subject properties value.
during the appraisal process, the appraiser will never adjust the price of the - CORRECT
ANSWER-subject property
While working on an appraisal report, appraiser Jake finds that the comparable property is
superior to the subject property with more amenities. How will Jake make adjustments to
arrive at a value of the subject property? - CORRECT ANSWER-subtract value from
comparable. price comparable home sold for with more features needs to be adjusted down
to find the probable price the subject property will sell for without those features.
The beautiful town is experiencing a fast influx of new residents. there are a few homes on
the market and no new construction developments in the works. What will this do to the
price of the existing homes? - CORRECT ANSWER-prices will increase bc of influx of new
residents in an area with limited housing drives property values up
homeowner Paul is selling his home without a real estate agent. He places an ad stating
"owner financing 3% down payment" is Paul's advertisement in violation of the truth in
lending act? - CORRECT ANSWER-Property owners are not regulated by TRIL advertising
requirements. the Truth in Lending Act and Regulaton Z regulates the terms used in lending
ads by lenders. Property owners are exempt from the advertising requirements when selling
their property
which loan type does not require a downpayment - CORRECT ANSWER-VA loan
© 2026 Copyright. All Rights Reserved. This document is
protected by copyright law
