NSAR Exam Quiz and Answers 100%
Solved 2026 New Update
Legal Mortgage - Answer- First Mortgage
What is a mortgage? - Answer- A conveyance or transfer of property to the mortgage
(lender) as security, redeemable to mortgagee (borrower) upon payment in full
4 D's of agency discloser - Answer- Decide, Disclose, Document, Do
6 primary fiduciary duties - Answer- Disclose, Competency, Accountability, Loyalty,
Confidentiality, Obedience
Disclose - Answer- All pertinent and material facts to client when providing services
Competency - Answer- Excessive reasonable care and skill in carrying out duties on
behalf of client
Obedience - Answer- Obey lawful instructions of the client
Accountability - Answer- Account for all monies and property entrusted with the
brokerage by that client
Confidentiality - Answer- Not disclose information about the client that would adversely
impact that client, unless legally obligated to do so
Loyalty - Answer- Remain loyal to that client and protect & promote his/her interesting
NSREC bylaw sets out ______ requirements in Article 3 of Standards of Business
Practice. ______ MUST be in writing & attempt to obtain acknowledgement from
client/party - Answer- Disclosure
Comparative Market Analysis (CMA) - Answer- Not designed to estimate market value,
but to establish realistic listing price
Typically completed by a salesperson using MLS and exclusive office sale, sold and
expired data - Answer- CMA
3 approaches to establish value - Answer- Cost approach, income approach, and client
comparison approach
Objective value - Answer- Relating to the direct cost of creating (ex: buying a lot and
building a home)
Solved 2026 New Update
Legal Mortgage - Answer- First Mortgage
What is a mortgage? - Answer- A conveyance or transfer of property to the mortgage
(lender) as security, redeemable to mortgagee (borrower) upon payment in full
4 D's of agency discloser - Answer- Decide, Disclose, Document, Do
6 primary fiduciary duties - Answer- Disclose, Competency, Accountability, Loyalty,
Confidentiality, Obedience
Disclose - Answer- All pertinent and material facts to client when providing services
Competency - Answer- Excessive reasonable care and skill in carrying out duties on
behalf of client
Obedience - Answer- Obey lawful instructions of the client
Accountability - Answer- Account for all monies and property entrusted with the
brokerage by that client
Confidentiality - Answer- Not disclose information about the client that would adversely
impact that client, unless legally obligated to do so
Loyalty - Answer- Remain loyal to that client and protect & promote his/her interesting
NSREC bylaw sets out ______ requirements in Article 3 of Standards of Business
Practice. ______ MUST be in writing & attempt to obtain acknowledgement from
client/party - Answer- Disclosure
Comparative Market Analysis (CMA) - Answer- Not designed to estimate market value,
but to establish realistic listing price
Typically completed by a salesperson using MLS and exclusive office sale, sold and
expired data - Answer- CMA
3 approaches to establish value - Answer- Cost approach, income approach, and client
comparison approach
Objective value - Answer- Relating to the direct cost of creating (ex: buying a lot and
building a home)
