NATIONAL REAL ESTATE EXAM PRACTICE TEST BANK FINAL
EXAM || MOST RECENT EXAM 2026 ACTUAL COMPLETE
REAL EXAM QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS) ALREADY GRADED A+ |
GUARANTEED SUCCESS!! NEWEST EXAM | JUST
RELEASED!!
What is a novation?
ANSWERS: the substitution of one contract for another
A married couple bought a home ten years ago for $400,000. Their
neighborhood has rapidly grown in popularity, and they were able to sell
their home this year for
$950,000. How much of that money will they be required to pay capital
gains tax on?
ANSWERS: $50,000
Which element of a valid contract states that the contract cannot require
any illegal activities or outcomes?
ANSWERS: lawful objective
,Deanna wants to sue her real estate agent, but finds out that she has no legal
recourse because too many years have passed since the offending incident.
What is this an example of?
ANSWERS: statute of limitations
Pedro bought his house for $370,000. The assessed value is $290,000. If the
tax rate for Pedro's county is 2.375%, what will he pay in ad valorem taxes
this year?
ANSWERS: $6,887.50
A potentially valid contract in which at least one party has the option to
rescind is described as:
ANSWERS: voidable
When you're talking about mortgages, what is another name for an
origination fee?
ANSWERS: points
, Both parties involved in an agency agreement agree to end the agreement
early. What is this called?
ANSWERS: mutual rescission
What does a standard title insurance policy do?*
ANSWERS: protects against any defects discovered in the title after closing
Which term describes the transfer of property from the current owner to
another party by sale or gift?*
ANSWERS: voluntary alienation
In the sales comparison approach to property valuation, what does the
principle of substitution state?*
ANSWERS: The value of a property is only what a consumer would pay to
acquire a comparable property.
Who can require a buyer to purchase homeowners insurance?
ANSWERS: lender
Which of the following statements may represent the unauthorized practice
of law?
*
ANSWERS:
"You should proceed without ordering a new abstract - this title is clear."
EXAM || MOST RECENT EXAM 2026 ACTUAL COMPLETE
REAL EXAM QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS) ALREADY GRADED A+ |
GUARANTEED SUCCESS!! NEWEST EXAM | JUST
RELEASED!!
What is a novation?
ANSWERS: the substitution of one contract for another
A married couple bought a home ten years ago for $400,000. Their
neighborhood has rapidly grown in popularity, and they were able to sell
their home this year for
$950,000. How much of that money will they be required to pay capital
gains tax on?
ANSWERS: $50,000
Which element of a valid contract states that the contract cannot require
any illegal activities or outcomes?
ANSWERS: lawful objective
,Deanna wants to sue her real estate agent, but finds out that she has no legal
recourse because too many years have passed since the offending incident.
What is this an example of?
ANSWERS: statute of limitations
Pedro bought his house for $370,000. The assessed value is $290,000. If the
tax rate for Pedro's county is 2.375%, what will he pay in ad valorem taxes
this year?
ANSWERS: $6,887.50
A potentially valid contract in which at least one party has the option to
rescind is described as:
ANSWERS: voidable
When you're talking about mortgages, what is another name for an
origination fee?
ANSWERS: points
, Both parties involved in an agency agreement agree to end the agreement
early. What is this called?
ANSWERS: mutual rescission
What does a standard title insurance policy do?*
ANSWERS: protects against any defects discovered in the title after closing
Which term describes the transfer of property from the current owner to
another party by sale or gift?*
ANSWERS: voluntary alienation
In the sales comparison approach to property valuation, what does the
principle of substitution state?*
ANSWERS: The value of a property is only what a consumer would pay to
acquire a comparable property.
Who can require a buyer to purchase homeowners insurance?
ANSWERS: lender
Which of the following statements may represent the unauthorized practice
of law?
*
ANSWERS:
"You should proceed without ordering a new abstract - this title is clear."
