Real Estate Practice Exam
Package with Solution Updated
2026/2027 Comprehensive
Pre-Licensing and Exam
Preparation Study Resource
1. Brokerage definition... - ANSWER-the business practice of bringing together the
parties in a practice.
2. What are two examples of special use property? - ANSWER-schools and
cemetary
3. What is an example of functional obsolescence? - ANSWER-bathroom
4. Principal definition... - ANSWER-a consumer of real estate services who has
entered into an agency relationship with a broker or another licensee employed
by a broker.
5. Capitalization definition... - ANSWER-the process of determining the present
value of a property from it's future income.
, 6. What is the salespersons obligation to a buyer under single agency listing? -
ANSWER-Inform the buyer
8. All are examples of real estate except... - ANSWER-factories
9. What is homeowners insurance? - ANSWER-Insurance to protect owners from
fires and other etc.
10. Special agent definition... - ANSWER-the type of agency in which the principal
authorizes the agent to represent the agent in "one specific transaction or
business activity"
11. Which is not used to determine cost approach to estimate value?
-Quantity Survey Method
-Unit-in-Place Method
-Square Foot Method
-Gross Rent Multiplier Method - ANSWER-Gross Rent Multiplier Method
What is steering? - ANSWER-the unlawful act of keeping a buyer away from
certain communities or guiding them to purchase in certain communities.
15. Entitlement to commission when transaction is not consummated. - ANSWER-
Except when listing broker does not disclose information
Package with Solution Updated
2026/2027 Comprehensive
Pre-Licensing and Exam
Preparation Study Resource
1. Brokerage definition... - ANSWER-the business practice of bringing together the
parties in a practice.
2. What are two examples of special use property? - ANSWER-schools and
cemetary
3. What is an example of functional obsolescence? - ANSWER-bathroom
4. Principal definition... - ANSWER-a consumer of real estate services who has
entered into an agency relationship with a broker or another licensee employed
by a broker.
5. Capitalization definition... - ANSWER-the process of determining the present
value of a property from it's future income.
, 6. What is the salespersons obligation to a buyer under single agency listing? -
ANSWER-Inform the buyer
8. All are examples of real estate except... - ANSWER-factories
9. What is homeowners insurance? - ANSWER-Insurance to protect owners from
fires and other etc.
10. Special agent definition... - ANSWER-the type of agency in which the principal
authorizes the agent to represent the agent in "one specific transaction or
business activity"
11. Which is not used to determine cost approach to estimate value?
-Quantity Survey Method
-Unit-in-Place Method
-Square Foot Method
-Gross Rent Multiplier Method - ANSWER-Gross Rent Multiplier Method
What is steering? - ANSWER-the unlawful act of keeping a buyer away from
certain communities or guiding them to purchase in certain communities.
15. Entitlement to commission when transaction is not consummated. - ANSWER-
Except when listing broker does not disclose information
