REAL ESTATE EXAM COMPLETE PRACTICE QUESTIONS WITH 100% VERIFIED ANSWERS

REAL ESTATE EXAM COMPLETE PRACTICE QUESTIONS WITH 100% VERIFIED ANSWERS .1. Brokerage definition... - ANSWERS-the business practice of bringing together the parties in a practice. .2. What are two examples of special use property? - ANSWERS-schools and cemetary .3. What is an example of functional obsolescence? - ANSWERS-bathroom .4. Principal definition... - ANSWERS-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... - ANSWERS-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? - ANSWERS-Inform the buyer .8. All are examples of real estate except... - ANSWERS-factories .9. What is homeowners insurance? - ANSWERS-Insurance to protect owners from fires and other etc. .10. Special agent definition... - ANSWERS-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 - ANSWERS-Gross Rent Multiplier Method .What is steering? - ANSWERS-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. - ANSWERS-Except when listing broker does not disclose information .16. Can a salesperson give legal advice? - ANSWERS-No, not unless they are an attorney. .17. Who determines the commission in a listing contract? - ANSWERS-An agreement between the owner and broker .19. All are typical duties of a property manager with the exception of... - ANSWERS-Investing profits .20. Transfer tax is typically paid by for by whom? - ANSWERS-Buyer and seller .21. Blockbusting definition... - ANSWERS-An illegal real estate practice caused by inciting fear and panic selling by suggesting that persons of minority background are or may be moving into an area or that the majority of residents are moving out of an area. .25. Net listing definition... - ANSWERS-a type of listing in which a seller desires to sell real property and receive a guaranteed amount of money for the sale, so that the broker's commission is any sale price amount of money over and above the guaranteed price to the seller.