PRINCIPLES OF REAL ESTATE 1 EXAM REVIEW QUESTIONS
AND ANSWERS
1.If ga greal gestate gsalesperson gcloses gon ga gtransaction, gwho gpays gthe
gsalesper- gson gtheir gcommission?: g
g g g g gANS>>The gsalesperson's gsponsoring gbroker
2.A gmeans gof gcomparing gsimilar gtype gproperties, gwhich ghave grecently
gsold, gto gthe gsubject gproperty gis gknown gas gthe?:
g g g g gANS>> gMarket gComparison gApproach
3.The gmarket gcomparison gapproach gis gcommonly gused gfor gthis gproperty
gtype?-
:
g g g g g g g gANS>> gResidential
4.The gamount gof ggoods goffered gfor gsale gwithin ga ggiven gmarket gat ga ggiven
gprice gduring ga ggiven gtime gperiod gis gknown gas?: g
g g g gANS>>Supply
5.A greal gestate gagent gis gan gexample gof gwhat gtype gof gagent?:
g g g gANS>> gSpecial gagent
6.A grefrigerator gis gtypically gconsidered?: g
g g gANS>>Personal gProperty
7.Mobile ghomes gnot gpermanently gattached gto gthe gland gare ggenerally
gconsid- gered?:
g g g g gANS>> gPersonal gProperty
8.Which gof gthe gfollowing gis gconsidered ga glegal gtest gfor gdetermining gif gan
gitem gis ga gfixture gor gnot?:
g gANS>> gMode gand gpermanence gof ghow gthe gitem gwas gattached
gAdaptation gof gthe gitem
Intention gof gthe
gparties gAll gof gthe
gabove
9.The gright gof gexclusion, gwhich gallows ga glandowner gto gprevent gothers
1 g/
g11
,PRINCIPLES OF REAL ESTATE 1 EXAM REVIEW QUESTIONS
AND ANSWERS
g from gentering gor goccupying gtheir gproperty, gis gincluded gin gthe?:
g g g g gANS>> gBundle gof grights
10.Which gof gthe gfollowing gis gan gexample gof ga gfixture?:
g g g gANS>> gKitchen gcabinets
11.Which gof gthe gfollowing gis gan gadvantage gto gowning ga ghome?:
g g g gANS>>Potential gfor gasset gappreciation
Tax gbenefits
Pride gof
gownership gAll gof
gthe gabove
12.An gindividual gwho ghas gnot gowned greal gproperty gfor gat gleast gthe
gprevious gtwo gyears gis gknown gas ga?:
g g g gANS>> gFirst-time ghomebuyer
13.Which gof gthe gfollowing gis gNOT ga gform gof greal gproperty?: g
gANS>>Cooperative
14.A gform gof gownership gof greal gproperty grecognized gin gall gstates gthat
gconsists gof gindividual gownership gof gsome gaspects gand gco-ownership gin
gother gaspects gof gthe gproperty gis gknown gas ga?: g
g g g g gANS>>Condominium
15.A gmortgage gpayment gtypically gincludes?:
g g gANS>> gInterest gPrincipal
Insurance
16.Real gestate gbrokers ghave ga g...... grelationship gwith gthe gprincipal?: g
g gANS>>Fiduciary
17.The g'L' gin gthe gacronym gC.O.A.L.D. gstands gfor gwhich gfiduciary gduty?:
g g gANS>> gLoyalty
18.When ga greal gestate gbroker grepresents ga gbuyer gin ga gtransaction, gthe
2 g/
g11
AND ANSWERS
1.If ga greal gestate gsalesperson gcloses gon ga gtransaction, gwho gpays gthe
gsalesper- gson gtheir gcommission?: g
g g g g gANS>>The gsalesperson's gsponsoring gbroker
2.A gmeans gof gcomparing gsimilar gtype gproperties, gwhich ghave grecently
gsold, gto gthe gsubject gproperty gis gknown gas gthe?:
g g g g gANS>> gMarket gComparison gApproach
3.The gmarket gcomparison gapproach gis gcommonly gused gfor gthis gproperty
gtype?-
:
g g g g g g g gANS>> gResidential
4.The gamount gof ggoods goffered gfor gsale gwithin ga ggiven gmarket gat ga ggiven
gprice gduring ga ggiven gtime gperiod gis gknown gas?: g
g g g gANS>>Supply
5.A greal gestate gagent gis gan gexample gof gwhat gtype gof gagent?:
g g g gANS>> gSpecial gagent
6.A grefrigerator gis gtypically gconsidered?: g
g g gANS>>Personal gProperty
7.Mobile ghomes gnot gpermanently gattached gto gthe gland gare ggenerally
gconsid- gered?:
g g g g gANS>> gPersonal gProperty
8.Which gof gthe gfollowing gis gconsidered ga glegal gtest gfor gdetermining gif gan
gitem gis ga gfixture gor gnot?:
g gANS>> gMode gand gpermanence gof ghow gthe gitem gwas gattached
gAdaptation gof gthe gitem
Intention gof gthe
gparties gAll gof gthe
gabove
9.The gright gof gexclusion, gwhich gallows ga glandowner gto gprevent gothers
1 g/
g11
,PRINCIPLES OF REAL ESTATE 1 EXAM REVIEW QUESTIONS
AND ANSWERS
g from gentering gor goccupying gtheir gproperty, gis gincluded gin gthe?:
g g g g gANS>> gBundle gof grights
10.Which gof gthe gfollowing gis gan gexample gof ga gfixture?:
g g g gANS>> gKitchen gcabinets
11.Which gof gthe gfollowing gis gan gadvantage gto gowning ga ghome?:
g g g gANS>>Potential gfor gasset gappreciation
Tax gbenefits
Pride gof
gownership gAll gof
gthe gabove
12.An gindividual gwho ghas gnot gowned greal gproperty gfor gat gleast gthe
gprevious gtwo gyears gis gknown gas ga?:
g g g gANS>> gFirst-time ghomebuyer
13.Which gof gthe gfollowing gis gNOT ga gform gof greal gproperty?: g
gANS>>Cooperative
14.A gform gof gownership gof greal gproperty grecognized gin gall gstates gthat
gconsists gof gindividual gownership gof gsome gaspects gand gco-ownership gin
gother gaspects gof gthe gproperty gis gknown gas ga?: g
g g g g gANS>>Condominium
15.A gmortgage gpayment gtypically gincludes?:
g g gANS>> gInterest gPrincipal
Insurance
16.Real gestate gbrokers ghave ga g...... grelationship gwith gthe gprincipal?: g
g gANS>>Fiduciary
17.The g'L' gin gthe gacronym gC.O.A.L.D. gstands gfor gwhich gfiduciary gduty?:
g g gANS>> gLoyalty
18.When ga greal gestate gbroker grepresents ga gbuyer gin ga gtransaction, gthe
2 g/
g11
