1|Page
Real Estate License Practice Exam //
Barney Fletcher Real Estate Final Practice
Test 2025 with 230 Recently Tested
Questions and Correct Answers
A buyer is purchasing a home for $250,000 with a 5% down payme
p p p p p p p p p p p p
nt. The closing costs are $8,000. How much total cash does the buy
p p p p p p p p p p p p
er need at closing? Select the best answer 20,500, 21,000, 21,500 ,
p p p p p p p p p p p p
22,000 - ..........ANSWER.......20,500
p p
A property with an annual gross operating income of $100,000 and
p p p p p p p p p p
p operating expenses of $40,000 sees its rental income increase by 1
p p p p p p p p p p
0%. What is the new Net Operating Income (NOI)? Select the best a
p p p p p p p p p p p p
nswer 70,000 , 66,000 , 60,000 , 65,000 -
p p p p p p p p
p ..........ANSWER.......70,000
A buyer is using a VA loan to purchase a $250,000 home with no do
p p p p p p p p p p p p p p
wn payment. The closing costs are $7,000, and the VA funding fee i
p p p p p p p p p p p p
s 2% of the loan amount. How much total cash does the buyer need
p p p p p p p p p p p p p p
at closing? Select the best answer $12,000 ,$10,000 ,$7,000 , $9,0
p p p p p p p p p p
00 - ..........ANSWER.......$12,000
p p
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If a lender charges a 1% loan origination fee on a $200,000 mortga
p p p p p p p p p p p p
ge, what is the total cost of the fee? Select the best answer $2,000, $
p p p p p p p p p p p p p p
2,200, $1,800 , $2,500 - ..........ANSWER.......$2,000
p p p p p
A property sold for $300,000 with a state transfer tax rate of $1.50
p p p p p p p p p p p p p
per $1,000. Calculate the total state transfer tax due at closing. Sele
p p p p p p p p p p p
ct the best answer $450, $4,500, $900, $225 -
p p p p p p p p
p ..........ANSWER.......$450
A buyer is purchasing a property for $400,000 and is making a dow
p p p p p p p p p p p p
n payment of $100,000. What is the LTV ratio for the mortgage nee
p p p p p p p p p p p p
ded to cover the remaining cost? Select the best answer 75%, 80%,
p p p p p p p p p p p p
85%, 90% - ..........ANSWER.......75%
p p p
A seller is selling their property for $600,000. The closing costs are
p p p p p p p p p p p p
3% of the sale price, the agent's commission is 5%, and the seller ha
p p p p p p p p p p p p p
s a remaining mortgage balance of $100,000. What are the seller's
p p p p p p p p p p p
net proceeds? Select the best answer 442,000, 452,000, 462,000, 4
p p p p p p p p p
72,000 - ..........ANSWER.......452,000 p p
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What is a primary tax benefit of holding property in a trust? Select t
p p p p p p p p p p p p p
he best answer Reduced property taxes, Avoidance of capital gains t
p p p p p p p p p p
ax, Increased depreciation deductions, Avoidance of probate taxes -
p p p p p p p p
p ..........ANSWER.......Avoidance of probate taxes p p p
If a property is 120 feet wide and 150 feet deep, and the price per sq
p p p p p p p p p p p p p p p
uare foot is $10, what is the total value of the property? Select the be
p p p p p p p p p p p p p p
st answer $180,000, $200,000, $150,000, $1,800,000 -
p p p p p p
p ..........ANSWER.......$180,000
Which of the following rights allows the owner to extract undergrou
p p p p p p p p p p
nd resources from the property? Select the best answer Mineral rig
p p p p p p p p p p
hts , Air rights ,Surface rights , Water rights -
p p p p p p p p p
p ..........ANSWER.......Mineral rights p
During the final walkthrough of a property, the buyer notices that t
p p p p p p p p p p p
he dining room chandelier, previously assumed to be included in th
p p p p p p p p p p
e sale, is listed as the seller's personal property. What should the bu
p p p p p p p p p p p p
yer do? Select the best answer Request a reduction in the sale price,
p p p p p p p p p p p p p
Demand the chandelier be included in the sale, Proceed with the sal
p p p p p p p p p p p
e without changes, Ask for an equivalent replacement -
p p p p p p p p
p ..........ANSWER.......Request a reduction in the sale price p p p p p p
, 4|Page
If one tenant in common incurs significant personal debt, what is th
p p p p p p p p p p p
e potential impact on the property owned as tenants in common? S
p p p p p p p p p p p
elect the best answer The property may be subject to a lien for the te
p p p p p p p p p p p p p p
nant's debt, All tenants must equally share the debt, The property is
p p p p p p p p p p p
p automatically sold to cover the debt, No impact, as debts of one tenp p p p p p p p p p p p
ant do not affect the property -
p p p p p p
p ..........ANSWER.......The property may be subject to a lien for the te p p p p p p p p p p
nant's debt p
Which of the following best describes tenancy in common? Select th
p p p p p p p p p p
e best answer Undivided interest without survivorship, Equal share
p p p p p p p p
s with survivorship, Ownership by a single entity, Divided interest
p p p p p p p p p p
with survivorship - p p
p ..........ANSWER.......Undivided interest without survivorship p p p
A property owner discovers that their neighbor has been using a por
p p p p p p p p p p p
tion of their land for over five years. What is the first step the owner
p p p p p p p p p p p p p p p
should take to address the potential adverse possession claim? Sele
p p p p p p p p p
ct the best answer Consult a real estate attorney, Immediately erect
p p p p p p p p p p p
a fence, Demand the neighbor to stop using the land, Sell the disput
p p p p p p p p p p p p
ed land portion. - ..........ANSWER.......Consult a real estate attorney
p p p p p p p p
Real Estate License Practice Exam //
Barney Fletcher Real Estate Final Practice
Test 2025 with 230 Recently Tested
Questions and Correct Answers
A buyer is purchasing a home for $250,000 with a 5% down payme
p p p p p p p p p p p p
nt. The closing costs are $8,000. How much total cash does the buy
p p p p p p p p p p p p
er need at closing? Select the best answer 20,500, 21,000, 21,500 ,
p p p p p p p p p p p p
22,000 - ..........ANSWER.......20,500
p p
A property with an annual gross operating income of $100,000 and
p p p p p p p p p p
p operating expenses of $40,000 sees its rental income increase by 1
p p p p p p p p p p
0%. What is the new Net Operating Income (NOI)? Select the best a
p p p p p p p p p p p p
nswer 70,000 , 66,000 , 60,000 , 65,000 -
p p p p p p p p
p ..........ANSWER.......70,000
A buyer is using a VA loan to purchase a $250,000 home with no do
p p p p p p p p p p p p p p
wn payment. The closing costs are $7,000, and the VA funding fee i
p p p p p p p p p p p p
s 2% of the loan amount. How much total cash does the buyer need
p p p p p p p p p p p p p p
at closing? Select the best answer $12,000 ,$10,000 ,$7,000 , $9,0
p p p p p p p p p p
00 - ..........ANSWER.......$12,000
p p
,2|Page
If a lender charges a 1% loan origination fee on a $200,000 mortga
p p p p p p p p p p p p
ge, what is the total cost of the fee? Select the best answer $2,000, $
p p p p p p p p p p p p p p
2,200, $1,800 , $2,500 - ..........ANSWER.......$2,000
p p p p p
A property sold for $300,000 with a state transfer tax rate of $1.50
p p p p p p p p p p p p p
per $1,000. Calculate the total state transfer tax due at closing. Sele
p p p p p p p p p p p
ct the best answer $450, $4,500, $900, $225 -
p p p p p p p p
p ..........ANSWER.......$450
A buyer is purchasing a property for $400,000 and is making a dow
p p p p p p p p p p p p
n payment of $100,000. What is the LTV ratio for the mortgage nee
p p p p p p p p p p p p
ded to cover the remaining cost? Select the best answer 75%, 80%,
p p p p p p p p p p p p
85%, 90% - ..........ANSWER.......75%
p p p
A seller is selling their property for $600,000. The closing costs are
p p p p p p p p p p p p
3% of the sale price, the agent's commission is 5%, and the seller ha
p p p p p p p p p p p p p
s a remaining mortgage balance of $100,000. What are the seller's
p p p p p p p p p p p
net proceeds? Select the best answer 442,000, 452,000, 462,000, 4
p p p p p p p p p
72,000 - ..........ANSWER.......452,000 p p
,3|Page
What is a primary tax benefit of holding property in a trust? Select t
p p p p p p p p p p p p p
he best answer Reduced property taxes, Avoidance of capital gains t
p p p p p p p p p p
ax, Increased depreciation deductions, Avoidance of probate taxes -
p p p p p p p p
p ..........ANSWER.......Avoidance of probate taxes p p p
If a property is 120 feet wide and 150 feet deep, and the price per sq
p p p p p p p p p p p p p p p
uare foot is $10, what is the total value of the property? Select the be
p p p p p p p p p p p p p p
st answer $180,000, $200,000, $150,000, $1,800,000 -
p p p p p p
p ..........ANSWER.......$180,000
Which of the following rights allows the owner to extract undergrou
p p p p p p p p p p
nd resources from the property? Select the best answer Mineral rig
p p p p p p p p p p
hts , Air rights ,Surface rights , Water rights -
p p p p p p p p p
p ..........ANSWER.......Mineral rights p
During the final walkthrough of a property, the buyer notices that t
p p p p p p p p p p p
he dining room chandelier, previously assumed to be included in th
p p p p p p p p p p
e sale, is listed as the seller's personal property. What should the bu
p p p p p p p p p p p p
yer do? Select the best answer Request a reduction in the sale price,
p p p p p p p p p p p p p
Demand the chandelier be included in the sale, Proceed with the sal
p p p p p p p p p p p
e without changes, Ask for an equivalent replacement -
p p p p p p p p
p ..........ANSWER.......Request a reduction in the sale price p p p p p p
, 4|Page
If one tenant in common incurs significant personal debt, what is th
p p p p p p p p p p p
e potential impact on the property owned as tenants in common? S
p p p p p p p p p p p
elect the best answer The property may be subject to a lien for the te
p p p p p p p p p p p p p p
nant's debt, All tenants must equally share the debt, The property is
p p p p p p p p p p p
p automatically sold to cover the debt, No impact, as debts of one tenp p p p p p p p p p p p
ant do not affect the property -
p p p p p p
p ..........ANSWER.......The property may be subject to a lien for the te p p p p p p p p p p
nant's debt p
Which of the following best describes tenancy in common? Select th
p p p p p p p p p p
e best answer Undivided interest without survivorship, Equal share
p p p p p p p p
s with survivorship, Ownership by a single entity, Divided interest
p p p p p p p p p p
with survivorship - p p
p ..........ANSWER.......Undivided interest without survivorship p p p
A property owner discovers that their neighbor has been using a por
p p p p p p p p p p p
tion of their land for over five years. What is the first step the owner
p p p p p p p p p p p p p p p
should take to address the potential adverse possession claim? Sele
p p p p p p p p p
ct the best answer Consult a real estate attorney, Immediately erect
p p p p p p p p p p p
a fence, Demand the neighbor to stop using the land, Sell the disput
p p p p p p p p p p p p
ed land portion. - ..........ANSWER.......Consult a real estate attorney
p p p p p p p p
