Real Estate Practice Exam Questions with correct Verified answers 2025/2026
Terms in this set (90)
1. Brokerage definition... the business practice of bringing together the parties in a practice.
2. What are two examples of special schools and cemetary
use property?
3. What is an example of functional bathroom
obsolescence?
a consumer of real estate services who has entered into an agency
4. Principal definition...
relationship with a broker or another licensee employed by a
broker.
5. Capitalization definition... the process of determining the present value of a property from it's future
income.
6. What is the salespersons Inform the buyer
obligation to a buyer under single
agency listing?
8. All are examples of real estate factories
except...
9. What is homeowners insurance? Insurance to protect owners from fires and other etc.
the type of agency in which the principal authorizes the agent to
10. Special agent definition...
represent the agent in "one specific transaction or business
activity"
11. Which is not used to determine Gross Rent Multiplier Method
cost approach to estimate value?
-Quantity Survey Method
-Unit-in-Place Method
-Square Foot Method
-Gross Rent Multiplier Method
the unlawful act of keeping a buyer away from certain communities
What is steering?
or guiding them to purchase in certain communities.
, 15. Entitlement to commission when Except when listing broker does not disclose information
transaction is not consummated.
16. Can a salesperson give legal No, not unless they are an attorney.
advice?
17. Who determines the An agreement between the owner and broker
commission in a listing
contract?
19. All are typical duties of a Investing profits
property manager with the
exception of...
20. Transfer tax is typically paid by Buyer and seller
for by whom?
An illegal real estate practice caused by inciting fear and panic
21. Blockbusting definition... 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.
23. Special agency listing definition... n/a
a type of listing in which a seller desires to sell real property and receive a
25. Net listing definition... 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.
26. The main factor a property can they make monthly rent payments on time.
manager should use to
evaluate a prospective
tenant is
27. All are examples of single agency revealing the owner will except less.
disclosures with the exception of
30. What is the most reliable Sales comparison approach
method of appraisal for
residential real estate?
31. Assemblage definition... consolidating two separate lots into one.
32. What would not be a Unimproved land
depreciation of value?
33. What has the greatest Demand of people and location
effect on real estate value?
34. What rules require fair housing PA Human Relations Act
Terms in this set (90)
1. Brokerage definition... the business practice of bringing together the parties in a practice.
2. What are two examples of special schools and cemetary
use property?
3. What is an example of functional bathroom
obsolescence?
a consumer of real estate services who has entered into an agency
4. Principal definition...
relationship with a broker or another licensee employed by a
broker.
5. Capitalization definition... the process of determining the present value of a property from it's future
income.
6. What is the salespersons Inform the buyer
obligation to a buyer under single
agency listing?
8. All are examples of real estate factories
except...
9. What is homeowners insurance? Insurance to protect owners from fires and other etc.
the type of agency in which the principal authorizes the agent to
10. Special agent definition...
represent the agent in "one specific transaction or business
activity"
11. Which is not used to determine Gross Rent Multiplier Method
cost approach to estimate value?
-Quantity Survey Method
-Unit-in-Place Method
-Square Foot Method
-Gross Rent Multiplier Method
the unlawful act of keeping a buyer away from certain communities
What is steering?
or guiding them to purchase in certain communities.
, 15. Entitlement to commission when Except when listing broker does not disclose information
transaction is not consummated.
16. Can a salesperson give legal No, not unless they are an attorney.
advice?
17. Who determines the An agreement between the owner and broker
commission in a listing
contract?
19. All are typical duties of a Investing profits
property manager with the
exception of...
20. Transfer tax is typically paid by Buyer and seller
for by whom?
An illegal real estate practice caused by inciting fear and panic
21. Blockbusting definition... 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.
23. Special agency listing definition... n/a
a type of listing in which a seller desires to sell real property and receive a
25. Net listing definition... 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.
26. The main factor a property can they make monthly rent payments on time.
manager should use to
evaluate a prospective
tenant is
27. All are examples of single agency revealing the owner will except less.
disclosures with the exception of
30. What is the most reliable Sales comparison approach
method of appraisal for
residential real estate?
31. Assemblage definition... consolidating two separate lots into one.
32. What would not be a Unimproved land
depreciation of value?
33. What has the greatest Demand of people and location
effect on real estate value?
34. What rules require fair housing PA Human Relations Act
