Page 1 of 67
REE 3043 Exam 3 LATEST 2026-2027 ALL
QUESTIONS AND CORRECT VERIFIED ANSWERS
LATEST UPDATE JUST RELEASED THIS YEAR
Question: Which of the following acts do real estate license laws NOT seek to prevent?
A) Accepting non-cash payments in trust
B) A person without brokerage experience applying for a salesperson license
C) Failure to submit all offers to a client
D) Failure to provide copies of contracts to all relevant parties - CORRECT ANSWER✔✔B) A
person without brokerage experience applying for a salesperson license
Question: A home owner wants to net $275,000 from the sale of her home. If the brokerage
fee is 7%, what must the gross listing price be?
A) $255,750
B) $294,250
C) $295,699
D) $299,677 - CORRECT ANSWER✔✔C) $295,699
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Question: The most advantageous type of listing from the broker's perspective is the
___________ listing.
A) multiple
B) open
C) exclusive agency
D) exclusive right of sale - CORRECT ANSWER✔✔D) exclusive right of sale
Question: A broker with a listing on the seller's home brought a written offer from a ready,
willing, and able buyer at the price and terms specified in the listing contract. The seller
changed his mind about selling and refused to sign the purchase contract. What is correct?
A) The seller does not have to sign the contract and is not subject to liability for his refusal.
B) The seller is subject to legal action by the broker for payment of the commission.
C) The seller may be subject to legal action by the buyer for refusing the offer.
D) Both b and c are correct - CORRECT ANSWER✔✔D) Both b and c are correct
Question: To use the term "Realtor", a real estate broker must
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A) simply hold a current, valid, state-issued real estate broker's license.
B) achieve the CCIM designation.
C) become associated with the NAR.
D) specialize in residential real estate. - CORRECT ANSWER✔✔C) become associated with the
NAR.
Question: Chapter 13:
A contract with a minor is _____________ contract.
A) an invalid
B) a voidable
C) an illegal
D) an unenforceable - CORRECT ANSWER✔✔B) a voidable
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Question: Unless specified otherwise in the contract, sellers of residential property are
required to
A) deliver clear and marketable title at closing.
B) convey the appliances in the same condition as when the contract was signed.
C) provide a one-year home warranty at closing.
D) a and b only - CORRECT ANSWER✔✔D) a and b only
Question: "Meeting of the minds" is an element of which contract requirement?
A) competent parties
B) legal objective
C) offer and acceptance
D) consideration - CORRECT ANSWER✔✔C) offer and acceptance
Question: To prevent a violation of the parol evidence rule, the __________________ requires
certain contracts be in writing to be enforceable.
A) Statute of Frauds
4
SUCCESS!
REE 3043 Exam 3 LATEST 2026-2027 ALL
QUESTIONS AND CORRECT VERIFIED ANSWERS
LATEST UPDATE JUST RELEASED THIS YEAR
Question: Which of the following acts do real estate license laws NOT seek to prevent?
A) Accepting non-cash payments in trust
B) A person without brokerage experience applying for a salesperson license
C) Failure to submit all offers to a client
D) Failure to provide copies of contracts to all relevant parties - CORRECT ANSWER✔✔B) A
person without brokerage experience applying for a salesperson license
Question: A home owner wants to net $275,000 from the sale of her home. If the brokerage
fee is 7%, what must the gross listing price be?
A) $255,750
B) $294,250
C) $295,699
D) $299,677 - CORRECT ANSWER✔✔C) $295,699
1
SUCCESS!
,Page 2 of 67
Question: The most advantageous type of listing from the broker's perspective is the
___________ listing.
A) multiple
B) open
C) exclusive agency
D) exclusive right of sale - CORRECT ANSWER✔✔D) exclusive right of sale
Question: A broker with a listing on the seller's home brought a written offer from a ready,
willing, and able buyer at the price and terms specified in the listing contract. The seller
changed his mind about selling and refused to sign the purchase contract. What is correct?
A) The seller does not have to sign the contract and is not subject to liability for his refusal.
B) The seller is subject to legal action by the broker for payment of the commission.
C) The seller may be subject to legal action by the buyer for refusing the offer.
D) Both b and c are correct - CORRECT ANSWER✔✔D) Both b and c are correct
Question: To use the term "Realtor", a real estate broker must
2
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A) simply hold a current, valid, state-issued real estate broker's license.
B) achieve the CCIM designation.
C) become associated with the NAR.
D) specialize in residential real estate. - CORRECT ANSWER✔✔C) become associated with the
NAR.
Question: Chapter 13:
A contract with a minor is _____________ contract.
A) an invalid
B) a voidable
C) an illegal
D) an unenforceable - CORRECT ANSWER✔✔B) a voidable
3
SUCCESS!
, Page 4 of 67
Question: Unless specified otherwise in the contract, sellers of residential property are
required to
A) deliver clear and marketable title at closing.
B) convey the appliances in the same condition as when the contract was signed.
C) provide a one-year home warranty at closing.
D) a and b only - CORRECT ANSWER✔✔D) a and b only
Question: "Meeting of the minds" is an element of which contract requirement?
A) competent parties
B) legal objective
C) offer and acceptance
D) consideration - CORRECT ANSWER✔✔C) offer and acceptance
Question: To prevent a violation of the parol evidence rule, the __________________ requires
certain contracts be in writing to be enforceable.
A) Statute of Frauds
4
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