NATIONAL REAL ESTATE EXAM PRACTICE TEST UPDATED
ACTUAL Questions and CORRECT Answers
In most cases, broker compensation, as a percentage of 5-7%
home price, falls somewhere between:
, A Christian organization owns a fourplex. It wants to rent Yes. Religious organizations which rent to tenants for residential purposes are
to only Christian tenants. Under the federal Fair Housing exempt from the Fair Housing Act
Act, is this legal?
What happens to trade fixtures after a business moves The tenant removes their trade fixtures and takes them upon moving out.
out of a leased property?
Suppose that a borrower has a gross monthly income of $280
$3,000 and wants to qualify for a conforming loan (total
debt service ratio of 36%) with a monthly PITI payment of
$800. What is the maximum amount of additional long-
term obligations this borrower may have after PITI?
A square bedroom measures 10 feet by 10 feet. What is 100 square feet
the area of the room?
Which of these is an economic characteristic that makes situs
land a distinctive commodity?*
In a fixed-rate mortgage that is fully amortized, the total predetermined
amount of interest to be paid is:
Which is exempt from the federal Fair Housing Act? renting a room in a house occupied by the owner
The Americans with Disabilities Act applies to: privately owned or government-owned public accommodations
Condemnation is the act of seizing private property from eminent domain
citizens. What gives the government the right to do this?
The PHYSICAL characteristics of land are that land is immobile
indestructible, non-homogenous, and:
Which statement BEST defines the term contingency? stipulation that must be satisfied before the contract can be performed
If a borrower is behind on payments, the acceleration call the entire loan balance due immediately
clause gives the lender the ability to:
A metes and bounds legal description always returns to: the point of beginning
What should a license holder do if a client instructs them advise the client they cannot legally discriminate against certain groups
to do something that would discriminate against a
protected class?
What is a novation? the substitution of one contract for another
ACTUAL Questions and CORRECT Answers
In most cases, broker compensation, as a percentage of 5-7%
home price, falls somewhere between:
, A Christian organization owns a fourplex. It wants to rent Yes. Religious organizations which rent to tenants for residential purposes are
to only Christian tenants. Under the federal Fair Housing exempt from the Fair Housing Act
Act, is this legal?
What happens to trade fixtures after a business moves The tenant removes their trade fixtures and takes them upon moving out.
out of a leased property?
Suppose that a borrower has a gross monthly income of $280
$3,000 and wants to qualify for a conforming loan (total
debt service ratio of 36%) with a monthly PITI payment of
$800. What is the maximum amount of additional long-
term obligations this borrower may have after PITI?
A square bedroom measures 10 feet by 10 feet. What is 100 square feet
the area of the room?
Which of these is an economic characteristic that makes situs
land a distinctive commodity?*
In a fixed-rate mortgage that is fully amortized, the total predetermined
amount of interest to be paid is:
Which is exempt from the federal Fair Housing Act? renting a room in a house occupied by the owner
The Americans with Disabilities Act applies to: privately owned or government-owned public accommodations
Condemnation is the act of seizing private property from eminent domain
citizens. What gives the government the right to do this?
The PHYSICAL characteristics of land are that land is immobile
indestructible, non-homogenous, and:
Which statement BEST defines the term contingency? stipulation that must be satisfied before the contract can be performed
If a borrower is behind on payments, the acceleration call the entire loan balance due immediately
clause gives the lender the ability to:
A metes and bounds legal description always returns to: the point of beginning
What should a license holder do if a client instructs them advise the client they cannot legally discriminate against certain groups
to do something that would discriminate against a
protected class?
What is a novation? the substitution of one contract for another
