age 1 of 33
PRINCIPLES OF REAL ESTATE 1 FINAL EXAM PREP
2025/2026 ACCURATE QUESTIONS WITH CORRECT
DETAILED ANSWERS || 100% GUARANTEED PASS
<RECENT VERSION>
Agent .......Answer.........the party authorized to conduct business
on the principal's behalf
Agency .......Answer.........a legal relationship between a principal
and an agent
Blockbusting .......Answer.........the illegal practice of encouraging
property owners to sell their homes when minorities begin
moving into an area
Broker .......Answer.........an intermediary who brings together
buyers and sellers, assists in negotiating agreements between
,age 2 of 33
them, executes their orders, and receives compensation for
services rendered
Buyer Representation Agreement .......Answer.........the legal
agreement between a buyer and a broker hired to represent
the buyer's interest
Buyer's Agent .......Answer.........a broker who is legally obligated
to represent a buyer's interest
Commission Agreement .......Answer.........an agreement between
a seller and broker for the payment of a commission if the
broker is successful in locating a buyer for the seller's property
Dual Agent .......Answer.........an agent who attempts to work in
the best interest of two parties on opposing sides of a
transaction
,age 3 of 33
Exclusive-Brokerage Listing .......Answer.........an agreement
between a property owner and a single broker authorizing that
broker to seek a buyer for the property in exchange for
compensation
Fair Housing Laws .......Answer.........laws that protect the rights of
certain citizens in housing transactions
Fiduciary .......Answer.........a person who is obligated to act in the
best interest of another
Fraud .......Answer.........a false statement made with the intention
to mislead, that is material to a transaction, that is justifiably
relied on by a client, and that results in injury to the client
Limited-service listing .......Answer.........an agreement between a
property owner/seller that authorizes a broker to perform
certain tasks to seek a buyer for the property
, age 4 of 33
Listing Agreement .......Answer.........the legal agreement between
a broker and a property owner that authorizes the broker to
attempt to sell the property
LISTING BROKER .......Answer.........the broker who negotiates the
listing agreement with the seller
MISREPRESENTATION .......Answer.........a false statement that is
material to a transaction, that is justifiably relied upon by a
client, and that results in injury to the client
MULTIPLE LISTING SERVICE (MLS) .......Answer.........an
arrangement in which brokers share their listings with other
brokers in exchange for a share of the commission generated by
a transaction
PRINCIPLES OF REAL ESTATE 1 FINAL EXAM PREP
2025/2026 ACCURATE QUESTIONS WITH CORRECT
DETAILED ANSWERS || 100% GUARANTEED PASS
<RECENT VERSION>
Agent .......Answer.........the party authorized to conduct business
on the principal's behalf
Agency .......Answer.........a legal relationship between a principal
and an agent
Blockbusting .......Answer.........the illegal practice of encouraging
property owners to sell their homes when minorities begin
moving into an area
Broker .......Answer.........an intermediary who brings together
buyers and sellers, assists in negotiating agreements between
,age 2 of 33
them, executes their orders, and receives compensation for
services rendered
Buyer Representation Agreement .......Answer.........the legal
agreement between a buyer and a broker hired to represent
the buyer's interest
Buyer's Agent .......Answer.........a broker who is legally obligated
to represent a buyer's interest
Commission Agreement .......Answer.........an agreement between
a seller and broker for the payment of a commission if the
broker is successful in locating a buyer for the seller's property
Dual Agent .......Answer.........an agent who attempts to work in
the best interest of two parties on opposing sides of a
transaction
,age 3 of 33
Exclusive-Brokerage Listing .......Answer.........an agreement
between a property owner and a single broker authorizing that
broker to seek a buyer for the property in exchange for
compensation
Fair Housing Laws .......Answer.........laws that protect the rights of
certain citizens in housing transactions
Fiduciary .......Answer.........a person who is obligated to act in the
best interest of another
Fraud .......Answer.........a false statement made with the intention
to mislead, that is material to a transaction, that is justifiably
relied on by a client, and that results in injury to the client
Limited-service listing .......Answer.........an agreement between a
property owner/seller that authorizes a broker to perform
certain tasks to seek a buyer for the property
, age 4 of 33
Listing Agreement .......Answer.........the legal agreement between
a broker and a property owner that authorizes the broker to
attempt to sell the property
LISTING BROKER .......Answer.........the broker who negotiates the
listing agreement with the seller
MISREPRESENTATION .......Answer.........a false statement that is
material to a transaction, that is justifiably relied upon by a
client, and that results in injury to the client
MULTIPLE LISTING SERVICE (MLS) .......Answer.........an
arrangement in which brokers share their listings with other
brokers in exchange for a share of the commission generated by
a transaction
