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NATIONAL REAL ESTATE EXAM PRACTICE QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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NATIONAL REAL ESTATE EXAM PRACTICE QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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NATIONAL REAL ESTATE EXAM PRACTICEQUESTIONS AND ANSWERS WITH
SOLUTIONS 2024
A property owner has decided to do some landscaping work on his yard. He has planted a tree surrou
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nded by some flowering shrubs. The tree and shrubs are an example of... - ANSWER improvements
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A property owner has a waterfront lot on a stream. He has the right to use the water from the strea
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m. What is this right called? - ANSWER riparian
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A tenant is aware that his lease will expire at the end of the month. He has begun to disassemble his
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Mdisplay cabinets and shelves. Which of the following statements about this is true -
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MANSWER the tenant can take these as they are trade fixtures
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A seller is attending the closing on his property. The title company has discovered an unsatisfied M&
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M lien on the property. Which of the following is the most likely reason for the lien? -
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MANSWER plumbing work that was completed but never paid for
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A listing agent went to inspect a seller's property hoping to list it for sale. The seller told the listing a
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gent that his neighbor's satellite dish trespasses on his property. This is an example of... -
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MANSWER encroachment M
A father gives his son a life estate on a property. The son leases the property. The tenant dies. What
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happens to the property? - ANSWER it goes back to the son until he dies
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A man leaves his second wife a life estate in their home after which the property goes to his children
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from his first marriage. The children... - ANSWER are remaindermen
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Which of the following statements about an easement is true? -
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ANSWER an easement is a benefit to the dominant property owner
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P, Q and R are joint tenants. P wants to sell the property, but Q and R do not. What can P do? -
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MANSWER file a suit for partition
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,A, B and C are joint tenants. C dies. B sells his share to D. What type of ownership do A and D have?
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- ANSWER tenants in common
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Under what right can the government change property use from commercial to residential only? -
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ANSWER police power
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Ownership of the common areas of condominiums is most likely to be: - ANSWER tenancy in common
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What should a buyer do to ensure that his is getting the best title to real property? -
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ANSWER get a general warranty deed
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Which covenant in a deed guarantees that the owners will not suffer or be disturbed by any claims o
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n the property? - ANSWER the covenant of quiet enjoyment
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Excess money at a foreclosure sale goes to... - ANSWER the borrower
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After defaulting on a real estate loan, a borrower is able to pay off the loan prior to the foreclosure s
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ale. This is called: - ANSWER right of redemption
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The required distance between buildings and a federally protected endangered species wetlands is an
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Mexample of... - ANSWER a buffer zone
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A couple purchased a condominium. The complex has an exercise room for all residents. The couple d
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oes not use the exercise room and does not want to pay the monthly fee for the use of the facility.
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What can they do to avoid this fee? -
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MANSWER they must pay the fee as they have a tenancy in common interest in all common areas
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Which of the following is personal property? - ANSWER a lease
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A landlord leased space in his new retail property to an inexperienced business person. Based on loca
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tion and the type of business, the landlord believes it will be a great success. What type of lease can
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he enter into with the tenant that will allow the landlord to benefit from the tenant's success? -
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MANSWER a percentage lease M M M
, A buyer has purchased a property and after closing the seller will continue to occupy the property. Th
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is is an example of... - ANSWER sale and leaseback
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Your client will be able to qualify for a property they wish to purchase in about 6 months, after they
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had an opportunity to reduce their consumer debt. They have found a property that they would like t
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o purchase now. What type of agreement can they enter into with a seller that will allow them to occ
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upy the property now and purchase it within the 6 months? - ANSWER lease with an option to buy
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Tenants have signed a 3 year lease on a property. In the second year the owner dies and his heirs inh
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erit the property. They give the tenants notice to vacate. What is true? -
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MANSWER the tenants can stay until the end of the lease
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A developer decides to build a commercial property in the middle of a residential subdivision. What is
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Mrequired? - ANSWER a variance M M M M
A zoning ordinance would affect which of the following? -
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MANSWER the concentration of housing in a residential area
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If a person dies without a will, who receives their estate? - ANSWER spouse and children
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What are the requirements/ criteria for real estate to have values? -
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ANSWER demand, utility, scarcity, transferability
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What principle of value defines the most important factor for appraisal? -
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ANSWER highest and best use
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What approach would an appraiser most likely use to value a residential rent house in neighborhood
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where a majority of the homes are leased? - ANSWER income approach
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A licensed broker is advertising that he will perform a free appraisal if you contact him for a listing ap
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pointment. He is not in violation of the law... - ANSWER if he is a licensed appraiser
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