PACKAGE DEAL FOR NATIONAL REAL ESTATE EXAM PRACTICE TEST QUESTIONS AND ANSWERS GRADED A 2024

1. Brokerage definition... - the business practice of bringing together the parties in a practice. 2. What are two examples of special use property? - schools and cemetary 3. What is an example of functional obsolescence? - bathroom 4. Principal definition... - a consumer of real estate ser...

Amenities of residential real estate are: - A) The property's physical attributes B) Measurable on the market C) Not considered by appraisers because they are intangible qualities D) Related to its capacity to provide shelter effectively B) To restore an old home to its original condition wi...

In most cases, broker compensation, as a percentage of home price, falls somewhere between: - 5-7% A Christian organization owns a fourplex. It wants to rent to only Christian tenants. Under the federal Fair Housing Act, is this legal? - Yes. Religious organizations which rent to tenants for resi...

Unilateral Contract - Contract containing ONE promise given in exchange for completing an act. NO obligation to act. Bilateral Contract - Contract containing TWO promises. Example: A listing agreement is a bilateral contract Client/Principal - A person who has entered into an agency relationsh...

What agency issues real estate licenses? - The New York State Department of State (NYDOS), Divison of Licensing Services At what age can you become a real estate salesperson? - 18 Do you need experience in the field to become a sales person? - No What is the minimum age to become a real est...

A written agreement in which a purchaser agrees to buy and a seller agrees to sell is called - a contract Antitrust laws prohibit competing brokers from all of the following - 1. boycotting other brokers in the marketplace. 2. dividing the market to restrict competition. 3. agreeing to set sale...

Which of the following is a lien on real estate? a. recorded easement b. recorded mortgage c. encroachment d. dead restriction - b. recorded mortgage Which approach to value would MOST likely be useful to real estate brokers estimating the value of a single-family residence for sale in a su...