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General Practitioner- Real Estate Exam *Q&A* (100% Correct) 2025/2026 |VERIFIED| $9.53
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General Practitioner- Real Estate Exam *Q&A* (100% Correct) 2025/2026 |VERIFIED|

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General Practitioner- Real Estate Exam *Q&A* (100% Correct) 2025/2026 |VERIFIED| A property is appraised at $50,000, and a loan is approved for 75% of its appraised value. The loan term is 25 years with a monthly interest rate of 0.75%. If the principal payment remains consistent throughout...

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  • December 8, 2024
  • 20
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • general practitioner real estate exam qa 100

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  • Real Estate
  • Real Estate

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General Practitioner- Real Estate Exam
*Q&A* (100% Correct) 2025/2026
|VERIFIED|
A property is appraised at $50,000, and a loan is approved for 75% of its appraised value. The loan term
is 25 years with a monthly interest rate of 0.75%. If the principal payment remains consistent throughout
the loan's life, what is the FIRST monthly payment amount?

A) $125

B) $281

C) $406 C) $406

D) $500



The direct sales comparison (market data) method is most suitable for determining the value of:

A) A 5-year-old single-family home A) 5-year-old single-family house

B) A 10-unit apartment complex

C) A 25-year-old church

D) A retail commercial property



A lease that specifies periodic increases in rent at set intervals is known as:

A) A graduated lease A) Graduated lease

B) A percentage lease

C) An annual lease

D) A long-term lease



Which statement correctly compares the owners of a condominium unit with those of a cooperative
apartment?

A) They receive separate real estate tax bills

B) They are required to pay assessments B) Must pay assessments

C) They own stock in the property

1

,D) They possess real property ownership



Which term best defines personal property that, due to its attachment to real estate, is treated as part of
the real property?

A) Emblements

B) Personalty

C) Fixtures C) Fixtures

D) Appliances



The price at which a knowledgeable and willing buyer would purchase from a knowledgeable and willing
seller is referred to as:

A) Assessed value

B) Book value

C) Income-based value

D) Market value D) Market value



The difference between a property’s value and the total outstanding liens against it is known as:

A) A down payment

B) Equity B) Equity

C) Actual cash value

D) Collateral



When a salesperson prepares a written listing agreement, they are assisting in creating a contractual
relationship between:

A) The salesperson and the seller

B) The salesperson and the buyer

C) The salesperson and the listing broker

D) The salesperson’s broker and the seller D) Salesperson's broker and the seller



Which statement about the income approach to valuation is accurate?

2

, A) It determines a property’s value based on its income potential A) It determines an investment
property's value based on its return

B) It is primarily used to set loan-to-value ratios

C) It is the most precise method for valuing single-family homes

D) It results in the highest possible valuation



Which statement regarding the law of agency is true?

A) It is related only to insurance

B) It creates a fiduciary relationship B) It establishes a fiduciary relationship

C) It does not require loyalty or fidelity from an agent

D) There is no employment relationship



If the gross monthly rent potential for an apartment building is $5,380, operating expenses are $3,500,
and a tenant whose monthly rent of $625 fails to pay, while the property manager’s commission is 6% of
rental income, the manager's fee for July would be:

A) $113

B) $210

C) $285 C) $285

D) $323



Broker V is hired by the T's to sell their property. The M's submit an offer but inform V that they will pay
more than the offered price if the T's request it. In this situation, what should V do?

A) Not inform the T's as it would breach V's relationship with the M's A) Not obligated to convey
the information to the T's because to do so would violate V's relationship with the M's

B) Not inform the T's since the M's are not legally bound by this verbal statement

C) Withdraw from the transaction due to conflicting obligations

D) Inform the T's about the M's willingness to pay more



When brokers from different companies discuss commission rates and one broker mentions that a
competitor is charging too low a commission, the appropriate response from the others is to:

A) Avoid showing listings with lower commission rates

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