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National Real Estate Practice Exam- 100 Questions *Q&A* (100% Correct) 2025/2026 |VERIFIED| £6.49
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National Real Estate Practice Exam- 100 Questions *Q&A* (100% Correct) 2025/2026 |VERIFIED|
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National Real Estate Practice Exam- 100 Questions *Q&A* (100% Correct) 2025/2026 |VERIFIED| Define brokerage in the context of real estate. The practice of connecting parties to facilitate a real estate transaction. Identify two types of properties categorized as special use. Scho...

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  • December 8, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • national real estate practice exam 100 questions

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  • Real Estate
  • Real Estate

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National Real Estate Practice Exam- 100
Questions *Q&A* (100% Correct) 2025/2026
|VERIFIED|
Define brokerage in the context of real estate.

The practice of connecting parties to facilitate a real estate transaction.



Identify two types of properties categorized as special use.

Schools and cemeteries



What constitutes functional obsolescence in a property?

A bathroom layout that no longer meets modern standards



Explain the term "principal" in an agency relationship.

A client who engages a broker or licensed agent to provide real estate services.



What is the capitalization process in real estate valuation?

Determining a property's present value based on its anticipated income.



What duty does a salesperson owe to the buyer under a single agency listing agreement?

To provide relevant information to the buyer.



Which of the following is not considered real estate?

Factories



How would you describe homeowners' insurance?

A policy protecting property owners against fire and other hazards.



1

, What is a special agent in real estate?

An agent authorized to handle a single, specific transaction or task.



Which method is not used in the cost approach for property valuation?

- Quantity Survey Method

- Unit-in-Place Method

- Square Foot Method

Gross Rent Multiplier Method



What does "steering" mean in real estate practices?

The illegal act of directing buyers to or away from certain communities based on discriminatory
motives.



Under what circumstance might a broker lose entitlement to a commission if the transaction fails?

If the broker fails to disclose pertinent information.



Can a real estate salesperson provide legal advice?

No, unless they are also a licensed attorney.



How is commission typically determined in a listing agreement?

Through negotiation between the broker and the property owner.



Which of the following is not a standard duty of a property manager?

Investing rental profits



Who usually covers the transfer tax during a property sale?

Both the buyer and seller



Define "blockbusting" in real estate.

2

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