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Introduction to Real Estate Licensing Exam- Question and Answers [100% Correct] 2025/2026 (With Updated Policies!!)

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Introduction to Real Estate Licensing Exam- Question and Answers [100% Correct] 2025/2026 (With Updated Policies!!) What is the primary purpose of a real estate agent? To act as an intermediary between buyers and sellers in property transactions. Explain what a listing agreement is. A...

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  • December 8, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • introduction to real estate licensing exam quest

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  • Real Estate
  • Real Estate

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Introduction to Real Estate Licensing
Exam- Question and Answers [100%
Correct] 2025/2026 (With Updated
Policies!!)
What is the primary purpose of a real estate agent?

To act as an intermediary between buyers and sellers in property transactions.



Explain what a listing agreement is.

A contract between a real estate agent and a property owner to represent the sale or lease of the
property.



What is the difference between a broker and a sales agent?

A broker holds a higher license and can manage a real estate firm, while a sales agent works
under a broker's supervision.



What does the term "MLS" stand for and what is its purpose?

MLS stands for Multiple Listing Service, which is a database that allows real estate brokers to
share information about properties for sale.



What is the role of a property manager?

A property manager is responsible for overseeing the daily operations of a rental property,
including maintenance, tenant relations, and rent collection.



What is the definition of a "real property"?

Real property refers to land and anything permanently attached to it, such as buildings or
structures.



What is the purpose of a comparative market analysis (CMA)?


1

, A CMA is used by real estate agents to estimate the market value of a property by comparing it to
similar properties that have recently sold or are currently on the market.



What does "escrow" mean in a real estate transaction?

Escrow refers to a neutral third-party service that holds funds and documents until certain
conditions of a sale are met.



What is a deed?

A deed is a legal document that transfers ownership of real property from one party to another.



What is the difference between a mortgage and a deed of trust?

A mortgage is a loan secured by real property, while a deed of trust involves a third party
(trustee) who holds the title to the property until the loan is paid off.



What is an appraisal in real estate?

An appraisal is an unbiased estimate of the value of a property, typically conducted by a licensed
appraiser.



What is the purpose of title insurance?

Title insurance protects the buyer and lender from financial loss due to defects in the property
title, such as unpaid taxes or claims of ownership.



What is a closing in a real estate transaction?

A closing is the final step in a real estate transaction where all paperwork is signed, and
ownership is transferred to the buyer.



What does the term "amortization" mean in relation to a mortgage?

Amortization refers to the process of gradually paying off a mortgage loan over time through
regular payments.



What is a home inspection, and why is it important?

2

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