NATIONAL REAL ESTATE EXAM PRACTICE TEST questions with solutions
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Module
NATIONAL REAL ESTATE
Institution
NATIONAL REAL ESTATE
NATIONAL REAL ESTATE EXAM PRACTICE TEST questions with solutions
In most cases, broker compensation, as a percentage of home price, falls somewhere between: - Ans>> 5-7%
A Christian organization owns a fourplex. It wants to rent to only Christian tenants. Under the federal Fair Housing ...
NATIONAL REAL ESTATE EXAM PRACTICE
TEST questions with solutions
In most cases, broker compensation, as a percentage of
home price, falls somewhere between: - Ans>> 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? - Ans>> Yes. Religious organizations
which rent to tenants for residential purposes are exempt
from the Fair Housing Act
What happens to trade fixtures after a business moves
out of a leased property? - Ans>> The tenant removes
their trade fixtures and takes them upon moving out.
,Suppose that a borrower has a gross monthly income of
$3,000 and wants to qualify for a conforming loan (total
debt service ratio of 36%) with a monthly PITI payment of
$800. What is the maximum amount of additional long-
term obligations this borrower may have after PITI? -
Ans>> $280
A square bedroom measures 10 feet by 10 feet. What is
the area of the room? - Ans>> 100 square feet
Which of these is an economic characteristic that makes
land a distinctive commodity?* - Ans>> situs
In a fixed-rate mortgage that is fully amortized, the total
amount of interest to be paid is: - Ans>> predetermined
Which is exempt from the federal Fair Housing Act? -
Ans>> renting a room in a house occupied by the owner
Who can require a buyer to purchase homeowners
insurance? - Ans>> lender
Which of the following statements may represent the
unauthorized practice of law?* - Ans>> "You should
, proceed without ordering a new abstract - this title is
clear."
A property owner has the right to tell other people that
they cannot trespass on their property. What is this right
called? - Ans>> right of exclusion
The term for when the client initiates the termination of
the agency agreement is known as: - Ans>> revocation
Which of the following terms refers to a surveyor's or
developer's map that identifies lots and blocks? - Ans>>
plat
The statute of frauds requires that real estate
agreements: - Ans>> be in writing
Which type of deed includes the five implied warranties
(covenants)? - Ans>> general warranty deed
Which of these scenarios does NOT violate fair housing
law? - Ans>> An agent advertises a senior citizen
community with the phrase "no children allowed."
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