National Real Estate Exam Prep: Accredited and Approved Study Set |2025/2026|
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National Real Estate Exam Prep: Accredited
and Approved Study Set |2025/2026|
What is the primary purpose of real estate licensing laws?
To protect the public from unqualified or unethical real estate professionals
Explain the concept of "dual agency" in real estate transactions.
Du...
National Real Estate Exam Prep: Accredited
and Approved Study Set |2025/2026|
What is the primary purpose of real estate licensing laws?
To protect the public from unqualified or unethical real estate professionals
Explain the concept of "dual agency" in real estate transactions.
Dual agency occurs when a single agent represents both the buyer and the seller in the same
transaction, requiring full disclosure and written consent from both parties.
What does the term "fiduciary duty" mean in real estate?
A legal obligation of trust and loyalty owed by an agent to their client
Define the term "comparative market analysis (CMA)" and its purpose in real estate.
A CMA is an evaluation of recently sold properties in the same area to determine the fair market
value of a property. It is commonly used by agents to help sellers set a listing price or buyers make
competitive offers.
What is the primary difference between a freehold estate and a leasehold estate?
A freehold estate provides ownership rights, while a leasehold estate grants possession for a
limited period under a lease agreement.
Describe the role of a real estate escrow account.
It is an account used to hold funds or property until specific conditions of a transaction are met,
ensuring the security of all parties involved.
What is the difference between "joint tenancy" and "tenancy in common"?
Joint tenancy includes the right of survivorship, meaning the deceased's share passes to the
surviving owners. Tenancy in common allows shares to be inherited by heirs or assigned according to a
will.
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,Explain the concept of "easement by necessity."
Easement by necessity occurs when a property owner requires access to their landlocked
property, and a legal right-of-way is granted through a neighboring property.
What does the term "eminent domain" refer to in real estate?
The government's right to take private property for public use, with compensation provided to
the owner
Describe the difference between market value and market price in real estate.
Market value is an estimate of a property's worth based on various factors, while market price is
the actual price a property sells for in a transaction.
What is the purpose of a deed in real estate transactions?
A deed is a legal document used to transfer ownership of property from one party to another.
What is the difference between a general warranty deed and a quitclaim deed?
A general warranty deed provides the highest level of protection for the buyer, including
guarantees against title defects, while a quitclaim deed transfers ownership with no guarantees or
warranties.
Explain the concept of "encumbrance" in real estate.
An encumbrance is a claim, lien, or restriction on a property that may affect its value or limit its
use, such as mortgages, easements, or zoning restrictions.
What does the term "zoning" mean in real estate?
Zoning refers to the regulation of land use by local government authorities to designate specific
areas for residential, commercial, industrial, or other purposes.
Define the term "cap rate" in real estate investment analysis.
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, The cap rate, or capitalization rate, is the ratio of a property's net operating income (NOI) to its
purchase price, used to estimate the return on investment.
Explain the importance of a real estate appraisal.
An appraisal provides an objective estimate of a property's value, often required for mortgage
approval or refinancing.
What does the term "RESPA" stand for, and what is its purpose?
RESPA stands for the Real Estate Settlement Procedures Act, which ensures transparency and
protects consumers by requiring disclosure of settlement costs in real estate transactions.
Define the term "title insurance" and its role in real estate.
Title insurance protects property owners and lenders from financial loss due to defects in the
property's title, such as liens or disputes.
What is the function of a real estate broker in a transaction?
A broker acts as an intermediary, facilitating negotiations, managing contracts, and ensuring
compliance with laws to complete the transaction successfully.
Explain the concept of "due diligence" in real estate.
Due diligence refers to the process of thoroughly researching and evaluating a property before
completing a transaction to ensure there are no hidden issues.
Define "blockbusting" and its illegality in real estate practices.
Blockbusting is the illegal practice of persuading homeowners to sell their properties by instilling
fear that people of a particular race or ethnicity will move into the neighborhood and reduce property
values.
What is the role of the Fair Housing Act in real estate?
It prohibits discrimination in housing-related transactions based on race, color, religion, sex,
national origin, familial status, or disability.
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