Real Estate Agent / Broker / Salesperson Exam Prep

10 Questions | By AdewumiKoju | Last updated: Mar 21, 2022 | Total Attempts: 245

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Real Estate Agent / Broker / Salesperson Exam Prep - Quiz

If you are in any of this businesses, then you certainly need to pass this Exam to be certified. Here we have compiled a list of questions that you are likely to face when you take the test. Just start answering the questions to see how prepared you are for the main exam.

Questions and Answers

1.

The Gibbs family bought a home in a rural area about 9 years ago, and now the federal government plans to build a rail track right through the back of their land. If the project is completed, will the value of the home reduce?
- A.
  
  No, because noises from the train does not affect the land value.
- B.
  
  Yes, because the land becomes functionally obsolete.
- C.
  
  No, because the closeness of the rail will cause the land value to increase.
- D.
  
  Yes, because the land has become economically obsolete.
2.

What type of mortgage do you apply for when you go to the bank to apply for a home?
- A.
  
  Adjustable rate
- B.
  
  Conventional
- C.
  
  RHS loans
- D.
  
  Government
3.

What is the phrase that best describes condotel?
- A.
  
  Individually owned unit
- B.
  
  Community owned unit
- C.
  
  Government owned unit
- D.
  
  None of the above
4.

When an instrument is recorded, it is known as what?
- A.
  
  Actual notice
- B.
  
  Voluntary notice
- C.
  
  Constructive notice
- D.
  
  Instrumental notice
5.

All exclusive listings must include ______ to be valid.
- A.
  
  A specific expiration date
- B.
  
  A foreclosure clause
- C.
  
  A renewal clause
- D.
  
  A deed of surrender
6.

An individual wants a property that is not listed on sale and executes an offer by giving the broker a check of $10000 as deposit, what should the broker do?
- A.
  
  Reject the check
- B.
  
  Accept the check as the buyer exclusive agent
- C.
  
  Acts as the seller agent and accept the check
- D.
  
  None of the options
7.

Life estates are one of the features included in...
- A.
  
  Freehold estate
- B.
  
  Periodic tenancy
- C.
  
  Life estates
- D.
  
  Holdover tenancy
8.

Which is a specific type of long-term loan that is used to pay-off short term construction loan by an individual?
- A.
  
  Secured loan
- B.
  
  End loan
- C.
  
  Concessional loan
- D.
  
  Unsecured debt
9.

When a financial obligation is liquidated on an installment basis or plan, what is it called?
- A.
  
  Conveyancing
- B.
  
  Condominium
- C.
  
  Amortizing
- D.
  
  Encumbrance
10.

Private ownership can be claimed with a total collection of rights known as what?
- A.
  
  Freehold
- B.
  
  Lien
- C.
  
  Foreclosure
- D.
  
  The bundle of rights