Real Estate Exam Practice Test 2025 (BROKER AND SALESPERSON)

1) A main goal of an appraiser is:

2) Which of the following best describes the role of a broker who seeks a buyer?

3) It is a good practice for a broker to prequalify:

4) In a no brokerage agency arrangement, parties give up their rights to a broker’s:

5) When a real estate attorney wants to earn a commission for performing real estate services, he or she must:

6) Termination of a brokerage relationship may occur as a result of:

7) How is a buyer’s broker typically paid?

8) To appraise a house valued at over $1,000,000 in a federally related transaction, the person performing the appraisal would need to:

9) Which of the following, when performed for others, are included as real estate services for the purposes of determining licensure requirements?

10) In a no brokerage agency relationship, the seller or buyer:

11) A salesperson is ______________ of the broker.

12) A bank acquired property through foreclosure. Upon sale of the property, the bank covenants and warrants the property’s title only against defects occurring during the bank’s ownership. This conveyance is a(n):

13) Ellen bought a half-acre lot at $10 per square foot and built a house 50' × 50' for $75 per square foot. Her total cost:

14) When a broker serves in a single agent capacity, his obligations to the customer include:

15) All other things being equal, the cost per square foot of a two-story house compared to a one-story house having the same square footage:

16) An appraiser opines that a commercial property, if fully leased, would produce $20,000 per month in rent. A vacancy allowance of 9% is applied, and by using a capitalization rate of 12%, the market value of the property is estimated at:

17) Dual agency is defined as an arrangement in which:

18) An unlicensed employee of a broker who prepares an advertisement to sell a house:

19) When representing a buyer in a real estate transaction, a broker must disclose to the seller all of the following except:

20) A deed is the instrument used to convey ownership of:

21) Prima facie evidence refers to evidence that is good and sufficient on its face to:

22) A major factor in appraising a business opportunity is the:

23) The best way for a broker acting as a dual agent to minimize his or her risk is to:

24) If a broker uses a title company to hold escrow deposits, the broker must turn over the funds:

25) Prices of comparable sales are adjusted:

26) If a buyer and seller reach oral agreement over the price and terms of a contract but seek a broker’s help to complete written contract forms, the relationship with the broker is likely to be:

27) A broker with no agency relationship may assist:

28) Broker Herman must have an escrow account:

29) A single agent relationship provides a _______________ with a seller.

30) Which of the following is a voluntary alienation of real property?

31) Brokerage representation may legally include:

32) An appraiser should:

33) Some ways to terminate a brokerage relationship are:

34) A single agent must:

35) The subject house being appraised has a swimming pool and a garage. The appraiser estimates that a pool contributes $20,000 to the value and a garage contributes $15,000. A recent sale in the neighborhood for $300,000 is similar except that it has a garage but no pool. The adjusted value of the comparable house is:

36) Herb is 17 when he signs a contract to lease a small house. After the property manager accepts his offer, the lease contract is:

37) The rate of commission on a real estate sale is:

38) When estimating the market value of the subject house, which is 20 years old, which of the following would be of importance?

39) A person who wishes to sell his or her own house:

40) A township is:

41) Which is not an appraisal approach?

42) As a general rule, escrow money received by the broker:

43) An owner who sells property that he developed:

44) In which appraisal approach does the appraiser estimate the land value separately from improvements?

45) Wear and tear is a form of loss in value called:

46) When a broker is an agent of the owner, the salesperson is:

47) Carol is buying a house and has 30 days in which to obtain a financing commitment as specified in the sales contract. The contract states that “time is of the essence” applies to financing approval. Which is true?

48) Developers subdivide land and assign lot and block numbers to identify lots in the subdivision. This is a legal description known as:

49) Sally has shown Rebecca 11 homes, and Rebecca has selected one and made an offer. An hour later Rebecca changes her mind. Which of the following is true?

50) Harry gives Sam a $5,000 payment and a written agreement stating that, on July 1 of the following year, Harry will purchase the property from Sam for $150,000 cash, or Sam may keep the money. This transaction is: