Real Estate Exam Practice Test 2023 (60 Question Answers) online quiz. Our Real Estate License Practice Test question will help your Real Estate License Exam Prep better. Candidates from Louisiana, Florida, California, New York, Texas, etc. may try this sample Real Estate License Exam for broker sale person for free.
Some states prepare their own examination for prospective real estate licensees. Others rely on independent testing services to prepare, administer, and/or score real estate examinations. These tests are revised regularly to reflect current laws and practices. This sample quiz will help you prepare for the real estate salesperson’s licensing examination prepared by an
independent testing company, Psychological Services, Inc. (PSI).
Real Estate Exam Practice Test 2023
Exam Name | Real Estate License Exam |
Position | Broker / Sale |
Test type | sample test |
Question Type | Multiple Choice |
Total Questions | 60 |
Time duration | N/A |
Quiz-summary
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Real Estate License Exam Practice Test
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Question 1 of 60
1. Question
1 pointsA settlement is held on April 20 involving the purchase of a property by way of an assumption of the loan. The interest rate is 8.5%, and the loan balance is $198,000. How is interest on the loan payment adjusted?
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Question 2 of 60
2. Question
1 pointsThe person who receives real property through a will is known as a
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Question 3 of 60
3. Question
1 pointsThe business of maintaining escrows, collections, and processing of tax records related to mortgage loans is called
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Question 4 of 60
4. Question
1 pointsThe buyers who sign a statement about the price and terms on which they are ready to purchase property have created
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Question 5 of 60
5. Question
1 pointsWithin the agency agreement is a statement that binds the buyer to paying the broker’s fee if, within a stated number of days, the buyer purchases a property that was shown to the buyer during the agency period. This clause is the called the
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Question 6 of 60
6. Question
1 pointsWhen the Franks bought their first home, some of their costs included payment of points, establishment of an escrow account, premium for title insurance, and commission to their own buyers’ agent. On that year’s income tax return they may deduct the
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Question 7 of 60
7. Question
1 pointsAn investor recently paid $500,000 for a building that yields about $65,000 in annual income. The cap rate on this investment is evidently around
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Question 8 of 60
8. Question
1 pointsThe type of depreciation always classified as incurable is
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Question 9 of 60
9. Question
1 pointsWhen construction of a new building has been completed in a satisfactory manner, the local building inspector issues
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Question 10 of 60
10. Question
1 pointsIf a VA guarantee is $50,750, then the maximum loan with no down payment would be
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Question 11 of 60
11. Question
1 pointsFor appraising a 20-year-old single-family residence, the best data is the
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Question 12 of 60
12. Question
1 pointsA farmers’ market had been in operation continuously for 50 years at the intersection of Routes 50 and 29. A new master plan was approved by the local jurisdiction and placed that tract of land in a residential zone. In order to stay in business, the owner of the farmers’ market should
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Question 13 of 60
13. Question
1 pointsReal estate licensees are required to disclose early in a transaction
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Question 14 of 60
14. Question
1 pointsIn the government survey system of land measurement, how many square miles does a township contain?
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Question 15 of 60
15. Question
1 pointsThe Civil Rights Act of 1866 prohibits
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Question 16 of 60
16. Question
1 pointsAt a general meeting of the brokers trade association, several members begin talking about fees and business practices. This sort of activity could be considered
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Question 17 of 60
17. Question
1 pointsNeighbors are allowed input through public hearings when someone applies for a zoning
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Question 18 of 60
18. Question
1 pointsThe fiduciary duty of notice requires the seller’s agent to
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Question 19 of 60
19. Question
1 pointsInformation gathered when the agent lists property should include data on
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Question 20 of 60
20. Question
1 pointsA tenant applicant confined to a wheelchair is interested in renting a townhome. A request is made to the landlord to allow the tenant to have an access ramp constructed. Which of the following is true in this situation?
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Question 21 of 60
21. Question
1 pointsThe ownership of a specific property for use at a specific period of time during the year is called
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Question 22 of 60
22. Question
1 pointsPrices are likely to rise when there is a
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Question 23 of 60
23. Question
1 pointsA cap rate is used in what type of appraisal?
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Question 24 of 60
24. Question
1 pointsThe investor criteria for a home mortgage is an uninsured loan to value ratio of 75% of the appraisal. The sales agreement and appraisal is in the amount of $180,000. Following underwriting guidelines, the buyer qualifies for a loan of $145,000. How much of the purchase will be financed by this investor?
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Question 25 of 60
25. Question
1 pointsEach party is bound to a specific date for performance if a real estate sales contract contains
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Question 26 of 60
26. Question
1 pointsCommon covenants found in a mortgage could be any of the following EXCEPT a promise to
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Question 27 of 60
27. Question
1 pointsThe Truth in Lending Act (Regulation Z) applies to lender’s practices
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Question 28 of 60
28. Question
1 pointsIn order to reach the lake, the Browns have a permanent right of way across their neighbor’s lakefront property. The Browns own
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Question 29 of 60
29. Question
1 pointsThe broker’s responsibility at the closing is to
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Question 30 of 60
30. Question
1 pointsThe Real Estate Settlement Procedures Act mandates all of the following procedures EXCEPT
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Question 31 of 60
31. Question
1 pointsNewly constructed buildings are best appraised giving most weight to the
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Question 32 of 60
32. Question
1 pointsAfter listing the property, the listing agent receives comments from other agents that the property is overpriced by about $15,000. Which of the following actions should the agent take?
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Question 33 of 60
33. Question
1 pointsBefore a closing takes place, a buyer will want to make a final
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Question 34 of 60
34. Question
1 pointsA mini-ranch is being established on a newly acquired 25-acre parcel of land. The new owner plans to enclose the property with a split-rail fence. The rectangular lot has 1,000 feet of frontage on the state road. How many feet of fencing will be needed?
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Question 35 of 60
35. Question
1 pointsA qualified veteran of the armed forces may obtain a mortgage for the full purchase price of a home with no requirement for down payment. To provide an additional benefit to the veteran, the Veterans Administration will
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Question 36 of 60
36. Question
1 pointsWhen advertising credit terms in conjunction with a sale of property, the broker mentions the amount of the monthly payment. The broker must also include all of the following pieces of information EXCEPT the
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Question 37 of 60
37. Question
1 pointsThe cautious owner offers property on an “as is” basis. If agent has knowledge of a latent defect, the agent and owner must
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Question 38 of 60
38. Question
1 pointsA representative with full authority to bind the principal to all agreements is
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Question 39 of 60
39. Question
1 pointsThe party most likely to sue for specific performance in the purchase of real estate is the
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Question 40 of 60
40. Question
1 pointsOnce an agency relationship is ended, any confidential information learned by the agent during the relationship is
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Question 41 of 60
41. Question
1 pointsOne example of an easement in gross is the right of
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Question 42 of 60
42. Question
1 pointsThe government’s ability to pass legislation to protect the public is acquired from
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Question 43 of 60
43. Question
1 pointsA broker may be compensated for providing brokerage services in any of the following ways EXCEPT
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Question 44 of 60
44. Question
1 pointsWhich of the following programs would probably be of the most benefit to owners of property located in the lowlands along a river?
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Question 45 of 60
45. Question
1 pointsIf a principal terminates the listing agreement during the listing period, the broker may be able to do any of the following EXCEPT
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Question 46 of 60
46. Question
1 pointsA lawsuit to enforce a contract must be started within a certain number of years, as specified for the particular type of contract by that state’s
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Question 47 of 60
47. Question
1 pointsRichard Morgan wants to buy Daniel Johnson’s house, but Daniel doesn’t want to turn over title until he receives the purchase price. They could use either a lease option or a land contract. Richard would prefer a lease option because
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Question 48 of 60
48. Question
1 pointsA purchase that is financed by the seller holding title until a specified number of payments have been made is known as a
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Question 49 of 60
49. Question
1 pointsA land contract for the purchase of real estate is also known as
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Question 50 of 60
50. Question
1 pointsThe Millers put their house on the market, the Blacks made a written purchase offer, and the Millers accepted the offer in writing. When is the contract valid?
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Question 51 of 60
51. Question
1 pointsThe furnace at 39 State Street doesn’t work properly. However, because the prospective buyers inspect the house in July, there is no indication of this. The condition of the furnace is known as
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Question 52 of 60
52. Question
1 pointsAfter a purchase contract is accepted, the parties may later make additional agreements without changing the original document by use of
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Question 53 of 60
53. Question
1 pointsWhen describing the particulars about a property, the agent does not disclose that a capital improvement project has been approved that will result in a special assessment to the owner in the near future. The broker has
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Question 54 of 60
54. Question
1 pointsThe lender’s underwriting criteria is a maximum payment to income ratio of 35% of gross monthly income. If the applicant proves annual earnings of $75,000 in the previous year, and that salary rate is continuing, the maximum monthly PITI would be
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Question 55 of 60
55. Question
1 pointsJoseph Flannery is borrowing $15,000 from his brother Tim in order to have enough for the down payment on his new house. They have agreed that the $15,000 will bear an interest rate of 12% with a flat semi-annual payment of $1,000 plus earned interest. How much will Joseph’s first payment to Tim be?
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Question 56 of 60
56. Question
1 pointsLaura Murphy is buying a new home for $193,000. She makes a $40,000 down payment and finances the balance with a 7.5% 30- year conventional loan. The factor for repayment is $7.00 per thousand, and escrows add $250 to the monthly payment. After making the first payment, what is the remaining balance on Laura’s loan?
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Question 57 of 60
57. Question
1 pointsA building permit may be issued even if the proposed structure violates existing
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Question 58 of 60
58. Question
1 pointsThe settlement of a sales agreement occurs on September 15. Property taxes are $3,600, paid semi-annually, and the first half have been paid. How are the taxes adjusted on the closing statement?
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Question 59 of 60
59. Question
1 pointsJames Kingsley has just settled on his new home. He obtained a new loan of $290,000 at 8% that requires a monthly payment of $7.34 per thousand. He also has an estimated annual property tax of $2,900 and an insurance premium of $560 per year, which he will pay in monthly deposits into escrow. What is the monthly payment for James?
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Question 60 of 60
60. Question
1 pointsThe Simons have defaulted on their loan payments and are behind in paying the rest of their bills, so their home is being sold in a foreclosure auction. Of the many liens against it, which will have first claim on the proceeds of the sale?
See also:
- Real Estate License Exam 2023 With Study Guide
- Real Estate License Broker/Sale Practice Test (60 MCQs)
- Real Estate Exam Practice Test (50 MCQs)
- Real Estate Exam Math Practice Test (60 MCQs)