NATIONAL REAL ESTATE EXAM PRACTICE TEST WITH CORRECT SOLUTIONS
In most cases, broker compensation, as a percentage of home price, falls somewhere
... [Show More] between:
A Christian organization owns a fourplex. It wants to rent to only Christian tenants. Under the federal Fair Housing Act, is this legal?
What happens to trade fixtures after a business moves out of a leased property?
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?
A square bedroom measures 10 feet by 10 feet. What is the area of the room?
Which of these is an economic characteristic that makes land a distinctive commodity?*
In a fixed-rate mortgage that is fully amortized, the total amount of interest to be paid is:
Which is exempt from the federal Fair Housing Act?
The Americans with Disabilities Act applies to:
Condemnation is the act of seizing private property from citizens. What gives the government the right to do this?
The PHYSICAL characteristics of land are that land is indestructible, non-homogenous, and:
Which statement BEST defines the term contingency?
If a borrower is behind on payments, the acceleration clause gives the lender the ability to:
A metes and bounds legal description always returns to:
What should a license holder do if a client instructs them to do something that would discriminate against a protected class?
What is a novation?
A married couple bought a home ten years ago for $400,000. Their neighborhood has rapidly grown in popularity, and they were able to sell their home this year for $950,000. How much of that money will they be required to pay capital gains tax on?
Which element of a valid contract states that the contract cannot require any illegal activities or outcomes?
Deanna wants to sue her real estate agent, but finds out that she has no legal recourse because too many years have passed since the offending incident. What is this an example of?
Pedro bought his house for $370,000. The assessed value is $290,000. If the tax rate for Pedro's county is 2.375%, what will he pay in ad valorem taxes this year? [Show Less]