Real Estate Agent License Exam

Question 1

Tenancy by the entirety is

Accepted Answer

Ownership that's available only to married couples, tenancy by the entirety means that property may not be sold without the agreement of both parties.

Answer

equal or unequal undivided ownership between two or more people

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ownership which requires the four unities: Interest, Possession, Time, and Title.

Question 2

Exclusive agency listing is when

Accepted Answer

agents get paid only if they sell the property. No fee is earned if the owner alone sells the property.

Answer

the agent gets paid no matter who sells the property, regardless of whether it's the agent or the seller.

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sellers have the right to use as many brokers as they want. The seller is not, however, obligated to pay any of them if he or she sells the property without the broker's help.

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the agent gets to keep everything he can get that's more than the sale price the owner wants.

Question 3

You are trying to price a property. Five years ago it was sold for $145,000, but property value in this particular neighborhood have decreased by an average of 5 percent since then. What is the rough value of this property?

Accepted Answer

$137,750

Answer

$72,500

Answer

$130,000

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$140,000

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$145,000

Question 4

Which types of the following discrimination are prohibited by the Fair Housing Act of 1968? Please select all that apply

Accepted Answer

Number of Children

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Age

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Behavior

Question 5

A valid real estate contract must contain which of the following elements? Please select all that apply:

Accepted Answer

Competency

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Selection of a title company

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Agent's information

Question 6

The total commission paid a brokerage firm was $23,000. The firm was paid 6% on the first  $200,000, 4% on the next 200,000 and 2% on the remainder. What was the sale price of the property?

Accepted Answer

$550,000

Answer

$400,000

Answer

$450,000

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$500,000

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$600,000

Question 7

As an agent you received $1,312.50 as commission for a referral fee. The listing agent paid 25% of her commission for the referral. The total commission paid was 6%, which was split equally between the listing and selling brokerage firms. If the listing agent was paid 50% of her firm's commission, what was the sale price of the property?

Accepted Answer

$350,000

Answer

$200,000

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$250,000

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$300,000

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$400,000

Question 8

A mother is deeding her mortgage-free house to her son. Is the deed required to show "good consideration" to be valid in the case?

Accepted Answer

Yes, unless she is deeding it to him in her will.

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No, because the house does not have a mortgage and there is no lien holder involved.

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No, because family transfers are exempt from the law.

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Yes, because all deeds must show good consideration to be valid.

Question 9

Select all that apply:

If a deed is valid it must be:

Accepted Answer

Signed

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Recorded

Question 10

Select all that apply:

Of the many expenses involved with owning a house, which of the following are tax-deductible?

Accepted Answer

Real estate taxes

Answer

Insurance

Answer

General home improvement and repairs