Real Estate Sales Exam Cheat Sheet 2026

The 30 highest-yield Real Estate Sales Exam facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. A property owner grants an easement to a utility company to run power lines across their land. This is an example of which type of easement? → Easement in gross
2. Under the Code of Ethics, a REALTOR discovers that a competing agent has made false claims about a property listing. What is the REALTOR's primary obligation? → Report the matter to the local board of REALTORS
3. What is the function of an acknowledgment on a deed? → It confirms the grantor signed voluntarily and is who they claim to be
4. A California real estate licensee who acts as a dual agent must do which of the following? → Obtain written consent from both the buyer and the seller before acting as a dual agent
5. Which of the following would NOT be considered an encumbrance on real property? → A fee simple absolute ownership interest
6. A property owner grants a neighbor the right to cross their land to access a public road. What type of interest has been created? → Easement appurtenant
7. Which of the following is an occupant of land? → All of the above
8. Which type of deed provides the LEAST protection to the grantee? → Quitclaim deed
9. The "agreement of sale" is the most significant contract in the selling of real estate. → True
10. The term "tenancy" in real estate means: → A mode of holding ownership
11. An agent who owes a fiduciary duty of obedience must do which of the following? → Follow all lawful instructions from the client
12. In a designated agency arrangement, which statement is TRUE? → The broker acts as a dual agent while individual agents represent separate clients
13. What typically triggers the due diligence period in a residential real estate sale? → Mutual acceptance of the purchase agreement
14. What does the covenant of seisin in a general warranty deed guarantee? → The grantor has the right to convey the property
15. Which of the following is TRUE regarding a net listing? → The broker receives all proceeds above the seller's minimum desired price
16. A property manager who collects rent on behalf of an owner is acting as what type of agent? → General agent
17. What is the purpose of private mortgage insurance (PMI) on a conventional loan? → To protect the lender against default when the down payment is less than 20%
18. Which federal law, known as 'Superfund,' holds current and past property owners potentially liable for the cleanup costs of hazardous waste contamination? → CERCLA
19. A buyer discovers after closing that a previous owner's heir has a legitimate claim to the property. Which type of insurance would protect the buyer? → Title insurance
20. The following are defined as "the relationship between a thing desired and a possible purchaser": → Value
21. A buyer signs a purchase agreement but the seller never signs it. What is the status of this transaction? → No valid contract exists
22. An electric company has the right to run power lines across multiple private properties. What type of easement does the company hold? → Easement in gross
23. The interest held by the sublessor in real property when subleased is frequently referred to as: → A sandwich lease
24. A buyer puts down $5,000 earnest money and then defaults on the contract. If the contract contains a liquidated damages clause, what is the most likely outcome? → The seller keeps the earnest money as the predetermined damages amount
25. A borrower's monthly gross income is $8,000. If the lender uses a 28% front-end ratio, what is the maximum allowable monthly housing expense? → $2,240
26. An agency relationship can be terminated by all of the following EXCEPT: → The agent deciding unilaterally without cause to stop working
27. An agent who fails to present all offers to a seller has violated which fiduciary duty? → Disclosure
28. Which type of agency relationship is created when a real estate agent represents both the buyer and the seller in the same transaction? → Dual agency
29. What type of depreciation is caused by factors external to the property, such as a nearby landfill? → External (economic) obsolescence
30. Which type of real estate contract binds only one party to perform while the other party has the choice? → Unilateral contract