Real Estate Sales Exam Practice Questions 3

Question 1

A real estate broker receives a security deposit from a tenant. Where must these funds be held?

Accepted Answer

A separate escrow or trust account

Answer

Security deposits and client funds must be kept in a separate trust or escrow account to prevent commingling with the broker's own funds.

Question 2

Under the Fair Housing Act, which of the following is NOT a protected class at the federal level?

Accepted Answer

Source of income

Answer

Source of income is not a federally protected class under the Fair Housing Act, though some states and localities have added it.

Question 3

A licensee acting as a dual agent must:

Accepted Answer

Obtain informed written consent from both buyer and seller

Answer

Dual agency requires informed written consent from both parties because the agent cannot fully advocate for either side.

Question 4

What is the primary purpose of a title search?

Accepted Answer

To uncover liens, encumbrances, or defects in the chain of title

Answer

A title search examines public records to identify any outstanding claims, liens, or ownership gaps that could affect the buyer's ownership.

Question 5

An easement appurtenant benefits:

Accepted Answer

The adjoining dominant estate

Answer

An easement appurtenant is attached to and runs with the dominant estate, benefiting the land rather than a specific person.

Real Estate Sales Exam Practice Test