National Salesperson Practice Exam

These questions are part of the practice quiz. Start practicing

• Combining three lots into one larger parcel for development is an example of what?
• Which term refers to the decrease in property value due to factors like age or wear?
• What is the importance of understanding financing options in real estate?
• What is the primary role of a real estate appraiser?
• What do 'p' and 'i' refer to in relation to a mortgage?
• In real estate, what is 'equity'?
• What is the primary purpose of a closing disclosure?
• Which of the following events does NOT terminate a listing agreement?
• Which of the following is NOT considered real property?
• What does 'fair market value' indicate?
• The requirement that a lender use the settlement statement form for certain government-related loans is a requirement of
• In what situation is dual agency typically permissible?
• What defines a real estate investment trust (REIT)?
• What is a 'contingency' within a real estate contract?
• Which clause allows a lender to declare the entire debt due and payable if the property is sold without lender approval?
• Using a mortgage factor of $7.69, what is the monthly payment for a $170,000 loan at 8.5% for 30 years?
• What does the term 'list price' refer to?
• What is an essential function of a real estate broker?
• What is a summary of all recorded instruments affecting title to a property called?
• What does a listing agreement authorize a real estate agent to do?
• What does the term 'leasehold estate' mean?
• What term describes the tract of land that is subject to an easement?
• What term describes the legal right to use another’s property in a specified way?
• What is the term used for the giver of an option in real estate?
• What is the meaning of 'market analysis'?
• When conducting a property appraisal, which factor is least likely to influence the appraisal value?
• What is the main role of a listing agent in real estate?
• What is a 'good faith estimate'?
• What impact does the Fair Housing Act have on real estate practices?
• What does 'MLS' stand for in the context of real estate?
• You have been given oral permission to park in a friend's driveway while attending a football game. Their permission is a(n)
• A lien is best described as
• What does a broker protection clause in a listing agreement ensure?
• Which scenario would NOT be considered discriminatory under federal fair housing laws?
• A contract where one party promises to act based on the other party's performance is known as a?
• Why are agency relationships important in real estate transactions?
• What is the primary purpose of the Fair Housing Act?
• If property in your neighborhood is increasing in value at a rate of 8% annually, what is the current value of a home bought for $115,900 one year ago?
• When a new furnace and central air conditioning are installed in a home, what is this type of personal property classified as?
• Which loan is backed by a government agency?
• What does due diligence involve in real estate?
• Three investors pool their savings of $330,000 for a motel. If two investors contribute $90,000 and $50,000, what percentage does the third investor represent?
• What kind of deed did Lois give Mark if it contains no express or implied warranty?
• What is the purpose of a home inspector?
• What percentage of property value is commonly used for tax assessments in various municipalities?
• What is meant by a 'multiple offer situation'?
• Which type of rights are riparian and littoral rights both associated with?
• How much commission will Andrew earn from a house sale priced at $193,950, with a 6% commission split 60% to the selling broker?
• If the building is 22 years old, what is the current total depreciation of the building?
• What is a primary responsibility of a property manager?
• If a woman's last monthly payment interest was $647.91 and she paid an interest rate of 9%, what was her outstanding loan balance?
• What does the term 'consideration' mean in a real estate transaction?
• Which of the following is an example of functional obsolescence?
• Which of the following categories was the first to be protected by federal law against discrimination in housing?
• The main purpose of a residential lease is to
• What role does a closing disclosure play for buyers?
• A house located next to an airport would be an example of which type of obsolescence?
• Which of the following loans is classified as a conventional loan?
• Which statement correctly describes the unethical situation when a landlord refuses rental based on political beliefs?
• What is ‘capital gains tax’?
• After selling their principal residence, what amount of profit will Andrew and Bethany have to pay capital gains tax on?
• What is a 'listing agreement'?
• What is generally true about conventional loans that require private mortgage insurance?
• What does the 'principle of substitution' imply about property value?
• Which of the following groups is NOT protected under federal fair housing laws?
• What characterizes an adjustable-rate mortgage (ARM)?
• What does ‘cash flow’ refer to in real estate investing?
• Which listing type provides the most protection to the broker?
• If a broker is offered a listing that states homeowners will not sell to a minority, the broker should?
• What should Martinez do after being asked about a tenant's race, given his fiduciary responsibilities?
• What happens in a scenario where a property is shown to a buyer under an exclusive listing, but sale occurs after the listing has ended?
• The relationship of trust and confidence that a broker has with a principal is called a(n)
• Which of the following licensees is MOST likely to act as a general agent for a client?
• Which of the following is NOT considered an environmental hazard that affects marketability?
• A homebuyer’s total monthly housing costs compared to their gross income is used to calculate which financial metric?
• What does zoning refer to in real estate?
• Which factor is crucial for an appraiser determining the value of income property when capitalizing the income stream?
• Which type of real estate loan is guaranteed against loss by the government?
• What does title insurance protect against?
• What term describes the set of financial agreements that cover mortgage-backed securities?
• How many questions are typically found in the National Salesperson Exam?
• If a seller agrees to replace a carpet and the total cost is calculated, what is the total cost if it equals $24.45 per square yard and there are 16.666 square yards?
• What is the primary purpose of the National Salesperson Exam?
• As a salesperson for a broker, from whom will you receive your share of the commission after selling a home?
• What does the secondary mortgage market refer to within real estate finance?
• The borrower under a note secured by a mortgage is the
• How is the value of sales commission typically calculated in a real estate transaction?
• Joseph’s land has a portion protected from judgment for unsecured debts. What is this protection called?
• What kind of contract shows the intentions of parties by conduct?
• Which entity is NOT known for purchasing loans on the secondary mortgage market?
• What does 'foreclosure' imply?
• What is the result when a seller's agent discusses the advantages of competing offers?
• Which type of contract involves both parties making promises?
• An easement is typically used for which purpose?
• In a quitclaim deed, the grantor does NOT provide what type of guarantee?
• What is the significance of a 'pre-approval' letter?
• What characterizes a 'short sale'?
• What does property tax refer to?
• Which agency acts as the nation's banker and fiscal manager?
• What does 'FHA' stand for in real estate?
• Which document is used for the exchange of funds and instructions during the closing process?
• What legal document formally establishes an agency relationship in real estate?
• A person who holds a real estate license is most commonly referred to as a(n)
• A description of a property as being in the "nicest neighborhood in town" is an example of what?
• A mechanic's lien is typically filed for what purpose?
• A contract signed by a drunken individual is classified as what type of contract?
• Under capital gains tax law, how long must a single person live in a house to take up to $250,000 in capital gains tax-free?
• Which person would NOT be protected under the familial status definition according to federal fair housing law?
• Which of the following is an odorless radioactive gas produced from the decay of other materials?
• Which factor would NOT be considered by an appraiser in a neighborhood analysis?
• Which of the following duties is typically NOT associated with a selling agent?
• What is the purpose of a real estate closing?
• What is the value increment resulting from combining properties?
• What does 'amortization' refer to in finance?
• Which type of depreciation only contains incurable elements?
• Which agency relationship does NOT typically apply to a cooperating broker in a real estate transaction?
• What type of deed offers the least protection for the grantee?
• Which of the following would NOT be considered a public land use control?
• What does ‘dual agency’ refer to in real estate?
• What is the primary role of the Consumer Financial Protection Bureau (CFPB)?
• If a seller negotiated directly with a prospective buyer after a listing expired, are they obligated to pay the original broker a commission?
• Which of the following would be an example of economic or external obsolescence?
• What is the usual passing score for the National Salesperson Exam?
• Which of the following is a requirement for a valid deed?
• What does the term 'earnest money' refer to?
• What is the concept of constructive eviction?
• In the context of real estate, what typically occurs during escrow?
• What is the role of a broker in a real estate transaction?
• What term describes the sudden tearing away of land by natural forces?
• Which type of agency relationship involves a single task for the agent to complete?
• If an appraiser estimates a building's replacement cost at $300,000 and its useful life is 60 years, what is the annual depreciation?
• Who among the following would NOT be considered an agent?
• What is the maximum prison term for brokers who violate the Sherman Antitrust Act?
• An enforceable contract may contain any of the following as consideration EXCEPT?
• What is a sublender in the context of real estate?
• Which type of depreciation is generally considered incurable?
• Which statement would NOT be considered a material fact for a seller’s agent to disclose?
• In an exclusive-right-to-sell listing agreement, how many brokers are typically involved?
• What is a 'contract for deed'?
• A partial release clause is commonly found in which type of mortgage?
• What is meant by the sales price in a real estate transaction?
• Which of the following best defines the term 'real estate contract'?
• What principle might describe the relationship between location and property value?
• If your monthly salary is $1,200 and you earned a total of $6,300 in salary and commission, how much value did the properties sold amount to if commissions accounted for the remaining amount?
• If Sam allows Carlos to park in his driveway during July, what type of permission has Sam given Carlos?
• What are the main components of the real estate transaction process?
• Which statement is NOT true regarding loans that require private mortgage insurance?
• What does 'depreciation' refer to in real estate?
• Which of the following describes characteristics of an exclusive-right-to-sell listing?
• What practice refers to the denial of loans based on geographic location rather than applicant qualifications?
• What is the purpose of a comparative market analysis (CMA)?
• A broker agreed to a listing under which the owner receives $210,000 from the sale, while the broker keeps any excess as commission. This is an example of?
• Which document is typically executed to transfer real estate ownership without warranties?
• Which of the following factors is NOT taken into account when assessing property values?
• When you give an option to buy your restaurant, which of the following statements is NOT correct?
• If a broker is involved in a transaction where the terms include a promise not to engage with certain buyers, what action should be taken?
• What does 'lease option' entail?
• What is 'real estate syndication'?
• If a 500-acre farm is divided into 300 house lots and one-eighth of the whole farm is used for streets, how many square feet are in each lot?
• Which of the following are the four elements of a valid real estate contract?
• What is typically examined to determine flaws in property ownership?
• A home is valued at $103,000 and assessed at 80% with a tax rate of $3.60 per $100. What is the owner's monthly tax amount?
• What is the purpose of a property deed?
• What should a lender do to comply with the Fair Housing Act?
• Which type of lien is generally given the highest priority?
• Why are market trends significant in real estate?
• Which of the following statements concerning a bargain and sale deed is true?
• What is a common characteristic of a short sale?
• Which section of the National Salesperson Exam focuses on real estate laws and regulations?
• What type of loan is privately insured against loss in the event of default and foreclosure?
• What is the total interest paid over the life of a $170,000 loan at 8.5% for 30 years with a monthly payment of $1,307.30?
• When is earnest money typically paid during a real estate transaction?
• Charging a rate of interest in excess of the maximum rate allowed by law is known as
• What is 'escrow' in real estate?
• Which type of commission structure does a seller carry back when financing in excess of $100,000?
• Which of the following is true about appraisals?
• Which factor does a real estate appraiser NOT consider when estimating market value?
• What does 'modification' refer to in real estate terms?
• What is a 'real estate lien'?
• Which of the following best describes an 'equity' scenario in real estate?
• In real estate transactions, what is a 'net listing'?
• If real estate taxes of $3,760 have not been paid and the sale closes on June 23, what is the proration amount for the buyer?
• All of the following would be considered a lien except a(n)
• What does the abbreviation 'HUD' stand for?
• For a home worth $300,000 and a mortgage of $240,000, what is the loan to value ratio?
• What is the estimated value of an apartment building expected to produce a net annual income of $20,000 if the owner expects an 8% return on investment?
• Which component of a real estate transaction involves advertising the property?