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Real Estate Agent Practice Test
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All states require real estate agents to be licensed by the state to engage in the sale of real estate. The tests cover such subjects as forms of ownership, physical descriptions, valuation and regulation.
 

Real Estate Agent Practice Test
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23 Questions

1. An agent, broker or lender who is "blockbusting" is trying to scare owners in a neighborhood into selling their property.
2. A mortgagee’s policy of title insurance is valid until:
3. A basic owner's title insurance policy will cover all of the following except ________________.
4. What must a homeowner in foreclosure do to exercise his right of redemption?
5. Which of the following is protected by the federal Fair Housing Act?
6. Who can legally appraise a residential property when the purchase is being financed with an FHA-insured loan?
7. Which of the following is protected by the federal Fair Housing Act?
8. The presence of lead paint in a home must only be disclosed if the home is being purchased using an FHA loan.
9. For a deed to be valid, it must be:
10. How much time must a prospective borrower be given to review the Closing Disclosure?
11. The zoning laws in your town require an apartment building to provide two and a half parking spaces for every 1,000 square feet of inhabited space. A local apartment building has 20,000 square feet of apartments. How many parking spaces should it have?
12.  A valid contract must contain which of the following elements?
13. A woman who owns a parcel of real estate in severalty wants her son to have the property, but only after she dies. Which of the following choices is correct and will accomplish her wishes?
14. A buyer is applying for an ARM loan. Do the payments on this type of loan product change?
15. A homeowner has a mortgage with a fixed interest rate. Under what circumstances would her payments change?
16. A major institutional lender discriminates against certain prospective borrowers based solely upon their homes being located in depressed neighborhoods. The lender does this by giving no consideration to either the condition of the specific property or the creditworthiness of the prospective borrower. What is the name of this illegal activity?
17. The Real Estate Settlement Procedure Act (RESPA) applies to what types of real estate transactions?
18. You sell a home for a client where the down payment was $30,000 with a loan of $125,000 at 3.7% interest with a term of 30 years fixed. The mortgagor's monthly payment is $1,219. What is the loan to value ratio?
19. For a deed to be valid, it must be:
20. You sell a home for a client where the down payment was $30,000 with a loan of $125,000 at 3.7% interest with a term of 30 years fixed. The mortgagor's monthly payment is $1,219. What is the loan to value ratio?
21. As a seller's agent, you sell a house for $135,000. The selling price includes a six percent commission rate that your brokerage charges. The buyer's agent will get half the commission. What is your portion of the commission?
22. A mortgagee’s policy of title insurance is valid until:
23. You are trying to price a property. Five years ago it was sold for $125,000, but property values in this particular neighborhood have decreased by an average of 5 percent since then. What is the rough value of this property?

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