NATIONAL REAL ESTATE EXAM
PRACTICE TEST ALREADY PASSED
In most cases, broker compensation, as a percentage of home price, falls somewhere between:
✔✔5-7%
A Christian organization owns a fourplex. It wants to rent to
...
NATIONAL REAL ESTATE EXAM
PRACTICE TEST ALREADY PASSED
In most cases, broker compensation, as a percentage of home price, falls somewhere between:
✔✔5-7%
A Christian organization owns a fourplex. It wants to rent to only Christian tenants. Under the
federal Fair Housing Act, is this legal? ✔✔Yes. Religious organizations which rent to tenants for
residential purposes are exempt from the Fair Housing Act
What happens to trade fixtures after a business moves out of a leased property? ✔✔The tenant
removes their trade fixtures and takes them upon moving out.
Suppose that a borrower has a gross monthly income of $3,000 and wants to qualify for a
conforming loan (total debt service ratio of 36%) with a monthly PITI payment of $800. What is
the maximum amount of additional long-term obligations this borrower may have after PITI?
✔✔$280
A square bedroom measures 10 feet by 10 feet. What is the area of the room? ✔✔100 square feet
Which of these is an economic characteristic that makes land a distinctive commodity?* ✔✔situs
In a fixed-rate mortgage that is fully amortized, the total amount of interest to be paid is:
✔✔predetermined
Which is exempt from the federal Fair Housing Act? ✔✔renting a room in a house occupied by
the owner
The Americans with Disabilities Act applies to: ✔✔privately owned or government-owned
public accommodations
Condemnation is the act of seizing private property from citizens. What gives the government
the right to do this? ✔✔eminent domain
The PHYSICAL characteristics of land are that land is indestructible, non-homogenous, and:
✔✔immobile
Which statement BEST defines the term contingency? ✔✔stipulation that must be satisfied
before the contract can be performed
If a borrower is behind on payments, the acceleration clause gives the lender the ability to:
✔✔call the entire loan balance due immediately
A metes and bounds legal description always returns to: ✔✔the point of beginning
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