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National Real Estate Exam: Pearson Vue
Questions and Answers | Latest Version | 2025/2026 | Correct & Verified
What is the main purpose of earnest money in a real estate transaction?
- To cover inspection costs
- To pay off closing costs
- To reserve the property for future negotiations
✔✔B. To show the buyer’s good faith intention to purchase
What is a legal right that allows a person to use another’s land for a specific purpose?✔✔A. Easement
- Deed restriction
- Covenant
- Zoning permit
Which valuation approach is best for estimating the value of a unique property like a church or school?
- Sales comparison approach 1 / 3
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✔✔B. Cost approach
- Income approach
- Investment method
Which of the following must a valid contract include?✔✔A. Mutual agreement
- Legal witness
- Property survey
- Professional notary
What does the phrase “time is of the essence” in a real estate contract mean?
- The contract must be signed during business hours
- The agent must complete the contract immediately
- Financing must be arranged before closing
✔✔B. Deadlines must be strictly followed
In a transaction, who typically holds the buyer’s earnest money deposit until closing?
- The seller 2 / 3
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✔✔B. The escrow or title company
- The mortgage lender
- The home inspector
Which of the following is a physical characteristic of land?✔✔A. Immobility
- Scarcity
- Situs
- Demand
Which term describes the right to use water from a river that borders a property?✔✔A. Riparian rights
- Littoral rights
- Avulsion rights
- Subsurface rights
What type of listing allows multiple brokers to market a property, but only the one who produces a buyer earns a commission?
- / 3