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National - Real Estate Exam Practice Questions (Set One) Questions and Answers | Latest Version | 2025/2026 | Correct & Verified
What does a property manager typically NOT do?✔✔A. Sell the property
- Collect rent
- Coordinate maintenance
- Enforce lease terms
A buyer is protected from title defects with:
- A home warranty
- A property survey
- A deed
✔✔B. Title insurance
The main purpose of zoning laws is to:
- Control property prices 1 / 4
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- Restrict property owners’ rights
- Create tax assessments
✔✔C. Separate land uses to promote orderly growth
A “net lease” typically requires the tenant to pay:
✔✔A. Rent plus expenses like taxes and insurance
- Only utilities
- A fixed gross amount
- Monthly fees with no additional charges
Which of the following is considered involuntary alienation?✔✔A. Foreclosure
- Gift
- Sale
- Will
When a buyer assumes a seller’s mortgage, the buyer:
- Pays off the loan immediately 2 / 4
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- Merges the loan with another
- Must refinance first
✔✔C. Takes over responsibility for the remaining debt
What is the effect of recording a deed?
- Transfers possession
- Guarantees validity
- Replaces the need for a title search
✔✔B. Gives constructive notice to the public
Which type of depreciation is caused by external factors?
- Physical deterioration
- Functional obsolescence
- Property fatigue
✔✔C. Economic obsolescence
What does “time is of the essence” mean in a real estate contract?
- Closing must occur on a weekend 3 / 4
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✔✔B. Deadlines are legally binding and must be met
- Time limits can be extended by either party
- Performance is optional
A legally binding agreement between buyer and seller is known as:
- A deed
- An option
- A lease
✔✔C. A contract of sale
Which document outlines the rights of a condominium unit owner?✔✔A. Declaration and bylaws
- Title policy
- Escrow statement
- Purchase agreement
The person who gives the power of attorney is called the:
✔✔A. Principal
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