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National Real Estate Exam Questions and Answers | Latest Version | 2025/2026 | Correct & Verified
What does a home warranty typically cover?
- Property taxes
- Flood insurance
- Mortgage payments
✔✔B. Repairs or replacements of appliances and systems
What is the main purpose of an appraisal?✔✔A. To estimate the value of the property
- To determine zoning rules
- To inspect the property’s plumbing
- To calculate income taxes
Which of the following would violate the Fair Housing Act?
- Refusing to sell to a buyer who lacks funds
✔✔B. Refusing to rent to someone based on their religion 1 / 4
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- Denying housing due to a low credit score
- Asking for proof of employment
In a buyer’s market, the advantage usually belongs to:
- Sellers
- Appraisers
- Lenders
✔✔B. Buyers
When does a contract become legally binding?
- When signed by the broker
- After the inspection
- After the closing
✔✔C. When both parties sign and accept all terms
What is the purpose of an escrow account?
- To hold the agent’s commission
- To store the deed 2 / 4
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✔✔C. To hold funds until conditions of the contract are met
- To deposit property taxes
A dual agent must obtain:
✔✔A. Informed consent from both parties
- The seller’s permission only
- Approval from the broker
- A notary’s signature
What does the term “marketable title” mean?
- A property listed on the MLS
- A property with great resale value
- A title backed by the bank
✔✔B. A title free from serious defects that can be transferred
What is an example of a private land-use control?✔✔A. Deed restriction
- Zoning ordinance 3 / 4
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- Eminent domain
- Building codes
Which of the following is considered a unilateral contract?✔✔A. An open listing agreement
- A lease agreement
- A purchase and sale agreement
- A deed
Which loan type is **insured** by the government but made by private lenders?✔✔A. FHA loan
- VA loan
- Conventional loan
- Bridge loan
What type of tenancy allows possession without a definite end date?✔✔A. Periodic tenancy
- Estate for years
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