Real Estate Broker Exam Practice

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Real Estate Broker Exam Practice Questions and Answers | Latest Version | 2025/2026 | Correct & Verified

Which of the following best defines a “net lease”?

• The tenant pays only rent and utilities

✔✔B. The tenant pays rent plus property taxes, insurance, and maintenance

• The tenant pays rent based on business income
• The landlord pays all operating expenses

A broker working with both buyer and seller in the same transaction without full disclosure may

be guilty of:

✔✔A. Undisclosed dual agency

• Open listing
• Implied consent
• Honest misrepresentation

Which of the following would typically **not** be included in a market value appraisal?

• Recently sold comparable homes 1 / 4

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✔✔B. The owner's original purchase price

• Current market conditions
• Property features and upgrades

Which type of listing allows a seller to list their property with multiple brokers and pay only the one who brings the buyer?✔✔A. Open listing

• Exclusive agency
• Exclusive right to sell
• Net listing

A property manager's **primary duty** is to:

• Advertise the building
• Decorate the units

✔✔C. Maximize the owner's return on investment

• Interview potential lenders

When a deed is recorded, it gives: 2 / 4

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• Legal ownership

✔✔B. Constructive notice

• Actual possession
• Right of re-entry

A broker's commission is most commonly earned when:

• The contract is signed

✔✔B. The broker produces a ready, willing, and able buyer

• The property is listed
• The closing occurs

What type of depreciation results from outdated design features?✔✔A. Functional obsolescence

• Physical deterioration
• Economic obsolescence
• Deferred maintenance

An agreement that restricts a buyer from working with another broker is called a: 3 / 4

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• Listing contract

✔✔B. Buyer representation agreement

• Exclusive right-to-sell agreement
• Tenant lease

A legally enforceable agreement between competent parties is known as a:

✔✔A. Contract

• Offer
• Deed
• Addendum

Which of the following is considered an involuntary lien?✔✔A. Property tax lien

• Mortgage lien
• Deed restriction
• Easement

Which approach is most appropriate when appraising income-producing property?

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