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Real Estate Exam- MO & National Study Questions and Answers | Latest Version | 2025/2026 | Correct & Verified
What type of ownership includes the right of survivorship?✔✔Joint tenancy
What is the legal document used to transfer ownership of real property?✔✔Deed
What is the highest form of property ownership?✔✔Fee simple absolute
What does a property manager primarily do?✔✔Protect and enhance the owner’s investment
What is a lien?✔✔A legal claim against a property for debt 1 / 4
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Who is responsible for enforcing zoning laws?✔✔Local government or municipality
When must a licensee in Missouri provide the brokerage relationship disclosure?✔✔Before providing any confidential information or entering a relationship
What kind of listing allows multiple brokers and pays only the one who brings a buyer?✔✔Open listing
Who holds the escrow money until closing?✔✔Escrow agent or title company
What kind of loan is guaranteed by the Department of Veterans Affairs?✔✔VA loan
What kind of deed offers the most protection to the buyer?✔✔General warranty deed 2 / 4
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What is it called when someone dies without a will?✔✔Intestate
What is the legal right to enter and use another person’s land for a specific purpose?✔✔Easement
What is the term for ownership of personal property that can be moved?✔✔Chattel
What document outlines the terms and obligations of a lease?✔✔Lease agreement
Who typically pays the commission in a real estate transaction?✔✔The seller
What type of property valuation is used for property tax purposes?✔✔Assessed value 3 / 4
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Who prepares the closing disclosure in a financed real estate transaction?✔✔The lender
What Missouri law governs the conduct of licensed real estate professionals?✔✔Missouri Real Estate Practice Act
What is required for a contract to be legally enforceable?✔✔Offer, acceptance, consideration, and legal capacity
What is the right to use water from a river or stream for personal use?✔✔Riparian right
What is the purpose of a title search?✔✔To verify ownership and find any defects or liens
What does a CMA (Comparative Market Analysis) estimate?✔✔A property’s market value
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