Real Estate Exam Practice Test 2026-2027 and Free Sample Questions

A homeowner has operated a small auto repair shop on residential property for 15 years. The municipality then enacts zoning that prohibits commercial use in that district. The homeowner is permitted to continue the repair shop. This continuation is best described as a:

An appraiser is valuing a 30-year-old single-family home in an established neighborhood with many recent comparable sales. Which approach to value should the appraiser give the most weight?

A buyer obtains a loan in which the monthly payment is fixed but does not cover all of the accruing interest, causing the loan balance to increase over time. This feature is known as:

A licensee represents the seller. At an open house, a prospective buyer asks the licensee how to make the strongest offer. Without a written agreement to represent the buyer, the licensee should:

A buyer and seller sign a purchase contract. Before closing, the seller dies. What is the most likely effect on the contract?

A seller knows the basement floods during heavy rain but the defect is not visible during a normal inspection. Regarding this latent defect, the seller generally must:

Under the federal Fair Housing Act, which of the following is a protected class?

At closing, the property tax of 3,600 dollars for the calendar year is unpaid. The closing date is March 31 and the seller is responsible for taxes through the day before closing. Using a 360-day year and 30-day months, what is the seller's prorated share for January through March?

A property owner grants a neighbor the right to cross her land to reach a public road. This right is best classified as a:

A clause in a mortgage allows the lender to demand the entire loan balance be paid immediately if the borrower sells the property. This is called a:

An investment property generates 48,000 dollars in annual net operating income. An investor wants a 12 percent capitalization rate. Using the income approach, what value supports that return?

A fiduciary duty requires an agent to keep the principal informed of all material facts that could affect the principal's interests. This specific duty is known as the duty of:

A buyer makes a written offer. Before the seller accepts, the buyer withdraws the offer and the seller is notified. The legal effect is that:

A developer wants to divide a 40-acre tract into 80 residential lots with streets and utilities. Government approval of this division of land into lots is governed primarily by:

A life tenant holds property for the duration of her life. The party who will receive the property when the life estate ends is the holder of a:

A landlord refuses to allow a tenant with a visual impairment to keep a guide dog, citing a strict no-pets policy. Under the Fair Housing Act, the landlord must:

A borrower has a fixed-rate, fully amortized 30-year mortgage. Over the life of the loan, the portion of each monthly payment applied to principal:

On a settlement statement, when a seller has prepaid an expense that the buyer will benefit from after closing, the buyer reimburses the seller. This proration typically appears as a:

A real estate sales contract specifies that if the buyer defaults, the seller may keep the earnest money as the seller's exclusive remedy. This provision is best described as a: