Free Real Estate Practice Exam | ADHI Schools

ADHI SCHOOLS
REAL ESTATE PRACTICE TEST

Sharpen Your Real Estate Mind!

Think you've got a grasp of real estate? Test your knowledge of key real estate principles with our short 9-question quiz. See how well you understand the fundamentals!

Real Estate Principles

    A security deposit on furnished residential property can be no more than ?

    a. two months\' rent.
    b. three months\' rent.
    c. a reasonable amount.
    d. $2000.00

    The Real Estate Commissioner reports to ?

    a. the California Bureau of Real Estate.
    b. the governor.
    c. the Department of Housing and Urban Development.
    d. the legislature.

    A property description including the words "250 acres, more or less" is ?

    a. fatally defective.
    b. not definite enough.
    c. sufficient if reasonably close to the exact acreage.
    d. incomplete without a metes and bounds description.

Real Estate Practice

    Which of the following statements regarding an agent's duty in a real estate transaction is TRUE? ?

    a. An agent has a fiduciary duty to the principal.
    b. An agent must disclose any known detrimental information to a buyer, even when the agent represents the seller.
    c. Any material facts the agent becomes aware of must be disclosed to the principal.
    d. All of these are true.

    If another agent is showing a home when you arrive for a showing, what should you do? ?

    a. Bring your prospects in and let them know they are competing with other buyers for the house.
    b. Cross the house off your showing list until uou are sure it has not been sold.
    c. Wait inconspicuously until the other agent completes his or her showing and leaves.
    d. Tell your clients that you are certain that the other prospects are buyers so they had better act fast.

    A standard policy of title insurance is used to show ?

    a. that there are no encumbrances against a property.
    b. that the seller has a marketable title.
    c. both of these.
    d. neither of these.

Legal Aspects Of Real Estate

    A prospective buyer knows that the owner is considering accepting an offer from another party. He asks you, the listing broker, the amount of the offer so that he can exceed it. You should ?

    a. tell him, because it is in the owner's best interests.
    b. tell him, because you must reveal all known facts to a buyer.
    c. notify the owner of the request.
    d. refuse to tell him or to accept any offer unless the present offer is rejected

    Reliance on previous decisions is BEST described as ?

    a. common law.
    b. stare decisis.
    c. equity.
    d. constitutional law.

    An oral agreement MOST likely to be enforceable would be ?

    a. an option to purchase.
    b. an agreement between brokers to split a commission.
    c. an open listing.
    d. a real estate purchase contract.