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 fee simple estate that has no conditions is ?

    a. a life estate.
    b. a remainder.
    c. a fee simple on condition subsequent.
    d. a fee simple absolute.

    After attending a get-rich-quick real estate seminar, an attendee wants to buy a house "cheap." She tells a broker that she will offer $50,000, with seller financing and no down payment, on the Monroe Street house, which has an asking price of $125,000. The broker presents the offer with one of his own for $85,000, telling the owners that unexpected market conditions make their asking price unrealistic. His conduct is ?

    a. acceptable.
    b. mandated.
    c. discouraged.
    d. prohibited.

    A tenant moved out of his apartment at the end of the lease term. The landlord will be allowed to increase the rent for a new tenant to reflect the current market value because the local rent control ordinance ?

    a. provides for vacancy control.
    b. provides for vacancy decontrol.
    c. is based on an index.
    d. is favorable to the tenant.

Real Estate Practice

    Who can modify an accepted offer to purchase? ?

    a. The selling broker
    b. The listing broker
    c. The listing broker and the seller
    d. The buyer and the seller by mutual agreement

    You may legally pay a referral fee to an unlicensed person who ?

    a. shows listings to prospective buyers.
    b. assists in sale negotiations.
    c. introduces a prospective buyer to the broker.
    d. Neither of these is true.

    To have a 1031 tax-deferred exchange, you need all of the following EXCEPT ?

    a. like-for-like properties.
    b. to receive boot rather than pay it.
    c. a trade of investment real property for investment real property.
    d. to hold property after the exchange in the same manner as you held property going into the exchange.

Legal Aspects Of Real Estate

    Notice of known hazardous substances on the premises must be given by ?

    a. owners to buyers.
    b. owners to lessees.
    c. lessees to owners.
    d. all of these.

    A tenant on a long-term lease purchased the premises from the lessor. Later, to raise cash, he sold the property to an investor, who gave the tenant a 30-day notice to vacate. What are the rights of the parties? ?

    a. The lease preceded the sale; therefore, the tenant prevails.
    b. Occupancy was constructive notice to the investor of the lease.
    c. The purchase by the tenant ended the lease.
    d. Tenant rights were lost by accord and satisfaction.

    The power of eminent domain is based on which amendment to the U.S. Constitution? ?

    a. First
    b. Thirteenth
    c. Fifth
    d. Fourteenth