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Question 1 of 60
1. Question
A rectangular living room is 18 feet in length and 20 feet in width. What is its square footage?
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Question 2 of 60
2. Question
If a bedroom measures 12 feet by 15 feet and an adjoining bathroom is 6 feet by 8 feet, what is the total square footage of both rooms combined?
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Question 3 of 60
3. Question
Calculate the square footage of an L-shaped lot with dimensions: 30 feet by 40 feet for the larger section and 20 feet by 20 feet for the smaller section.
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Question 4 of 60
4. Question
A triangular plot of land has a base of 50 feet and a height of 30 feet. What is its area in square feet?
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Question 5 of 60
5. Question
An irregularly shaped property consists of a square plot of 100 feet on each side and a rectangular extension of 30 feet by 50 feet. What is the total area?
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Question 6 of 60
6. Question
Calculate the square footage of a circular garden with a diameter of 14 feet.
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Question 7 of 60
7. Question
If a homeowner purchased their house for $180,000 and wants to list it at a 15% profit, what should the listing price be?
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Question 8 of 60
8. Question
A property bought for $350,000 has appreciated by 10% over five years. What is the current listing price if the owner decides to sell?
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Question 9 of 60
9. Question
For a property that needs to sell at a 20% profit over the buying price of $220,000, what is the minimum listing price?
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Question 10 of 60
10. Question
An investor wants to list a property at a 25% markup from their purchase price of $400,000. What listing price should they set?
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Question 11 of 60
11. Question
What is the primary duty of a real estate broker when handling confidential client information?
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Question 12 of 60
12. Question
A real estate broker is aware of a hidden defect in a property. What is their responsibility?
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Question 13 of 60
13. Question
In a dual agency situation, what is required of a real estate broker?
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Question 14 of 60
14. Question
How should a real estate broker ensure compliance with fair housing laws?
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Question 15 of 60
15. Question
What is the correct procedure for a real estate broker handling earnest money deposits?
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Question 16 of 60
16. Question
What is essential for a broker when advertising property listings?
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Question 17 of 60
17. Question
What is a broker’s responsibility regarding the supervision of their agents?
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Question 18 of 60
18. Question
Why is continuing education important for real estate brokers?
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Question 19 of 60
19. Question
What role does a broker play in negotiating real estate contracts?
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Question 20 of 60
20. Question
What is a mandatory element of a real estate contract?
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Question 21 of 60
21. Question
What makes a real estate contract legally binding?
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Question 22 of 60
22. Question
What role does an earnest money deposit play in a real estate contract?
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Question 23 of 60
23. Question
Which contingency allows a buyer to back out of a real estate contract without penalty if they cannot secure financing?
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Question 24 of 60
24. Question
Under which condition can a real estate contract typically be terminated without penalty?
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Question 25 of 60
25. Question
What is a seller legally required to disclose in most real estate contracts?
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Question 26 of 60
26. Question
How are amendments to a real estate contract typically handled?
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Question 27 of 60
27. Question
What is a consequence of breaching a real estate contract?
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Question 28 of 60
28. Question
Who is typically responsible for paying closing costs in a real estate transaction?
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Question 29 of 60
29. Question
What is the primary purpose of a Property Condition Disclosure Statement (PCDS)?
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Question 30 of 60
30. Question
Who is usually responsible for completing the Property Condition Disclosure Statement?
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Question 31 of 60
31. Question
Which of the following does NOT typically need to be disclosed in a Property Condition Disclosure Statement?
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Question 32 of 60
32. Question
How can failing to disclose known defects in a PCDS affect the seller?
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Question 33 of 60
33. Question
What happens if a seller is unaware of a defect at the time of sale and therefore does not disclose it in the PCDS?
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Question 34 of 60
34. Question
What type of property defects are sellers required to disclose?
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Question 35 of 60
35. Question
What is an environmental hazard disclosure in real estate?
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Question 36 of 60
36. Question
Which of the following is a common environmental hazard that must be disclosed in many jurisdictions?
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Question 37 of 60
37. Question
What is required to qualify for a traditional mortgage loan?
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Question 38 of 60
38. Question
What does the interest rate on a traditional mortgage loan affect?
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Question 39 of 60
39. Question
What is a down payment in the context of a traditional mortgage loan?
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Question 40 of 60
40. Question
How can a higher down payment affect a traditional mortgage loan?
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Question 41 of 60
41. Question
What is the primary purpose of private mortgage insurance (PMI)?
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Question 42 of 60
42. Question
What does a fixed-rate mortgage offer to borrowers?
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Question 43 of 60
43. Question
What is a key benefit of a 15-year mortgage compared to a 30-year mortgage?
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Question 44 of 60
44. Question
How does a borrower’s debt-to-income ratio affect their mortgage application?
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Question 45 of 60
45. Question
What is a title in real estate?
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Question 46 of 60
46. Question
Which of the following best describes joint tenancy?
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Question 47 of 60
47. Question
What is the purpose of a title search?
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Question 48 of 60
48. Question
What does title insurance protect against?
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Question 49 of 60
49. Question
What is tenancy in common?
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Question 50 of 60
50. Question
How can ownership be transferred?
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Question 51 of 60
51. Question
What is a quitclaim deed?
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Question 52 of 60
52. Question
Which term refers to the exclusive legal right to use, sell, or lease a property?
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Question 53 of 60
53. Question
What principle of value states that the maximum value of a property tends to be set by the cost of purchasing an equally desirable and valuable substitute property?
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Question 54 of 60
54. Question
Which principle of value suggests that real estate value is affected by expectations of future benefits from property ownership?
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Question 55 of 60
55. Question
The Principle of Highest and Best Use determines that the value of a property is maximized when it is utilized in a way that is:
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Question 56 of 60
56. Question
Which principle suggests that an investment in real estate will continue to be valuable only as long as it generates adequate income?
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Question 57 of 60
57. Question
What does the Principle of Conformity imply about property value?
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Question 58 of 60
58. Question
The Principle of Regression suggests that:
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Question 59 of 60
59. Question
Which principle of value is based on the belief that an over-improvement will not necessarily increase property value proportionately to its cost?
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Question 60 of 60
60. Question
The Principle of Competition states that:
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