Practice Questions 1–15

1. What is the strongest type of deed?
A: General Warranty Deed

2. A broker holds client funds in their personal account. This is:
A: Commingling — license violation

3. The Fair Housing Act was passed in what year?
A: 1968

4. Commission is always:
A: Negotiable — never fixed or "standard"

5. Fee simple absolute is best described as:
A: The greatest possible ownership interest in real property

6. A listing where the owner can sell themselves with no commission is:
A: Open listing or Exclusive Agency

7. What does RESPA regulate?
A: Real estate settlement/closing procedures and cost disclosures

8. Government taking property for public use is called:
A: Eminent domain (process = condemnation)

9. What type of lease has the tenant paying rent plus taxes, insurance, and maintenance?
A: Triple net (NNN) lease

10. How many acres in a section?
A: 640 acres

Reference:

Wikipedia: Real Estate License

https://en.wikipedia.org/wiki/Real_estate_license