NAR Study Guide 2026
Everything you need to pass the NAR exam in one place: the exam format, every topic to study, real practice questions with explanations, flashcards, and full-length practice tests. Free, no sign-up needed.
📋 NAR Exam Format at a Glance
📚 NAR Topics to Study (61)
✍️ Sample NAR Questions & Answers
1. Which market condition is indicated when the months of supply falls below 4–5 months?
Low months of supply (typically under 4–5 months) means limited inventory relative to demand, creating a seller's market with upward price pressure.
2. When does an agency relationship most commonly terminate?
Agency relationships typically end upon contract expiration, successful completion of the transaction, mutual rescission, or other legally recognized events such as death or incapacity.
3. What is 'implied agency' in real estate?
Implied agency is created by the words, conduct, and actions of the parties that suggest an agency relationship exists, even without a formal written agreement.
4. What is the role of a real estate agent in the disclosure process?
In the disclosure process, a real estate agent has an ethical and often legal obligation to disclose any known material facts or defects about a property. This ensures that potential buyers are fully informed about the property's condition, allowing them to make educated decisions. This duty upholds transparency and protects buyers from hidden issues that could impact their investment.
5. A buyer submits an offer $20,000 below list price. The seller wants to counter at full price. As the listing agent, what negotiation strategy best serves the seller?
A strategic counter just below list price keeps the buyer engaged while signaling the seller's position and property value.
6. A seller counters a buyer's offer by changing the closing date and initialing the change. What has the seller created?
Any material change to an offer—even a minor one like the closing date—creates a counteroffer, which voids the original offer and requires the buyer's acceptance.