Real Estate Sales Exam FREE Real Estate Sales MCQ Question and Answers 2

Question 1

A buyer signs a purchase agreement that is contingent on obtaining financing within 30 days. If the buyer fails to secure a loan within the specified period, what is the most likely outcome?

Accepted Answer

The buyer may terminate the contract and receive their earnest money back

Answer

The seller must extend the deadline automatically

Answer

The seller can sue for specific performance immediately

Answer

The contract becomes void and the property is relisted

Question 2

Which of the following best describes the concept of 'commingling' in real estate?

Accepted Answer

Mixing client funds with a broker's personal or business funds

Answer

Combining two adjacent properties into one parcel

Answer

Blending different types of mortgage products

Answer

Merging two real estate brokerages into one entity

Question 3

Under the Fair Housing Act, which of the following actions by a landlord would constitute illegal discrimination?

Accepted Answer

Refusing to rent to a tenant with children under 18 in a non-exempt property

Answer

Requiring all applicants to pass a credit check

Answer

Charging a higher security deposit to tenants with pets

Answer

Setting a minimum income requirement for all applicants

Question 4

A property listed at $400,000 sells for $380,000. The listing agreement specifies a 6% commission split equally between the listing and selling brokers. What is the selling broker's commission?

Accepted Answer

$11,400

Answer

$12,000

Answer

$22,800

Answer

$24,000

Question 5

Which type of deed provides the LEAST amount of protection to the buyer?

Accepted Answer

Quitclaim deed

Answer

General warranty deed

Answer

Special warranty deed

Answer

Bargain and sale deed

Question 6

An appraiser is using the sales comparison approach to value a residential property. The subject property lacks a garage, but the comparable sale has a two-car garage valued at $25,000. How should the appraiser adjust?

Accepted Answer

Subtract $25,000 from the comparable sale's price

Answer

Add $25,000 to the subject property's value

Answer

Add $25,000 to the comparable sale's price

Answer

Make no adjustment since garages are personal property