Real Estate — Practice Questions flashcards

6 of 70 questions free to study here · 24 topics · the whole deck is built into Willys

Multiple-choice practice questions, one best answer each, on property and estates, co-ownership, land use, agency, contracts, deeds, fair housing, financing, appraisal and math.

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Practice deck · part of Real-estate salesperson license (national portion) · written against: National portion content common to Pearson VUE / PSI exams; state law excluded. Updated 2026-10-10.

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A sales contract says nothing about a dining-room chandelier that the seller wired into the ceiling junction box. The seller plans to take it and hang a cheap fixture before closing. How is the chandelier most likely treated?

A) As an emblement the seller may take with her
B) As a fixture that conveys with the house
C) As personal property the seller may remove
D) As a trade fixture that belongs to the seller

B) As a fixture that conveys with the house

Wiring it into the ceiling shows a permanent method of attachment and intent, so it is a fixture and part of the real estate unless the contract excludes it. A seller who wants to keep it should exclude it in writing before the buyer signs.
Real vs Personal Property
A contractor who was never paid for a new roof records a lien against that house. How is this lien classified?

A) General and involuntary
B) General and voluntary
C) Specific and involuntary
D) Specific and voluntary

C) Specific and involuntary

A mechanic's lien attaches only to the one property improved, so it is specific, and it arises without the owner's agreement, so it is involuntary. A judgment lien is the classic general, involuntary lien.
Encumbrances
A listing agent knows the seller would accept 15,000 dollars less than the list price. A buyer's agent calls and asks, "Will your seller take less?" What should the listing agent say?

A) That the agent will present any offer the buyer makes
B) That the price is firm and lower offers will be refused
C) That the seller will accept 15,000 dollars less
D) That the seller is motivated, so the buyer should offer low

A) That the agent will present any offer the buyer makes

Loyalty and confidentiality bar revealing the client's bargaining position. Saying the price is firm when it is not would be a misrepresentation, so the safe answer is to invite and present any offer.
Fiduciary Duties
A mortgage lender offers a broker 250 dollars for every buyer the broker refers to it. Under RESPA, what is this payment?

A) A prohibited referral fee
B) A violation only if the buyer pays more
C) A legal payment if disclosed in writing
D) A permitted affiliated business arrangement

A) A prohibited referral fee

RESPA Section 8 bars kickbacks and fees for referring settlement services, whether or not they are disclosed. An affiliated business arrangement involves ownership and pays only a return on that ownership.
Closing & RESPA
A borrower has a fixed-rate conventional loan with borrower-paid PMI and current payments. Under the Homeowners Protection Act, when does PMI end automatically?

A) At 80 percent of original value on the original schedule
B) At 78 percent of original value on the original schedule
C) At 85 percent of the home's current appraised value
D) At 90 percent of the original loan amount

B) At 78 percent of original value on the original schedule

PMI ends automatically at 78 percent of original value on the original amortization schedule. At 80 percent the borrower may request cancellation, which is why that figure is tempting.
Loan Costs & Qualifying
A house sells for 350,000 dollars at a 5 percent commission. The listing brokerage receives 60 percent of the commission, and the listing agent gets 70 percent of the listing side. What does the listing agent earn?

A) 6,125 dollars
B) 7,350 dollars
C) 10,500 dollars
D) 12,250 dollars

B) 7,350 dollars

Total commission is 17,500; the listing side is 60 percent, or 10,500; the agent's 70 percent of that is 7,350. Taking 70 percent of the whole commission gives the wrong 12,250.
Real Estate Math

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About these cards

Review status: Second-reader reviewed, with corrections applied.

Checked against:

Checked against the Fair Housing Act (42 U.S.C. 3601 et seq.), HUD fair housing regulations (24 CFR Part 100), RESPA and Regulation X (12 CFR Part 1024), the TILA-RESPA Integrated Disclosure rule (12 CFR 1026.19), the Truth in Lending Act and Regulation Z (12 CFR Part 1026) and the Homeowners Protection Act (12 U.S.C. 4901 et seq.); public domain U.S. government sources.
Rectangular survey items checked against the BLM Manual of Surveying Instructions for the Public Land Survey System (public domain); appraisal concepts against general USPAP terminology. All worked math computed by the author with hypothetical numbers.
Original questions written for this deck; no official exam, textbook or question-bank items were copied. National principles only: state license law and other state-specific rules are excluded, and proration conventions are stated in each question.
Buyer-agency and compensation questions reflect the NAR settlement practice changes effective 17 August 2024; the assistance-animal question reflects HUD FHEO's May 2026 enforcement memo.

These are independent study notes written for Willys. They are not official exam material, may contain mistakes, and are no substitute for your course, your teacher or the exam owner's own publications. Found an error? Tell us — corrections ship as a new version of the deck.

Not legal advice. These cards cover the national portion of the exam only. State law and your state's exam content are not included; check your state's licensing authority.

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