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Here are 20 of the most common questions to help you ace the exam.
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🕒 Chapters:
0:00 Introduction
0:40 Government Powers
1:28 Property Ownership
2:14 Property Ownership
2:46 Appraisal
3:18 Agency
4:04 Property Ownership
4:39 Property Ownership
5:20 Appraisal
6:18 Appraisal
7:17 Appraisal
8:14 Appraisal
8:58 Contracts
9:31 Property Ownership
9:53 Fixtures
10:18 Property Ownership
11:17 Closing
11:51 Disclosures
12:43 Appraisal
13:50 Fair Housing
14:51 Liens
15:40 Outro
Acronym video: https://www.youtube.com/watch?v=xA7LjEpNsqQ
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Show More Show Less View Video Transcript
0:00
have you ever wondered what separates
0:02
successful real estate exam takers from
0:05
those who struggle to pass is it their
0:07
study habits the background knowledge
0:10
they have or something completely
0:12
different in this video we will reveal
0:15
the secret to passing your real estate
0:17
exam on the first try it is mastering
0:20
the 20 most common questions we'll
0:22
explore the topics they cover and the
0:25
strategies you can use to tackle them
0:27
and if you want better prep before you
0:29
sit for the exam then check out our real
0:32
estate exam prep courses on our website
0:34
the link is in the description below
0:37
okay let's get to this question number
0:39
one what is a procedure used by a public
0:43
or private entity with the powers
0:45
granted to take privately owned real
0:48
estate a cheat
0:51
condemnation eminent domain or
0:54
abandoning lease property and the
0:57
correct answer is condemnation
1:00
condemnation is the procedure used by a
1:03
public or private entity with the powers
1:05
granted from eminent domain to take
1:08
privately owned real estate eminent
1:11
domain is the right which grants the
1:13
government to take privately owned land
1:15
from someone while condemnation is the
1:18
action of taking that land always
1:21
remember eminent domain is the right and
1:24
condemnation is the
1:26
act question number two which of the
1:29
following statements about water rights
1:31
is true choose the best answer water
1:35
rights are a pertinent water rights are
1:38
transferred exclusively in quit claim
1:40
deeds water rights are double taxed
1:43
similarly to how corporations are taxed
1:46
or the two basic forms of water rights
1:49
are ocean rights and Lake
1:51
rights the correct answer is water
1:54
rights are a
1:56
pertinent water rights are a pertinent
1:59
meaning they run with the land and not
2:01
with the original owner in other words
2:03
if an ocean front property is sold the
2:06
new owner gains the literal rights and
2:08
the seller relinquishes his or her
2:12
rights question number
2:15
three how many miles does a Township
2:19
contain 6 miles 9 mil 36 square miles or
2:24
81 square miles and the correct answer
2:28
is 36 square
2:31
miles each Square 6 m x 6 miles is
2:35
called a Township since each Township is
2:38
6 M by 6 miles townships contain 36
2:42
square miles each one forming a section
2:46
question number four which one of the
2:49
following would not apply to the income
2:51
approach in the valuation process
2:55
depreciation
2:56
capitalization gross income multiplier
2:59
or or gross rent multiplier the correct
3:02
answer is
3:04
depreciation only the cost approach
3:06
valuation process uses depreciation
3:09
income approach refers to the money a
3:12
property is making but depreciation is
3:14
about the value a property is losing
3:17
question number five a property owner
3:20
enters into a listing agreement with an
3:22
agent the seller obtains a buyer for the
3:25
house but the agent receives a
3:27
commission the listing agree ment
3:30
between the agent and the property owner
3:32
was
3:33
probably an open listing a closed
3:36
listing an exclusive agency listing or
3:40
an exclusive right to sell listing the
3:43
correct answer is an exclusive right to
3:46
sell listing in an exclusive right to
3:49
sell listing the agent gets paid no
3:52
matter who sells the property regardless
3:54
of whether it's the agent or the seller
3:57
knowing this it's safe to assume assume
4:00
this was an exclusive right to sell
4:03
listing question number six under a
4:06
lease for a commercial property a tenant
4:08
agrees to pay $3,000 per month plus 4%
4:13
of the gross monthly sales this type of
4:15
lease is called a single net lease doubl
4:19
net lease triple net lease or percentage
4:23
lease the correct answer is percentage
4:27
lease a percentage lease is a lease in
4:30
which all or part of the rental is a
4:32
specified percentage of cross income
4:35
from the total sales made upon the
4:37
property question number seven Richard
4:41
is renting property from Becky Richard
4:44
is on a month-to-month lease agreement
4:47
this past month he did not pay his rent
4:50
Richard's interest would be classified
4:52
as estate at will estate at sufferance
4:56
estate of periodic tency or estate for
5:00
years the correct answer is estate at
5:04
sufferance a tenant who continues to
5:06
occupy property after his or her rights
5:09
have expired is set to occupy the
5:13
property under an estate at sufferance
5:16
simply put that landlord is
5:19
suffering question number eight in the
5:22
appraisal of a building constructed in
5:24
the 1930s the cost approach would be the
5:27
least accurate method B of difficulties
5:31
in estimating depreciation estimating
5:34
changes in prices of building materials
5:37
estimating changes in the cost of
5:39
construction or estimating depreciation
5:43
estimating changes in the cost of
5:45
construction and estimating changes in
5:48
prices of building materials and the
5:50
answer is number
5:53
four the cost approach is considered to
5:56
be reliable when used on newer buildings
5:59
and not as is reliable with older ones
6:01
the cost approach becomes nearly
6:03
ineffective after 25 years or so because
6:06
of the difficulty in estimating
6:09
depreciation estimating changes in the
6:11
cost of construction and estimating
6:14
changes in prices of building materials
6:17
question number nine appraiser Leo was
6:20
hired to prepare a feasibility study for
6:23
a 12 unit apartment complex in which the
6:25
owner is considering putting in a
6:28
swimming pool which which basic
6:30
principle of appraising should Leo use
6:33
condemnation reconciliation contribution
6:36
or closing and the correct answer is
6:41
contribution Leo should use contribution
6:44
because contribution is most commonly
6:46
applied to determine how renovation and
6:50
property changes may affect the
6:51
property's overall cost in this case
6:54
since the owner wants a feasibility
6:56
study contribution would need to be used
7:00
swimming pools are a common contribution
7:02
example it's worth noting the cost
7:05
doesn't always equal the value to the
7:07
home for example a pool could add $5,000
7:11
to the value of a home but cost $10,000
7:15
to
7:15
build question number
7:18
10 the fact that there is a limited
7:21
amount of land on Earth represents what
7:24
essential element of value demand
7:27
utility scarcity or
7:30
transferability and the answer is number
7:34
three scarcity remember dust and your
7:37
essential elements of value demand this
7:40
means the desire to buy and an ability
7:43
to pay utility the item satisfies a
7:46
human need or desire such as shelter
7:49
income or Recreation scarcity Limited in
7:53
Supply as Supply diminishes value
7:56
increases transferability able to trans
7:59
transfer from one owner to another and
8:02
if you miss our acronym video dust or
8:04
stud is just one of the seven essential
8:07
acronyms you need to know for the exam
8:10
so make sure to check that out before
8:11
you sit for the exam question number 11
8:15
which of the following is an example of
8:18
economic obsin broken shingles old
8:21
Shaggy carpet flight patterns above your
8:24
house or a large shed in the backyard
8:27
that is rotted the correct answer is is
8:30
number
8:31
three economic obsin refers to the loss
8:34
of property value due to external
8:36
factors meaning things of the property
8:39
affecting the property's value examples
8:42
of causes of economic obstinance can
8:44
include flight patterns a busy highway
8:47
and rise in local crime if you still
8:50
don't understand this real estate term
8:52
clearly head on to our website we have a
8:55
comprehensive guide on this term
8:57
question number 12 if a the seller
8:59
rejects a written offer made by a buyer
9:02
changes the terms of the offer and has
9:05
the new offer delivered to the buyer it
9:07
is considered what an alternative offer
9:10
an altercation an offer or a counter
9:15
offer and the correct answer is four a
9:18
counter offer if a seller rejects a
9:21
written offer made by a buyer changes
9:23
the terms of the offer and has the new
9:26
offer delivered to the buyer this would
9:28
be considered a counter offer question
9:31
number 13 real property can be converted
9:35
to a personal property by inference
9:38
Severance assession and changement the
9:42
correct answer is two Severance is the
9:45
opposite of attachment Severance is
9:48
taking an item that is attached to the
9:49
land and removing it as personal
9:52
property question number 14 which of the
9:55
following would most likely be
9:57
considered a fixture window block blinds
9:59
toaster oven couch or a TV and the
10:03
answer is number one window blinds
10:06
fixtures are personal property attached
10:08
to the land to count as real property
10:11
window blinds are screwed into the house
10:14
therefore they are considered a fixture
10:16
in this example question number 15 Tony
10:19
and Taylor are two unmarried individuals
10:22
who own property with equal interest and
10:24
a right to survivorship which of the
10:26
following forms of ownership would Tony
10:29
and tailor most likely have tenant by
10:31
the entirety tenancy in common community
10:35
of property joint tency the correct
10:38
answer is joint tency for unmarried
10:41
individuals like Tony and Taylor joint
10:44
tency is the most suitable form of
10:46
ownership as it grants them survivorship
10:49
rights while tenant in common and Joint
10:52
tency May seems familiar they differ
10:55
significantly in terms of survivorship
10:57
and ownership structure tency by the
11:00
entirety on the other hand is reserved
11:02
for married couples only therefore given
11:05
Tony and Taylor's unmarried status and
11:08
their right to survivorship joint teny
11:10
is the most appropriate Arrangement
11:13
regardless of their individual ownership
11:15
interest question number 16 upon payment
11:19
and delivery of the deed the seller
11:21
should also deliver what can be quiet
11:24
complex or quiet simple depending on the
11:27
type of real estate transaction a lead
11:29
pay disclosure form package options the
11:33
bill of sale or the
11:35
mortgage and the correct answer is
11:38
number three the bill of sale similar to
11:41
a receipt a bill of sale is a written
11:44
instrument that attest to a buyer's
11:46
purchase of property from a
11:49
seller question number 17 this act
11:52
allowed greater control for the EPA to
11:55
control contaminant levels take legal
11:58
action against public water authorities
12:00
for violations and require periodic
12:03
water testing and notification to State
12:05
Authority and home mooners if
12:08
contaminated s a r a s
12:13
DW
12:15
CW or
12:17
EPA the correct answer is
12:21
sdwa Safe Drinking Water Act was
12:23
established in
12:25
1974 it allowed greater control by EPA a
12:29
to control contaminant levels take legal
12:32
action against public water authorities
12:34
for violations and require periodic
12:37
water testing and notification to State
12:39
Authority and homeowners if contaminated
12:43
question number 18 there are three
12:46
different main approaches that
12:48
appraisers use while they make an
12:50
appraisal what are they estate approach
12:52
cost approach and economy approach
12:55
Market data approach cost approach and
12:58
tax approach income data approach sales
13:01
approach and tax approach or Market data
13:04
approach cost approach and income
13:07
approach the correct answer is number
13:11
four there are three different main
13:13
approaches that appraisers use while
13:16
they make an appraisal they are the
13:18
market data approach cost approach and
13:20
income approach the market data approach
13:23
is also commonly called the sales
13:25
comparison approach the cost approach is
13:28
also referred refer to as summation and
13:31
lastly the income approach is also known
13:33
as capitalization each method has its
13:36
own set of benefits when applied
13:39
together the various valuation methods
13:42
provide the best estimate of the value
13:45
of the income producing real estate
13:47
under
13:48
evaluation question number
13:51
19 what of the following is required by
13:54
the American with Disabilities Act AKA a
13:59
all employers must have
14:00
non-discriminatory Employment Practices
14:03
reasonable accommodations must be
14:06
provided to people with disabilities all
14:08
employees real estate agents included
14:11
get paid for working on federal holidays
14:14
any existing premise must be remodeled
14:17
if requested by a person with a
14:19
disability regardless of the cost and
14:22
the answer is number
14:25
two the Americans with Disabilities Act
14:28
prohibits discrimination against people
14:30
with disabilities in several areas
14:33
including employment Transportation
14:36
public accommodations Communications and
14:39
access to State and local government
14:41
programs and services the ACT
14:43
specifically requires reasonable
14:46
accommodations must be provided to
14:48
people with
14:49
disabilities question number 20 a
14:52
homeowner hired a construction company
14:54
to build a swimming pool at his home the
14:57
homeowner failed to pay the bill Bill
14:59
once the work was completed and the
15:01
construction company filed a lean to
15:03
obtain payment of the debt the
15:05
encumbrance that was created is called a
15:08
luxury expense lean a property tax lean
15:11
a mechanics lean or a voluntary lean the
15:15
correct answer is number three mechanic
15:18
lean mechanic leans are legal documents
15:22
that essentially reserve the right of
15:24
the filer to seek unpaid compensation
15:28
they are usually filed by contractors
15:30
subcontractors or suppliers that never
15:33
received payment for work that they
15:35
performed or materials that they
15:37
provided on the
15:39
property there you have it 20 common
15:42
questions that cover every topic
15:44
included in the National real estate
15:47
exam these questions will position you
15:49
for Success on the national exam as long
15:52
as you don't forget about the math math
15:56
is an essential portion of the real
15:58
estate exam
15:59
so go ahead and check out a video that
16:02
breaks down essential real estate math
16:05
questions will help you secure that
16:08
first time pass
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