Free practice test
Free Real Estate Practice Test
Take our free real estate practice test with 20 questions covering principles, contracts, agency, and finance. Instant scoring with answer explanations.
- 100% free to practice
- No signup required
- State-specific content
This free real estate practice test includes 20 multiple-choice questions drawn from the subject areas covered on national real estate licensing exams for salesperson and broker candidates. Topics include property ownership, legal descriptions, fair housing law, appraisal basics, contracts, agency relationships, and real estate finance.
After you submit, you will see your score, the correct answer for each question, and a plain-English explanation. Use missed questions to identify the topics you need to study before your state licensing exam.
These questions are for study practice only and are not official exam questions. ExamsLib is not an official licensing authority or affiliated with any state real estate commission or exam provider. Passing this practice test does not guarantee a passing score on your state licensing exam.
These questions are for study practice only and are not official exam questions.
Question 1
Question 2
Under RESPA, which of the following is specifically prohibited?
Question 3
Loan-to-value ratio (LTV) is calculated as:
Question 4
Which federal law requires lenders to disclose the Annual Percentage Rate (APR) to borrowers?
Question 5
A buyer's agent is legally obligated to disclose to the buyer that a house they are considering is located in a flood zone. This is an example of the agent's duty of:
Question 6
An option contract gives the optionee the right but NOT the obligation to purchase a property. If the optionee decides not to exercise the option, what happens to the option consideration paid?
Question 7
A buyer's gross monthly income is $8,000. The lender uses a maximum back-end (total debt-to-income) ratio of 43%. The buyer has existing monthly debt payments of $500. What is the maximum allowable monthly PITI payment?
Question 8
A property owner has the right to use her land, sell it, lease it, or give it away. Together, these rights are commonly called the:
Question 9
A life estate grants ownership rights that last for:
Question 10
Two siblings inherit a property and each holds an undivided interest with no right of survivorship. This form of co-ownership is called:
Question 11
An agent discovers that a home has a leaking underground storage tank on the property. The seller has not disclosed this. What should the agent do?
Question 12
A buyer purchases a home for $250,000 and makes a $50,000 down payment. The lender charges 2 discount points. How much does the buyer pay in points?
Question 13
A seller agrees to finance the buyer's purchase by accepting monthly payments instead of a lump sum from a lender. This arrangement is called a:
Question 14
A dual agent represents both the buyer and the seller in the same transaction. Which of the following BEST describes the agent's situation?
Question 15
Which clause in a purchase contract allows a buyer to withdraw without penalty if they cannot obtain financing at specified terms?
Question 16
A property is purchased for $500,000. The buyer puts 20% down and obtains a conventional loan. The annual property taxes are $6,000 and annual homeowner's insurance is $1,200. If the lender requires a fully funded escrow account at closing, approximately how much must be deposited into escrow for two months' taxes and two months' insurance?
Question 17
A borrower has a $400,000 loan at 7.5% annual interest. What is the interest for the first month, and what portion of a $2,797 monthly payment reduces principal?
Question 18
A deed transfers title from the grantor to the grantee. Which of the following must a valid deed contain?
Question 19
The government's right to take private property for public use with just compensation is called:
Question 20
A developer's property is subject to a deed restriction prohibiting commercial use. The government later zones the area commercial. Which control takes precedence?
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Frequently asked questions
What topics does this real estate practice test cover?
The practice test covers real estate principles (property ownership, legal descriptions, fair housing, appraisal), contracts and agency (contract elements, agency duties, fiduciary obligations, purchase agreements), and real estate finance (mortgage types, federal lending laws, LTV, and amortization basics).
Is this the same as the real estate salesperson or broker exam?
No. These questions are for study practice only and are not official exam questions from any state real estate commission or exam provider. ExamsLib is not an official licensing authority. This practice test is a study tool to help you prepare.
How many questions are on the free practice test?
This free practice test contains 20 multiple-choice questions. A passing practice score is 70 percent or better (14 out of 20 correct).
Does this test cover state-specific real estate law?
The questions focus primarily on national real estate principles and practices rather than one specific state's laws. For state-specific content, review your state's licensing statutes and the state portion of your approved pre-licensing course materials.
Can I retake the practice test?
Yes. You can take the practice test as many times as you need. A different set of questions may be assembled on each attempt.
