Free U.S. Real Estate Salesperson License Exam (national portion) practice questions

Sample question 1. A listing agent’s brother wants to buy one of her listings. What should the agent do?

1. Present the offer without comment, since family members are entitled to buy homes
2. Tell the brother to find another agent and say nothing to the seller
3. Disclose the relationship to the seller in writing first, then present the offer faithfully
4. Reduce her commission, because the brother’s offer is a private sale

Sample question 2. A married couple filing jointly sells the home they have owned and used as their main residence for six years, realizing a gain of $420,000. Assuming they meet the federal requirements and have not excluded gain on another sale within two years, how much gain may they exclude?

1. $250,000, which is the maximum allowed for any sale of a home
2. $420,000, the whole gain, because it is under the limit
3. $500,000, even though the actual gain is much lower
4. $0, because the couple did not own the home for ten years

Sample question 3. A landowner deeds a parcel to a church "for so long as the property is used for worship services." Twenty years later the congregation dissolves and the building is sold for a restaurant. What is the effect on title?

1. The church keeps title until a court orders it returned to the grantor’s heirs after the use ends
2. The property reverts automatically to the grantor or heirs when worship use ends
3. The restaurant buyer receives full fee simple, because the church sold in good faith
4. The restriction is void because it limits the use of private land