300 Real Estate Exam Vocabulary Terms 2026 Ultimate Test Prep Updated Edition
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Terms in this set
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What type of listing allows the owner to sell the property themselves without paying a commission?
Exclusive Right to Sell
A) Exclusive Agency
B) Open Listing
C) Net Listing
D) B
B) Open Listing
C) Net Listing
D) B
Which of the following best describes 'Real Property'?
Movable items
A) Land and everything permanently attached
B) Leasehold interests
C) Personal belongings
D) B
B) Leasehold interests
C) Personal belongings
D) B
A 'Cloud on Title' is typically removed by which of the following?
General Warranty Deed
A) Quitclaim Deed
B) Abstract of Title
C) Listing Agreement
D) B
B) Abstract of Title
C) Listing Agreement
D) B
What does the 'Bundle of Rights' include?
Possession, control, exclusion, enjoyment, disposition
A) Taxes, insurance, maintenance
B) Price, location, condition
C) Interest, principal, escrow
D) A
B) Price, location, condition
C) Interest, principal, escrow
D) A
Which law prohibits discrimination based on race in all real estate transactions?
Fair Housing Act of 1968
A) Civil Rights Act of 1866
B) ADA
C) RESPA
D) B
B) ADA
C) RESPA
D) B
What is 'Functional Obsolescence'?
Wear and tear from use
A) Loss in value due to poor design or outdated features
B) Loss in value due to outside factors
C) Increased value over time
D) B
B) Loss in value due to outside factors
C) Increased value over time
D) B
An agent who represents both the buyer and the seller in the same transaction is a:
Special Agent
A) Dual Agent
B) General Agent
C) Sub-agent
D) B
B) General Agent
C) Sub-agent
D) B
The principle of 'Appraisal' that states value is created by the expectation of future benefits is:
Contribution
A) Substitution
B) Anticipation
C) Highest and Best Use
D) C
B) Anticipation
C) Highest and Best Use
D) C
A mortgage that covers more than one parcel of land is known as a:
Package Mortgage
A) Blanket Mortgage
B) Open-end Mortgage
C) Purchase Money Mortgage
D) B
B) Open-end Mortgage
C) Purchase Money Mortgage
D) B
The legal act of transferring ownership is called:
Alienation
A) Acceleration
B) Amortization
C) Assumption
D) A
B) Amortization
C) Assumption
D) A
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