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Real Estate Salesperson Exam — National Portion

Scenarios: practice questions

Our Real Estate (National) bank has 15 questions on this topic. Here are 5 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1

An appraisal comes in below the purchase price. What can happen?

  1. The agent pays the difference
  2. The parties may renegotiate, the buyer may pay the difference, or the buyer may cancel under an appraisal contingency
  3. The lender must increase the loan
  4. The deal must close at the higher price
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B. The parties may renegotiate, the buyer may pay the difference, or the buyer may cancel under an appraisal contingency — Check the contract terms.

Question 2

A seller tells the listing agent about a recurring basement leak but asks the agent not to mention it. What should the agent do?

  1. Explain the leak must be disclosed and decline to hide it
  2. Hide it as instructed, since the seller is the client the agent works for
  3. Fix it secretly
  4. Tell only some buyers
Show the answer

A. Explain the leak must be disclosed and decline to hide it — Agents can't misrepresent material facts.

Question 3

A buyer's lender requires repairs to a peeling-paint problem in a 1960 home before closing. What issue is likely?

  1. Radon
  2. Possible lead-based paint hazards
  3. Mould only
  4. Asbestos in the paint, which is present in every home
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B. Possible lead-based paint hazards — Housing built before 1978 may contain lead paint.

Question 4

A seller asks the listing agent what price to accept. What is appropriate?

  1. Decide for the seller
  2. Provide a CMA and advice, while the seller makes the final decision
  3. Refuse to discuss price
  4. Suggest whichever price maximises the agent's own commission, and nothing else
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B. Provide a CMA and advice, while the seller makes the final decision — Agents advise; principals decide.

Question 5

A licensee receives the buyer's earnest money check. What must they do?

  1. Deposit it into the broker's trust account within the time required by state law
  2. Deposit it into their own personal account and hold it there until the transaction closes
  3. Hold it until closing
  4. Give it to the seller
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A. Deposit it into the broker's trust account within the time required by state law — Handling of trust funds is strictly regulated.

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