Free Practice Test
Free Real Estate Broker Practice Test
Take our free 10-question real estate broker practice test — covering agency and fiduciary duties, contracts and counteroffers, ownership forms, financing and points, fair housing, and brokerage supervision. No signup required. See your score instantly.
10 Free Real Estate Broker Practice Questions
Q1. Two investors buy a duplex with unequal shares and each wants the right to sell their own interest. Which ownership form fits best?Show answer
✓ Correct Answer: Tenancy in common
Tenancy in common allows co-owners to hold unequal undivided interests and convey their separate shares. It has no right of survivorship, so a deceased owner's interest passes through the owner's estate.
Q2. A broker lists a house built in 1965. Before the buyer is bound, which federal disclosure is required?Show answer
✓ Correct Answer: Lead-based paint disclosure
Federal law requires lead-based paint disclosure for most residential property built before 1978. Sellers must provide the EPA pamphlet and disclose known lead hazards before contract obligation.
Q3. An agent learns the seller will accept less than list price but tells the buyer to offer full price. Which fiduciary duty is breached?Show answer
✓ Correct Answer: Loyalty to the buyer
A buyer's agent owes loyalty and disclosure to the buyer. Withholding information that benefits the buyer can breach fiduciary duties unless the information is legally confidential to another client.
Q4. A seller changes the closing date and price on a buyer's signed offer before returning it. What is the seller's response?Show answer
✓ Correct Answer: Counteroffer
A counteroffer rejects the original offer and creates a new offer. The original offeror must accept the changed terms before a binding contract exists.
Q5. A lender charges 2 discount points on a $300,000 mortgage. How much will the borrower pay for points?Show answer
✓ Correct Answer: $6,000
One point equals 1% of the loan amount. 2 points on $300,000 equals $300,000 x 2% = $6,000.
Q6. A sale price is $300,000 and total commission is 5%. What commission is charged at closing?Show answer
✓ Correct Answer: $15,000
Commission equals sale price multiplied by the commission rate. $300,000 x 5% = $15,000, before any split between brokers or agents.
Q7. A buyer purchases an owner's title insurance policy at closing. How long does that policy generally protect the buyer?Show answer
✓ Correct Answer: As long as the buyer owns the property
An owner's title insurance policy generally protects the insured owner for as long as the owner holds the covered interest. It covers insured title defects that existed before the policy date.
Q8. An affiliated agent publishes an advertisement without the brokerage name and no broker review. Who is ultimately responsible for supervision?Show answer
✓ Correct Answer: The designated broker
The broker of record is responsible for supervising affiliated licensees' brokerage activities. Advertising rules commonly require broker approval and clear identification of the brokerage.
Q9. A brokerage policy says agents should avoid showing homes to families with children near senior residents. What is the policy problem?Show answer
✓ Correct Answer: It risks familial status discrimination
Familial status is protected under the federal Fair Housing Act. Office policies must not direct agents to treat households with children differently except within lawful housing-for-older-persons rules.
Q10. A REALTOR exaggerates a home's square footage in advertising without a reasonable basis. Which Code duty is implicated?Show answer
✓ Correct Answer: Duty to be truthful to the public
The NAR Code of Ethics requires REALTORS to be honest and truthful in real estate communications. Misleading advertising can also violate license law and consumer protection rules.
What Does the Real Estate Broker Exam Cover?
Real estate broker licensing exams are administered by the states (often through PSI or Pearson VUE) and typically have two portions: a national portion and a state-specific portion. The national portion covers property ownership and forms of co-ownership (tenancy in common, joint tenancy), agency and fiduciary duties (loyalty, disclosure, confidentiality, accounting), contracts (offer, acceptance, counteroffer), financing and math (discount points, commissions), valuation, title insurance, and federal law such as the Fair Housing Act (protected classes including familial status), RESPA, and lead-based paint disclosure for pre-1978 homes. The state portion covers that state's license law and rules, including the designated broker's duty to supervise affiliated licensees. Because the broker exam is separate from and more advanced than the salesperson exam, it adds brokerage management, trust-account handling, and supervision topics. Requirements vary by state.
How Hard Is the Real Estate Broker Exam?
Difficulty and format vary by state, but the broker exam is generally harder than the salesperson exam because it adds brokerage operations, agency supervision, and trust-fund management on top of the national fundamentals. Most states require an overall score around 70 to 75 percent to pass, and many score the national and state portions separately, so you must clear both. The most commonly missed items involve agency and fiduciary duties, contract mechanics (a counteroffer is a rejection plus a new offer), and fair-housing scenarios. A handful of straightforward math questions (points and commissions) are easy marks if you have practiced them.
How to Study for the Real Estate Broker Exam
- 1.Confirm your state format first — Question counts, the split between national and state portions, passing scores, exam fees, and pre-license experience and education requirements all vary by state. Check your state real estate commission before you start so you study the right material.
- 2.Master agency and fiduciary duties — Loyalty, obedience, disclosure, confidentiality, accounting, and reasonable care. Know who owes what to whom in single agency, dual agency, and buyer vs. seller representation. Agency is one of the most heavily tested and most-missed topics.
- 3.Learn contracts and ownership cold — Offer, acceptance, and counteroffer (a change to terms is a counteroffer, not acceptance); tenancy in common vs. joint tenancy and right of survivorship; and title insurance coverage. These fundamentals anchor the national portion.
- 4.Know federal law and fair housing — The Fair Housing Act protected classes (including familial status), steering and its risks, lead-based paint disclosure for pre-1978 housing, RESPA, and the NAR Code of Ethics duty to be truthful in advertising.
- 5.Drill real estate math and broker supervision — Discount points (one point equals one percent of the loan) and commission calculations are quick wins. For the broker level, add the designated broker's supervision duties, advertising rules, and trust-account handling. Practice under timed conditions.
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