Free practice test

Real Estate Agent Practice Test

Check what you know about the real estate agent job with 15 free questions and instant explanations.

Updated By the Career Education Institute Curriculum Team
About this practice test

15 multiple-choice questions on real estate agent knowledge, safety and vocabulary. Submit to see your score and explanations, or open any question’s answer as you go. Nothing is saved or shared.

Question 1 of 15What does MLS stand for?
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Answer: Multiple Listing Service. The MLS is a shared database of listings.

Question 2 of 15A contingency in a purchase contract is:
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Answer: A condition that must be met. Contingencies protect parties if conditions aren’t met.

Question 3 of 15Earnest money shows:
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Answer: A buyer’s good faith. It’s a good-faith deposit.

Question 4 of 15Which federal law prohibits discrimination in housing?
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Answer: Fair Housing Act. The Fair Housing Act protects against housing discrimination.

Question 5 of 15Agents must work under:
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Answer: A licensed broker. Salespersons are supervised by brokers.

Question 6 of 15Which term matches this definition: “Multiple Listing Service: a database of properties for sale shared among brokers.”
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Answer: MLS. MLS: Multiple Listing Service: a database of properties for sale shared among brokers.

Question 7 of 15What does “Escrow” mean?
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Answer: A neutral third party holding funds and documents until closing.. Escrow: A neutral third party holding funds and documents until closing.

Question 8 of 15Which term matches this definition: “Recently sold similar properties used to estimate value.”
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Answer: Comparable sales (comps). Comparable sales (comps): Recently sold similar properties used to estimate value.

Question 9 of 15What does “Closing” mean?
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Answer: The final step where ownership transfers and funds are disbursed.. Closing: The final step where ownership transfers and funds are disbursed.

Question 10 of 15Which term matches this definition: “A deposit showing a buyer’s good faith.”
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Answer: Earnest money. Earnest money: A deposit showing a buyer’s good faith.

Question 11 of 15What does “Title insurance” mean?
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Answer: Insurance protecting against defects in ownership.. Title insurance: Insurance protecting against defects in ownership.

Question 12 of 15Which term matches this definition: “A professional estimate of value, usually required by lenders.”
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Answer: Appraisal. Appraisal: A professional estimate of value, usually required by lenders.

Question 13 of 15What does “Contingency” mean?
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Answer: A condition that must be met for the contract to proceed, such as inspection or financing.. Contingency: A condition that must be met for the contract to proceed, such as inspection or financing.

Question 14 of 15Which term matches this definition: “Federal law prohibiting discrimination in housing.”
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Answer: Fair Housing Act. Fair Housing Act: Federal law prohibiting discrimination in housing.

Question 15 of 15What does “Fiduciary duty” mean?
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Answer: An agent’s legal duty to act in the client’s best interest.. Fiduciary duty: An agent’s legal duty to act in the client’s best interest.

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