NBREA Real Estate Practice Test

These questions are part of the practice quiz. Start practicing

• What is the primary benefit of home staging?
• What is a contingency in a real estate contract?
• What does the Fair Housing Act prohibit?
• What is a 'real estate bubble'?
• Which principle of value relates to the concept of 'highest and best use'?
• What approach to appraisal uses market comparables?
• What type of living area does BLA refer to?
• What is an easement in real estate?
• Which approach is NOT part of the 5 rules of value?
• Which administrative principle emphasizes the need for accurate records in privacy?
• What is 'sin tax' in relation to property?
• What is UFFI?
• Who is responsible for governing a condominium corporation?
• What does 'rent control' regulate?
• What does the term 'latent' refer to in real estate?
• What defines an equitable mortgage?
• In real estate, what does the term 'closing' refer to?
• Define 'comparative market analysis' (CMA).
• What is a common example of an invisible defect in construction?
• Which of the following is NOT one of the three contents of parcel data?
• What is a critical step in minimizing risk when purchasing a property?
• What is a key requirement of the Land Titles Act?
• What does REIA stand for?
• Who is eligible to use WEBFORMS?
• Which of the following is included in square footage according to CREA recommendations?
• In which of the following cases can a lender sue for foreclosure?
• Which of the following is an example of a type of misrepresentation?
• What is a lease agreement?
• Which classification of house style features a single story with a raised foundation?
• Which of the following situations can lead to the Termination of Agency under operation of Law?
• What is one of the objectives of Administrative Monetary Penalties?
• Which of the following is an example of a visible defect?
• Why is understanding fiduciary duty important in real estate?
• Which of the following is an example of an external style variation?
• What do AMPs stand for in the context of FINTRAC?
• Which organization includes partners Manitoba, NFLD, NBREA, NSAR, and PEI?
• Which structural component supports vertical loads in a building?
• How can a contract be terminated by mutual agreement?
• How often must funds in the reserve fund be reviewed?
• What is the primary purpose of a reserve fund study?
• What is a potential consequence of being found guilty of professional misconduct?
• For how long does the Atlantic Home Warranty cover homes built by a member?
• Which act regulates condominiums?
• Which economic indicator might signal the presence of a real estate bubble?
• What does 'escrow' refer to in real estate transactions?
• What is the primary function of a condominium's common property?
• Who does the Marital Property Act apply to?
• What is an essential need when registering a condo?
• Which agency co-regulates the real estate industry in New Brunswick?
• What does the term "PIT" refer to in mortgage calculations?
• What role does CREA play in the real estate industry?
• What is typically included in common expenses for a condominium's operating fund?
• What distinguishes a mortgage from a deed of trust?
• What does the registration of a condo provide to its owners?
• Which of the following factors usually contributes to a real estate bubble?
• What is the significance of the closing date in real estate transactions?
• What does the reserve fund primarily cover in a condominium?
• What is typically included in a lease agreement?
• What is meant by 'Split' in commission terminology?
• Define 'real property mortgage'.
• What does the term "fiduciary duty" refer to in a real estate context?
• Which of the following is NOT a component of a building?
• In real estate, what does 'principal interest' represent?
• What common feature is associated with Mixed-use condos?
• What is often a consequence of a market correction following a real estate bubble?
• Which of the following is an example of exclusive use areas in condominiums?
• How is 'Allocation' defined in real estate commission terminology?
• What is the role of FINTRAC?
• What function do 'MLS services' serve?
• Why might a rapid increase in property prices lead to affordability issues?
• What is one of the terms used to refer to the main structural elements in a building?
• What type of agency relationship is created when a seller hires a real estate agent?
• Under what circumstance does the complaints committee NOT have the authority to investigate?
• What does an estoppel certificate verify?
• What does HST stand for in the context of real estate?
• What does 'investor financing' involve?
• What is one way to mitigate the impact of a real estate bubble on the economy?
• What is the penalty threshold for a violation to be publicly listed by FINTRAC?
• Which of these is a factor in the cost approach to appraisal?
• What are the four acts of the parties that result in the termination of an agency relationship?
• What is the purpose of the 'power of sale' clause in a mortgage?
• What does developmental control assess?
• What happens when a tax lien is imposed on a property?
• What is a Maintenance Order primarily for?
• What is a requirement for consideration to be valid in a contract?
• What does the acronym MLA stand for in real estate terms?
• What is a primary structural method classifying a house?
• Which of the following is NOT one of the eight general obligations to clients?
• Which of the following best describes Collateral in the context of the 5 C's of Credit?
• What does the "Power of Escheat" allow a government to do?
• How does an estoppel certificate affect a buyer's decision in a condominium transaction?
• What does 'double escrow' refer to in real estate?
• What is one of the points of price maintenance in the Competition Act?
• What is the goal of 'land-use planning'?
• What are condominium fees primarily used for?
• What is a basic right of REALTORS in the NBREA Disciplinary Process?
• What authority does CREA provide to its member boards?
• Which type of misrepresentation occurs when a false statement is made intentionally?
• What is a 'land lease'?
• Which best defines a marketable title?
• What is the primary purpose of real estate law?
• Which of the following is NOT one of the three types of appraisal reports?
• How is foreclosure defined?
• What defines a 'buyer's market'?
• What does 'real property' encompass?
• What is NOT a document needed to register a condo?
• What is a key part of the door assembly that supports the entire structure?
• At what point does the real estate market often show signs of a bubble?
• What is 'builder's risk insurance'?
• What defines the home's Envelope system?
• What is a significant principle that affects property value due to competing properties?
• What is the meaning of 'liquidation value'?
• What percentage down payment typically characterizes a conventional mortgage?
• What type of defect involves poor design leading to functional issues within a building?
• What is a short sale in real estate?
• What role does a real estate broker play?
• Which market force relates to economic conditions affecting real estate?
• Which of the following is an important tip regarding clauses in real estate contracts?
• Which is one way the complaints committee may dispose of a complaint?
• What does eminent domain allow the government to do?
• What is one of the duties of an agent to their principal?
• What does the term "immobility" in land characteristics refer to?
• Which of the following is a characteristic that distinguishes real estate?
• What is an appraisal?
• What is one of the steps agents must take when presenting an offer in dual agency?
• What is the purpose of property disclosure?
• Under the Home Buyers Plan, what is the maximum amount you can withdraw from RRSPs for your down payment?
• What does PIPEDA stand for?
• What does 'Distribution' refer to in a real estate commission structure?
• What is the maximum fine for professional misconduct according to real estate regulations?
• What is 'purchasing power'?
• Define 'broker price opinion' (BPO).
• Which of the following does NOT belong to the category of visible defects?
• Which factor is NOT a rule addressing market value?
• What is the scope of legislation pertaining to advertising in real estate?
• What document is NOT required to register a new Condo corporation?
• What does 'capital gains tax' refer to in real estate?
• How is Gross Domestic Product (GDP) typically represented?
• Which is an example of a design defect in a building?
• Which principle emphasizes the need for openness in privacy policies?
• What role does the elected Board of Directors play in a condominium corporation?
• What is one of the reasons why real estate supply and demand adjusts slowly?
• What principle allows individuals to challenge compliance with privacy practices?
• What best defines a 'real estate syndicate'?
• Which statement best describes a real estate broker?
• What is meant by "non-conforming use" in real estate?
• What does the term 'Condition precedent' refer to in real estate contracts?
• What is the primary right of a condominium corporation regarding unpaid levies?
• Who typically requires a bond under the Real Estate Agents Act?
• How are Condo fees typically calculated?
• Which of the following best describes the 'tipping point' in a real estate bubble?
• Which of the following is NOT considered a part of a door?
• What is the primary focus of investment property?
• Which term refers to the total economic value of a country?
• Which term describes a condition in a contract that specifies an action?
• What typically occurs in a real estate bubble?
• What type of ownership does a condominium represent?
• How is the unit factor determined in a condominium?
• What recent criminal record activity is part of the Department of Justice's role?
• What is the purpose of disclosing material latent defects?
• What is one of the obligations a client has to an agent?
• How is 'credit score' relevant to real estate?
• Which heating system uses baseboards for warmth?
• What is required from the agent when a conflict of interest arises?
• What is the fine range for a Serious offense for individuals or entities?
• What is the duration for which agents are required to keep records?
• What can be a requirement for a member found guilty of professional misconduct?
• What is considered common property in a condominium?
• Which of the following is a key characteristic of the MLS system?
• Which demographic change can contribute to the development of a real estate bubble?
• Which remedy would be used if a buyer wants to reclaim funds lost due to misrepresentation?
• What is 'earnest money' in a real estate transaction?
• Which of the following is NOT a regulatory obligation to clients and customers?
• What is a unique characteristic of land?
• What does 'eminent domain' allow?
• What effect does a speculation-driven real estate bubble often have on market stability?
• What are the 5 C's of Credit?
• Which of the following is a technology trend affecting real estate?
• What does the abbreviation IIR refer to in real estate documentation?
• Which is NOT a duty owed to the principal in a real estate transaction?
• Which of the following is a type of property that may revert to the state?
• What is meant by buyer agency?
• Which classification of condos includes properties that are a mix of residential and business use?
• How quickly must agents produce records upon request from an auditor?
• What is the duration of the "Cooling Off period" when purchasing a condominium?
• What is a primary responsibility of REALTORS® regarding FINTRAC?
• What is a listing agreement?
• Which of the following is an important question about Condo fees?
• What is the purpose of a real estate contract?
• What does real estate fiduciary duty involve?
• What type of defects does 'patent' refer to?
• What does seller disclosure entail?
• What aspect of land and buildings does zoning regulate?
• What does expropriation involve?
• What is meant by 'Market Value' in real estate?
• What does NBREA stand for?
• Which of the following is NOT one of the fiduciary obligations to clients?
• What is the role of police power in real estate?
• When should a cash deposit of $10,000 or more be reported to FINTRAC?
• How is net operating income (NOI) calculated?
• What type of heating system is characterized as 'Central gas-fired forced hot air'?
• What does 'equity' signify in the real estate context?
• What is the purpose of zoning control?
• Which external style of house typically includes two levels?
• What assumption is made about buyers and sellers in the context of market value?
• What is the significance of a reserve fund's existence for condominiums with ten or more units?
• Which of the following is one of the first steps in a dual agency process?
• Which of the following does NOT constitute a way to terminate a contract?
• Which component is essential in determining market value using the income approach?
• Eligibility for the 95% home buyer program requires the property to be:
• What is an operating fund in a condominium context?
• What kind of violations does FINTRAC publicly list?
• What is the coverage limit for REIA?
• What defines a high ratio mortgage?
• Explain 'property flipping'.
• What emotional response is commonly observed among investors during a real estate bubble?
• What licenses does FCNB provide in the real estate sector?
• What does AHW stand for in the context of home warranties?
• What do local improvement levies help finance?
• Which characteristic of real estate means that the market is affected by local factors?
• What is the role of a mortgagee in a mortgage agreement?
• Which of the following represents a typical response from buyers during a booming real estate market?
• What is categorized as an investment property?
• What does the Mechanics Lien Act govern?
• What does a homeowners' association (HOA) do?
• In what phase of a real estate bubble do investors show heightened enthusiasm and speculation?
• What does CREA stand for?
• What do Writs of Execution entail?
• What is the purpose of title insurance?