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Quizzes > Business & Finance > Finance & Economics

Should I Become a Real Estate Agent? Take the Quiz to Find Out!

Think you can ace this realtor trivia? Discover if you'd make a great agent - start the quiz now!

Difficulty: Moderate
2-5mins
Learning OutcomesCheat Sheet
Quiz illustration testing realtor trivia skills with focus on prices, investments, mortgages on coral background

The Should I Become a Real Estate Agent Quiz helps you see if this career fits you, with quick questions on prices, mortgages, investments, and client work. You'll spot strengths and gaps and get a feel for real-world choices; start with a short warm-up .

What is the primary role of a real estate agent?
To conduct property appraisals
To manage property maintenance
To underwrite mortgage loans
To facilitate the buying, selling, or renting of properties
A real estate agent's main job is to help clients buy, sell, or rent property by marketing listings, negotiating contracts, and guiding clients through the transaction process. They are not mortgage underwriters, appraisers, or maintenance managers. Their expertise is in matching buyers with sellers or renters with landlords. .
What document officially transfers property ownership from one party to another?
Mortgage
Lease agreement
Title insurance policy
Deed
A deed is the legal instrument used to convey ownership of real property from the seller (grantor) to the buyer (grantee). It must be signed and often recorded to provide public notice. Mortgages secure loans, title insurance protects against defects, and leases grant rental rights. .
What type of agreement lists a property for sale with a real estate firm?
Power of attorney
Purchase agreement
Listing agreement
Lease
A listing agreement is a contract between a property owner and a real estate broker granting the broker the right to market and sell the property. A purchase agreement is used by buyers to buy, a lease is for renting, and a power of attorney delegates authority. .
What does MLS stand for in real estate?
Managed Lease Schedule
Multiple Listing Service
Mortgage Lending System
Market Listing Standards
MLS stands for Multiple Listing Service, a database that real estate agents use to share property listings and cooperate in sales. It increases exposure and collaboration among brokers. Other terms are not standard in the industry. .
Real estate agent commissions are most commonly calculated as:
An hourly rate
A monthly retainer
A flat fee per transaction
A percentage of the property's sale price
Real estate commissions are almost always a percentage of the final sale price, typically ranging from 5% to 6% split between listing and buying brokers. Flat fees and hourly rates are rare in residential deals. Monthly retainers are not standard. .
What is earnest money in a real estate transaction?
A refundable home inspection fee
A deposit showing the buyer's serious intent to purchase
The final payment made at closing
The broker's fee for listing the property
Earnest money is a deposit by the buyer to demonstrate commitment and good faith in a real estate contract. It is typically held in escrow and applied toward the purchase price at closing or refunded if contingencies are not met. It is not the final payment or a broker fee. .
Which fiduciary duty requires an agent to disclose all material facts to their client?
Loyalty
Obedience
Confidentiality
Disclosure
Disclosure is the fiduciary duty obligating agents to reveal all material facts that could affect a client's decision. Loyalty focuses on putting the client's interests first, confidentiality protects private information, and obedience means following lawful instructions. .
Which loan type typically has a fixed interest rate for the entire term?
Interest-only loan
Fixed-rate mortgage
Adjustable-rate mortgage
Balloon mortgage
A fixed-rate mortgage locks in the same interest rate for the loan's full term, ensuring consistent monthly payments. Adjustable-rate mortgages change periodically, balloon loans have a large final payment, and interest-only loans begin with lower payments then adjust. .
What is dual agency in real estate?
Two agents each representing one party
One agent representing both buyer and seller in the same transaction
An agent selling their own property
An agent working for the lending institution
Dual agency occurs when the same agent or brokerage represents both the buyer and the seller in one transaction. This raises conflict-of-interest issues and requires informed consent from both parties. Separate representation is called single agency. .
Which federal law prohibits discrimination in housing based on race, religion, sex, or national origin?
Sherman Antitrust Act
Civil Rights Act
Real Estate Settlement Procedures Act
Fair Housing Act
The Fair Housing Act of 1968 makes it unlawful to discriminate in the sale, rental, or financing of housing based on protected classes, including race, religion, sex, and national origin. The Civil Rights Act covers broader civil rights, while the Sherman Act focuses on competition. .
How is a property's assessed value for tax purposes typically determined?
Based on the buyer's latest offer
By calculating the replacement cost for insurance
By the local tax assessor's appraisal
Equal to the recent sale price
Local tax assessors appraise property values to establish assessed values for property taxes. This figure may differ from market value or sale price and is updated periodically. Insurance replacement cost is used for coverage, not tax assessment. .
Which mortgage type allows borrowers to make interest-only payments for an initial period?
VA loan
FHA loan
Reverse mortgage
Interest-only mortgage
Interest-only mortgages permit borrowers to pay only interest for the first few years, resulting in lower initial payments. After that period, payments increase to cover principal and interest. FHA and VA loans have different structures, and reverse mortgages pay homeowners. .
What is the purpose of an appraisal contingency in a purchase contract?
To ensure the property appraises at or above the sales price or allow renegotiation
To require the seller to make specified repairs
To extend the closing date if needed
To guarantee the buyer's financing approval
An appraisal contingency protects buyers by allowing them to renegotiate or cancel the deal if the property's appraised value falls short of the agreed sale price. It does not guarantee financing or repairs, nor does it automatically extend closing. .
In comparative market analysis (CMA), comparable properties are best described as:
Recently sold similar homes in the same area
Properties whose listings have expired
Current rental listings nearby
Foreclosed properties with overdue taxes
A CMA uses recently sold homes with similar features in the same area to estimate a subject property's market value. Rentals, foreclosures, and expired listings may not reflect current market value as accurately. .
If a home sells for $350,000 with a 6% total commission, and the cooperating broker receives 40% of the commission pool, how much does the cooperating broker earn?
$21,000
$8,400
$6,000
$12,600
The total commission is 350,000 × 6% = $21,000. The cooperating broker's share is 40% of $21,000, which equals $8,400. The listing broker retains the remaining 60%. .
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Study Outcomes

  1. Assess Market Knowledge -

    Test your grasp of current home pricing trends and local market dynamics to see if you can make informed property valuations.

  2. Evaluate Investment Scenarios -

    Apply key principles of real estate investing, such as ROI calculations and risk analysis, to real-world scenarios.

  3. Analyze Mortgage Concepts -

    Understand different mortgage types, interest structures, and tax deductions to help clients make smart financing decisions.

  4. Interpret Foreclosure Impacts -

    Recognize how foreclosures and distressed properties affect market supply and investment opportunities.

  5. Determine Professional Fit -

    Reflect on essential realtor skills like negotiation, market research, and client communication to decide if the role suits you.

Cheat Sheet

  1. Licensing Requirements & Pre-Licensing Education -

    Review your state's real estate commission rules, typically requiring around 150 hours of pre-licensing coursework. Mnemonic "150 Club" helps you recall the minimum hours mandated in most states (Source: National Association of Realtors).

  2. Comparative Market Analysis (CMA) Techniques -

    Practice selecting 3 - 5 comparable properties within 0.5 miles and six months, then adjust for differences in size or features to estimate market value. Think "3-5-0.5" to lock in your realtor trivia skills (Source: National Association of Realtors).

  3. Calculating Gross Commission Income (GCI) -

    Use the formula GCI = Sale Price × Commission Rate × Number of Transactions to forecast earnings. For example, a $350,000 sale at a 2.5% split yields $8,750 GCI per deal (Source: Council of Real Estate Brokerage Managers).

  4. Mortgage Basics & Amortization Formulas -

    Master the amortization formula M = P[r(1+r)^n]/[(1+r)^n−1] to calculate monthly payments and understand interest vs. principal. Keep Freddie Mac's online amortization calculator bookmarked for quick practice before the quiz (Source: Freddie Mac).

  5. Investment Property ROI & the 1% Rule -

    Calculate ROI as (Annual Net Income ÷ Total Investment)×100 and apply the "1% Rule" - rent should be ≥1% of purchase price - to screen deals fast. This method often appears in "would i be a good real estate agent quiz" scenarios (Source: BiggerPockets).

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