Verified, not estimated. Every figure below is drawn from the official exam structure we maintain — question counts, passing standard and topic weighting. Practice questions are grounded in the source law with statute citations. We omit any figure we can't verify rather than guess at it.
Total questions
80
Passing score
70
Exam time
150 min
Administered by
PSI Services Real Estate
Format
Closed-book
National State Portion
80 questions
Titularidad de Propiedades8 Q · 10%
Real vs personal propertyLand characteristics and legal descriptions (metes & bounds, lot & block, government survey)Measuring structures and land measurementEncumbrances: liens, easements, encroachments, subsurface/air/water rightsTypes of ownership: severalty, tenants in common, joint tenancy, common-interest, trusts, business entities, life estate
Controles de Uso del Suelo4 Q · 5%
Government rights in land: taxes, special assessments, eminent domain, escheatGovernment controls on land use: zoning, building codes, environmental regulationsPrivate controls: deed conditions, CC&Rs, HOA/condo bylaws
Loan terminology: points, LTV, PMI, PITI, underwriting criteriaMortgage clauses, promissory notes, deeds of trustLoan types: conventional, amortized, ARM, FHA, VA, USDA, owner financing, reverse mortgage, HELOC, construction, bridgeLending legislation: RESPA, Truth in Lending (Reg Z), TRID, Equal Credit Opportunity ActSecondary mortgage market: Fannie Mae, Freddie Mac, Ginnie Mae
Contratos15 Q · 19%
General contract law: valid elements, Statute of Frauds, offer and acceptanceContract enforceability: void, voidable, unenforceable contractsBilateral vs unilateral contracts, option contractsElectronic signatures and digital transactionsRights, obligations, and breach remediesPurchase agreements: addenda, amendments, contingenciesLease contracts: types of leases, lease-purchase agreementsMultiple offers and counteroffers
Agencia10 Q · 13%
Agency vs non-agency relationshipsListing contracts: exclusive right-to-sell, exclusive agency, open listing, net listingBuyer brokerage and buyer representation agreementsTransaction brokers and facilitatorsPower of attorney, termination of agencyFiduciary duties: obedience, loyalty, disclosure, confidentiality, accounting, reasonable care (OLD CAR)Duties to customers and non-clientsAgency disclosure requirements and conflict of interest
Divulgaciones de Propiedad6 Q · 7%
Property condition disclosures: seller disclosure requirements, inspections, surveysRed flags and material defectsEnvironmental disclosures: lead-based paint, asbestos, radon, mold, underground storage tanksGovernment disclosures: flood zones, wetlands, endangered speciesMaterial facts and duty to disclose
Administración de Propiedades2 Q · 3%
Tenant procurement and qualificationFair housing compliance in property management and ADAMarket analysis for establishing rentsLandlord/tenant rights and obligations
Transferencia de Título5 Q · 6%
Types of deeds: general warranty, special warranty, quitclaim, bargain and saleTitle insurance: owners vs lenders policies, title searches, title problemsClosing process: recordation, settlement statements, warrantiesSpecial processes: foreclosure, short sale, deed in lieu, probate
Práctica de Bienes Raíces10 Q · 12%
Federal Fair Housing Act: protected classes, prohibited conduct, exemptionsAmericans with Disabilities Act (ADA) requirementsAntitrust laws: price fixing, group boycotts, market allocation, tie-in agreementsDo-Not-Call Registry and telemarketing rulesSocial media and internet advertising regulationsHandling earnest money and trust fundsDue diligence and fiduciary responsibilitiesIndependent contractor vs employee status
Cálculos de Bienes Raíces6 Q · 7%
Seller net proceeds calculationsBuyer funds required at closingProrations: taxes, insurance, rent, HOA duesTransfer tax and recording fee calculationsPITI (Principal, Interest, Taxes, Insurance) calculationsCommission calculations and splitsEquity, capitalization rate, and LTV calculationsDiscount points and origination feesArea and volume conversions (sq ft, acres)
Exclusive right-to-sell entitles the broker to a commission no matter who finds the buyer, including the seller themselves, while exclusive agency lets the seller find their own buyer without owing a commission.
Single AgentvsTransaction Broker (Facilitator)
A single agent owes full fiduciary duties of loyalty and advocacy to one client, while a transaction broker assists both parties with only limited duties such as honesty, fair dealing, and confidentiality, owing fiduciary duties to neither party.
ClientvsCustomer
A client has a representation agreement entitling them to full fiduciary duties (loyalty, obedience, advocacy), while a customer receives only honesty, fairness, and disclosure of material facts.
Void ContractvsVoidable Contract
A void contract has no legal effect from inception (e.g., illegal purpose or adjudicated incompetency), while a voidable contract is valid until the injured party elects to disaffirm it (e.g., minor, duress).
Voidable ContractvsUnenforceable Contract
A voidable contract can be affirmed or rescinded by one party, while an unenforceable contract is otherwise valid but cannot be enforced in court due to a procedural deficiency such as the Statute of Frauds.
General Warranty DeedvsSpecial Warranty Deed
A general warranty deed warrants title against all defects regardless of when they arose, while a special warranty deed limits the warranty only to defects arising during the grantor's period of ownership.
Bargain and Sale DeedvsQuitclaim Deed
A bargain and sale deed implies the grantor holds title and possession but makes no warranties against encumbrances, while a quitclaim deed conveys only whatever interest the grantor may have with no implication of ownership at all.
Ginnie Mae (GNMA)vsFreddie Mac (FHLMC)
Ginnie Mae is a full government agency that guarantees mortgage-backed securities composed solely of FHA, VA, and USDA loans, while Freddie Mac is a government-sponsored enterprise that purchases conventional loans from lenders and packages them into mortgage-backed securities.
Promissory NotevsMortgage
The promissory note is the borrower's personal promise to repay the debt, while the mortgage is the security instrument that pledges real property as collateral and creates the lien.
AddendumvsAmendment
An addendum adds new terms or provisions at or before contract execution, while an amendment modifies terms of an already-executed contract by mutual agreement of all parties.
Executed ContractvsExecutory Contract
An executed contract is one in which all parties have fully performed all obligations, while an executory contract has one or more performance obligations that remain to be completed in the future.
SubleasevsAssignment
In a sublease the tenant transfers possession to a third party for only part of the remaining term while retaining a reversionary interest, while an assignment transfers the entire remaining leasehold interest with nothing retained.
Under IRC Section 3508, a real estate agent qualifies as a statutory non-employee if: (1) they hold a real estate license, (2) substantially all compensation is based on sales output rather than hours worked, and (3) a written agreement states they will not be treated as an employee for federal tax purposes.
Self-Employment Tax (Independent Contractor)
A real estate agent classified as a statutory non-employee must pay self-employment tax covering both the employer and employee shares of Social Security and Medicare taxes.
Latent Defect
A hidden defect not discoverable through ordinary inspection or observation that sellers and brokers have a duty to disclose because buyers cannot reasonably detect it on their own.
Constructive Eviction
A legal claim available to a tenant when the landlord's conduct or neglect makes the premises substantially uninhabitable and the tenant actually vacates as a result.
Hypothecation
The act of pledging real property as collateral for a loan while the borrower retains possession of the property, distinguishing it from a pledge that requires physical delivery of the collateral.
Trade Fixtures
Items installed by a commercial tenant for business purposes that remain personal property and may be removed before lease expiration, provided any resulting damage is repaired.
Gross Rent Multiplier (GRM)
A valuation factor calculated by dividing a comparable property's sale price by its gross rental income, then applied to the subject property's gross rent to estimate value.
Principle of Contribution
The appraisal principle holding that the value of any improvement is measured not by its cost but by how much it adds to or subtracts from the total market value of the property.
Specific Performance
An equitable remedy in which a court orders the breaching party to fulfill the terms of a real estate contract, available because each parcel is unique and money damages may be inadequate.
Duty to Mitigate
The non-breaching party's legal obligation to take reasonable steps to minimize losses resulting from the other party's breach, failure of which may reduce the damages recoverable in court.
Blanket Mortgage
A single loan secured by more than one parcel of real property, commonly used by developers and subdividers covering multiple lots in a subdivision.
Devisee
A person who receives real property as a gift under a valid will; the testator devises the real estate and the recipient is the devisee.
Situs
An economic characteristic of land reflecting the preference people place on a particular location and its influence on market value.
Formulas to Know
Seller's Net ProceedsSale Price − (Broker Commission + Seller Closing Costs + Loan Payoff + Other Seller-Paid Items)
