Free ME-RESA Practice Questions

Question 1

A tenant operates a bakery in leased retail space. The tenant installed a commercial oven bolted to the floor and vented through the roof. Before the lease expires, the tenant removes the oven and professionally repairs the floor and roof penetrations. In the absence of a lease provision to the contrary, how is the oven best classified?

Accepted Answer

A removable trade fixture, provided the tenant repairs the damage caused by removal

Answer

A fixture that passed to the landlord because the method of attachment outweighed the tenant's business purpose

Answer

Tenant-owned personal property because the lease did not expressly transfer it to the landlord

Answer

A trade fixture that could be removed only after the lease ended and the tenant surrendered possession

Question 2

A title search shows no recorded easement, but during the final walk-through the buyer sees a well-worn gravel lane crossing the parcel to a neighboring home. What should the licensee recommend first?

Accepted Answer

Recommend title and survey investigation because the visible use creates inquiry notice

Answer

Ignore it unless the neighbor produces a recorded easement, because visible use cannot affect a purchaser

Answer

Treat the lane as conclusive proof of a prescriptive easement and amend the deed

Answer

Require the seller to remove the lane before closing because visible use is itself a title defect

Question 3

An appraiser is valuing a house without a garage. A comparable sold for $420,000 and has a two-car garage that market evidence shows contributes $30,000. All other differences are already accounted for. What adjusted sale price should the appraiser use for this comparable?

Accepted Answer

$390,000, subtracting the value of the comparable's superior feature

Answer

$450,000, adding the garage's contributory value to the comparable

Answer

$420,000, because a closed sale is not adjusted for physical differences

Answer

$360,000, subtracting the garage value once from both properties

Question 4

An investor will consider a small apartment property only if its going-in capitalization rate is at least 7.25%. The property has annual potential gross income of $180,000, expected vacancy and collection loss of $9,000, other income of $3,000, annual operating expenses of $66,000, and annual mortgage payments of $40,000. At an asking price of $1,500,000, which conclusion is correct?

Accepted Answer

The cap rate is 7.20%; because debt service is excluded from NOI, the property falls just below the minimum

Answer

The cap rate is 4.53%, because mortgage debt service must be deducted before capitalization

Answer

The cap rate is 7.60%, because vacancy and other income should be ignored

Answer

The cap rate is 11.60%, because effective gross income is the amount capitalized

Question 5

A buyer offers $375,000 with a June 30 closing. The seller signs a response accepting the price but changing the closing date to July 15. The buyer rejects that response, then tries to accept the original offer the next morning. What is the legal effect?

Accepted Answer

The response was a counteroffer that ended the original offer; the seller must renew those terms for a contract to form

Answer

A binding contract formed because acceptance of the $375,000 price controls and a changed closing date is merely a scheduling suggestion

Answer

The original offer remained open because the buyer never revoked it and the seller changed only one nonprice term

Answer

The response created an option contract that allowed the buyer to choose either proposed closing date

Question 6

Two competent parties orally agree on the sale of a parcel, including price and closing date, but never sign a writing. No exception to the Statute of Frauds applies. What is the agreement's legal status?

Accepted Answer

Unenforceable because the required signed writing is missing

Answer

Void, because no contract concerning land can exist without a written instrument

Answer

Voidable only by the buyer, because each parcel of land is legally unique

Answer

Executed, because the parties agreed on all essential business terms

Question 7

A seller tells the listing agent that a recurring basement leak should not be mentioned because it appears only during heavy rain. The agent has personally seen water damage and knows the condition would matter to a reasonable buyer. Which course of action satisfies the agent's duties?

Accepted Answer

Refuse to conceal the known material condition, ensure it is disclosed as required, and recommend evaluation by a qualified professional

Answer

Follow the seller's instruction because obedience and confidentiality bar disclosure unless the buyer asks directly

Answer

Say nothing unless a prospective buyer asks a question specifically about water intrusion

Answer

Withdraw from the listing and leave the disclosure decision to the seller and any successor broker

Question 8

A couple with two young children asks a licensee, "Which neighborhood is safest and has the best families for us?" How should the licensee handle the request?

Accepted Answer

Decline to characterize residents or safety, use neutral property criteria, and direct the buyers to objective public sources

Answer

Recommend areas where family households are common and school ratings are high

Answer

End the representation because the question itself creates a Fair Housing violation

Answer

Use median home price as a neutral proxy for safety and family suitability

Question 9

At a local broker meeting, competing firms agree that none will offer residential listing services below 5.5%, arguing that the agreement will preserve service quality. Which antitrust violation has occurred?

Accepted Answer

Price fixing, because competing brokers agreed on a minimum commission rate

Answer

A lawful MLS cooperation rule because the firms remain separately owned

Answer

A group boycott because the firms are excluding brokers who charge lower fees

Answer

Market allocation because the firms divided clients according to fee level

Question 10

A seller is preparing to accept an offer on a 1966 single-family home. No exemption applies. The seller has disclosed no known lead hazards but has not provided the federal pamphlet, available lead records, or an inspection opportunity. What must occur before the buyer is bound?

Accepted Answer

Complete the required lead disclosure package and give the 10-day opportunity unless changed or waived in writing

Answer

Commission a certified lead inspection and complete every recommended abatement before allowing the buyer to sign any purchase agreement

Answer

Make a lead disclosure only if the seller has received a laboratory report confirming contamination

Answer

Delay the lead documents until closing because federal duties begin when title passes to the buyer

Free ME-RESA Practice Questions

Domain 1: National - Real Property Characteristics, Legal Descriptions, and Property Use

Question 1

Domain 2: National - Forms of Ownership, Transfer, and Recording of Title

Question 2

Domain 3: National - Property Value and Appraisal

Question 3

Question 4

Domain 4: National - Real Estate Contracts and Agency

Question 5

Question 6

Question 7

Domain 5: National - Real Estate Practice

Question 8

Question 9

Domain 6: National - Property Disclosures and Environmental Issues

Question 10

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