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Free Practice Questions for FRC Real Estate Broker Examination

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Key Facts: FRC Real Estate Broker Examination Exam

15,000,000 MNT

Minimum paid-in capital for a licensed real estate brokerage entity

FRC Resolution 648 §2.1

2+ years

Real estate brokerage sector experience required of a firm's broker

FRC Resolution 648 §2.1.4; FRC Legal Status Law Art. 22.7.3

10 May

Deadline for submitting audited annual financial statements to the FRC

FRC Resolution 648 §3.2

24 hours

Reporting deadline for suspicious transactions to the FIU

AML/CFT Law Art. 7.2

20,000,000 MNT

Threshold for reporting cash transactions within 5 working days

AML/CFT Law Art. 7.1

15–60 years

Term of land possession rights, extendable by up to 40 years at a time

Law on Land Art. 30.1

5 years

Minimum retention period for customer and transaction records

AML/CFT Law Art. 8.1

Mongolia's Real Estate Broker Right-Granting Examination is organised by the Financial Regulatory Commission with the United Roof Association for brokers who give agents professional and methodological support in licensed brokerage firms under FRC Resolution 648 of 27 December 2024. The FRC does not publish the exam's item count, time limit, pass mark or fee, and the sources found are in Mongolian. This free bank is an independent English-language MCQ study adaptation covering permit rules, contract law, land rights, AML/CFT duties and brokerage practice.

Sample FRC Real Estate Broker Examination Practice Questions

Try these sample questions to review concepts for the FRC Real Estate Broker Examination exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under Financial Regulatory Commission (FRC) Resolution 648 of 27 December 2024, which entity type is eligible to obtain a special permit to operate a real estate brokerage business in Mongolia?
A.Any individual citizen who has completed higher education in economics or law
B.Any registered sole proprietor with a business registration certificate from the state registry
C.Two certified agents operating together under a written partnership agreement without forming a company
D.Only a legal entity that satisfies statutory capital, governance, and staffing criteria
Explanation: FRC Resolution 648 §1.3 states that real estate brokerage organization activity may be carried on only by a legal entity (хуулийн этгээд), and §2.1.1 requires the applicant to be established under the Company Law and registered with the state registration authority. It must also meet the capital, staffing and other conditions in §2.1. Individuals take part as brokers, agents or sales staff within a licensed firm.
2What is the minimum statutory paid-in share capital required for a legal entity applying for a real estate brokerage special permit under FRC Resolution 648 §2.1?
A.15,000,000 MNT
B.10,000,000 MNT
C.5,000,000 MNT
D.50,000,000 MNT
Explanation: The opening sentence of FRC Resolution 648 §2.1 sets the minimum paid-in capital (хувь нийлүүлсэн хөрөнгийн доод хэмжээ) of a legal entity carrying on brokerage organization activity at 15,000,000.00 MNT (fifteen million togrog). The applicant must also meet the conditions listed in §2.1.1–§2.1.13.
3Regarding the source of the 15,000,000 MNT minimum paid-in capital, which of the following is a strict statutory requirement under FRC Resolution 648 and the FRC Legal Status Law?
A.The capital may be borrowed from a commercial bank if secured by residential real estate
B.The capital may consist entirely of subordinated debt issued by founding shareholders
C.The capital must originate from lawful income and cannot be financed through borrowed or loan funds
D.The capital may be deferred and paid in from initial operational brokerage commissions within twelve months
Explanation: FRC Resolution 648 §2.1.2 requires the paid-in capital to be formed in monetary assets (мөнгөн хөрөнгө), not from loan sources (зээлийн эх үүсвэр), and from lawful income (хууль ёсны орлого). Art. 22.7.1 of the FRC Legal Status Law, added on 3 July 2026, requires the applicant to file documents showing that the minimum capital is met and that its source is lawful income.
4Which earlier FRC administrative acts were officially repealed upon the enactment of FRC Resolution 648 of 27 December 2024?
A.FRC Resolution No. 120 of 2020 and Resolution No. 152 of 2021
B.FRC Resolution No. 82 of 2008 and Resolution No. 202 of 2016
C.FRC Resolution No. 66 of 2025 and Resolution No. 635 of 2024
D.FRC Resolution No. 446 of 2017 and Resolution No. 101 of 2019
Explanation: Paragraph 2 of FRC Resolution 648 of 27 December 2024 declares FRC Resolution No. 120 of 2020 and Resolution No. 152 of 2021 invalid from the day Resolution 648 takes effect. Resolution 648 replaced them with the current regulation on conditions and requirements for granting permits and rights to real estate brokerage organizations. It was entered in the unified register of administrative acts in January 2025.
5Under FRC Resolution 648 §2.1.4, what professional experience requirement must be met by the designated broker who provides professional and methodological guidance within a licensed brokerage firm?
A.At least 6 months of internship at an accredited real estate agency
B.At least 2 years of work experience in the real estate brokerage sector
C.At least 1 year of continuous service in any commercial sales position
D.At least 5 years of certified management experience in banking or finance
Explanation: FRC Resolution 648 §2.1.4 requires the firm to have at least one broker with at least 2 years of experience in the real estate brokerage sector (үл хөдлөх эд хөрөнгө зуучлалын салбарт 2-оос доошгүй жил ажилласан туршлагатай). That broker gives agents or sales staff professional and methodological support. Art. 22.7.3 of the FRC Legal Status Law (added 3 July 2026) now requires applicants to file information showing they have such a broker.
6In addition to at least one designated supervisory broker, what minimum operational staffing requirement must an applicant legal entity maintain under FRC Resolution 648 §2.1.6?
A.At least 5 licensed valuation specialists certified by the Ministry of Finance
B.At least 3 fully qualified attorneys admitted to the Mongolian Bar Association
C.At least 2 chartered accountants registered with the Ministry of Finance
D.At least 1 agent or sales employee responsible for executing brokerage services
Explanation: FRC Resolution 648 §2.1.6 requires at least one agent or sales employee (1-ээс доошгүй агент, эсхүл борлуулалтын ажилтан) whose duty is to provide real estate brokerage services. The broker in §2.1.4 supports and guides this staff member professionally and methodologically. §2.1.5 separately requires an AML/CFT compliance officer.
7Which compliance-specific position is explicitly mandated for all licensed real estate brokerage organizations under FRC Resolution 648 §2.1.5?
A.An internal compliance officer responsible for monitoring implementation of the AML/CFT Law
B.A certified environmental impact auditor registered with the Ministry of Environment
C.An independent building structural integrity inspector certified by the Ministry of Construction
D.A full-time data protection and privacy ombudsman
Explanation: FRC Resolution 648 §2.1.5 requires the applicant to have an employee who monitors implementation of the Law on Combating Money Laundering and Terrorism Financing (Мөнгө угаах болон терроризмыг санхүүжүүлэхтэй тэмцэх тухай хуулийн хэрэгжилтэд хяналт тавих ажилтан). Under §4.3, that officer must complete training and hold a certificate.
8Under FRC Resolution 648 §2.1.7, what training and certification requirement applies to the brokers, agents, and sales staff of an applicant firm?
A.They must hold an international MBA or real estate master's degree from a recognized foreign university
B.They must pass the Mongolian Bar Examination administered by the Legal Institute
C.They need only complete the firm's own in-house induction course, with no FRC-recognized certificate
D.They must have taken the right-granting training for real estate brokerage professionals and received its certificate
Explanation: FRC Resolution 648 §2.1.7 requires every broker, agent or sales employee to have taken the "Үл хөдлөх хөрөнгө зуучлалын салбарын мэргэжилтэнд эрх олгох сургалт" (right-granting training for real estate brokerage professionals) and received a certificate. §5.1.5 applies the same requirement to staff at a branch or representative office. The FRC said in June 2026 that it runs this training with a professional association, including a broker right-granting examination.
9Under FRC Resolution 648 §2.1.12, what minimum period must an applicant brokerage company's approved business plan cover?
A.At least 1 year
B.At least 5 years
C.At least 3 years
D.At least 10 years
Explanation: FRC Resolution 648 §2.1.12 requires the applicant to have developed and approved a company business plan covering at least 3 years (3-аас доошгүй жилээр). Under §3.1.6, a permit holder must also notify the FRC of any change to its business plan.
10Besides the FRC's fit-and-proper criteria (Тохиромжтой этгээдийг тодорхойлох журам), which general requirements does FRC Resolution 648 Chapter 4 set for officials and relevant staff, which §5.1.3 also applies to a branch's broker?
A.Full legal capacity, no non-performing loan balance, personal income tax returns filed, no unpaid court-ordered debts, and no involvement in fraud, embezzlement or economic crimes
B.Ownership of unencumbered residential real estate worth over 100 million MNT, a university degree in law or economics, and membership of a professional association
C.At least three years as a civil servant in a state regulatory agency, a clean driving record, and a personal guarantee from a licensed bank
D.A personal portfolio of government securities, proof of Ulaanbaatar residence, and a sworn statement that the person holds no other employment
Explanation: FRC Resolution 648 §4.1 requires officials and relevant staff to meet the FRC fit-and-proper criteria plus these general requirements. They must be adults with full legal capacity, have no non-performing (хэвийнээс бусад) loan balance, and have filed personal income tax returns. They must also owe nothing unpaid under a court decision and have no involvement in fraud, embezzlement or economic crimes under the Criminal Code. §5.1.3 applies the same test to the broker of a branch or representative office.

About the FRC Real Estate Broker Examination Exam

Independent practice questions by OpenExamPrep for Mongolia's Real Estate Broker Right-Granting Examination (Үл хөдлөх эд хөрөнгө зуучлалын брокерын эрх олгох шалгалт), organised by the FRC with the United Roof Association. The questions cover FRC Resolution 648 permit and staffing rules, Civil Code property, sale, lease and brokerage-contract rules, land rights and state registration, AML/CFT duties, brokerage ethics, and market analysis. Official delivery is in Mongolian, so these English-language multiple-choice questions are a study adaptation, not an official translation or exam simulation.

Exam sponsor: Financial Regulatory Commission (Санхүүгийн зохицуулах хороо, FRC) with the United Roof Association of Real Estate Business Owners. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

FRC Resolution 648 of 27 December 2024 lets only legal entities with at least 15,000,000 MNT of paid-in capital carry on real estate brokerage. Each firm must have at least one broker with 2+ years of experience in the real estate brokerage sector who gives agents and sales staff professional and methodological support (§2.1.4; FRC Legal Status Law Art. 22.7.3, added 3 July 2026). Brokers, agents and sales staff must hold the right-granting training certificate (§2.1.7). The FRC runs this training with the United Roof Association of Real Estate Business Owners; the association announces its broker right-granting training quarterly (for example, 15–17 June 2026), and the FRC organised a broker right-granting examination within this framework. Official materials and sessions found are in Mongolian. This practice bank is an independent English-language MCQ study adaptation by OpenExamPrep.

Time Limit

Not published in an accessible current source

Passing Score

Not published in an accessible current source

Exam / Certification Fees

Not published by the FRC in an accessible current source

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

Not published

FRC Regulatory Framework & Brokerage Licensing

FRC Resolution 648 of 2024: legal-entity-only activity (§1.3), 15,000,000 MNT paid-in capital from lawful non-loan sources (§2.1–§2.1.2), service terms and fees, broker, AML/CFT officer, agent and training-certificate conditions (§2.1.3–§2.1.7), ethics code and business plan (§2.1.10–§2.1.12), audited statements by 10 May (§3.2), Chapter 4 fit-and-proper requirements, branch registration (Chapter 5) and change notifications (Chapters 6 and 9); FRC Legal Status Law Arts. 3.1.10 and 22.7.

Not published

Civil Code Property & Contract Law

Immovable property and constituent parts (Arts. 84–85), co-ownership (Art. 108), notarized transfer, good-faith reliance on the register and ownership on registration (Arts. 109–110), earnest money (Art. 233), sale and defect rules (Arts. 243, 251–254), property and business leases (Arts. 287–294, 318), and brokerage, mandate and commission contracts (Arts. 399, 410–411, 415).

Not published

Land Legislation & Property Rights Registration

Constitution Art. 6.3 and the Law on Allocation of Land to Mongolian Citizens for Ownership (Arts. 5.2, 7.1); Law on Land possession terms (Art. 30.1), transfer of possession certificates (Art. 38) and land use by foreigners (Art. 44); state registration principles and property-rights registration types (General Law on State Registration Arts. 4, 8); and ипотек (Civil Code Arts. 165–170).

Not published

AML/CFT Compliance for Real Estate Entities

Reporting-entity status (AML/CFT Law Art. 4.1.7), beneficial ownership (Arts. 3.1.6, 4¹), customer due diligence and linked transactions (Art. 5), politically exposed persons and high-risk clients, reporting 20,000,000 MNT cash transactions within 5 working days (Art. 7.1) and suspicious transactions within 24 hours (Art. 7.2), 5-year record keeping (Art. 8.1), no tipping off (Art. 13.1), internal controls (Art. 14) and supervisory measures (Arts. 19, 23).

Not published

Brokerage Practice, Professional Ethics & Client Representation

Exclusive brokerage rights and their 2% and 5% caps (Civil Code Art. 411), conflicts of interest and self-dealing (Arts. 411.7–411.10), loyalty and confidentiality, honest disclosure and advertising, client money, the firm's ethics code and fee notifications under Resolution 648, and supervision and training of agents.

Not published

Market Analysis & Property Pricing Principles

Comparative market analysis and adjustment rules, gross and net rental yield, absorption rate, drivers of buyer purchasing power, and the line between a broker's pricing opinion and valuations reserved to licensed appraisal legal entities under Law on Asset Appraisal Art. 5.2.

Preparing for the FRC Real Estate Broker Examination Exam

What You Need to Know

  • Passing score: Not published in an accessible current source
  • Assessment: FRC Resolution 648 of 27 December 2024 lets only legal entities with at least 15,000,000 MNT of paid-in capital carry on real estate brokerage. Each firm must have at least one broker with 2+ years of experience in the real estate brokerage sector who gives agents and sales staff professional and methodological support (§2.1.4; FRC Legal Status Law Art. 22.7.3, added 3 July 2026). Brokers, agents and sales staff must hold the right-granting training certificate (§2.1.7). The FRC runs this training with the United Roof Association of Real Estate Business Owners; the association announces its broker right-granting training quarterly (for example, 15–17 June 2026), and the FRC organised a broker right-granting examination within this framework. Official materials and sessions found are in Mongolian. This practice bank is an independent English-language MCQ study adaptation by OpenExamPrep.
  • Time limit: Not published in an accessible current source
  • Exam / certification fees: Not published by the FRC in an accessible current source Official sources

Using Our Practice Resources

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FRC Real Estate Broker Examination: Suggested Study Strategy

1Learn FRC Resolution 648 by section: §1.3 legal-entity-only activity, §2.1 the 15,000,000 MNT capital and the applicant checklist, §3.2 audited statements by 10 May, Chapter 4 fit-and-proper rules, Chapter 5 branches, and Chapters 6 and 9 change notifications.
2Know the Civil Code transfer sequence: Art. 109.2 notarized transaction, Art. 110.1 ownership passes on registration, and Art. 109.3 reliance on the register unless the acquirer knew the transferor was not the owner.
3Master the brokerage chapter: Art. 410 basics, Art. 411 exclusive rights with the 2% damages and 5% fee caps, and Arts. 411.7–411.10 on self-dealing and disclosure.
4Memorize AML/CFT deadlines: cash transactions of 20,000,000 MNT or more within 5 working days (Art. 7.1), suspicious transactions within 24 hours (Art. 7.2), and records kept for at least 5 years (Art. 8.1).
5Separate a broker's comparative market analysis from statutory valuations: Law on Asset Appraisal Art. 5.2 reserves collateral, privatization and debt-offset valuations to licensed appraisal legal entities.

Frequently Asked Questions

What is the official name and status of Mongolia's real estate broker qualification?

The examination is the Real Estate Broker Right-Granting Examination (Үл хөдлөх эд хөрөнгө зуучлалын брокерын эрх олгох шалгалт). The Financial Regulatory Commission of Mongolia (Санхүүгийн зохицуулах хороо, FRC) said on 26 June 2026 that it organised this examination with the NGO United Roof Association of Real Estate Business Owners. The FRC regulates real estate brokerage firms under FRC Resolution 648 of 27 December 2024.

Does an individual broker hold a special permit from the FRC?

No. Under FRC Resolution 648 §1.3 and §2.1, only a legal entity with at least 15,000,000 MNT in paid-in capital may carry on real estate brokerage and hold the special permit (тусгай зөвшөөрөл). Individuals work in licensed firms as brokers, agents or sales staff and must hold the right-granting training certificate (§2.1.7). Each firm needs at least one broker with 2+ years of experience in the brokerage sector (§2.1.4).

What are the requirements to work as a broker in a licensed firm?

Resolution 648 §2.1.7 requires the broker to have taken the right-granting training for real estate brokerage professionals and received its certificate. §2.1.4 and FRC Legal Status Law Art. 22.7.3 require the firm's broker to have at least 2 years of experience in the real estate brokerage sector. Under Chapter 4 and §5.1.3, brokers must also meet the FRC fit-and-proper criteria: no non-performing loans, income tax returns filed, no unpaid court-ordered debts, and no fraud, embezzlement or economic-crime involvement.

Are the exam's item count, time limit, pass mark and fee published?

No accessible FRC or association source published these for the broker examination when this page was checked on 26 September 2026. The United Roof Association publishes its agent and broker training calendar, and it describes the separate agent training programme in more detail than the broker examination. Check with the FRC or the association before you register.

What are the core AML/CFT obligations for Mongolian real estate brokerage firms?

Real estate brokerage organizations are reporting entities under Art. 4.1.7 of the AML/CFT Law. They must carry out customer due diligence and identify beneficial owners (Arts. 4¹ and 5), and report cash transactions of 20,000,000 MNT or more within 5 working days (Art. 7.1). They must report suspicious transactions within 24 hours (Art. 7.2), keep records for at least 5 years (Art. 8.1), and never tip off the client (Art. 13.1). FRC Resolution 648 §2.1.5 also requires an AML/CFT compliance officer.

How does this practice bank relate to the official Mongolian examination?

These questions are an independent English-language MCQ study adaptation created by OpenExamPrep. Every official source found for the examination is in Mongolian. The bank covers brokerage regulation, contract law, land rights, AML/CFT duties, brokerage practice and market analysis as a study aid. It is not an official translation, an FRC or association item bank, or a simulation of the examination.