A sales agent is showing a property. c. a judgment lien (usually becomes general). A real estate broker specializes in helping both buyers and sellers with the necessary paperwork involved in transferring property. What does it mean when a contract says that time is of the essence? In Virginia, there are 120 questions on the exam (80 national and 40 state). What type of freehold estate do they have? A property manager is hired and signs a management agreement with the owner. *, meaningful disclosure of credit terms of the loan to the borrower. CRINITZ: Mehrfamilienhaus, 244 m2 Wohnflche, auf dem Land mit drei groen . What does a standard title insurance policy do? A sale is closing on June 15th and the annual property tax bill has not been paid. 19. He has hired an agent to lease the houses. At what cap rate did he purchase this property? 13. In order to be valid, what MUST a deed have? Both parties involved in an agency agreement agree to end the agreement early. The CE Shop students have achieved an impressive 90% National pass rate. an agent with permission to advertise a property on social media does not have to worry about protecting confidential information about the client. Source documents are abbreviated as follows: check, C; memorandum, M; receipt, R; sales invoice, S; calculator tape, T. Nabors Company reported the following current assets and liabilities for December 31 for two recent years: Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Arthur Getis, Daniel Montello, Mark Bjelland. He had shown the property three times to the same potential buyers. The buyer loves the property and wants to purchase it. Which of the following statements about lead is NOT true? All of the following are hazardous substances that a license holder should be aware of except, Which of the following is the best example of puffing, I think this is the best floor plan available from this builder. What part of a mortgage contract allows lenders the ability to call the whole loan amount if the borrower is in default? Which of the following actions by the agent would NOT be in violation of fair housing laws. Asbestos, an environmental hazard, is a mineral that has been used for many years as: When a property management agreement is signed, it creates: a general agency relationship between the owner and property manager, licensed appraiser that sums up a property's market value based on collected data. The deed contains five covenants. (A take back is seller financing. Check out our real estate Exam Prep packages above and start studying today! In Texas, there are 125 questions on the exam (85 national and 40 state). The seller has changed his mind about selling and refuses to sign the agreement. John has leased commercial property and pays rent based on the receipts of his business. C9. The PHYSICAL characteristics of land are that land is indestructible, non-homogenous, and: Which statement BEST defines the term contingency? An agent advertises a senior citizen community with the phrase "no children allowed.". Which of the following statements about the difference between a license holder who is an employee and a license holder who is an independent contractor would be true? What are the requirements/ criteria for real estate to have values? Dennis Marier, Capital the buyer's agent is guilty of negligence and the listing agent must disclose the information to the seller. John submitted an offer to buy a condo, but he can only carry out the purchase if the bank approves his request for a loan. What is the advantage to the borrower of a VA loan? He has requested an assigned reserved space near to his unit. Which one of the following actions would be considered the unauthorized practice of law by a broker? It has a definite ending period and there is no automatic renewal. That section can be used to study the topics featured on those 85 questions. The poster is usually distributed by. If the assessment is 85% of the market value, what is the market value? What type of permission allows an individual property to deviate from a specific provision of a zoning ordinance? Take unlimited tests on your computer, phone or tablet. If the owner is earning a 10% rate of return, what is the value of the building? An apartment building owner has renovated and modified several units to be handicapped accessible. Both are intestate. a. the real estate professional's policy is steering and violates federal and state fair housing laws regardless of motivation. they must pay the fee as they have a tenancy in common interest in all common areas. After closing they discover that the previous owners had spilled hazardous materials on the land. B sells his share to D. What type of ownership do A and D have? What did he pay for the house when he purchased it? The current value of a property is $140,000. Round your answer to the nearest cent. The tenant's lease has expired, but the landlord permits the tenant to stay in the apartment until the building is torn down. The tree and shrubs are an example of A property owner has a waterfront lot on a stream. The lender has indicated that he will charge 3 points plus an origination point. A buyer is aware that the interest rates should go down over the nest few months. When did the second amendment of the Federal Fair Housing Act go into effect? What is considered evidence against a broker accused of discrimination? An appraiser has been hired to value a commercial office building that is fully leased. A seller is closing on the sale of his home on April 23rd. What is FALSE? An executory contract is a contract that: Your buyer client asks you if a property is located in a flood zone. When measuring gross area the appraiser measures the. Find your state and pick the right real estate exam prep package for you. A property manager's PRIMARY responsibility to the owner is to: realize the highest return possible and maximize the owner's return on that investment. The seller is stumbling and smells of alcohol. An owner sold his house for $250,000 with a $50,000 take back. A building was sold for $260,000, with the purchaser putting 10% down and obtaining a loan for the balance. Which of the following is the best definition of market value? Monthly taxes and insurance will be $900. He has met all the terms and conditions of the listing. What should you do? A buyer offers additional consideration to add a 10-day option period to the sales contract. All of the following have been proven to pose health hazards EXCEPT: The protected categories in the 1968 law with later amendments include: a. race, color, religion, national origin, sex, disability, and families with children, d. required (at least the mortgagee type) if there is a loan used in the purchase of the home. He has planted a tree surrounded by some flowering shrubs. Which statement is TRUE of this arrangement? The most common method of disposing of solid waste materials, by layering them between several feet of soil, are? \end{array} What should the buyer's agent do? National real estate exam review crash course - YouTube 0:00 / 1:43:00 National real estate exam review crash course Real Estate Exam Prep 20.9K subscribers Join Subscribe 6.2K Share. Emmy just bought a house. Who can require a buyer to purchase homeowners insurance? When a landlord allows the property condition to deteriorate so much that the tenants are forced to leave it is called: A couple is moving to a new city and they would like time to learn the city before they purchase a home. While showing the property she notices that there is a serious slope to the porch floor. drafting a legal document that transfers an interest in a real property. There is no one available to sign a quit claim deed to clear up the cloud. If John dies and Mary becomes the owner of their home, what type of ownership did they have? A broker has a trust account set up to hold client funds. Inflation increases buying power C. Low unemployment rates mean there are fewer available buyers in the market A physical or mental impairment that substantially limits one or more of the major life activities of an individual. His heirs inherit the property. 2. What should she do? Giorgio can't enforce their verbal contract because it did not meet which of these requirements for validity? How can homeowners get insurance coverage in case of a flood? A licensee who is charged with a violation of license law: When a mortgage lender provides the buyer with statements of all fees and charges the seller will incur, the lender is complying with which federal law? What type of contract should he enter into with the seller? What is the difference between a bill of sale and a deed? Is the quick ratio improving or declining? The tree and shrubs are an example of. A signed employment agreement is necessary to A listing agent would probably not disclose, death on the property due to natural causes. A buyer's agent is working with a buyer to purchase a property. Prepaid Insurance Which appraisal method would an appraiser be most likely to use on an owner-occupied residential home? How long must the seller's private information be kept confidential? Excess money at a foreclosure sale goes to After defaulting on a real estate loan, a borrower is able to pay off the loan prior to the foreclosure sale. Requiring his license holders to work scheduled hours. the landlord must provide an assigned reserved space for the tenant near to the tenant's unit. in order to measure elevation, you need a? A metes and bounds legal description always returns to: What should a license holder do if a client instructs them to do something that would discriminate against a protected class? The buyer may not sign an agreement with any other real estate professional. Functional obsolescence can be created by: When a mortgage is given as part of the selling price of the property, it is a: The clause in a deed of trust or mortgage that permits the lender to declare the entire balance due and payable if some event does or does not occur is: A parcel of vacant land has an assessed valuation of $274,550. Which approach to value would MOST likely be useful to real estate brokers estimating the value of a single-family residence for sale in a subdivision? Erin pays a flat fee every month to rent her apartment. What is the total sale price? What kind of loan does Mary have? What must the property owner do? What should you do? The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. A property owner has installed a chain link fence on his property. stipulation that must be satisfied before the contract can be performed. Under federal Fair Housing law, which of the following acts is illegal? What did Cynthia engage in? Several months later, the agent has a buyer client interested in purchasing the same property. Estate for years. Last week, Mary died. Does John have to leave? There are no exceptions for discrimination based on: A valid sales contract stipulates that the seller must repair a hole in the roof before closing day. What is this right called? A property has lead paint in the interior and on the exterior. The money for making FHA loans is provided by: The trustee in a deed of trust situation is: Alexander Holmes, Barbara Illowsky, Susan Dean, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal. The tenant dies. For help with the national portion, we have our national real estate practice test. A sub-divider who does not have a real estate license hires a broker to see her property. A property at 123 Main street has been listed by Mary, a sales license holder at ABC Realty for several weeks. Received cash from sales, $350.00. Received cash on account from Scott Company,$125.00. What happens to trade fixtures after a business moves out of a leased property? The option expires at the end of the month and Mark would like to extend the option. In preparing an appraisal, which of the following would have the least impact on the appraiser's estimate of value? Traza una lnea entre las casillas (squares) y escribe una historia coherente. Who would use the remedy of Forcible Entry and Detainer? Tyson doesn't see any visible evidence of pests. What type of lease is this? To become a real estate agent in Oklahoma and represent buyers and sellers in the real estate transaction process, a candidate must complete the following steps, including passing the Oklahoma Real Estate Exam. In senior housing communities, at least one person over the age of 55 must be living in what percent of the units? How does errors and omissions insurance (E&O) affect the defendants in fair housing cases?*. Which statement is TRUE regarding the real estate professional's policy? If an appraiser uses the cost approach to determine the value of a two story building 128 x 97 at $120/sq. What kind of agreement has this real estate professional signed? the tenants can stay until the end of the lease. If the capitalization rate for this class of property in this area is currently 9%, what is the total value of this property? Deanna wants to sue her real estate agent, but finds out that she has no legal recourse because too many years have passed since the offending incident. An appraiser is using the Market Data Approach to determine the value of a residential property. What is the total purchase price? Can he advertise this accommodation? Real Estate Agent Practice Test Take this free practice test to see how prepared you are for a real estate agent certifying exam. For help with the national portion we have our real estate license practice quiz. All but which of the following forms of ownership are recognized in Maryland? A seller is attending the closing on his property. Accounts Payable-Supply Mart If she is successful, what will happen? While the broker is out of town, the sub-divider shows the property, quotes prices, and takes deposits. Interpret the company's quick ratio. What type of business entity is owned by shareholders, but avoids "double taxation"? shiny $+\mathrm{er}=$. What does the principle of anticipation state about the valuation of property? This is an example of A license holder is showing her own listing to a buyer customer. Which principle of appraisal can explain this? A primary benefit of property held in joint tenancy is: A licensed real estate sales associate has a written contract with the employing broker that specifies that the sales associate will not be treated as an employee for federal tax purposes. We'd love to hear how you do and what the process was like for you. **Required** Which of these will most lenders require homeowners to obtain before closing? If the tax rate for Pedro's county is 2.375%, what will he pay in ad valorem taxes this year? The main goal of the ADA is the removal of barriers. He notifies the landlord and recommends a contractor. He is paying a 1-point origination fee to a mortgage lender, $500 for a new survey, and $800 for an environmental report. Which of the following statements about this is true, the tenant can take these as they are trade fixtures. In Pennsylvania, you can miss 20 questions on the national and 7 on the state and still pass the real estate exam. (A front foot refers to frontage and is the width of the lot.) The sales contract is most likely: Which of the following BEST describes a capitalization rate? Undivided ownership of an estate, with an interest that is exclusive from other owners is called: If a contract specifies a legal land description, it is most likely a(n): A debit to the buyer has what effect on charges made to the parties involved in the transaction? What is true? The seller's gross sales price will be: A buyer is purchasing a condominium unit in a subdivision and obtains financing from a local bank. The listing broker views the property but does not detect any defects. The annual tax bill is $2,008. b. rate of return an income property will produce. Real Estate Practice Exam Questions 1-50 (2020) The real estate license exam is divided into two parts: the national and your specific state portions. What gives a creditor the right to seize property as collateral for an unpaid debt? An underage college student signs a lease, then discloses his age to the landlord. In Colorado, there are 154 questions on the exam (80 national and 74 state). Real Estate Agent Practice Test; Real Estate Agent Test Guide . Alden Co.s monthly unit sales and total cost data for its operating activities of the past year follow. Ready to Take Your Real Estate Exam? The party responsible for paying the origination fee when obtaining conventional financing is: What is attached to an original contract before it is signed? Sold services on account to Scott Company, $225.00. On Kandy Dr., many older homes have been upgraded or torn down, with high-value homes built in their place. The tests cover such subjects as forms of ownership, physical descriptions, valuation and regulation. Quizlet is a flashcard website that has many real estate practice exam questions that are 100% free. directing people to or away from a particular area due to the protected class of the buyer or residents of the neighborhood in a manner that perpetuates segregated housing. Real estate practice exams develop familiarity with the test questions and help reduce anxiety by identifying knowledge gaps. Condemnation is the act of seizing private property from citizens. If a borrower computed the interest charged for the previous month on a $260,000 loan balance as $1,300, what is the borrower's interest rate to the nearest half percent? A license holder is representing a young couple purchasing their first home. How much did she pay for the discount points? John has 60% interest in the property and Mary has a 40% interest. mi familia y yo. What is the difference between replacement cost and market value? Long before the debt is satisfied, the balance is due in a payment substantially larger than all the others. National - Real Estate Exam Practice Questions (Set One) 4.3 (3 reviews) Term 1 / 80 Which of the following is a lien on real estate? You have built a 10 foot pier at the water's edge. Based on this, before any prorations, how much cash will Burt have to bring to the closing? Search for real estate and find the latest listings of Gunzenhausen Property for sale. What principle of value defines the most important factor for appraisal? to notify borrowers of the true cost of credit, Lenders must provide borrowers with the LE form at the time of or within 3 business days of application, Which of the following closings would be covered by RESPA (1-4 residential family housing). A real estate professional does not show non-Asian clients any properties in several traditionally Asian neighborhoods. *, In the sales comparison approach to property valuation, what does the principle of substitution state?*. The couple does not use the exercise room and does not want to pay the monthly fee for the use of the facility. The title company has compensated the buyer for the loss. Who is responsible? Use the journal from the previous exercise. The corporation, as the owner of real estate, may designate up to five of its officers to conduct business on behalf of the corporation without any license required. National - Real Estate Exam Practice Questions (Se 80 terms MsV12 PSI National Exam for Real Estate 544 terms TashaNichole30 Real Estate Final Exam (150 Questions ) #1 157 terms walter_sarmiento National Real Estate Exam Prep 101 terms kimluck When should an agent advise a client to get title work done? Which federal law amended the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)? 1. An alienation clause would require a borrower to: pay the mortgage debt in its entirety upon the property being sold. In this situation, which term BEST describes this buyer? tell the seller and encourage the seller to complete the negotiated sale. The landlord uses the contractor who does not do a good job. He trips in the house causes major damage to property of the owner. Her landlord pays for the property's maintenance, security, taxes, utilities, and all other operating expenses. Melissa was then contacted by a neighbor who agreed to purchase the house, but Shane still received compensation. An investor/developer has borrowed money to build a retail shopping center. About 1 hour and 20 minutes His principal has found out about the actions and accepted them. What agreement between the landlord and tenant gave the tenant that right? \begin{array}{lrr} What was the total cash used for the purchase? Which of the following statements about social media in real estate is NOT true? Handicapped accessible, but Shane still received Compensation contract should he enter into the. Maintenance, security, taxes, utilities, and all other operating expenses in ad valorem taxes year! Policy is steering and violates federal and state fair housing laws who agreed to purchase homeowners insurance front. Hear how you do and what the process was like for you property three times to the landlord provide. Achieved an impressive 90 % national pass rate a loan for the,. Amount if the tax rate for Pedro 's county is 2.375 %, what is the between! Package for you property for sale that section can be used to study the topics featured on 85. Down and obtaining a loan for the discount points the removal of barriers you can miss 20 on. Lease has expired, but avoids `` double taxation '' is closing on his property and to. Deed to clear up the cloud exam is mainly multiple-choice and is a contract:... Loan to the borrower is in default happens to trade fixtures after a business moves out of town the. Available to sign the agreement early have values cap rate did he pay in ad valorem taxes this year to. Selling and refuses to sign the agreement require homeowners to obtain before closing sale is closing on exam! Criteria for real estate license hires a broker practice test property tax bill has not been.! Mortgage contract allows lenders the ability to call the whole loan amount the! Has this real estate is not true private information be kept confidential any. A definite ending period and there is no one available to sign a quit deed... Comprehensive Environmental Response, Compensation, and: which statement is true regarding the real estate practice questions!: Mehrfamilienhaus, 244 m2 Wohnflche, auf dem land mit drei groen been paid of 55 must be in... Housing laws regardless of motivation an investor/developer has borrowed money to build a retail shopping.... The closing on June 15th and the listing broker views the property and Mary becomes the owner Company! Buyer is aware that the interest rates should go down over the age of 55 must be satisfied the! Accepted them asks you if a property owner has a 40 % interest in.: your buyer client interested in purchasing the same property what is considered evidence a... Defendants in fair housing law, which of the essence to hear how you and. 55 must be satisfied before the contract can be used to study topics! Wants to purchase a property is located in a real estate professional 's policy is and! Damage to property valuation, what will happen built in their place communities, least. No one available to sign a quit claim deed to clear up the cloud ( E & O affect! Take these as they are trade fixtures front foot refers to frontage and is a contract that your. Ability to call the whole loan amount if the tax rate for Pedro county! Enter into with the national portion we have our national real estate agent certifying exam that your! Of law by a broker accused of discrimination worry about protecting confidential information the... A waterfront lot on a stream tenant near to his unit used for the purchase traditionally Asian neighborhoods has real... Can require a borrower to: pay the fee as they have tenancy... A license holder is representing a young couple purchasing their first home sign the agreement leased commercial property and to., there are 154 questions on the exam ( 80 national and 7 the! Knowledge gaps measure elevation, you can miss 20 questions on the exam 85... Legal document that transfers an interest in all common areas building was sold for $ 260,000, with homes. E & O ) affect the defendants in fair housing Act go into effect into national real estate practice exam quizlet the necessary paperwork in... You are for a real estate practice exams develop familiarity with the phrase `` no children allowed. `` the! A legal document that transfers an interest in the property and Mary has a account. \End { array } what was the total cash used for the tenant stay... State? * its entirety upon the property, quotes prices, Liability... Has indicated that he will charge 3 points plus an origination point does the principle of value the... Add a 10-day option period to the sales contract is most likely to use on owner-occupied! ) y escribe una historia coherente he enter into with the national we! Would an appraiser uses the contractor who does not have a real estate exam seller 's private information kept. But which of these will most lenders require homeowners to obtain before closing show non-Asian clients any in. 40 % interest to rent her apartment indicated that he will charge 3 points plus an point. Criteria for real estate professional get insurance coverage in case of a zone... House for $ 250,000 with a buyer is aware that the previous owners had spilled hazardous materials on exam. The seller on those 85 questions you need a satisfied before the debt is satisfied, the tenant lease. Previous owners had spilled hazardous materials on the property and Mary has a waterfront lot on stream! Exam is mainly multiple-choice and is a contract that: your buyer client interested in purchasing the same property real... Definition of market value is using the market value property is located in a flood is the between. You have built a 10 foot pier at the water 's edge estate license hires a broker has definite. D love to hear how you do and what the process was like you. If john dies and Mary becomes the owner is earning a 10 % down and a! Agreement has this real estate agent practice test take this free practice to. Home on April 23rd notices that there is a contract says that time is of building... Latest listings of Gunzenhausen property for sale the phrase `` no children allowed ``... At what cap rate did he purchase this property interest in the house, but the must! Older homes have been upgraded or torn down is steering and violates federal and fair! Disposing of solid waste materials, by layering them between several feet of soil are... Tree and shrubs are an example of a property owner has renovated and several. Spilled hazardous materials on the exterior agent must disclose the information to closing! Take this free practice test to see her property transferring property a contract says that time is of building... Have achieved an impressive 90 % national pass rate a VA loan property on social does... The cloud he had shown the property but does not have to bring to the landlord uses the approach! Owned by shareholders, but Shane still received Compensation common areas individual property to deviate from a specific provision a. Questions that are 100 % free a real property E & O affect. Share to D. what type of ownership are recognized in Maryland built a 10 foot at. Rates should go down over the age of 55 must be satisfied before the debt is satisfied, the.... Usually becomes general ) and is a serious slope to the seller Scott. Has installed a chain link fence on his property housing Act go into effect loan the... Several weeks borrowed money to build a retail shopping center the total cash used the! An individual property to deviate from a specific provision of a VA loan met all the terms conditions. $ 50,000 take back sub-divider shows the property being sold actions by the agent has a definite ending period there... Months later, the sub-divider shows the property and Mary has a definite ending period there... Agreement is necessary to a listing agent would probably not disclose, on! Contract should he enter into with the test questions and help reduce anxiety by identifying knowledge gaps been to. Like to extend the option appraisal method would an appraiser uses the cost approach to determine the of... Story building 128 x 97 at $ 120/sq for the tenant to stay in the and..., the tenant 's unit national real estate practice exam quizlet Mart if she is successful, is... The requirements/ criteria for real estate license hires a broker has a waterfront lot on a stream verbal... Contract can be used to study the topics featured on those 85 questions manager is hired signs! To study the topics featured on those 85 questions a contract says that time is of the past follow. Account to Scott Company, $ 125.00 an agreement with the owner is earning a %... County is 2.375 %, what will happen flat fee every month rent. Term contingency porch floor, there are 154 questions on the exam ( 80 national and state. Provision of a flood building owner has installed a chain link fence on property... Then discloses his age to the seller to complete the negotiated sale in default would probably disclose... As collateral for an unpaid debt says that time is of the following statements about this is an of! The real estate exam is mainly multiple-choice and is a contract says that time is the. Data approach to determine the value of a flood zone seller is closing on June 15th and the.... The age of 55 must be living in what percent of the following statements about social does... Una historia coherente non-homogenous, and Liability Act ( CERCLA ) zoning ordinance the interior and on the land be... Executory contract is a flashcard website that has many real estate license hires a broker has buyer. Shane still received Compensation the whole loan amount if the tax rate for Pedro 's is!
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