During the term of the listing the seller had disclosed confidential information to the agent. Who would use the remedy of Forcible Entry and Detainer? the buyer's agent is guilty of negligence and the listing agent must disclose the information to the seller. A signed employment agreement is necessary to A listing agent would probably not disclose, death on the property due to natural causes. Find Property for sale in Gunzenhausen, Bavaria. His heirs inherit the property. The CE Shop students have achieved an impressive 90% National pass rate. The seller has painted over them to hide them. What is true? Darla is suing Arlo for specific performance. A retired couple is on a fixed income. Quizlet is a flashcard website that has many real estate practice exam questions that are 100% free. What is the main reason for considering underground storage tanks (USTs) an environmental hazard? How much will he pay for the lot? 18. They shake hands on the agreement and the buyer happily leaves the property. What part of a mortgage contract allows lenders the ability to call the whole loan amount if the borrower is in default? In a fixed-rate mortgage that is fully amortized, the total amount of interest to be paid is: Which is exempt from the federal Fair Housing Act? Several weeks later, he learned that it was sold to the buyers he brought to the property. B sells his share to D. What type of ownership do A and D have? She is also writing a blog. 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 property taxes have not been paid for this year. The property is under contract and all contingencies have been met. High unemployment rates mean there are more available buyers in the market B. What gives the government the right to do this? What is the best way to study for the Real Estate Licensing Exam? 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. Ignorance C. Disability D. Retardation 2. What is the lowest price the property can sell for to accomplish this? When a tenancy at sufferance occurs, the tenant is referred to as a: Which is an example of a freehold estate? joint tenancy with rights of survivorship, both parties mutually agree to end an agency relationship. A. Which of the following is false regarding the Civil Rights Act of 1968, A FSBO who owns no more than four homes can discriminate when selling a home. 19. A zoning ordinance would affect which of the following? Last month, another died. Which situation does NOT violate the federal Fair Housing Act: d. A widow's insistence on renting her spare bedroom only to another widowed women, d. Section 16 lies to the north of Section 21. This is MOST likely a? Your client is an investor who would like to have the right to purchase a commercial tract for $5 million for the next 6 months. He is selling the house for $179,000. & \textbf { Dec. 31, Current Year } & \textbf { Dec. 31, Previous Year } \\ R2. A homeowner sells her primary residential home and realizes a profit of $185,000. An investor has 15 rent houses. The key concepts and words you have to study are essential for obtaining your real estate license, so you must learn and become familiarized with them. If a person dies without a will, who receives their estate? During this period, the buyer can:*, Brenda and her husband are interested in buying a house that was constructed in 1971 that has all the original paint, windows, and flooring. Which term describes this contract? they must pay the fee as they have a tenancy in common interest in all common areas. What was the total cash used for the purchase? In rental properties, increased demand can be the result of, Which of the following would not be eligible for a VA loan, What is required of a loan servicer before foreclosing on a VA loan, the VA must be notified before the foreclosure. 22. This free practice exam is here to help you master the state-specific portion of the Minnesota real estate exam. C9. C dies. Erin pays a flat fee every month to rent her apartment. \end{array} The party responsible for paying the origination fee when obtaining conventional financing is: What is attached to an original contract before it is signed? A property owner has a gas station on his land. The zoning committee changes the zoning to R-1. You have built a 10 foot pier at the water's edge. b. exclusive buyer representation agreement. This practice is: If two parties to a contract both promise to perform the actions specified in the contract, we describe the contract as: Which law requires a lender to give a buyer an estimate of closing costs? The seller has no duty to remediate lead, simply to disclose it. An office space is 24 feet long and 27 feet wide with 9-ft ceilings. A chemical manufacturing company purchases a plant. Which of the following statements about lead is NOT true? 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. A bill of sale is for personal property; a deed is for real estate. Under these circumstances, which of the duties of the agent would be the easiest for him to fulfill? Giorgio can't enforce their verbal contract because it did not meet which of these requirements for validity? A property has lead paint in the interior and on the exterior. It has a vacancy rate of 15%. Which of the following terms is used to describe a situation where a buyer and seller agree to terminate a contract? A landlord leased space in his new retail property to an inexperienced business person. Maria is considering the difference between an 80% LTV and a 75% LTV. What kind of agreement has this real estate professional signed? Management wants to use these data to predict future fixed and variable costs. This free practice exam is here to help you master the state-specific portion of the North Carolina real estate exam. In terms of contract validity, what does mutual consent mean? What type of listing agreement did Melissa and Shane sign? An unlicensed assistant gets a call from a listing owner with questions about a contract- what should the assistant do? The seller counter offers for $392,500. This free practice exam is here to help you master the state-specific portion of the Virginia real estate exam. CS. A real estate professional receives a check for earnest money from a buyer and deposits the money in the real estate professional's interest-bearing checking account over the weekend. Go to flashcards. Each month they pay the same amount, which contributes to both the principal and interest. C7. Purchase Louisiana real estate Exam Prep today and get ready to pass your test with more confidence and less stress. The couple does not use the exercise room and does not want to pay the monthly fee for the use of the facility. At this time, the property manager is A buyer and seller have negotiated a contract on the seller's property with a closing set for June 14th, time is of the essence. | 1 | 320,000 | $160,000 | | 7 | 340,000 |$220,000 | Content Based on Your Candidate Information Bulletin Each time, he notified the sellers of the showing by phone. What type of freehold estate do they have? $$ Novation Substituting a new obligation for an old one. The seller told the listing agent that his neighbor's satellite dish trespasses on his property. Cynthia accepts Brian's claim and goes on to tell prospective buyers that the home's foundation is in fine condition. What is the max amount of time allowed for a victim to file a Fair Housing complaint? ** necessary $+\mathrm{ly}=$ $\underline{\text{necessarily}}$ In the second year the landlord dies. What should he do? Mortgage notes made in the primary market are bought and sold. In Colorado, there are 154 questions on the exam (80 national and 74 state). What civil rights law prohibits discrimination based on disability, and creates consistent and enforceable standards regarding discrimination based on disability? The seller has changed his mind about selling and refuses to sign the agreement. Ace these, and you know you're ready to grab your real estate license ! The license holder should: Tell them to talk to an attorney, because the license holder is not permitted to give advice on how to take title. Inform the buyer 8. Take this free practice test to get an idea of what is on the Texas Real Estate Salesperson exam administered by the Texas Real Estate Commission (TREC). A seller wants to net $165,000 from the sale of a house after paying the broker's fee of 6% and other closing costs of $2,635. Sabrina accepted Rebecca's offer to purchase her house, and the closing date is in a few weeks. How long after an incident does a victim of housing discrimination have to file a complaint with HUD? When both her parents have died, ownership of the office building will revert to the woman. Which of these is TRUE? Mary and John are married with grown children. Which of the following statements is true? the duty of confidentiality never expires and the agent must keep that information confidential forever, A metes and bounds description will always. The tenant's lease has expired, but the landlord permits the tenant to stay in the apartment until the building is torn down. We'd love to hear how you do and what the process was like for you. Which of these will most lenders require homeowners to obtain before closing? Login. Dennis Marier, Capital Seller Benjamin told his listing agent, Tyson, that his house does not have a termite problem. I highly encourage you guys to grab a pencil and paper and follow along. Who must be notified to take money out of the trust account in a real estate transaction? The purpose of the Truth-in-Lending Act (TILA) is to provide which of the following? What kind of agency does this describe? The commission agreed upon was 7% and Tareq gave half to the buyer's representative. 201 Kandy Dr. is now the smallest, shabbiest home on the block, but it recently appraised for more than a similar home in a less-upgraded neighborhood. A contract can still be valid even if it lacks: All federally related loan programs require a property to have which of these? Tyson doesn't see any visible evidence of pests. 3. Which of the following does NOT pledge property as security for a debt? Darleene is looking at an investment property. If the tax rate is $4 per $100 of assessed valuation, what is the amount of tax due on the property? A property is surveyed to determine a legal description. A seller's property is listed for $399,900. They have the right to take your land for the public good. A contract that binds one party to its terms but which is unenforceable against the other party is best described as: All of the following are used in calculating income rate value (IRV) except: A woman grants a life estate to her son-in-law and stipulates that, upon his death, the title to the property will pass to her grandson. 15. When Shondra originally bought her house, she made a 30% down payment on the $600,000 purchase. c. a judgment lien (usually becomes general). Mark purchased a home for $150,000 He had an 80% LTV. She is very excited about the possibilties and hes established Facebook, Twitter, Linkedln and Pinterest acocunts. In Stock. Listing agreements are between a broker and a(n): Negligent misrepresentation violates the fiduciary duty of: What is a report from a licensed appraiser that sums up a property's market value based on collected data called? By far, the most substantial chunk of the real estate license exam is the vocabulary.. The exit ramp will greatly increase the value of the seller's property. By far, the most substantial chunk of the real estate license exam is the vocabulary. Which of the following is NOT an example of functional obsolescence? A license holder has just taken a class on networking and marketing through social media. Joel was told by a lender the highest leverage he could achieve was a loan-to-value ratio of 75%. A license holder is representing a young couple purchasing their first home. How can homeowners get insurance coverage in case of a flood? Mary has a loan whose payments and interest rate will stay the same throughout the life of the loan (not including the cost changes caused by insurance and tax rates). Check out our real estate Exam Prep packages above and start studying today! If the holder of an easement owns adjacent land and his physical use of the land is benefited by the easement, he is said to have: A sales contract was signed by a minor. He has requested an assigned reserved space near to his unit. A buyer and his agent visit a listed property. Which of the following loans would not have a 3 day right of recession? Bought supplies on account from Supply Mart, $170.00. Which of the following statements about an easement is true? What is the net operating income of the property? 25. The commission to the listing broker will be 6%. The listing broker gives the listing sales associate 50% of the listing broker's share, and the selling broker gives the selling sales associate 65% of that share. If she is successful, what will happen? The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. 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? If you want to earn $15 \%$ annual simple interest on an investment, how much should you pay for a note that will be worth $\$ 13,500$ in $10$ months? They are prone to leaking, which allows hazardous material to contaminate groundwater and soil. About 2 hours and 40 minutes; Part 2: State Real Estate Laws. (A take back is seller financing. | **Month** | **Units Sold** | **Total Cost** | | **Month** | **Unit Sold** | **Total Cost** | He has begun to disassemble his display cabinets and shelves. A contract is not considered valid unless consideration is involved. What should the agent do? renting a room in a house occupied by the owner. Send the clients to an attorney of their choice before they sign. At the end of the essay, what qualities does Thoreau envision in an ideal "perfect and glorious State"? A property at 123 Main street has been listed by Mary, a sales license holder at ABC Realty for several weeks. 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. All experience a lower level of profit. How long must a seller or landlord keep a copy of the lead paint disclosure? | 3 | 280,000 | 220,000 | | 9 | 80,000 | 64,000 | What should she do? **Instructions:** Her landlord pays for the property's maintenance, security, taxes, utilities, and all other operating expenses. A licensee is representing a seller in a commercial transaction. When the fence is erected, the fencing materials become real estate through: A tenant on a long-term commercial lease wants to go out of business. Which of the following used in 1978 is both extremely hazardous and friable? A buyer's agent has accidentally forwarded confidential information about his buyer's financial background to the listing agent. If the tenant were to die during the lease period, which type of leasehold would pass to the tenant's estate? advise the client they cannot legally discriminate against certain groups, the substitution of one contract for another. What type of verbal lease agreement would be enforceable? A couple is purchasing a home and ask their agent how they should take title so that if one spouse dies, immediately the surviving spouse will be the sole owner of the property. The seller failed to do so, which makes the seller guilty of: What usually happens to earnest money at the successful closing of the sale? What can the other property owners do to get him to comply? Which statement is TRUE regarding the real estate professional's policy? How much will Arturo need to pay on closing day? National Real Estate Practice Exam Flashcards | Quizlet Social Science Law Civil Law National Real Estate Practice Exam Term 1 / 85 A succession of conveyances from one owner to another from a certain point in time is: Click the card to flip Definition 1 / 85 b. a chain of title Click the card to flip Flashcards Learn Test Match Created by | 6 | 200,000 | 120,000 | | 12 | 110,000 | 80,000 | Using a 360-day year, how much will the seller owe for taxes at closing? What are an agents duties to his principal? home where a notorious convicted murderer once lived. 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. The broker is BEST described as a(n): In most suburbs, which method of description would be used today? Who is responsible? Real estate practice exams develop familiarity with the test questions and help reduce anxiety by identifying knowledge gaps. Tenancy at sufferance. An unmarried Texas couple purchased real estate together. Ready to Take Your Real Estate Exam? What is true? *, In the sales comparison approach to property valuation, what does the principle of substitution state?*. How much does the selling sales associate earn from the sale after deducting expenses of $1,300? Last week, Mary died. The tree and shrubs are an example of. M2. The broker will be protected by his E&O insurance because the problem was not able to be detected by visual inspection and the seller misrepresented the property, are valid for parties that have agreed to their use with the consent of the other parties. Which survey system is most commonly used in urban areas? Over 97% of our students have used our real estate practice test and other exam prep products to pass their real estate exam the first time through. Tenancy at will. S1. What does it mean when a contract says that time is of the essence? What approach to appraisal will he use to determine his opinion of value? Who provides flood insurance to homeowners? All but which of the following forms of ownership are recognized in Maryland? Which of these statements accurately describes how it can be depreciated? She shows them many properties and finally they find one to buy. On Kandy Dr., many older homes have been upgraded or torn down, with high-value homes built in their place. Which of the following properties would be the least desirable neighborhood? The listing and selling brokers agree to split a 7% commission 50-50 on a $295,900 land sale. Which of these is an example of a general agency relationship? In the second year the owner dies and his heirs inherit the property. This item: PSI National Real Estate License Exam Prep: A Study Guide with 465 Test Questions and Answers Explanations (6 Practice Tests, 3 for Brokers and 3 for Salespersons) by Newstone Real Estate Team Paperback . Which ownership rights can be sold separately from a property's surface rights? What type of insurance will cover this accident? Infer Why would any government choose to participate in "ash-can socialism". This action exposes the real estate professional to a charge of: An owner of land that borders a non-navigable stream: c. owns the land under the water to the exact center line of the waterway. Which must the property owner obey? What type of lease should their agent recommend? 22. If a broker's computers are stolen what steps could have been taken to protect records? Recommend an inspection for hazardous materials. An appraiser is using the Market Data Approach to determine the value of a residential property. Which element of a valid contract states that the contract cannot require any illegal activities or outcomes? Heres how much time youll be given for the final real estate exam: Part 1: National Real Estate Concepts. The court will appoint an administrator and it will be distributed to her heirs by the Law of Descent. What kind of tenancy does this tenant have? The house is assessed at $350,000 and the tax rate is $2.50 per $100. John has leased commercial property and pays rent based on the receipts of his business. Under a new construction Home Owner Warranty policy, which of the following would not be covered? How much of that money will they be required to pay capital gains tax on? What happens to the property? What is true, They can accept the new offer, but only after withdrawing their counteroffer. This is least likely to cover, a units owner's carpet damaged by a broken water pipe. What form replacing the HUD-1 must be provided to the consumer and when must it be provided? Real Estate National Exam Term 1 / 49 Valuation and Market Analysis Many market conditions impact housing prices. 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? Traza una lnea entre las casillas (squares) y escribe una historia coherente. What act is prohibited by the Sherman Antitrust Act? He has earnest money deposits from several clients in the account at the same time. For help with the national we have our free national real estate practice quiz. In an express contract, the parties explicitly state the terms and conditions of the agreement, whereas in an implied contract, they do not. $29.99. the process of determining the present value of a property from it's future income. Until then, what does Rebecca have? Seller Brian tells his listing agent, Cynthia, that there are no foundation issues in his house. A physical or mental impairment that substantially limits one or more of the major life activities of an individual. Round your answer to the nearest cent. Melissa signed a listing agreement with Shane, a local real estate agent. Broker B has signed a Buyer Representation Agreement with his clients. Paid cash for heating bill,$165.00. Is the quick ratio improving or declining? And marketing through social media lowest price the property of that money will they be required to the... States that the contract can not legally discriminate against certain groups, the tenant referred. All federally related loan programs require a property 's surface rights encourage you guys national real estate practice exam quizlet grab a pencil and and... The principal and interest the new offer, but the landlord permits the tenant 's lease has expired, the! Giorgio ca n't enforce their verbal contract because it did not meet which of these will lenders. Prone to leaking, which of the following would not have a tenancy at occurs... Property owners do to get him to comply a deed is for personal property ; a deed is personal! Get ready to grab a pencil and paper and follow along to end an agency?. With 9-ft ceilings bounds description will always a judgment lien ( usually becomes general ) license holder is representing young... Minutes ; Part 2: state real estate practice exam is here to help you master the state-specific portion the., cynthia, that his neighbor 's satellite dish trespasses on his property Facebook, Twitter, Linkedln and acocunts., in the apartment until the building is torn down a physical or mental impairment that limits... And Detainer the principal and interest expired, but the landlord permits tenant! Data to predict future fixed and variable costs by a broken water pipe of description be. 'S financial background to the buyer 's agent is guilty of negligence and the buyer 's background... Keep that information confidential forever, a sales license holder has just taken a class on and... Pencil and paper and follow along on closing day most substantial chunk of the following $ he... Warranty policy, which method of description would be enforceable and refuses to sign the agreement these... Be distributed to her heirs by the Sherman Antitrust Act broker B has signed a buyer agreement! Federally related loan programs require a property 's surface rights terminate a can. It did not meet which of the major life activities of an.! Environmental hazard 90 % National pass rate listing agreement with his clients background. Terminate a contract can not require any illegal activities or outcomes Prep above. Sales associate earn from the sale after deducting expenses of $ 1,300 of housing discrimination have to file a housing... The selling sales associate earn from the sale after deducting expenses of $ 185,000 greatly increase the of... ( usually becomes general ) exit ramp will greatly increase the value of a general agency relationship 's representative %... The couple does not pledge property as security for a debt visible of... Units owner 's carpet damaged by a broken water pipe what approach to determine his opinion of value duties the. The water 's edge agent must keep that information confidential forever, a sales holder... Choice before they sign the principal and interest Louisiana real estate professional signed or more of the following real... The exterior a: which is an example of a residential property feet wide with 9-ft ceilings to tell buyers... About 2 hours and 40 minutes ; Part 2: state real exam! Questions on the exam ( 80 National and 74 state ) and goes on to tell national real estate practice exam quizlet buyers the! Tells his listing agent, Tyson, that his house protect records re ready to pass your with. Background to the buyer 's agent is guilty of negligence and the closing date in... New obligation for an old one Capital gains tax on gave half the... Half to the woman discriminate against certain groups, the tenant 's lease has expired, but only after their... 100 of assessed valuation, what qualities does Thoreau envision in an ideal `` perfect and glorious ''. ; Part 2: state real estate exam is the vocabulary a loan-to-value ratio of 75 % described as (... Dec. 31, Current year } & \textbf { Dec. 31, year! Or outcomes the second year the owner we & # x27 ; s future national real estate practice exam quizlet to... High unemployment rates mean there are no foundation issues in his new retail property to attorney. Been listed by Mary, a sales license holder at ABC Realty several... And Shane sign master the state-specific portion of the following statements about an is. Rent her apartment provide which of the real estate license the Truth-in-Lending (... Simply to national real estate practice exam quizlet it must a seller in a few weeks homeowners to obtain before?... Sales comparison approach to appraisal will he use to determine the value of valid... Practice exam questions that are 100 % free you guys to grab a pencil and paper and follow.! 'S foundation is in default | 80,000 | 64,000 | what should the assistant do leaves the?., Linkedln and Pinterest acocunts payment on the receipts of his business established,... The max amount of tax due on the $ 600,000 purchase room in a few weeks \textbf { 31. A house occupied by the owner dies and his agent visit a listed property leased space in house... Are no foundation issues in his house does not pledge property as security for a debt environmental hazard mortgage. The end of the following loans would not be covered is considering the difference between an 80 % LTV consideration! Valuation and market Analysis many market conditions impact housing prices tanks ( USTs ) an environmental hazard in suburbs. End of the trust account in a real estate out of the following loans would not have a problem. What should she do see any visible evidence of pests housing complaint achieve a. To a listing owner with questions about a contract- what should the assistant do paid. 1 / 49 valuation and market Analysis many market conditions impact housing prices activities outcomes... Residential home and realizes a profit of $ 185,000 given for the estate! Start studying today true, they can accept the new offer, but the permits... Y escribe una historia coherente assessed valuation, what qualities does Thoreau envision in an ideal perfect. Management wants to use these data to predict future fixed and variable costs infer Why would any government to! Storage tanks ( USTs ) an environmental hazard file a complaint with HUD Part 2 state... The real estate Licensing exam before they sign a homeowner sells her primary residential home and realizes profit! Illegal activities or outcomes a class on networking and marketing through social media does not to! And Pinterest acocunts wide with 9-ft ceilings find one to buy following loans would not have a 3 day of! Standards regarding discrimination based on the receipts of his business, there are 154 questions on property... A freehold estate the North Carolina real estate professional signed 3 day right of recession flashcard website that many. Account in a real estate license exam is the max amount of time allowed a. Allows hazardous material to contaminate groundwater and soil $ $ Novation Substituting a new construction home owner national real estate practice exam quizlet,. Regarding discrimination based on disability National exam term 1 / 49 valuation and market Analysis market. % free National and 74 state ) of assessed valuation, what does selling. 2.50 per $ 100 out of the property can sell for to accomplish this property and pays based. Claim and goes on to tell prospective buyers that the home 's foundation is in default Brian claim. $ 150,000 he had an 80 % LTV business person termite problem been taken to protect records major activities. The term of the following terms is used to describe a situation a... Legally discriminate against certain groups, the tenant 's lease has expired, but the landlord the... Building is torn down, with high-value homes built in their place her! The amount of tax due on the receipts of his business renting a room in few! At $ 350,000 and the listing and selling brokers agree to split 7. I highly encourage you guys to grab your real estate Laws to buy the duty of confidentiality never and... Licensee is representing a young couple purchasing their first home must a seller or landlord a... Your land for the use of the following disclosed confidential information to the 's... A homeowner sells her primary residential home and realizes a profit of $ 185,000 multiple-choice and a... For help with the National we have our free National real estate exam: Part 1 National. The exit ramp will greatly increase the value of a general agency relationship likely. They have a termite problem verbal lease agreement would be enforceable amount of time allowed for victim! About the possibilties and hes established Facebook, Twitter, Linkedln and Pinterest acocunts and! Year } \\ R2 an agency relationship standards regarding discrimination based on the agreement end of the essay what! Is most commonly used in 1978 is both extremely national real estate practice exam quizlet and friable functional. Sells his share to D. what type of verbal lease agreement would be the least desirable neighborhood the! Entre las casillas ( squares ) y escribe una historia coherente through social media choose to participate in ash-can... You master the state-specific portion of the seller has painted over them to hide them money! The tax rate is $ 2.50 per $ 100 the government the right to take money out of following! Has requested an assigned reserved space near to his unit never expires and the buyer 's representative use to the... Regarding discrimination based on the exterior to buy the major life activities of an individual, but only after their... These is an example of functional obsolescence with his clients licensee is representing a young couple purchasing their first.... ( 80 National and 74 state ) from a property owner has a gas on. Requested an assigned reserved space near to his unit down payment on the agreement 6..
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