In this situation, which term BEST describes this buyer? Which principle of appraisal can explain this? The lender has indicated that he will charge 3 points plus an origination point. Which of these is an example of a general agency relationship? Utilities Expense Maria is planning to buy a house for $200,000. What is required? Which of the following could always be found by searching the county land records? A contract is not considered valid unless consideration is involved. 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. A retired couple is on a fixed income. Dennis Marier, Capital It wants to rent to only Christian tenants. The title company is entitled to a portion of the judgment as reimbursement for the claim it paid. He has requested an assigned reserved space near to his unit. A buyer has discovered a defect in title and has suffered a loss due to the defect. What is FALSE? c. Real Estate Settlement Procedures Act (RESPA). What is the advantage to the borrower of a VA loan? He has met all the terms and conditions of the listing. What type of verbal lease agreement would be enforceable? 18. Last month, another died. In the sales comparison approach to property valuation, what does the principle of substitution state? What is another name for Contract for Deed. *, In the sales comparison approach to property valuation, what does the principle of substitution state?*. How long after an incident does a victim of housing discrimination have to file a complaint with HUD? 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. Which of the following is NOT an example of functional obsolescence? ------------- Cash increases the amount due from the buyer at closing. Our real estate practice exam pulls from a large pool of questions, so you can expect a different study experience each time you take it. A sales agent had a listing and the property did not sell. Which of the following is NOT an example of due diligence in a sales contract? With a total of 110 questions (80 national and 30 state), that means the score to pass is 60 for the national and 23 for the state. Heres how much time youll be given for the final real estate exam: Part 1: National Real Estate Concepts. Traza una lnea entre las casillas (squares) y escribe una historia coherente. Melissa signed a listing agreement with Shane, a local real estate agent. Who can require a buyer to purchase homeowners insurance? S1. He sells 80% of it for $5,000 an acre. How much did she pay for the discount points? 4. Which survey system is most commonly used in urban areas? He has hired an agent to lease the houses. Which of the following statements about an easement is true? 2. A tenant's landlord plans to sell the building in which the tenant lives to the state so that a freeway can be built. Which type of agreement transforms the customer into a client and the broker into a listing agent? mi madre. Which element of a valid contract states that the contract cannot require any illegal activities or outcomes? Which of the following is personal property? Their neighborhood has rapidly grown in popularity, and they were able to sell their home this year for $950,000. When does the buyer under contract for deed get title to the property? 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: This free practice exam is here to help you master the state-specific portion of the Virginia real estate exam. What happens to her real property? The surveyor works from a point of beginning, and measures terminal points and angles. Bought supplies on account from Supply Mart, $170.00. A property owner has decided to do some landscaping work on his yard. The current value of a property is $140,000. Which of the following loans would not have a 3 day right of recession? A buyer makes an offer for $389,000. Arlo will be required to perform according to the terms of the contract. He heard from the sellers that he should no longer show the property as it was sold. Long before the debt is satisfied, the balance is due in a payment substantially larger than all the others. What is required from the listing agent in this situation?*. John and Mary are co-owners of a property. The seller has painted over them to hide them. For help with the national we have our free national quiz. 5. Capitalization definition. $$ Estate for years. 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? \text { Accounts receivable } & 700 & 770 \\ If the owner-lessor of a unit in an owner-occupied three-family dwelling discriminates: a. there is an exemption in the 1968 federal Fair Housing Act, as long as a broker is not employed and no discriminatory advertising is used. The poster is usually distributed by. What's Included? Which type of loan is this an example of? If a borrower is behind on payments, the acceleration clause gives the lender the ability to: call the entire loan balance due immediately. A potentially valid contract in which at least one party has the option to rescind is described as: When you're talking about mortgages, what is another name for an origination fee? The broker gets compensation regardless of who sells the property. We're pulling for you! Complete 90 Hours of Approved Education Pass a Background Check Submit Your Application to the Oklahoma Real Estate Commission (OREC) Which of these is TRUE? Ben manages an apartment complex that has an effective gross income of $100,000. Which claim for damages would most likely be covered by a homeowner warranty policy? He speaks with the seller, who is at home at the time, and they come to an agreement regarding price and terms. What is unique about an exclusive right-to-sell listing agreement? C7. The owner wants to carpet the office. That section can be used to study the topics featured on those 85 questions. The tenant becomes ill from the mold. Which of the following terms is used to describe a situation where a buyer and seller agree to terminate a contract? The son leases the property. increases the amount the seller receives at closing. A buyer is aware that the interest rates should go down over the nest few months. Mary, a single woman, has no children. This is due to the idea that a person: CANNOT do something of value without receiving something in turn. Condemnation is the act of seizing private property from citizens. Click the card to flip Definition 1 / 219 improvements Click the card to flip Flashcards Learn Test ALL REAL ESTATE credit transactions except for commercial loans. Use the journal from the previous exercise. What is the net operating income of the property? What type of insurance will cover this accident? What principle of value explains this? Appraisers are most often asked to determine: A builder is using inferior siding and paint in an effort to construct affordable housing. What happens in the secondary mortgage market? Allie cannot depreciate her investment property for a tax deduction. A broker has written permission to represent both the seller and the buyer as a dual agent. 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. The listing agent learns the State Department of Transportation has authorized the construction of an exit ramp to the interstate right behind the commercial property. Assuming that she has been paying towards her principal in the amount of $1,600 monthly for five years, how much equity does she now have in the house? Which statement is TRUE of this arrangement? 1. Ace these, and you know you're ready to grab your real estate license ! In Colorado, there are 154 questions on the exam (80 national and 74 state). By far, the most substantial chunk of the real estate license exam is the vocabulary. Which appraisal method would an appraiser be most likely to use on an owner-occupied residential home? A new contract substituting the obligations of an original contract is a(n): Which of these is an easement that is attached to a piece of land, regardless of owner? A real estate professional does not show non-Asian clients any properties in several traditionally Asian neighborhoods. A young couple leases an apartment in an apartment complex for one year. The buyer loves the property and wants to purchase it. The Real Estate Agent License Practice Test - study and pass your state real estate exam the first time. The sales associate's entire income is from sales commissions rather than an hourly wage. What type of permission allows an individual property to deviate from a specific provision of a zoning ordinance? What can P do? Prepaid Insurance According to the Statute of Frauds, which of the following leases must be in writing? A landlord leased space in his new retail property to an inexperienced business person. Which of the following does NOT pledge property as security for a debt? A seller has received $225,000 for the sale of his home. The actual exam has 125 questions and 2 hours 30 minutes is given to complete it. We have reviewed the material and found it to be slightly better than average content that will help you study for your real estate exam. a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. The CE Shop students have achieved an impressive 90% National pass rate. What is the difference between replacement cost and market value? An unlicensed assistant gets a call from a listing owner with questions about a contract- what should the assistant do? She is very excited about the possibilties and hes established Facebook, Twitter, Linkedln and Pinterest acocunts. How would the deed identify how they hold their interests if they specify they want them passed to the survivor in case of death? This is best described as a: For what group of buyers would the ARM be the least desirable? A buyer has signed an agreement to purchase a property from a seller. What was the total cash used for the purchase? point it out to the buyer as it is a material fact. They are prone to leaking, which allows hazardous material to contaminate groundwater and soil. Which of these is a set of regulations pertaining to building design, materials, safety, sanitation, and structure? Police powers include all of the following EXCEPT? The property taxes have not been paid for this year. shiny $+\mathrm{er}=$. How long must the seller's private information be kept confidential? P, Q and R are joint tenants. Until then, what does Rebecca have? | 2 | 160,000 | 100,000 | | 8 | 280,000 | 160,000 | 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? the contract is voidable at the minor's option. 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. If the assessment is 85% of the market value, what is the market value? This is called: The required distance between buildings and a federally protected endangered species wetlands is an example of A couple purchased a condominium. a. recorded easement b. recorded mortgage c. encroachment d. dead restriction Click the card to flip Definition 1 / 80 b. recorded mortgage Click the card to flip Flashcards Learn Test Match Created by MsV12 What is true, They can accept the new offer, but only after withdrawing their counteroffer. Which of these is a protected class under the federal Fair Housing law? High unemployment rates mean there are more available buyers in the market B. In North Carolina, there are 120 questions on the exam (80 national and 40 state). What happens to the property? A seller is attending the closing on his property. They would like to accept this new offer. What kind of property is it? John has leased commercial property and pays rent based on the receipts of his business. For help with the national we have our free national real estate practice quiz. The seller has changed his mind about selling and refuses to sign the agreement. If your practice exam isn't timed, set a timer. An apartment building owner has renovated and modified several units to be handicapped accessible. Arturo is buying a house for $400,000. A property at 123 Main street has been listed by Mary, a sales license holder at ABC Realty for several weeks. Erin pays a flat fee every month to rent her apartment. The South Carolina real estate salesperson exam is a multiple-choice test. How can she advertise the propert? Search for real estate and find the latest listings of Gunzenhausen Property for sale. What is the effect of replacing bad with hot, or dry in sentence two. educate consumers about closing and settlement services. John has a loan with equal regular payments of principal and interest. All parties to a contract agree to the terms of the contract. Interpret the company's quick ratio. What type of contract should he enter into with the seller? The nursing home agrees that the rental income produced by the building will pay for the expenses of caring for the women's parents. It sells for $396,000. For help with the national portion we have our real estate license practice quiz. The zoning committee changes the zoning to R-1. The sales contract is most likely: Which of the following BEST describes a capitalization rate? Which of the following deaths on the property should never be disclosed? Subsequently, the buyer is awarded a judgement against the seller. One of the property owners in a subdivision is violating the deed restrictions. What does this mean? Deficiency B. Delinquency C. Default D. Deferment 3. A grantor conveys property by delivering a deed. He has paid off $42,000 of his purchase mortgage. The fact that an individual must go to the land described which of the physical characteristics of land? What is the least important factor for a license holder preparing a CMA, The information from expired listings of unsold property in the area. Also, a transfer of rights and/or duties under contract. In senior housing communities, at least one person over the age of 55 must be living in what percent of the units? 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. 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? On June 12th the listing agent calls the buyer's agent and tells him the seller will be unable to close on the 14th. They give the tenants notice to vacate. If your practice exam isnt timed, set a timer. 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. What is the total purchase price? How much will she save on points if she chooses the 75% LTV? The estate held by the nursing home is a: A country music singer who owns a cattle ranch enters into a sale and leaseback agreement with a local dentist. 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. In Texas, there are 125 questions on the exam (85 national and 40 state). In the second year the owner dies and his heirs inherit the property. Liens are prioritized by date of creation, with older liens being paid off first. It counts towards the buyer's closing costs. 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. He is selling the house for $179,000. Based on location and the type of business, the landlord believes it will be a great success. Inform the buyer 8. b. exclusive buyer representation agreement. Who must be notified to take money out of the trust account in a real estate transaction? The tree and shrubs are an example of A property owner has a waterfront lot on a stream. What type of business entity is owned by shareholders, but avoids "double taxation"? What did he pay for the house when he purchased it? A mobility impaired tenant has leased an apartment in a complex with unassigned parking. Last week, Mary died. Which of the following is not a duty of an agent? Joel was told by a lender the highest leverage he could achieve was a loan-to-value ratio of 75%. The title company has compensated the buyer for the loss. Sales A bank refuses to issue mortgages to a historically Black part of town. What can they do to avoid this fee? 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). C dies. What should you do? Received cash from sales,$250.00. How Many Questions Can You Miss on the Pennsylvania Real Estate Exam? An agent should present all offers to their client UNLESS:*, the client explicitly instructs the agent not to present any offers below a certain amount in writing. If John dies and Mary becomes the owner of their home, what type of ownership did they have? Round your answer to the nearest cent. 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. If the tax rate is $4 per $100 of assessed valuation, what is the amount of tax due on the property? Who would use the remedy of Forcible Entry and Detainer? How many square yards of carpet does he need? What is the difference between a bill of sale and a deed? The real estate professional bases this practice on the need to preserve the cultural integrity of Asian immigrant communities. Tareq represented the seller in the sale of a house for $427,000. Yearly expenses for the property toatl $115,000. 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. The listing and selling brokers agree to split a 7% commission 50-50 on a $295,900 land sale. Mary and John are married with grown children. 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. In preparing an appraisal, which of the following would have the least impact on the appraiser's estimate of value? Inflation increases buying power C. Low unemployment rates mean there are fewer available buyers in the market Does John have to leave? What is this an example of? At what cap rate did he purchase this property? What type of freehold estate do they have? plumbing work that was completed but never paid for. The seller counter offers for $392,500. Check out our real estate Exam Prep packages above and start studying today! Assuming that the listing agent and the selling agent in a transaction split their commission equally, what was the sales price of the property if the commission rate was 5.5% and the listing agent received $12,584? A buyer representation agreement establishes an agency relationship between a buyer and a: The owner of a landlocked parcel of land may gain access to their land through an: When an object that was once personal property becomes permanently attached to real estate, what happens? The buyer is concerned about the location of the fence as it appears to be encroaching. Broker B has signed a Buyer Representation Agreement with his clients. He lists his property for sale "as is", and does not disclose the problem. 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? The seller told the agent that she needs to sell the property because she is going through a divorce. When both her parents have died, ownership of the office building will revert to the woman. A property manager is hired and signs a management agreement with the owner.