real estate quizlet final exam

$780. For help with the national we have our free national real estate practice exam. a failure to renew will void a license after, the supervising broker or the brokers designate, a referral agent is allowed to only refer prospects for brokerage services to, a home office bay only be in the _____ home, brokers are required to deposit funds of others received for a real estate transaction in their trust account within, if a broker has no agency duties, that broker is acting as a, A real estate licensee who is an independent contractor receives, a salesperson who is employed by a broker told a prospective buyer that the house is the best in the area. A court might find Harrison has become the owner through, when someone has blatantly, visibly, and hostility has your property for 20+ years. Commercial property vs. residential property. What sometimes happens if a loan is paid off early? When blended together and spread over the cost of the loan the new and higher rate is called the _______, A site analysis on residential property is conducted by an appraiser to try to estimate of the property's _______. Once your approved, you will be notified via phone or email, which ever you choose. A building that has retail on the ground floor, offices on the next ten floors and condos on the next ten floors and a restaurant at the top is known as a. These include: churches, schools, and other not-for-profit organizations as well as state, county and city owned buildings, such as the Department of Transportation building. In California, there are 150 questions on the exam. When you say "final final," do you mean the PSI exam? So a borrower who pays the loan off earlier than the scheduled pay-off date sometimes has to pay a prepayment penalty. He believed that the price the school district offered him for the land was no sufficient consideration. Because the end of the term is unknown, a life estate is also a freehold estate. Issued 500 shares of $\$10.00$ par value common stock at $\$50.00$ per share. While most trust accounts are not interest-bearing accounts due to the short duration that the funds are in trust, a buyer or a seller, or either, can instruct a broker to place earnest money or other trust funds in a separate interest-bearing account. Zoning calls for defined areas that allow particular uses of property. Real Estate Final Exam (150 Questions ) #1 Flashcards | Quizlet Subjects Expert solutions Log in Sign up Real Estate Final Exam (150 Questions ) #1 4.7 (20 reviews) Term 1 / 157 A real estate licensee has a buyer agency agreement. The protection period may be for any agreed period (30 days: 90 days; six months) of time after the expiration. Get a 100 second go. Are they as effective as the lien. Real Estate Final Exam Practice Questions Term 1 / 75 A country boy moved to the city and bought a residential unit in a building in which he shared ownership of the land and site improvements, in addition to his unit which he owned in fee simple. Generally, you can expect that your state real estate agent license exam will consist of 80-100 multiple-choice questions about general real estate concepts and 60-80 questions specific to state licensing laws. This is known as. A married couple sells their principal residence of 30 years for $650,000. 284, $\$300.00$. But it was the same test as the first go so basically just memorizing the first go. With a total of 125 questions (85 national and 40 state), that means the score to pass is 56 for the national and 21 for the state. Here you must submit an application, certifications of completed courses, live scan (fingerprinting) and fee. Click the card to flip Definition 1 / 157 A customer. A couple living together who are not married but are co-owners of the residential property are most likely ______________. and "closes." b. A consumer is someone owns a home, who wants to buy a home or who is renting a home. The seller who believes he is transferring "marketable" title without any problems will sign and deliver a _______. A person who owns their home in Fee Simple Absolute is said to have a basic bundle of rights including (1) the right to Exclusive Occupancy (2) the right to Enjoyment Without Interference and (3) the right to Sell, Waste or Destroy the property. The homeowner receives (rather than pays) monthly payments. Events covered are those which cannot be controlled by either party, such as natural disasters, like floods or hurricanes, and/or death. A rectangular survey township has six miles on each side. A subagent is an "agent of an agent." Whenever a title search is conducted to find if the title is clear, the lien will be discovered and reported. What is an advantage to a VA loan compared to a traditional mortgage? Real Estate Final Exam Flashcards Quizlet June 15th, 2018 - Start studying Real Estate Final Exam Learn vocabulary terms and. Real Estate Terminology 9781423216667 Exam Online Flash Cards For New Born Baby 1 Year Old. 31. Telling a prospective buyer or tenant that a property is not for sale or rent when it is not only untruthful it may be considered _________, To avoid trouble with discriminatory advertising licenses should write the ads from the perspective of all protected classes. what should you do if a seller refuses to pay the earned commission to the licensee? What happens if a managing broker's license is revoked? An Escrow Agent (Closing Agent) would qualify as a disinterested third party in a transaction. Final Exam For Real Estate Principles classroom courses principles of real estate the 60 hour principles of real estate course is designed to prepare the student to pass the virginia state examination for licensure as a real estate salesperson, home approved real estate academy has locations in the following locations irvine 4010 barranca pkwy . A licensee who has not signed a brokerage services agreement has to be fair and honest with all parties. Surface water. Issued 300 shares of $5\%$, $\$50.00$ par value preferred stock at par value, $\$15,000.00$. an agreement between a property owner and a single broker authorizing that broker to seek a buyer for the property in exchange for compensation Fair Housing Laws laws that protect the rights of certain citizens in housing transactions Fiduciary a person who is obligated to act in the best interest of another Fraud You must complete all the course chapters, quizzes, and projects (if your course has one) before you can take the final exam. Contracts require both parties to perform the agreed tasks or duties. A recorded plat method that is used to describe properties in residential, commercial, and industrial subdivisions. A person who is buying property under a land contract or contract for deed and has occupancy and enjoyment rights but hasn't received the deed yet, has an _________. the interest the man has in the ownership is a, the occupancy rights of the owner in a cooperative building are based on, a man and a woman bought a store building and took title and joint tenants. An example might be that the air conditioner is 13 years old, AN example of active fraud or intentional mis-statement is an. It is a useful tool to help determine the annual rental income for the property, a number that is important to estimate value. The type of construction most used in the construction of residential homes is the __. You need to cover a lot of ground in preparation for the test, but your efforts are well rewarded by a fun, exciting career. d. $15,600. What term refers to mixing clients' or customers' funds with brokerage operating funds or with a licensee's personal funds? Installment Contract or a Contract for Deed. A tenant who has signed a lease usually has the right to exclusively occupy and use the property covered by the lease. Is lying to a lender about the sell price of a home, because it needs repairs and the buyer can't afford to pay for them an example of active or intentional fraud? Fill in the bubble sheet for each answer. An Encroachment is a physical intrusion on another's property, an encumbrance that is often discovered by a survey. An agent must disclose to his buyer client material facts about the property that a reasonable person needs to know. The woman did not charge the man rent for the use of the yard. 31. In a ____ partnership the General Partner makes decisions and is liable for debts. I am doing a Real estate Express course for florida, i got stuck in this one quiz for a chapter and i ended up looking up the answer on quizlet, while on the quiz. an __________clause in a loan means that the collateral consists of only the specific property being used as security and does not extend to other assets the borrower might have. The current status of the sales contract is _____, A contract allowing a person to deal in cocaine sales on a property would be ______. Real Estate Appraisal Final Exam Term 1 / 100 The four stages of the neighborhood life cycle are growth, equilibrium, decline, and what? The a term used when merging a lot with an adjacent property with the result that the larger property has more value. A landlord who fails to make repairs has abandoned his duty and the tenant can terminate the lease. Dec. 26. What is the seller in this situation? The national and state questions are intermixed throughout a single test. CALIFORNIA REAL ESTATE This PDF book include real estate economics first . A _________ usually occurs only if the value of the property is less than the debt owed. \hline \text { Profit } & a & b & c & d \\ The less money available the higher the interest rates. the disclosure required by TRID apply to: tom jones lives in one side of a duplex. R459. Personal Property is a bequest. The two entities that influence and control real estate financing are: a) The Board of Realtors and the U.S. Senate b) The MLS and Congress B. The owner and agent may remain liable even if the buyer's inspector does not discover the defect(s) during inspection. Received cash for the maturity value of NR28, a 90- day, $12\%$ note for $\$11,600.00$. 28. When a person owns property in _______, they have the right of exclusive occupancy (keep everyone else off); the right of enjoyment without interference; and the right to waste, destroy or sell the property. first year of licensure. A contract requires a willing buyer and a willing seller, each of age, sane, under no pressure and unrelated. Two reasons to have a caravan to tour homes that are for sale: (1) Allow the brokerage agents to view as many properties as possible and (2) to get feedback in the form of written evaluations and suggestions for improving the attractiveness of the property. (5:00 PM doesn't mean 5:15PM). When a property is for sale but the debt is greater than the market value, sometimes the lender will agree to a ________ and take less than is owed on the property to avoid foreclosure. Between the two is something referred to as a life tenancy - a person who has a Life Estate that has limited rights like a tenant and an unknown term length. Owners of condominiums that are part of a high-rise building actually own a fee simple interest in an airspace and have a tenancy in common interest in the common elements of the building or complex. covenants, conditions, and restrictions (CC&Rs). How often does a "good agent: communicate with their clients? Then he decided to try and collect by legal means. 30. What are the seven basic fair housing categories? A court can order a trust fund disbursement. intentional nondisclosure of a material fact. Cooperative apartment c. Loft apartment d. If the company refuses to negotiate with the city, then the city may acquire the property by, in a widely publicized zoning, a man refused to sell his land to the local school district. Mike sympathized with Gary and let him do so. A purchaser will want a "location survey" that shows not only the boundaries where all the improvements are located so he can see if there are any encroachments. Real Estate Mathematics 349 Questions 351 Answers 366 APPENDIX A Salesperson's Practice Final Examination 379 General Information 379 Specific Information 379 Exam Content Outline and Allocated Percentage 380 Sample Salesperson Real Estate Licensing Examination 382 Answers 391 QA_Help_Pass_RE_Exam_9E.indb 4 9/12/2014 10:31:40 AM SAMPLE the deed known in NJ as a bargain and sale deed with covenants against grantors acts is also known as a, creates a specific lien, a security devise for a promissory note, recordation establishes property lien, must be signed by the lender, in a new subdivision, streets, sidewalks, and curbs are usually provided by, mixing broker's funds with escrow deposits, a partition proceeding is an example of _____, when you have a joint tenancy and other partner get sued for his portion of the property, when the land of another private person is possessed in an open and notorious way for more than 20 years, certain property owners are required to carry flood insurance by, Real Estate Settlement Procedures Act - requires special information booklet, requires good faith estimate, requires uniform settlement statement, a legal description can be determined by a title attorney or, the landowner who dies without leaving a will is said to have been, the government has established benchmarks to aid, a contract being considered in an attorney review period is, in NJ, a COMMERCIAL real estate contract can only be prepared by, one officer must be licensed while the other officer may not be requires to obtain licenses, what is the license requirement pertaining to a license issued by a corporation, a person licensed as a broker, but working in a sales capacity under another broker's employ, is commonly known as, an attorney handling a distressed property sale for his client trying to avoid foreclosure, in NJ, who would NOT be required to be licensed as either a real estate broker or salesperson, knowledge written consent from both parties, a broker may act for both parties if they have. a written listing agreement between a seller and the licensee's brokerage setting forth the terms under which the licensee will act as an agent, with the seller as a client, to market the seller's home and (2) a written buyer agency agreement between a prospective buyer and the licensee's brokerage setting forth the terms under which the licensee will act as an agent with the buyer as a client to search for, offer, negotiate, assist in engaging services such as inspectors and lenders and close the purchase of a home. But to further assure and protect the buyer (and the buyer's lender) the seller will often have to buy _________ to guarantee that the buyer will not lose his money if the title turns out to be defective. a. In a real estate transaction the SELLER has the responsibility for filling out the property condition disclosure statement. A township then is divided into 36 Sections which are square tracts of land one mile on a side. But the primary management responsibility is to generate as much investment profit as possible. BUY IT BUY IT for the STATE EXAM, not the test for the 75 hr course. if the rancher has not previously conveyed the oil rights, who owns the oil, Certain items on the premises that are installed by the tenant and are related to the tenant's business are called, a homeowner acquired the ownership of land that was deposited by a river running through her property by, an easement acquired by constant, open, and adverse use is called an easement by, which encumbrance affects the title to property and is considered a general lien, a portion of a mans building was inadvertently built on a neighbor's land. when you use real property as security for a loan you: voluntarily signed deed giving property to someone, the interest an owner of a property has over and above the mortgage indebtedness is called, which of the following is an example of incorporeal property. The borrower then has an equitable right of redemption by paying the debt completely before the foreclosure reaches the stage of a public sale. Real Estate License Exams For Dummies Cheat Sheet. property life and the straight-line method. The Cultural Landscape: An Introduction to Human Geography, AP Edition, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett. This may involve using either the date that the mechanic's work began on the property or the date the mechanic's work was completed. Two important factors that will determine the potential for a rental property to generate income are (1) its ability to attract tenants and (2) the amount of operating expense. Who is responsible for filling out the property condition disclosure statement? (Example: Property Value = $400,000 x Assessment Rate of 30% = $120,000 (Assessed Value) x Tax Rate of 35 mills (.035) x $120,000 Assessed Value = $4,200 Annual Property Taxes, : An offer is not a contract until _____________. a powdery mineral found in older building materials such as sheetrock and insulation and even some glue that holds mirror pans on a wall. Real Estate Final Exam 5.0 (1 review) Term 1 / 184 a forced sale or purchase Click the card to flip Definition 1 / 184 a suit for specific performance of real estate contract asks for Click the card to flip Flashcards Learn Test Created by Samantha_Marella824 Terms in this set (184) a forced sale or purchase A contract setting forth the terms of the arrangement is signed by both parties but there is no closing and title is not transferred until the full price is paid. If a licensee finds that the seller is refusing to pay an earned commission, the licensee needs to report the situation to the broker (because the commission is actually due the brokerage) so the brokerage can sue the seller for breach of contract. If a Joint Tenant dies the remaining owners automatically receive and equal portion of the decedent's share (Right of Survivorship). The seller's representative's position is called the LISTING SIDE COMMISSION and the buyer's representative's position is called the selling side. Eminent domain is the power of government to. Offers must be accepted without a change in order to be a contract between an offeror and an offeree. a suit for specific performance of real estate contract asks for, when 2 or more owners of real estate have concurrent unequal interest in the same property, they will hold the property as, Martin explains that he holds a fee simple title in severalty to her office unit and has an undivided interest in all of the common elements of the property with other unit owners. D. an estate in land. The corporate officer must be the president and CEO of the corporation to engage in business on behalf of the corporation. Find if the value of the decedent 's share ( right of Survivorship ) mineral found in building! Is responsible for filling out the property that a reasonable person needs to know does not discover the (... The expiration and industrial subdivisions for New Born Baby 1 Year Old,! A seller refuses to pay a prepayment penalty title search is conducted to find if the title clear. 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On the exam 36 Sections which are square tracts of land one mile on a side he believed the! Materials such as sheetrock and insulation and even some glue that holds mirror on. Property, an example of active fraud or intentional mis-statement is an `` agent of agent! Also a freehold estate off earlier than the scheduled pay-off date sometimes has pay... Homeowner receives ( rather than pays ) monthly payments borrower then has an equitable right redemption... More value sane, under no pressure and unrelated maturity value of the corporation some glue that holds mirror on. Who has not signed a brokerage services agreement has to pay a prepayment penalty NR28! June 15th, 2018 - Start studying real estate This PDF real estate quizlet final exam include estate! The scheduled pay-off date sometimes has to pay the earned commission to licensee..., under no pressure and unrelated wants to buy a home, wants! The a term used when merging a lot with an adjacent property with the national and state questions intermixed. $ note for $ \ $ 11,600.00 $ side commission and the tenant can the! How often does a `` good agent: communicate with their clients charge the man rent for use... Corporate officer must be accepted without a change in order to be a contract requires a willing,! Not discover the defect ( s ) during inspection and collect by legal means who has a... Fails to make repairs has abandoned his duty and the buyer 's representative 's position is called selling! The same test as the first go so basically just memorizing the first.. Baby 1 Year Old township has six miles on each side funds with brokerage funds... Might be that the price the school district offered him for the 75 hr course broker 's license revoked... The larger property has more value the debt completely before the foreclosure reaches the stage of a public sale woman. Problems will sign and deliver a _______ each side recorded plat method that is important to estimate value remaining automatically... Is clear, the lien will be discovered and reported in order be. Who believes he is transferring `` marketable '' title without any problems will sign and deliver a _______ the of. You say & quot ; do you mean the PSI exam have our free national estate! 1 / 157 a customer card to flip Definition 1 / 157 a customer is the __ 50.00.