national real estate practice exam quizlet

A chemical manufacturing company purchases a plant. When did the second amendment of the Federal Fair Housing Act go into effect? A signed employment agreement is necessary to A listing agent would probably not disclose, death on the property due to natural causes. Which of these scenarios does NOT violate fair housing law? What type of business entity is owned by shareholders, but avoids "double taxation"? 25. When does the buyer under contract for deed get title to the property? Which of the following loans would not have a 3 day right of recession? A homeowner sells her primary residential home and realizes a profit of $185,000. At the end of the essay, what qualities does Thoreau envision in an ideal "perfect and glorious State"? What kind of loan does Mary have? Each month they pay the same amount, which contributes to both the principal and interest. (The loan factors is $6.00). He had shown the property three times to the same potential buyers. Which type of agreement transforms the customer into a client and the broker into a listing agent? In the year 2009, one died. Several weeks later, he learned that it was sold to the buyers he brought to the property. Tenancy at will. Mark has an option to purchase Bob's property. 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. Which appraisal method would an appraiser be most likely to use on an owner-occupied residential home? He must, obtain permission from his broker before using it, Every broker must display the Equal Housing Opportunity Poster in his office. their own actions and the actions of agents they supervise. Joel was told by a lender the highest leverage he could achieve was a loan-to-value ratio of 75%. He sells 80% of it for $5,000 an acre. Which of the following terms is used to describe a situation where a buyer and seller agree to terminate a contract? Melissa signed a listing agreement with Shane, a local real estate agent. What happens to trade fixtures after a business moves out of a leased property? Which of the following could always be found by searching the county land records? A buyer has purchased a property and after closing the seller will continue to occupy the property. He paid off his loan of $138,500 and ha paid a 5% commission. What principle of value explains this? What are Mark's rights with respect to a commission from the sellers? About 2 hours and 40 minutes; Part 2: State Real Estate Laws. Recommend an inspection for hazardous materials. What kind of tenancy does this tenant have? The seller has no duty to remediate lead, simply to disclose it. He will be making a down payment of 5%. Last month, another died. Take our a specific flood insurance policy. The grandson's interest is known as a(n): c. must be passed to determine if a lot will sustain a septic system. Click the card to flip Definition 1 / 219 improvements Click the card to flip Flashcards Learn Test Suppose that a borrower has a gross monthly income of $3,000 and wants to qualify for a conforming loan (total debt service ratio of 36%) with a monthly PITI payment of $800. During the term of the listing the seller had disclosed confidential information to the agent. The CE Shop students have achieved an impressive 90% National pass rate. What is another name for Contract for Deed. Which of the following statements is true? $$ What approach to appraisal will he use to determine his opinion of value? A seller has received $225,000 for the sale of his home. A leased property is not for sale at this time. The title company has compensated the buyer for the loss. joint tenancy with rights of survivorship, both parties mutually agree to end an agency relationship. A license holder advertises a listed property as having the most beautiful landscaping in the neighborhood. 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. Wetlands typically contain which of the following? take the information to the listing broker. 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? Check out our real estate Exam Prep packages above and start studying today! Which of the following properties would be the least desirable neighbor? Login. 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. M2. The listing expired. The present value of a property is affected by the anticipated income or utility that property will give its property owner. Mary and John are married with grown children. The tenant has a four year lease on the space. He must pay a loan balance of $180,530 and closing costs at $10,000. Which of these is TRUE? The seller has changed his mind about selling and refuses to sign the agreement. 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? This demonstrates which principle of appraisal. advise the client they cannot legally discriminate against certain groups, the substitution of one contract for another. Condemnation is the act of seizing private property from citizens. These exam questions are derived from topics such as property ownership, transfer of property, financing, disclosure, and contractscovered in your prelicensing coursework. How many square yards of carpet does he need? A borrower takes out a mortgage loan that requires monthly payments of $875.70 for 20 years and a final payment of $24,095. A building was sold for $260,000, with the purchaser putting 10% down and obtaining a loan for the balance. Which of the following statements about flood insurance is FALSE, Flood insurance is not necessary if a property owner has a comprehensive homeowner's property, After several years of selling residential property a license holder wishes to begin working on industrial sales. All parties to a contract agree to the terms of the contract. During the year, they become concerned about crime in the area and ask for permission to install an alarm system in the apartment. The agent needs to furnish the buyers with a pamphlet approved by the EPA concerning lead based paint prior to closing. This is called. What is the lowest price the property can sell for to accomplish this? Which of the following instruments is the promise to repay a debt? Find the equivalent earnings if this amount is paid (a) weekly, (b) biweekly, (c) semimonthly, and (d) monthly. If the tax rate for Pedro's county is 2.375%, what will he pay in ad valorem taxes this year? 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. What was the total cash used for the purchase? Which of these statements accurately describes how it can be depreciated? Subsequently, the buyer is awarded a judgement against the seller. Which survey system is most commonly used in urban areas? By far, the most substantial chunk of the real estate license exam is the vocabulary. Which of the following is false about a property manager? In this situation, which term BEST describes this buyer? Quizlet is a flashcard website that has many real estate practice exam questions that are 100% free. If the assessment is 85% of the market value, what is the market value? A mobility impaired tenant has leased an apartment in a complex with unassigned parking. This would be an example of A builder is very successful and active in a new subdivision. C7. D & M Company uses the following accounts. Which of the following is an example of economic obsolescence? With the exception of tax liens, how are liens generally prioritized? P, Q and R are joint tenants. He has requested an assigned reserved space near to his unit. They give the tenants notice to vacate. A credit to the seller has what effect on charges made to the parties involved in the transaction? The actual exam has 125 questions and 2 hours 30 minutes is given to complete it. What is the best way to study for the Real Estate Licensing Exam? This is: acceptable as long as he has written records. PSI test questions Questions and Answers 1. Which of the following properties would be the least desirable neighborhood? All states require real estate agents to be licensed by the state to engage in the sale of real estate. At this time, what is true? The poster is usually distributed by. Novation Substituting a new obligation for an old one. shiny $+\mathrm{er}=$. What is this called? 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. By far, the most substantial chunk of the real estate license exam is the vocabulary. | **Month** | **Units Sold** | **Total Cost** | | **Month** | **Unit Sold** | **Total Cost** | According to CERCLA, who is liable for the cost of the cleanup? Jesse later decided that he would like to keep his house instead. A real estate broker specializes in helping both buyers and sellers with the necessary paperwork involved in transferring property. The property is assessed at 40% of the current value for real estate tax purposes, with an equalization factor of 1.5 applied to the assessed value. On June 12th the listing agent calls the buyer's agent and tells him the seller will be unable to close on the 14th. A. Hit us up with an email to info@uniontestprep.com or check us out on Twitter, Facebook, YouTube, Instagram, or Pinterest. A seller is closing on the sale of his home on April 23rd. How much does the selling broker earn? Which of these is an economic characteristic that makes land a distinctive commodity?*. Paid cash to owner as withdrawal of equity, $1,400.00. ** Use the results from part 1 to predict future total costs when sales volume is (*a*) 200,000 units and (*b*) 300,000 units. His comparables should not be more than one year old. A seller comes into the office to sign a contract. What's Included? A property owner has decided to do some landscaping work on his yard. A sales agent is showing a property. The seller told the listing agent that his neighbor's satellite dish trespasses on his property. The house is assessed at $350,000 and the tax rate is $2.50 per $100. If the owner is earning a 10% rate of return, what is the value of the building? Click here the Complete 125 question Texas Real Estate Practice Exam plus Flash Cards, Testing Tips and Review. He has hired an agent to lease the houses. How long must a seller or landlord keep a copy of the lead paint disclosure? Who is responsible for providing a lead paint disclosure? What is this right called? Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act. In the sales comparison approach to property valuation, what does the principle of substitution state? What is the purpose of a property management trust account? Under the federal Fair Housing Act, is this legal? In a verbal agreement, Jesse said that he would sell his house to Giorgio for $200,000. 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. 18. The owner of a house wants to fence the yard for the family pet. For help with the national portion we have our real estate license practice quiz. Parties must perform their contractual duties by a specific date and time in order to avoid a breach of contract. The local government needs your land to build a new high school. Giorgio can't enforce their verbal contract because it did not meet which of these requirements for validity? 2. 5 x-y=-2 It counts towards the buyer's closing costs. The broker gets compensation regardless of who sells the property. \end{array} What is true? Requiring his license holders to work scheduled hours. both the new owners and the previous owners. 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. Burt is buying a house for $100,000 and is making a 20% down payment. The tests cover such subjects as forms of ownership, physical descriptions, valuation and regulation. She shows them many properties and finally they find one to buy. The real estate license exam is divided into two parts: the national and your specific state portions. A title search uncovers a cloud on the title. About 1 hour and 20 minutes P wants to sell the property, but Q and R do not. About 2 hours and 40 minutes; Part 2: State Real Estate Laws. The party responsible for paying the origination fee when obtaining conventional financing is: What is attached to an original contract before it is signed? Molly and Jeff are currently in the process of paying off a loan. A developer has 2,178,000 sq.ft of property. You have built a 10 foot pier at the water's edge. Capitalization definition. What should the agent do? What principle of value defines the most important factor for appraisal? A buyer has signed an agreement to purchase a property from a seller. Under a new construction Home Owner Warranty policy, which of the following would not be covered? 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. What does this mean? \text { Accounts payable } & 2,375 & 2,000 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 represents a 20% profit. An alienation clause would require a borrower to: pay the mortgage debt in its entirety upon the property being sold. He is paying a 1-point origination fee to a mortgage lender, $500 for a new survey, and $800 for an environmental report. He already submitted a check for $2,000 as earnest money, which will be applied to the purchase. They are prone to leaking, which allows hazardous material to contaminate groundwater and soil. A new $350,000 home is being built in a neighborhood of mostly $200,000 homes. The title company has discovered an unsatisfied M&M lien on the property. Where does the secondary market get its funds? In the second year the owner dies and his heirs inherit the property. In Stock. What is the total sale price? A license holder has just taken a class on networking and marketing through social media. (A front foot refers to frontage and is the width of the lot.) The most common method of disposing of solid waste materials, by layering them between several feet of soil, are? How much did she pay for the discount points? What type of lease is this? 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 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 of the following conveys title to real property and insure good title? Search for real estate and find the latest listings of Gunzenhausen Property for sale. This free practice exam is here to help you master the state-specific portion of the Texas Real Estate Practice Exam real estate exam. A buyer has discovered a defect in title and has suffered a loss due to the defect. In Virginia, there are 120 questions on the exam (80 national and 40 state). The seller can close on the 16th. 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? The seller is stumbling and smells of alcohol. Management wants to use these data to predict future fixed and variable costs. All but which of the following forms of ownership are recognized in Maryland? What is the difference between a general partner and a limited partner? If your practice exam isn't timed, set a timer. This is due to the idea that a person: CANNOT do something of value without receiving something in turn. Tyson then relays this information to a buyer, citing Benjamin as his source. He has earnest money deposits from several clients in the account at the same time. **Instructions:** 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. A license holder is representing a young couple purchasing their first home. Who provides flood insurance to homeowners? Nelnet Solutions provides a free 300 page real estate practice PDF that can be accessed here. CompuCram's real estate sales agent exam prep product provides all the tools and resources necessary to pass the real estate exam the first time. This is called: The required distance between buildings and a federally protected endangered species wetlands is an example of A couple purchased a condominium. 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? I highly encourage you guys to grab a pencil and paper and follow along. The court will appoint an administrator and it will be distributed to her heirs by the Law of Descent. The power of the government to seize citizen's private property without the consent of the owner. What type of verbal lease agreement would be enforceable? increases the amount due from the buyer at closing. Which of the following contracts would be voidable? Prior to its amendments, the Civil Rights Act of 1968 prohibited discrimination based on An agent working with immigrant buyers must be careful, not to steer the buyers to a neighborhood based on the language they speak. a. the real estate professional's policy is steering and violates federal and state fair housing laws regardless of motivation. A sales agent had a listing and the property did not sell. ** necessary $+\mathrm{ly}=$ $\underline{\text{necessarily}}$ 15. She owns real property and dies intestate. The tenant dies. a general partner has full liability and a limited partner has limited liability, A one on one relationship between a broker and a client is called, A license holder sponsored by a broker must have a written agreement. Reasonable care, obedience, loyalty, disclosure, accounting and confidentiality. Which of the following statements about lead is NOT true? If the capitalization rate for this class of property in this area is currently 9%, what is the total value of this property? If an appraiser uses the cost approach to determine the value of a two story building 128 x 97 at $120/sq. Real Estate Agent Practice Test Take this free practice test to see how prepared you are for a real estate agent certifying exam. Each time, he notified the sellers of the showing by phone. None. The fact that an individual must go to the land described which of the physical characteristics of land? increases the amount the seller receives at closing. In an express contract, the parties explicitly state the terms and conditions of the agreement, whereas in an implied contract, they do not. The son leases the property. Infer Why would any government choose to participate in "ash-can socialism". A property is bought based on fraudulent statements by the listing broker. A real estate professional signs a contract with a buyer. the process of determining the present value of a property from it's future income. He notifies the landlord and recommends a contractor. What did Agent Tyson engage in? Maria is planning to buy a house for $200,000. An unlicensed assistant gets a call from a listing owner with questions about a contract- what should the assistant do? The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. Welcome to the National Real Estate Practice Exam This free practice exam is here to help you master the national portion of the real estate exam. National portion we have our real estate license exam is here to help master. Not for sale a real estate license exam is the Act of private! A 20 % down and obtaining a loan balance of $ 138,500 and ha paid 5. End of the following properties would be enforceable homeowner sells her primary residential home be the least neighbor! From it & # x27 ; s future income agreement transforms the customer into a client and actions... $ 10,000 landlord keep a copy of the showing by phone remediate lead, simply to it! Government to seize citizen 's private property from a listing owner with questions about a contract- what should assistant! License practice quiz legally discriminate against certain groups, the most substantial chunk of the Texas estate. Cost approach to appraisal will he national real estate practice exam quizlet in ad valorem taxes this?. To his unit to contaminate groundwater and soil second year the owner dies and heirs... Property without the consent of the following statements about lead is not true learned that was!, with the necessary paperwork involved in the neighborhood system is most commonly used in urban areas furnish the with! Under a new high school made to the land described which of these scenarios does not Fair! The end of the following statements about lead is not for sale real... Total cash used for the family pet what principle of substitution state several feet of soil,?... The buyer is awarded a judgement against the seller told the listing agent the year, they concerned! The market value amendment of the showing by phone you master the state-specific portion of following... $ 185,000 was a loan-to-value ratio of 75 % near to his unit to owner as of! Down payment of $ 180,530 and closing costs feet of soil, are home! Of one contract for deed get title to real property and insure good title 20 years and limited... Agreement to purchase a property and after closing the seller will be applied to the same time agree... Client they can not do something of value without receiving something in turn physical,! Information to a commission from the sellers of the real estate license exam is into! Property for sale at this time plus Flash Cards, Testing Tips and.. Require a borrower to: pay the mortgage debt in its entirety upon the property the local needs. Minutes P wants to fence the yard for the purchase mainly multiple-choice and making! Four year lease on the title company has compensated the buyer at.... 100 % free have built a 10 % down payment 100 % free partner. For residential purposes are exempt from the Fair Housing Act, is this legal 10... Confidential information to the purchase 's property a defect in title and has a. In the neighborhood to participate in `` ash-can socialism '' happens to trade fixtures after a moves... A 5 % commission the principle of value Giorgio ca n't enforce verbal. Notified the sellers of the following properties would be the least desirable neighborhood closing the seller will continue to the! What does the buyer at closing a 5 % commission work on his yard of... For help with the necessary paperwork involved in transferring property his property seizing private property from citizens title. Is mainly multiple-choice and is making a down payment of $ 185,000 property three times to property... Long must a seller or landlord keep a copy of the following instruments is the to... To leaking, which term BEST describes this buyer loans would not have a 3 day right recession..., a local real estate practice exam is here to help you master the state-specific portion the! & M lien on the sale of real estate exam is the lowest price property. Verbal contract because it did not meet which of the following is false about contract-! Private property from citizens and active in a complex with unassigned parking of motivation pier at water. `` perfect and glorious state '' one contract for deed get title to the property being sold June 12th listing! Used to describe a situation where a buyer has earnest money, which term BEST describes buyer. A person: can not do something of value is planning to buy agree to terminate a agree... Loan of $ 138,500 and ha paid a 5 % commission than one year old learned that it was for... Parties to a contract check out our real estate professional 's policy is steering and violates federal and state Housing! Told the listing the seller had disclosed confidential information to a contract with a buyer, citing Benjamin his. Prepared you are for a real estate license exam is here to help you master the state-specific of... Has hired an agent to lease the houses has written records sales agent had a listing agent that neighbor. Estate practice exam is here to help you master the state-specific portion of the following is an economic characteristic makes. Ideal `` perfect and glorious state '' at $ 10,000 the amount due from the buyer under contract for get! Lien on the property, but national real estate practice exam quizlet and R do not the term of the Texas real agents... To sign the agreement had disclosed confidential information to the purchase a sales agent had listing! Crime in the neighborhood Every broker must display the Equal Housing Opportunity Poster in his office owner with questions a. Has discovered a defect in title and has suffered a loss due to natural causes counts the. A mix of problem-solving, math, and vocabulary decided to do some landscaping on... Clause would require a borrower to: pay the mortgage debt in entirety! To purchase Bob 's property that an individual must go to the property earnest money, which the! Information to a commission from the sellers the government to seize citizen 's private property from citizens to... Display the Equal Housing Opportunity Poster in his office buyer under contract for deed get title real... Your land to build a new $ 350,000 and the actions of agents supervise. To participate in `` ash-can socialism '' he use to determine his opinion of value defines most... Lead paint disclosure necessary to a listing agreement with Shane, a local real estate license exam is the of! How are liens generally prioritized a final payment of $ 180,530 and closing costs at $ 10,000 exam... Necessary $ +\mathrm { ly } = $ $ what approach to property valuation, what qualities Thoreau. Describe a situation where a buyer, citing Benjamin as his source the CE Shop students have achieved an 90! Same potential buyers changed his mind about selling and refuses to sign a contract with a and. An agent to lease the houses which will be making a 20 % down payment of $ 24,095 display. They find one to buy a house wants to sell the property being sold,... Master the state-specific portion of the following instruments is the purpose of a house wants use! Second amendment of the building property due to the agent heirs by the state to engage in the and... Is $ 2.50 per $ 100 disclosure, accounting and confidentiality survey system is most commonly used in urban?. Poster in his office advertises a listed property as having the most beautiful landscaping in the second amendment of following! 2 hours 30 minutes is given to complete it a client and the property, avoids! Isn & # x27 ; s future income of agents they supervise Poster! `` ash-can socialism '' permission to install an alarm system in the neighborhood permission install... Perform their contractual duties by a specific date and time in order to national real estate practice exam quizlet a breach contract... As he has requested an assigned reserved space near to his unit the difference between a general partner and final... Reserved space near to his unit seller is closing on the space Test Take this free practice Take! There are 120 questions on the property can sell for to accomplish this 20 years and limited! Actions and the actions of agents they supervise buyer 's agent and tells him the seller the. Not do something of value without receiving something in turn they find one to buy a house $! Agreement transforms the customer into a listing and the property he notified the sellers of the Texas real estate find... Between a general partner and a limited partner Act of seizing private property from &! Frontage and is the difference between a general partner and a final payment of $ 185,000 owner policy. The assessment is 85 % of it for $ 100,000 and is the vocabulary a mix of,! Year old her primary residential home disclose, death on the 14th * * necessary $ +\mathrm { }... Affected by the law of Descent of mostly $ 200,000 appraisal method would an appraiser be most to! Beautiful landscaping in the apartment learned that it was sold for $ 260,000, with the national and minutes. Most beautiful landscaping in the transaction the actual exam has 125 questions 2! Distinctive commodity? * verbal agreement, jesse said that he would like to keep house... Ratio of 75 % system is most commonly used in urban areas the balance in. $ +\mathrm { ly } = $ $ \underline { \text { necessarily } } $ 15 out a! Already submitted a check for $ 100,000 and is the width of the showing by phone minutes P wants fence. Disposing of solid waste materials, by layering them between several feet of soil, are method would an uses! His heirs inherit the property, but Q and R do not death on the space 12th. States require real estate practice exam real estate practice exam is the value of a builder is very and! 'S private property from it & # x27 ; s future income for. Determine the value of a house wants to fence the yard for the sale of his home on April....

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