There are some circumstances in real estate where a written contract is not required, so it is not ALL real estate contracts, but it is ALL real estate sales agreements. - Conspiring to establish fixed fees or prices for services or products. Time is of the essence clause in real estate contracts refers to a clause that requires one party in a real estate contract to fulfill their obligations within a specific time frame. The length of the real estate exam varies from about 1.5 hours to 3.5 hours again, based on the state youre in. ILLEGAL. - Agent must act in accordance to clients demands/instructions. Before the Fair Housing Act, some lenders circled certain local areas with a red line on a map, refusing to make loans within the circled areas based on some characteristics of property owners in the area. Registers and licenses all companies and individuals who conduct mortgage related services in New York. A method of estimating the value of real property by calculating a current construction cost, subtracting accrued depreciation and adding a land value obtained from the market. Prepare the journal entry to record (1) the receipt of payment of $70,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Travel Inc. on this transaction. How Many Questions Can You Miss on the California Real Estate Exam? Currently, most states have usury laws in place and set a cap on the maximum amount of interest a lender can charge. A contract entered into under duress is voidable. In a single agency relationship a real estate broker represents who? The amount of interest really doesn't matter in this case. At the very end of each exam, there is a recap of the questions you got right or wrong, which is also very helpful to look at. This practice is illegal. Since the question says may be valid it is voidable. The actual interest rate charged, including loan fees and points. Per 16 CFR 310.2. Agents or brokers function under certain legally mandated duties called fiduciary duties. Any method of reducing taxable income resulting in a reduction of the payments to tax collecting entities, including state and federal governments. Generally speaking, homeowners should have a solid credit score to refinance, although there are a few exceptions in government run loan assistance programs. A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). Which answer includes 3 actual types of business structures? Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Operations Management: Sustainability and Supply Chain Management, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. Trusts can be created during an individual's lifetime, or they can be established following someone's death. A prepayment penalty clause states that a lender can penalize a borrower if the borrower pays off the mortgage much sooner than usual. A legal proceeding by a lessor landlord to recover possession of real property. - An agreement between members of a trade to refrain from competition in specific market areas. Here is a quick list we put together of some of our top real estate exam prep videos and playlists: In this playlist, study specific real estate concepts you need to know for the real estate exam. An independent contractor is not an employee. Deposit that a buyer makes at the time of submitting an offer to demonstrate the true intent of the purchase, also referred to as a binder, good faith deposit, and escrow deposit. Monthly payment by an owner of a condominium. A key document provided during the purchase of a cooperative, which includes information required to be disclosed to the purchaser. A crime punishable by up to a year in prison and/or a $1,000 fine. RESPA (Real Estate Settlement Procedures Act) -- Consumer protection statute passed in 1974. - A town or city agency that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. Its not typical in single-family homes or apartments. What is the document that defines the relationship between the broker and the seller? What does the Federal Housing Administration do? There are three different main approaches that appraisers use while they make an appraisal. - Agent may be liable for costly mistakes. Right to retain property for payment of a debt. Considered a proprietary lease and personal property (NOT real property.). Some but not all states require proof of errors and omissions insurance. Determine a value of p such that the probability distribution of x is skewed to the right. - A valuation placed upon property by a public officer or a board, as a basis for taxation. - An employment contract between principal and agent, authorizing the, - A card issued by the Department of State to each licensee which contains the, - A person who on behalf of or for the benefit of another transacts business or. When person dies and leaves no valid will, determines the order in which the property is distributed to the heirs. The exam can be challenging, but it isn't something students should be intimated by! The amount of expenses that must be paid out of pocket before an insurer will pay any expenses. A deed which conveys simply the grantor's rights or interest in real estate, without any agreement or covenant as to the nature or extent of that interest, or any other covenants; usually used to remove a cloud from the title. The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public. The rule of thumb is that refinancing is a good idea if you can reduce your interest rate by at least 2%. A key document provided during the purchase of a cooperative, which includes information required to be disclosed to the purchaser. Rights in real property to use the space above the surface of the land. Real Estate Final Exam (150 Questions ) #1 4.7 (20 reviews) Term 1 / 157 A real estate licensee has a buyer agency agreement. Or a conditional use permit. Mortgage points, also known as discount points, are. It is hazardous to health when a possibility exists of exposure to inhalable fibers. Joists, beams, and roofs are typically supported by bearing walls. What does matter is that the middle age couple has a mortgage with a high interest rate and at the current rates at much lower. Someone authorized to transact every kind of business for the principal. Homeowners should be alert for friable asbestos and always seek professional advice in dealing with it. It runs from the present owner back to the original owner of the property. - Primary purpose is to "Protect the Public" - Requires a salesperson to be at least 18 years of age - Requires a broker to be at least 20 years of age Sponsor A licensed real estate broker that holds the license of a salesperson. What is the difference between commingling and conversion in real estate? If one has a possessory interest in property, that individual cannot own? Many states have a national portion and a state portion, but Florida has one section combining both for a total of 100 questions. Restrictive covenants, are also know as CCR's(conditions, covenants, and restrictions). The course includes 6 full months of access to well . RE is one of the few industries that you could literally make one sale a month and live comfortably. The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. - A person who on behalf of or for the benefit of another transacts business or handles money or property not the person's own; such relationship implies great confidence and trust. U.S. Federal law designated to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed. A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). Behind the siding is a layer of sheathing. If a contract has prepayment penalties, they can be found in which real estate contract clause? When calculating the amount of real estate taxes owed, calculations are based on what type of value? Usually, the exam varies between 80-100 national questions and 30-50 state-specific ones, but each state is different. One of the biggest advantages of a VA loan is in some circumstances people dont even need a down deposit for the property they want. Must pay state mandated real estate agent fees. - An accounting statement that forecasts income and expenses for a period of time, typically five or more years. Bounds: directions from one point to another. This designated person is called a life tenant. Similar to a receipt, a bill of sale is a written instrument that attests to a buyer's purchase of property from a seller. This free practice exam is here to help you master the national portion of the real estate exam. The equipment has a fair value at the commencement of the lease of $76,024 and an estimated useful life of 7 years. A federal prohibition that protects buyer/renter of a dwelling from seller/landlord discrimination with regards to race, color, religion, gender, national origin, familial status, or disability. A seller made a counteroffer and gave three days for acceptance. Lien= a claim or encumbrance on a property for payment of some debt, obligation or duty Qualified right that a creditor has in or over specific property of a debtor as security for the debt or for performance of some act. The use of borrowed capital (mortgage) to increase the potential return of an investment. Contains no warranties whatsoever, its just a deed of release. The binomial probability distribution is a family of probability distributions with each single distribution depending on the values of n and p . - The ability to have cash readily available to support the demands of running and maintaining real property. A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. Here are what topics you are expected to know:if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'realestatelicensewizard_com-box-4','ezslot_14',696,'0','0'])};__ez_fad_position('div-gpt-ad-realestatelicensewizard_com-box-4-0'); It depends. - A person that provides services to another under terms specified in a contract or within a verbal agreement. Typically used in describing the slope of a roof, driveway, sidewalk, etc. The section of the New York Real Property Law pertaining to real estate salespersons and brokers. - The practice of inducing homeowners in a particular neighborhood to sell their homes quickly, often at below market prices, by creating the fear that the entry of a minority group or groups into the neighborhood will cause a precipitous decline in property values. The sequence of historical transfers of title to a property. So in our case it would be 500,000/75,000 which equals 6.66! A method of estimating the value of real property by calculating a current construction cost, subtracting accrued depreciation and adding a land value obtained from the market. Obtained after your register for the New York State. For help with the national we have our free national real estate practice exam. - A crime punishable by up to a year in prison and/or a $1,000 fine. that must be transacted for a successful transfer of ownership to take place. As a listing agent, what obligations do you owe to an unrepresented buyer? - Legal agreement by which a bank lends money in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon payment of the debt. - An agreement between members of a trade conspiring to refrain from competition in specific market areas. The time is of the essence contract clause in real estate contracts generally has to do with what? A clause found in real estate contracts that may allow buyers to walk away from an agreed upon sale for any reason. Considered a proprietary lease and personal property (NOT real property). Regulations established by state or local governments stating fully that structural requirements for building. Legal policy mandates that a deed to real property be a matter of public record, a deed must be properly recorded. - An agreement of employment of a broker to the exclusion of all other brokers; if sale is made by any other broker during term of employment, broker holding exclusive agency is entitled to commissions in addition to the commissions payable to the broker who effected the transaction. Value=Income/Rate. A person appointed by an agent with permission of the principal (seller) to assist in performing some or all of the tasks of the agency. The use of borrowed capital (mortgage) to increase the potential return of an investment. Just times whatever percentage you have by the total price of the house. As of writing this, it looks like they have over 2,100 members! One of the most essential parts of the real estate exam is vocabulary. These rights include the right to use and/or occupy, the right to sell in whole or in part, the right to lease, the right the bequeath and the right to do none of the foregoing. Homeowners should be alert for friable asbestos and always seek professional advice in dealing with it. Form the topic; you are given questions to attempt. The refusal to lend money within a specific area for various reasons. - A lien imposed by law upon a property to secure the payment of taxes. 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 You will need to pass your Real Estate U Final Exam before you can be awarded a Certificate of Completion and before you can schedule your state licensing test. The economic life of an asset could be different than its actual physical life. Again, it varies per state, so check out our state requirements page for more detailed information. This past month he did not pay his rent. In addition, they charge more money for less real estate exam prep material with less time to study. - A clause in a contract that states a mortgage must be obtained in order for the contract to be binding. The bank or lender provides the loan but the mortgagor provides the mortgage. Sales agents can be provided with Office Phones by their sponsoring broker. Mandated warranty for new construction according to the NYS General Business Law 36-B. Keep scrolling for more! If statement is not signed the seller owes the buyers $500 credit against the purchase price of the property. A leasehold estate for any specific period of time. a Federal law that makes real estate licensees liable for the disclosure of lead paint. Well, there is a subreddit or particular section of Reddit dedicated to the real estate exam. Crash courses are a fantastic way to study for the real estate exam. urban environment, max amount of land can't exceed 10 acres (contiguous) Rural property, max is 200 acres for Family, and 100 acres for a single Rights associated with water riparian littoral encumbrance any claim or right against a property held by another that is not the fee title owner; includes encroachments, tax liens, and easements Severalty - The employer of an agent or broker; the broker's or agent's client. - Rules in a cooperative that cover common issues including garbage disposal, maintenance, noise, pets, and conflict resolution. The average pass rate for all real estate education providers is 86.14% for the National portion and 62.8% for the Texas portion. - A mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. A leasehold estate for any specific period of time. A town or city that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. The developer or owner organizing and offering for sale a condominium or cooperative development. A single agency has a relationship with the buyer or the seller, but not both. No matter what type of person applies for a loan they cannot be turned away due to factors that are not directly related to their credit. $$ The practice of inducing homeowners in a particular neighborhood to sell their homes quickly, often at below market rates, by creating the fear that the entry of a minority group or groups into the neighborhood will cause a precipitous decline in property values. How should Jelly classify this lease? The employer of an agent or broker; the broker's or agent's client. A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. A right to cross or otherwise use someone else's property for a specified person. Taking private property for public use, with fair compensation to the owner; exercising the right of eminent domain. Zoning usually increases the marketability of the property. The Americans with Disabilities Act (ADA) became law in 1990. So in this case take $250,000 and multiply it by .06 or 6%. - The premise that the ownership of real estate consists of the ownership of the various rights associated with it. There is no such thing as intangible deterioration. Voidable contracts have the necessary elements to be enforceable, so they appear to be valid, but can be rejected by one party if the contract is discovered to have any number of defects. A contract between the owner of a property and someone who agrees to manage it. Remember, liquidated damages are the amount agreed to in advance that will compensate a party for any loss they suffer on a purchase contract. Responsibility of the Zoning Board of Appeals. - A licensed real estate broker that holds the license of a salesperson. Valuation method which compares a subject property's characteristics with those of comparable properties which have recently sold in similar transactions. - An accounting report issued periodically by the property manager to the owner outlining all income and expenditures for that accounting period. Read More Here. If your state allows commingling, and you misappropriate the funds, that's conversion. - The use of borrowed capital (mortgage) to increase the potential return of an investment. Insurance policy that covers amounts above those covered under one or more other primary policies, and which does not pay until the losses exceed a certain sum. Void contracts are not contracts because they lack an essential element of a contract and are thus unenforceable. - A series of documents submitted for the review by a cooperative boards. Honesty and fairness must be given to an unrepresented buyer. - Responsible for determining a municipality's tax rate. Unfortunately, exactly when a problem started and when the seller first "knew" about it are not always clear. They often come with better terms than a traditional mortgage which is why they are commonly sought. The statute of frauds is a common law concept that requires written contracts for certain agreements to be legally binding. A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. A material used in pipes and paint of many older homes. Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal. Obsolescence may be either economic or functional. An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages. 2. It runs from the present owner back to the original owner of the property. - A financial term used by lenders to express the ratio of a loan to the value of an asset (property) purchased. Liquidated damage is most likely to be found in which of the following documents? Which of the following best describes a blind offer? In lien theory states, however, banks or mortgage lenders never retain title to the property. In lien theory states banks or mortgage lenders never retain title to the property. Each state determines the rules for brokerage firm trust accounts and how earnest money must be deposited. Upon payment and delivery of the deed, the seller should also deliver what? Also called excess insurance. Monthly payments by a shareholder to a cooperative corporation. - Insurance policy that covers amounts above those covered under one or more other primary policies, and which does not pay until the losses exceed a certain sum. You must bring your "Summary of Your Submission" with you when taking the State exam. No fee is earned if the owner alone sells the property. The owner's rights and obligations for a condominium. A written document produced by an Architect that described the QUALITY of construction for a building. A lease commonly found in a building with a single, long-term tenant. A summary of all of the recorded instruments and proceedings which affect the title to a property, arranged in the order in which they were recorded. Also called excess insurance. Likely, your real estate exam will be issued by one of the following two nationwide testing organizations: You can schedule your test at one of the appropriate testing centers once you have completed your state-mandated pre-licensing and are qualified to take the exam. PCBs known to leak into the ground from electrical transformers. Attach to one or more listed properties, secured by a particular parcel of real estate and affects only that property. Such restrictions are either written in the deeds to the property or into the bylaws for the subdivision, which the deeds will reference. *Primarily interpreted to prohibit racial discrimination. A VA loan is a mortgage loan available for military service members, veterans, and eligible surviving spouses. Taking private property for public use, with fair compensation to the owner; exercising the right of eminent domain. A person who on behalf of or for the benefit of another transacts business or handles money or property not the person's own; such relationship implies great confidence and trust. - Parcels without access to a public way may have an easement of access over adjacent land if crossing that land is absolutely necessary to reach the landlocked parcel and there has been some original intent to provide the lot with access. The five most popular types of businesses are Sole Proprietorship, General Partnership, Limited Partnership, Corporation, and Limited Liability Company (LLC). Federal law designed to control air pollution on a national level. The sequence of historical transfers of title to a property. Demand: This means the desire to buy and an ability to pay. Considered real property, which is conveyed by a deed. (f) Equipment. Valuation method which compares a subject property's characteristics with those of comparable properties which have recently sold in similar transactions. Legal policy mandates that a deed to real property be a matter of. A satisfaction of mortgage is a document that confirms a mortgage has been paid off and details the provisions for the transfer of collateral title rights. - The developer or owner organizing and offering for sale a condominium or cooperative development. What is the key difference between a Less than Freehold Estate and a Freehold estate is, Estates can be divided into two different sections: freehold estates, and less than freehold estates(or leasehold estates).The key difference between a leasehold estate and a freehold estate is the limitation of time. It takes massive preparation. In this instance the seller didn't know about the issue, meaning she is not liable for failure to disclose the material defect. Which of the following is not a type of depreciation used in the cost approach? A written document produced by an Architect that describes the quality of construction for a building. - A method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year. - The premise that the ownership of real estate consists of the ownership of various rights associated with it. Drawings produced by Architects that describe the QUANTITIES of a building. Beams are typically wood, cold formed metal framing or steel. All states require U.S citizenship and proof of state-specific residency. A naturally occurring mineral fiber sometimes found in older homes. What of the following is required by the Americans with Disabilities Act(ADA)? Which term refers to the packaging of a number of mortgage loans for sale in the secondary mortgage market by a financial institution or mortgage banker who originated the loans? A legal proceeding by a lessor landlord to recover possession of real property. Federal prohibition that protects buyer/renter of a dwelling from seller/landlord discrimination with regards to race, color, religion, gender, national origin, familial status, or disability. - An employment contract between principal and agent, authorizing the agent to perform services for the principle involving the latter's property. Volunteers from state or private agencies who enforce fair housing by claiming to be home seekers, thereby finding out if brokers deal fairly with all clients/customers. They use their own funds, or funds borrowed from a warehouse lender, to fund mortgages. An amount of money set aside by the owner for a specific period for the property manager to manage the property effectively. Severance is the opposite of attachment. Since each township is six miles by six miles, townships contain 36 square miles, each one forming a section. That section can be used to study the topics featured . Mandated warranty for new construction according to the NYS General Business Law 36-B. Which of the following would be classified as consideration in a real estate contract? A variance is a request to deviate from current zoning requirements. - Agent must work in the best interest of the client. There are three different main approaches that appraisers use while they make an appraisal. They cover an individual's house and assets in the home. A trust works as it follows: the first party, the trustor or settlor, transfers a property upon the second party for the benefit of the third party, the beneficiary. A property owner enters into an exclusive agency listing with an agent. - A leasehold estate for any specific period of time. Lease for the rental of floor space that is not generally divided into rooms. The subreddit or forum should show up. A buyer of a home was not informed that his house was on a septic tank system. This scenario only works because it is an exclusive agency listing. An estate for years is not automatically renewed. Jelly leases equipment used in its production processes from Squishy, Inc. Article 12-A of the NYS Real Property Law. For a full explanation, check out this video on real estate math: Real estate license requirements vary from state to state.
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There are some circumstances in real estate where a written contract is not required, so it is not ALL real estate contracts, but it is ALL real estate sales agreements. - Conspiring to establish fixed fees or prices for services or products. Time is of the essence clause in real estate contracts refers to a clause that requires one party in a real estate contract to fulfill their obligations within a specific time frame. The length of the real estate exam varies from about 1.5 hours to 3.5 hours again, based on the state youre in. ILLEGAL. - Agent must act in accordance to clients demands/instructions. Before the Fair Housing Act, some lenders circled certain local areas with a red line on a map, refusing to make loans within the circled areas based on some characteristics of property owners in the area. Registers and licenses all companies and individuals who conduct mortgage related services in New York. A method of estimating the value of real property by calculating a current construction cost, subtracting accrued depreciation and adding a land value obtained from the market. Prepare the journal entry to record (1) the receipt of payment of $70,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Travel Inc. on this transaction. How Many Questions Can You Miss on the California Real Estate Exam? Currently, most states have usury laws in place and set a cap on the maximum amount of interest a lender can charge. A contract entered into under duress is voidable. In a single agency relationship a real estate broker represents who? The amount of interest really doesn't matter in this case. At the very end of each exam, there is a recap of the questions you got right or wrong, which is also very helpful to look at. This practice is illegal. Since the question says may be valid it is voidable. The actual interest rate charged, including loan fees and points. Per 16 CFR 310.2. Agents or brokers function under certain legally mandated duties called fiduciary duties. Any method of reducing taxable income resulting in a reduction of the payments to tax collecting entities, including state and federal governments. Generally speaking, homeowners should have a solid credit score to refinance, although there are a few exceptions in government run loan assistance programs. A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). Which answer includes 3 actual types of business structures? Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Operations Management: Sustainability and Supply Chain Management, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. Trusts can be created during an individual's lifetime, or they can be established following someone's death. A prepayment penalty clause states that a lender can penalize a borrower if the borrower pays off the mortgage much sooner than usual. A legal proceeding by a lessor landlord to recover possession of real property. - An agreement between members of a trade to refrain from competition in specific market areas. Here is a quick list we put together of some of our top real estate exam prep videos and playlists: In this playlist, study specific real estate concepts you need to know for the real estate exam. An independent contractor is not an employee. Deposit that a buyer makes at the time of submitting an offer to demonstrate the true intent of the purchase, also referred to as a binder, good faith deposit, and escrow deposit. Monthly payment by an owner of a condominium. A key document provided during the purchase of a cooperative, which includes information required to be disclosed to the purchaser. A crime punishable by up to a year in prison and/or a $1,000 fine. RESPA (Real Estate Settlement Procedures Act) -- Consumer protection statute passed in 1974. - A town or city agency that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. Its not typical in single-family homes or apartments. What is the document that defines the relationship between the broker and the seller? What does the Federal Housing Administration do? There are three different main approaches that appraisers use while they make an appraisal. - Agent may be liable for costly mistakes. Right to retain property for payment of a debt. Considered a proprietary lease and personal property (NOT real property.). Some but not all states require proof of errors and omissions insurance. Determine a value of p such that the probability distribution of x is skewed to the right. - A valuation placed upon property by a public officer or a board, as a basis for taxation. - An employment contract between principal and agent, authorizing the, - A card issued by the Department of State to each licensee which contains the, - A person who on behalf of or for the benefit of another transacts business or. When person dies and leaves no valid will, determines the order in which the property is distributed to the heirs. The exam can be challenging, but it isn't something students should be intimated by! The amount of expenses that must be paid out of pocket before an insurer will pay any expenses. A deed which conveys simply the grantor's rights or interest in real estate, without any agreement or covenant as to the nature or extent of that interest, or any other covenants; usually used to remove a cloud from the title. The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public. The rule of thumb is that refinancing is a good idea if you can reduce your interest rate by at least 2%. A key document provided during the purchase of a cooperative, which includes information required to be disclosed to the purchaser. Rights in real property to use the space above the surface of the land. Real Estate Final Exam (150 Questions ) #1 4.7 (20 reviews) Term 1 / 157 A real estate licensee has a buyer agency agreement. Or a conditional use permit. Mortgage points, also known as discount points, are. It is hazardous to health when a possibility exists of exposure to inhalable fibers. Joists, beams, and roofs are typically supported by bearing walls. What does matter is that the middle age couple has a mortgage with a high interest rate and at the current rates at much lower. Someone authorized to transact every kind of business for the principal. Homeowners should be alert for friable asbestos and always seek professional advice in dealing with it. It runs from the present owner back to the original owner of the property. - Primary purpose is to "Protect the Public" - Requires a salesperson to be at least 18 years of age - Requires a broker to be at least 20 years of age Sponsor A licensed real estate broker that holds the license of a salesperson. What is the difference between commingling and conversion in real estate? If one has a possessory interest in property, that individual cannot own? Many states have a national portion and a state portion, but Florida has one section combining both for a total of 100 questions. Restrictive covenants, are also know as CCR's(conditions, covenants, and restrictions). The course includes 6 full months of access to well . RE is one of the few industries that you could literally make one sale a month and live comfortably. The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. - A person who on behalf of or for the benefit of another transacts business or handles money or property not the person's own; such relationship implies great confidence and trust. U.S. Federal law designated to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed. A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). Behind the siding is a layer of sheathing. If a contract has prepayment penalties, they can be found in which real estate contract clause? When calculating the amount of real estate taxes owed, calculations are based on what type of value? Usually, the exam varies between 80-100 national questions and 30-50 state-specific ones, but each state is different. One of the biggest advantages of a VA loan is in some circumstances people dont even need a down deposit for the property they want. Must pay state mandated real estate agent fees. - An accounting statement that forecasts income and expenses for a period of time, typically five or more years. Bounds: directions from one point to another. This designated person is called a life tenant. Similar to a receipt, a bill of sale is a written instrument that attests to a buyer's purchase of property from a seller. This free practice exam is here to help you master the national portion of the real estate exam. The equipment has a fair value at the commencement of the lease of $76,024 and an estimated useful life of 7 years. A federal prohibition that protects buyer/renter of a dwelling from seller/landlord discrimination with regards to race, color, religion, gender, national origin, familial status, or disability. A seller made a counteroffer and gave three days for acceptance. Lien= a claim or encumbrance on a property for payment of some debt, obligation or duty Qualified right that a creditor has in or over specific property of a debtor as security for the debt or for performance of some act. The use of borrowed capital (mortgage) to increase the potential return of an investment. Contains no warranties whatsoever, its just a deed of release. The binomial probability distribution is a family of probability distributions with each single distribution depending on the values of n and p . - The ability to have cash readily available to support the demands of running and maintaining real property. A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. Here are what topics you are expected to know:if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'realestatelicensewizard_com-box-4','ezslot_14',696,'0','0'])};__ez_fad_position('div-gpt-ad-realestatelicensewizard_com-box-4-0'); It depends. - A person that provides services to another under terms specified in a contract or within a verbal agreement. Typically used in describing the slope of a roof, driveway, sidewalk, etc. The section of the New York Real Property Law pertaining to real estate salespersons and brokers. - The practice of inducing homeowners in a particular neighborhood to sell their homes quickly, often at below market prices, by creating the fear that the entry of a minority group or groups into the neighborhood will cause a precipitous decline in property values. The sequence of historical transfers of title to a property. So in our case it would be 500,000/75,000 which equals 6.66! A method of estimating the value of real property by calculating a current construction cost, subtracting accrued depreciation and adding a land value obtained from the market. Obtained after your register for the New York State. For help with the national we have our free national real estate practice exam. - A crime punishable by up to a year in prison and/or a $1,000 fine. that must be transacted for a successful transfer of ownership to take place. As a listing agent, what obligations do you owe to an unrepresented buyer? - Legal agreement by which a bank lends money in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon payment of the debt. - An agreement between members of a trade conspiring to refrain from competition in specific market areas. The time is of the essence contract clause in real estate contracts generally has to do with what? A clause found in real estate contracts that may allow buyers to walk away from an agreed upon sale for any reason. Considered a proprietary lease and personal property (NOT real property). Regulations established by state or local governments stating fully that structural requirements for building. Legal policy mandates that a deed to real property be a matter of public record, a deed must be properly recorded. - An agreement of employment of a broker to the exclusion of all other brokers; if sale is made by any other broker during term of employment, broker holding exclusive agency is entitled to commissions in addition to the commissions payable to the broker who effected the transaction. Value=Income/Rate. A person appointed by an agent with permission of the principal (seller) to assist in performing some or all of the tasks of the agency. The use of borrowed capital (mortgage) to increase the potential return of an investment. Just times whatever percentage you have by the total price of the house. As of writing this, it looks like they have over 2,100 members! One of the most essential parts of the real estate exam is vocabulary. These rights include the right to use and/or occupy, the right to sell in whole or in part, the right to lease, the right the bequeath and the right to do none of the foregoing. Homeowners should be alert for friable asbestos and always seek professional advice in dealing with it. Form the topic; you are given questions to attempt. The refusal to lend money within a specific area for various reasons. - A lien imposed by law upon a property to secure the payment of taxes. 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 You will need to pass your Real Estate U Final Exam before you can be awarded a Certificate of Completion and before you can schedule your state licensing test. The economic life of an asset could be different than its actual physical life. Again, it varies per state, so check out our state requirements page for more detailed information. This past month he did not pay his rent. In addition, they charge more money for less real estate exam prep material with less time to study. - A clause in a contract that states a mortgage must be obtained in order for the contract to be binding. The bank or lender provides the loan but the mortgagor provides the mortgage. Sales agents can be provided with Office Phones by their sponsoring broker. Mandated warranty for new construction according to the NYS General Business Law 36-B. Keep scrolling for more! If statement is not signed the seller owes the buyers $500 credit against the purchase price of the property. A leasehold estate for any specific period of time. a Federal law that makes real estate licensees liable for the disclosure of lead paint. Well, there is a subreddit or particular section of Reddit dedicated to the real estate exam. Crash courses are a fantastic way to study for the real estate exam. urban environment, max amount of land can't exceed 10 acres (contiguous) Rural property, max is 200 acres for Family, and 100 acres for a single Rights associated with water riparian littoral encumbrance any claim or right against a property held by another that is not the fee title owner; includes encroachments, tax liens, and easements Severalty - The employer of an agent or broker; the broker's or agent's client. - Rules in a cooperative that cover common issues including garbage disposal, maintenance, noise, pets, and conflict resolution. The average pass rate for all real estate education providers is 86.14% for the National portion and 62.8% for the Texas portion. - A mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. A leasehold estate for any specific period of time. A town or city that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. The developer or owner organizing and offering for sale a condominium or cooperative development. A single agency has a relationship with the buyer or the seller, but not both. No matter what type of person applies for a loan they cannot be turned away due to factors that are not directly related to their credit. $$ The practice of inducing homeowners in a particular neighborhood to sell their homes quickly, often at below market rates, by creating the fear that the entry of a minority group or groups into the neighborhood will cause a precipitous decline in property values. How should Jelly classify this lease? The employer of an agent or broker; the broker's or agent's client. A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. A right to cross or otherwise use someone else's property for a specified person. Taking private property for public use, with fair compensation to the owner; exercising the right of eminent domain. Zoning usually increases the marketability of the property. The Americans with Disabilities Act (ADA) became law in 1990. So in this case take $250,000 and multiply it by .06 or 6%. - The premise that the ownership of real estate consists of the ownership of the various rights associated with it. There is no such thing as intangible deterioration. Voidable contracts have the necessary elements to be enforceable, so they appear to be valid, but can be rejected by one party if the contract is discovered to have any number of defects. A contract between the owner of a property and someone who agrees to manage it. Remember, liquidated damages are the amount agreed to in advance that will compensate a party for any loss they suffer on a purchase contract. Responsibility of the Zoning Board of Appeals. - A licensed real estate broker that holds the license of a salesperson. Valuation method which compares a subject property's characteristics with those of comparable properties which have recently sold in similar transactions. - An accounting report issued periodically by the property manager to the owner outlining all income and expenditures for that accounting period. Read More Here. If your state allows commingling, and you misappropriate the funds, that's conversion. - The use of borrowed capital (mortgage) to increase the potential return of an investment. Insurance policy that covers amounts above those covered under one or more other primary policies, and which does not pay until the losses exceed a certain sum. Void contracts are not contracts because they lack an essential element of a contract and are thus unenforceable. - A series of documents submitted for the review by a cooperative boards. Honesty and fairness must be given to an unrepresented buyer. - Responsible for determining a municipality's tax rate. Unfortunately, exactly when a problem started and when the seller first "knew" about it are not always clear. They often come with better terms than a traditional mortgage which is why they are commonly sought. The statute of frauds is a common law concept that requires written contracts for certain agreements to be legally binding. A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. A material used in pipes and paint of many older homes. Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal. Obsolescence may be either economic or functional. An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages. 2. It runs from the present owner back to the original owner of the property. - A financial term used by lenders to express the ratio of a loan to the value of an asset (property) purchased. Liquidated damage is most likely to be found in which of the following documents? Which of the following best describes a blind offer? In lien theory states, however, banks or mortgage lenders never retain title to the property. In lien theory states banks or mortgage lenders never retain title to the property. Each state determines the rules for brokerage firm trust accounts and how earnest money must be deposited. Upon payment and delivery of the deed, the seller should also deliver what? Also called excess insurance. Monthly payments by a shareholder to a cooperative corporation. - Insurance policy that covers amounts above those covered under one or more other primary policies, and which does not pay until the losses exceed a certain sum. You must bring your "Summary of Your Submission" with you when taking the State exam. No fee is earned if the owner alone sells the property. The owner's rights and obligations for a condominium. A written document produced by an Architect that described the QUALITY of construction for a building. A lease commonly found in a building with a single, long-term tenant. A summary of all of the recorded instruments and proceedings which affect the title to a property, arranged in the order in which they were recorded. Also called excess insurance. Likely, your real estate exam will be issued by one of the following two nationwide testing organizations: You can schedule your test at one of the appropriate testing centers once you have completed your state-mandated pre-licensing and are qualified to take the exam. PCBs known to leak into the ground from electrical transformers. Attach to one or more listed properties, secured by a particular parcel of real estate and affects only that property. Such restrictions are either written in the deeds to the property or into the bylaws for the subdivision, which the deeds will reference. *Primarily interpreted to prohibit racial discrimination. A VA loan is a mortgage loan available for military service members, veterans, and eligible surviving spouses. Taking private property for public use, with fair compensation to the owner; exercising the right of eminent domain. A person who on behalf of or for the benefit of another transacts business or handles money or property not the person's own; such relationship implies great confidence and trust. - Parcels without access to a public way may have an easement of access over adjacent land if crossing that land is absolutely necessary to reach the landlocked parcel and there has been some original intent to provide the lot with access. The five most popular types of businesses are Sole Proprietorship, General Partnership, Limited Partnership, Corporation, and Limited Liability Company (LLC). Federal law designed to control air pollution on a national level. The sequence of historical transfers of title to a property. Demand: This means the desire to buy and an ability to pay. Considered real property, which is conveyed by a deed. (f) Equipment. Valuation method which compares a subject property's characteristics with those of comparable properties which have recently sold in similar transactions. Legal policy mandates that a deed to real property be a matter of. A satisfaction of mortgage is a document that confirms a mortgage has been paid off and details the provisions for the transfer of collateral title rights. - The developer or owner organizing and offering for sale a condominium or cooperative development. What is the key difference between a Less than Freehold Estate and a Freehold estate is, Estates can be divided into two different sections: freehold estates, and less than freehold estates(or leasehold estates).The key difference between a leasehold estate and a freehold estate is the limitation of time. It takes massive preparation. In this instance the seller didn't know about the issue, meaning she is not liable for failure to disclose the material defect. Which of the following is not a type of depreciation used in the cost approach? A written document produced by an Architect that describes the quality of construction for a building. - A method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year. - The premise that the ownership of real estate consists of the ownership of various rights associated with it. Drawings produced by Architects that describe the QUANTITIES of a building. Beams are typically wood, cold formed metal framing or steel. All states require U.S citizenship and proof of state-specific residency. A naturally occurring mineral fiber sometimes found in older homes. What of the following is required by the Americans with Disabilities Act(ADA)? Which term refers to the packaging of a number of mortgage loans for sale in the secondary mortgage market by a financial institution or mortgage banker who originated the loans? A legal proceeding by a lessor landlord to recover possession of real property. Federal prohibition that protects buyer/renter of a dwelling from seller/landlord discrimination with regards to race, color, religion, gender, national origin, familial status, or disability. - An employment contract between principal and agent, authorizing the agent to perform services for the principle involving the latter's property. Volunteers from state or private agencies who enforce fair housing by claiming to be home seekers, thereby finding out if brokers deal fairly with all clients/customers. They use their own funds, or funds borrowed from a warehouse lender, to fund mortgages. An amount of money set aside by the owner for a specific period for the property manager to manage the property effectively. Severance is the opposite of attachment. Since each township is six miles by six miles, townships contain 36 square miles, each one forming a section. That section can be used to study the topics featured . Mandated warranty for new construction according to the NYS General Business Law 36-B. Which of the following would be classified as consideration in a real estate contract? A variance is a request to deviate from current zoning requirements. - Agent must work in the best interest of the client. There are three different main approaches that appraisers use while they make an appraisal. They cover an individual's house and assets in the home. A trust works as it follows: the first party, the trustor or settlor, transfers a property upon the second party for the benefit of the third party, the beneficiary. A property owner enters into an exclusive agency listing with an agent. - A leasehold estate for any specific period of time. Lease for the rental of floor space that is not generally divided into rooms. The subreddit or forum should show up. A buyer of a home was not informed that his house was on a septic tank system. This scenario only works because it is an exclusive agency listing. An estate for years is not automatically renewed. Jelly leases equipment used in its production processes from Squishy, Inc. Article 12-A of the NYS Real Property Law. For a full explanation, check out this video on real estate math: Real estate license requirements vary from state to state.
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