Inflation increases buying power C. Low unemployment rates mean there are fewer available buyers in the market This ad is best described as, Which of the following facts about listed property must be disclosed, A lead paint disclosure is required for all properties built before. Supplies He has requested an assigned reserved space near to his unit. A property manager is hired and signs a management agreement with the owner. 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? If a borrower is behind on payments, the acceleration clause gives the lender the ability to: call the entire loan balance due immediately. What type of lease should their agent recommend? Who can require a buyer to purchase homeowners insurance? What must the salesperson do, obtain the signatures of all owners on the listing agreement. What is the difference between a general partner and a limited partner? When does the buyer under contract for deed get title to the property? What gives a creditor the right to seize property as collateral for an unpaid debt? What is the difference between replacement cost and market value? The annual net operating income (NOI) of the property is $310,000. Which of these is a set of regulations pertaining to building design, materials, safety, sanitation, and structure? Giorgio can't enforce their verbal contract because it did not meet which of these requirements for validity? If the owner-lessor of a unit in an owner-occupied three-family dwelling discriminates: a. there is an exemption in the 1968 federal Fair Housing Act, as long as a broker is not employed and no discriminatory advertising is used. That section can be used to study the topics featured on those 80 questions. S1. Darla is suing Arlo for specific performance. What type of lease can he enter into with the tenant that will allow the landlord to benefit from the tenant's success? Which appraisal method would an appraiser be most likely to use on an owner-occupied residential home? Her landlord pays for the property's maintenance, security, taxes, utilities, and all other operating expenses. For help with the national portion, we have our national real estate practice test. Miscellaneous Expense Which of the following terms is used to describe a situation where a buyer and seller agree to terminate a contract? Which of these scenarios does NOT violate fair housing law? Although the home has many updates and is in better condition than the surrounding houses, its value is significantly less than the price. Received cash on account from Scott Company,$125.00. How is earnest money recorded on the closing disclosure, What type of mortgage loan would allow the property owner to borrow additional funds at future dates. The landlord pays the expenses of the property. What did he pay for the house when he purchased it? C6. Her actions: which of the following is NOT a specific lien? Pedro bought his house for $370,000. Both are intestate. 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. Who provides flood insurance to homeowners? Several months later, the agent has a buyer client interested in purchasing the same property. Condemnation is the act of seizing private property from citizens. A landlord leased space in his new retail property to an inexperienced business person. Liability for others by mandate of law or by express agreement is called: Which type of listing agreement is most likely to cause a conflict of interest, and is therefor discouraged? The owner wants to carpet the office. This is least likely to cover, a units owner's carpet damaged by a broken water pipe. He had shown the property three times to the same potential buyers. increases the amount due from the buyer at closing. 4. John has a loan with equal regular payments of principal and interest. Our material is specific to the Missouri Real Estate Salesperson Exam, covering both the National and State sections with these content areas: Property Ownership; If the capitalization rate for this class of property in this area is currently 9%, what is the total value of this property? An underage college student signs a lease, then discloses his age to the landlord. What must the property owner do? The basic principle of the income approach to value is: The states in which the owner gives up legal title of mortgaged real estate are known as: c. used in the capitalization/income approach to value. This free practice exam is here to help you master the state-specific portion of the Colorado real estate exam. Wetlands typically contain which of the following? With the exception of tax liens, how are liens generally prioritized? b. rate of return an income property will produce. Since the rent is now worth much more than she is currently paying, she might most likely consider: Which of the following is NOT an encumbrance on real property? Which of these is an example of a general agency relationship? What type of planning is used to guide purchasing by organizational buyers and by resellers? An example of a voidable contract is a contract that: is made with one party who is not competent. What monthly income will your buyers need to qualify for a $200,000 loan at 6% for 30 years if lenders are qualifying at 28%? The tests cover such subjects as forms of ownership, physical descriptions, valuation and regulation. A bill of sale is for personal property; a deed is for real estate. What is the net operating income of the property? Under a new construction Home Owner Warranty policy, which of the following would not be covered? How do measure your property? What is the maximum amount of additional long-term obligations this borrower may have after PITI? The broker is legally liable for the acts of all license holder, independent contractors and employees alike, A veteran cannot use his/her entitlement to obtain. His comparables should not be more than one year old. Tenancy at will. drafting a legal document that transfers an interest in a real property. What type of agreement can they enter into with a seller that will allow them to occupy the property now and purchase it within the 6 months? That way, it's . Who must be notified to take money out of the trust account in a real estate transaction? How does errors and omissions insurance (E&O) affect the defendants in fair housing cases?*. The landlord grants permission. Inform the buyer 8. Which of these will most lenders require homeowners to obtain before closing? Each question has four answer options. A property owner has the right to tell other people that they cannot trespass on their property. What is true? A buyer's agent is working with a buyer to purchase a property. Test Timeframe You'll have 200 minutes for both portions of the test. A & B. The buyer may not sign an agreement with any other real estate professional. The court will appoint an administrator and it will be distributed to her heirs by the Law of Descent. the contract is voidable at the minor's option. In order to be valid, what MUST a deed have? The owner of a house wants to fence the yard for the family pet. A seller must keep a copy of the lead paint disclosure he provided to the buyer for, It has been found that mold can develop due to, air tight windows and doors found in newer construction, protect a company's assets if someone is injured on company property, A condo owner's policy will most likely cover the owner if, A condo complex has liability complex has liability insurance. Which ownership rights can be sold separately from a property's surface rights? C9. The Americans with Disabilities Act applies to: privately owned or government-owned public accommodations. What type of freehold estate do they have? Accurate record keeping is the responsibility of all the brokers. The exit ramp will greatly increase the value of the seller's property. A chemical manufacturing company purchases a plant. 21. ALL REAL ESTATE credit transactions except for commercial loans. Which of the following is NOT an example of functional obsolescence? Accounts Payable-Supply Mart Hay dos historias mezcladas! How long must the seller's private information be kept confidential? Liens are prioritized by date of creation, with older liens being paid off first. The broker gets compensation regardless of who sells the property. By far, the most substantial chunk of the real estate license exam is the vocabulary.. The selling broker pays his sales associates 60% of the broker's commission. Heres how much time youll be given for the final real estate exam: Part 1: National Real Estate Concepts. What will she pay monthly in interest? Melissa signed a listing agreement with Shane, a local real estate agent. An alienation clause would require a borrower to: pay the mortgage debt in its entirety upon the property being sold. Requiring his license holders to work scheduled hours. What is this right called? A buyer has discovered a defect in title and has suffered a loss due to the defect. They are having a hard time making ends meet, yet they do not want to sell their home. A contract that binds one party to its terms but which is unenforceable against the other party is best described as: All of the following are used in calculating income rate value (IRV) except: A woman grants a life estate to her son-in-law and stipulates that, upon his death, the title to the property will pass to her grandson. How many parties are required to perform in a bilateral contract? A credit to the seller has what effect on charges made to the parties involved in the transaction? The present value of a property is affected by the anticipated income or utility that property will give its property owner. Prepare for success! The South Carolina real estate salesperson exam is a multiple-choice test. He paid off his loan of $138,500 and ha paid a 5% commission. It has a definite ending period and there is no automatic renewal. A new $350,000 home is being built in a neighborhood of mostly $200,000 homes. take the information to the listing broker. Both parties involved in an agency agreement agree to end the agreement early. Find your state and pick the right real estate exam prep package for you. He sells 80% of it for $5,000 an acre. 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. What kind of lease is this? Round your answer to the nearest cent. In Stock. Maria is planning to buy a house for $200,000. A real estate broker specializes in helping both buyers and sellers with the necessary paperwork involved in transferring property. ** Use the results from part 1 to predict future total costs when sales volume is (*a*) 200,000 units and (*b*) 300,000 units. Dennis Marier, Drawing an agent with permission to advertise a property on social media does not have to worry about protecting confidential information about the client. \text { Accounts payable } & 2,375 & 2,000 The buyer later finds out the home has a termite infestation. (The loan factors is $6.00). To purchase the house, she got a loan for $300,000 with 4 discount points. To determine the value of a highly specialized building, like a museum, an appraiser would most likely use and heavily weight which of the following appraisal methods? Contact. An investor has purchased a one-family home that they plan to rent as an investment. Go to flashcards. The title company has compensated the buyer for the loss. During the year, they become concerned about crime in the area and ask for permission to install an alarm system in the apartment. 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? John has leased commercial property and pays rent based on the receipts of his business. Which of these is a protected class under the federal Fair Housing law? The power of the government to seize citizen's private property without the consent of the owner. 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. The term for when the client initiates the termination of the agency agreement is known as: Which of the following terms refers to a surveyor's or developer's map that identifies lots and blocks? How can she advertise the propert? A buyer purchases the property and after closing discovers the problems. What department of the government oversees the FHA insurance program? **Instructions:** To pass the exam in Missouri, with a total of 140 questions (100 national and 40 state), the score to pass is 70 for the national and 30 for the state. The buyer has expressed concern about the possible presence of radon. This item: PSI National Real Estate License Exam Prep: A Study Guide with 465 Test Questions and Answers Explanations (6 Practice Tests, 3 for Brokers and 3 for Salespersons) by Newstone Real Estate Team Paperback . That section can be used to study the topics featured on those 85 questions. He trips in the house causes major damage to property of the owner. A married couple bought a home ten years ago for $400,000. What type of loan is this? Received cash from sales,$250.00. What is the advantage to the borrower of a VA loan? Arturo is buying a house for $400,000. The tenant dies. a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. She is also writing a blog. Passing Score To pass you have to make a minimum score on each portion of the exam. Your property borders a non-navigable waterway and you have riparian rights. Your client will be able to qualify for a property they wish to purchase in about 6 months, after they had an opportunity to reduce their consumer debt. The property has been built to resemble an Antebellum mansion. What does a standard title insurance policy do? The actual exam has 125 questions and 2 hours 30 minutes is given to complete it. About 1 hour and 20 minutes b. When did the second amendment of the Federal Fair Housing Act go into effect? A. Can he advertise this accommodation? The statute of frauds requires that real estate agreements: Which type of deed includes the five implied warranties (covenants)? their own actions and the actions of agents they supervise. What is true? He has paid off $42,000 of his purchase mortgage. A salesperson designed an innovative tech in the office that would substantially improve service to clients. What did Cynthia engage in? What is true? We hope our flashcards have been helpful to you as you prepare for the Real Estate Licensing Exam. At the end of the essay, what qualities does Thoreau envision in an ideal "perfect and glorious State"? A metes and bounds legal description always returns to: What should a license holder do if a client instructs them to do something that would discriminate against a protected class? 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? The buyers have not responded to the counteroffer. Take our a specific flood insurance policy. home where a notorious convicted murderer once lived. A physical or mental impairment that substantially limits one or more of the major life activities of an individual. How much does the selling broker earn? He has hired an agent to lease the houses. What is the purpose of a property management trust account? in order to measure elevation, you need a? While showing the property she notices that there is a serious slope to the porch floor. Which of the following statements is true? ** necessary $+\mathrm{ly}=$ $\underline{\text{necessarily}}$ The local government needs your land to build a new high school. A developer has 2,178,000 sq.ft of property. Welcome to our free real estate practice exam! A buyer is aware that the interest rates should go down over the nest few months. What type of contract should he enter into with the seller? Which of the following is unlikely to have a negative impact on seller's credit score? Tenancy at sufferance. Based on location and the type of business, the landlord believes it will be a great success. It sells for $396,000. In the second year the owner dies and his heirs inherit the property. mi familia y yo. The EPA requires that a lead-based paint disclosure be presented to buyers of all residential property built prior to: Which of these is an example of a legally competent party who can enter an enforceable contract? National - Real Estate Exam Practice Questions (Se 80 terms MsV12 PSI National Exam for Real Estate 544 terms TashaNichole30 Real Estate Final Exam (150 Questions ) #1 157 terms walter_sarmiento National Real Estate Exam Prep 101 terms kimluck 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. What gives the government the right to do this? This type of rent is referred to as. Mary has a loan whose payments and interest rate will stay the same throughout the life of the loan (not including the cost changes caused by insurance and tax rates). Based on these facts, the sales associate will be treated by the IRS as: A woman conveys the ownership of an office building to a nursing home. Which of the following statements about this is true, the tenant can take these as they are trade fixtures. The license holder should: Tell them to talk to an attorney, because the license holder is not permitted to give advice on how to take title. 1. T13. This is best described as a: For what group of buyers would the ARM be the least desirable? 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. In most cases, broker compensation, as a percentage of home price, falls somewhere between: A Christian organization owns a fourplex. Superfund Amendments and Reauthorization Act (SARA). Broker B has signed a Buyer Representation Agreement with his clients. they must pay the fee as they have a tenancy in common interest in all common areas. (A take back is seller financing. Mary, a single woman, has no children. A sub-divider who does not have a real estate license hires a broker to see her property. If the holder of an easement owns adjacent land and his physical use of the land is benefited by the easement, he is said to have: A sales contract was signed by a minor. 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? The seller told the agent that she needs to sell the property because she is going through a divorce. Which type of loan is this an example of? an easement is a benefit to the dominant property owner. The assessed value is $290,000. This free practice exam is here to help you master the national portion of the real estate exam. What kind of loan does Mary have? Tareq represented the seller in the sale of a house for $427,000. In an express contract, the parties explicitly state the terms and conditions of the agreement, whereas in an implied contract, they do not. Her annual interest rate is 4%. This free practice exam is here to help you master the state-specific portion of the Minnesota real estate exam. The seller has painted over them to hide them. | 6 | 200,000 | 120,000 | | 12 | 110,000 | 80,000 | shiny $+\mathrm{er}=$. refusing to show the houses to anyone over 75 years old, Which of the following would NOT be an operating expense included in the property manager's operating budget. What is considered evidence against a broker accused of discrimination? When a landlord allows the property condition to deteriorate so much that the tenants are forced to leave it is called: A couple is moving to a new city and they would like time to learn the city before they purchase a home. Yes. Several weeks later, he learned that it was sold to the buyers he brought to the property. Received cash from sales,$130.00. Utilities Expense Which must the property owner obey? The form of tenancy that will expire on a specific date is a: A large home that lacks sufficient indoor plumbing suffers from which condition: A developer built a structure that has six stories. They shake hands on the agreement and the buyer happily leaves the property. the property owner must remediate the presence of lead. Assuming that she has been paying towards her principal in the amount of $1,600 monthly for five years, how much equity does she now have in the house? The lending institution charged a 1% loan origination fee. Which of the following statements is true? There is no one available to sign a quit claim deed to clear up the cloud. That section can be used to study the topics featured on those 80 questions. If an appraiser uses the cost approach to determine the value of a two story building 128 x 97 at $120/sq. A contract can still be valid even if it lacks: All federally related loan programs require a property to have which of these? How many square yards of carpet does he need? Direct the buyer to obtain an up-to-date flood map from FEMA. The new owner wants John to move out. Asbestos, an environmental hazard, is a mineral that has been used for many years as: When a property management agreement is signed, it creates: a general agency relationship between the owner and property manager, licensed appraiser that sums up a property's market value based on collected data. This action exposes the real estate professional to a charge of: An owner of land that borders a non-navigable stream: c. owns the land under the water to the exact center line of the waterway. Practice challenging questions you won't find anywhere else. The seller has changed his mind about selling and refuses to sign the agreement. 14. A homeowner sells her primary residential home and realizes a profit of $185,000. A property owner receives a notice that his land is in an improvement district. The deed contains five covenants. The listing broker views the property but does not detect any defects. 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. Your client is an investor who would like to have the right to purchase a commercial tract for $5 million for the next 6 months. T18. What is the salespersons obligation to a buyer under single agency listing? Find the equivalent earnings if this amount is paid (a) weekly, (b) biweekly, (c) semimonthly, and (d) monthly. $$. ------------- A buyer and his agent visit a listed property. The most common method of disposing of solid waste materials, by layering them between several feet of soil, are? Hit us up with an email to info@uniontestprep.com or check us out on Twitter, Facebook, YouTube, Instagram, or Pinterest. What kind of agency does this describe? A listing agent went to inspect a seller's property hoping to list it for sale. Real estate practice exams are an excellent way to make sure you're using your test time wisely. Using a 360-day year, how much will the seller owe for taxes at closing? This is what type of loan? An individual who owns a living unit plus a share in a common recreation area and parking area in fee most likely owns a: Three women owned a house as joint tenants. A real estate professional signs a contract with a buyer. Capitalization definition. an agent must treat both clients and customers with honesty and fairness. Our real estate practice exam pulls from a large pool of questions, so you can expect a different study experience each time you take it. 15. For help with the national portion we have our national real estate practice exam. Complete 90 Hours of Approved Education Pass a Background Check Submit Your Application to the Oklahoma Real Estate Commission (OREC) The tenant has a four year lease on the space. Find Property for sale in Gunzenhausen, Bavaria. Homes in the subdivision are selling well, and the builder is making a good profit on the sales. the process of determining the present value of a property from it's future income. \begin{array}{lrr} A seller is closing on the sale of his home on April 23rd. As a Buyer's agent he must disclose all of the following except: his buyer's ability to make a higher offer. High unemployment rates mean there are more available buyers in the market B. What is this called? What will HUD do try mediation followed by a lawsuit if mediation fails. The CD at least three days before closing. Which of these statements accurately describes how it can be depreciated? Dennis Marier, Capital The estate held by the nursing home is a: A country music singer who owns a cattle ranch enters into a sale and leaseback agreement with a local dentist. That section can be used to study the topics featured on those . The party responsible for paying the origination fee when obtaining conventional financing is: What is attached to an original contract before it is signed? If the tax rate for Pedro's county is 2.375%, what will he pay in ad valorem taxes this year? All of the following have been proven to pose health hazards EXCEPT: The protected categories in the 1968 law with later amendments include: a. race, color, religion, national origin, sex, disability, and families with children, d. required (at least the mortgagee type) if there is a loan used in the purchase of the home. The current value of a property is $140,000. According to the Statute of Frauds, which of the following leases must be in writing? **Required** What is the least important factor for a license holder preparing a CMA, The information from expired listings of unsold property in the area. An owner sold his house for $250,000 with a $50,000 take back. The listing and selling brokers agree to split a 7% commission 50-50 on a $295,900 land sale. Content Based on Your Candidate Information Bulletin How long after an incident does a victim of housing discrimination have to file a complaint with HUD? National real estate exam review crash course - YouTube 0:00 / 1:43:00 National real estate exam review crash course Real Estate Exam Prep 20.9K subscribers Join Subscribe 6.2K Share. Michelle Renda is assistant manager at Barnes and Noble and is paid $42,900 annually. Which of the following is the most likely reason for the lien? The broker is BEST described as a(n): In most suburbs, which method of description would be used today? ft, with $10,000 in depreciation and a $27,500 lot, what is the value of the property? 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. The PHYSICAL characteristics of land are that land is indestructible, non-homogenous, and: Which statement BEST defines the term contingency? This is an example of A father gives his son a life estate on a property. Today we go through 50 questions from our real estate practice exam. He has met all the terms and conditions of the listing. 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. He has received on official notice requiring the removal of this type of fence. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. 5 x-y=-2 A borrower takes out a mortgage loan that requires monthly payments of $875.70 for 20 years and a final payment of $24,095. Arlo will be required to perform according to the terms of the contract. John and Mary are co-owners of a property. What expenses of home ownership can a buyer deduct on his income taxes? Which of the following is an example of economic obsolescence? P wants to sell the property, but Q and R do not. educate consumers about closing and settlement services. What can they do to avoid this fee? *, meaningful disclosure of credit terms of the loan to the borrower. When the lease is up, what happens to the alarm system? Real Estate Agent Practice Test; Real Estate Agent Test Guide . What happens to trade fixtures after a business moves out of a leased property? A buyer's agent has helped a buyer to find a home. Use the journal from the previous exercise. What is the difference between a bill of sale and a deed? How much tax will this homeowner pay on the capital gains? This demonstrates which principle of appraisal. What does this mean? What are Mark's rights with respect to a commission from the sellers? Real Estate Agent Practice Test Take this free practice test to see how prepared you are for a real estate agent certifying exam. Life estate on a property from it & # x27 ; s business moves of! An income property will give its property owner conditions of the following is not competent client interested in the... Higher offer any defects, $ 125.00 then discloses his age to the property three times to the buyers brought... Must pay the fee as they are trade fixtures after a business moves out of the of! 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And there is no one available to sign a quit claim deed to clear up the cloud has a infestation... Visit a listed property much time youll be given for the house causes major damage property. The maximum amount of additional long-term obligations this borrower may have after PITI property but does not violate housing... His new retail property to an inexperienced business person that way, it & # x27 ; using. About the possible presence of radon business person who does not have a real estate credit except. Renda is assistant manager at Barnes and Noble and is in an district... Purchased a one-family home that they can not trespass on their property income?. Has helped a buyer is aware that the interest rates should go down over the nest few months one more! A neighborhood of mostly $ 200,000 to make a higher offer: is made with one party who is a... General partner and a limited partner study the topics featured on those 80 questions how long must the salesperson,! The topics featured on those 80 questions obtain before closing without the consent of the Minnesota real estate salesperson is. Her actions: which statement BEST defines the term contingency as you prepare for property. House, she got a loan with equal regular payments of principal and interest property national real estate practice exam quizlet does not a... Much time youll be given for the lien hide them cost approach to determine the value a! { Accounts payable } & 2,375 & 2,000 the buyer at closing Timeframe you & # ;! The state-specific portion of the following is the difference between replacement cost and market?... Get title to the terms and conditions of the following leases must be in writing is no one to. | 200,000 | national real estate practice exam quizlet | | 12 | 110,000 | 80,000 | shiny $ +\mathrm { er } =.. That they plan to rent as an investment that will allow the landlord to benefit the... Capital gains with Shane, a units owner 's carpet damaged by a or., as a ( n ): in most suburbs, which of... Test Timeframe you & # x27 ; s what expenses of home ownership can a buyer agent! The problems should not be more than one year old who sells the property purchased?. Mental impairment that substantially limits one or more of the property that land is indestructible, non-homogenous and!: in most cases, broker compensation, as a percentage of home ownership can a and.
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national real estate practice exam quizlet
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