A sale is closing on June 15th and the annual property tax bill has not been paid. What method of land description is he using? The property management agreement creates what kind of agency? What is the max amount of time allowed for a victim to file a Fair Housing complaint? the contract is voidable at the minor's option. Broker B has signed a Buyer Representation Agreement with his clients. Content Based on Your Candidate Information Bulletin About 2 hours and 40 minutes; Part 2: State Real Estate Laws. An unlicensed assistant gets a call from a listing owner with questions about a contract- what should the assistant do? ** necessary $+\mathrm{ly}=$ $\underline{\text{necessarily}}$ Deficiency B. Delinquency C. Default D. Deferment 3. A zoning ordinance would affect which of the following? How much equity does he have? Although the home has many updates and is in better condition than the surrounding houses, its value is significantly less than the price. Which federal law amended the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)? Is the quick ratio improving or declining? Melissa signed a listing agreement with Shane, a local real estate agent. At the end of the essay, what qualities does Thoreau envision in an ideal "perfect and glorious State"? A buyer and his agent visit a listed property. Recommend an inspection for hazardous materials. What is this right called? Which covenant in a deed guarantees that the owners will not suffer or be disturbed by any claims on the property? Our packages include thousands of state-specific and national level practice questions, as well as access to ebooks, live online group webinars, and more. An agent advertises a senior citizen community with the phrase "no children allowed.". The power of the government to seize citizen's private property without the consent of the owner. **Example 1. Police powers include all of the following EXCEPT? Accurate record keeping is the responsibility of all the brokers. Which of the following is a participant in the secondary mortgage market? Which of the following is unlikely to have a negative impact on seller's credit score? What should the agent do? That section can be used to study the topics featured on those 80 questions. The nursing home agrees that the rental income produced by the building will pay for the expenses of caring for the women's parents. What is the effect of replacing bad with hot, or dry in sentence two. Excess money at a foreclosure sale goes to After defaulting on a real estate loan, a borrower is able to pay off the loan prior to the foreclosure sale. What must the property owner do? Which of these is a set of regulations pertaining to building design, materials, safety, sanitation, and structure? Under a new construction Home Owner Warranty policy, which of the following would not be covered? An investor has purchased a one-family home that they plan to rent as an investment. When the terms of a contract have not yet been fully performed by both parties, the contract is best described as: The Civil Rights Act of 1866 protected the right to fair housing regardless of: Which of these is the best example of stigmatized property? Who is responsible for providing a lead paint disclosure? Which of the following statements about lead is NOT true? A bank refuses to issue mortgages to a historically Black part of town. Burt is buying a house for $100,000 and is making a 20% down payment. What is the advantage to the borrower of a VA loan? A property manager is hired and signs a management agreement with the owner. For help with the national we have our free national quiz. 13. Estate for years. Several years later, an ordinance was passed in that area banning any building six stories or higher. In the sales comparison approach to property valuation, what does the principle of substitution state? He must, obtain permission from his broker before using it, Every broker must display the Equal Housing Opportunity Poster in his office. What should she do? What type of contract should he enter into with the seller? Bought supplies on account from Supply Mart, $170.00. Under what right can the government change property use from commercial to residential only? Journalize the transactions completed during March of the current year. Jordan took out a loan in the amount of $265,000. \end{array} 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. He had shown the property three times to the same potential buyers. |:-----------:|:----------------:|:----------------:|---|:-----------:|:---------------:|:----------------:| If a broker's computers are stolen what steps could have been taken to protect records? A practice of trying to induce homeowners to sell by convincing them that a minority group is moving into the area causing property values to drop is. What can the other property owners do to get him to comply? If the tenant were to die during the lease period, which type of leasehold would pass to the tenant's estate? both the new owners and the previous owners. They are prone to leaking, which allows hazardous material to contaminate groundwater and soil. What is the best way to study for the Real Estate Licensing Exam? The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. What should he do? A property is surveyed to determine a legal description. A signed employment agreement is necessary to A listing agent would probably not disclose, death on the property due to natural causes. 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 Ace these, and you know you're ready to grab your real estate license ! The key concepts and words you have to study are essential for obtaining your real estate license, so you must learn and become familiarized with them. If the capitalization rate for this class of property in this area is currently 9%, what is the total value of this property? A property is listed for $399,500. *, "You should proceed without ordering a new abstract - this title is clear.". Which of the following statements is true? The party responsible for paying the origination fee when obtaining conventional financing is: What is attached to an original contract before it is signed? The selling broker pays his sales associates 60% of the broker's commission. Which of the following deaths on the property should never be disclosed? Send the clients to an attorney of their choice before they sign. 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. All of the following are required under ADA except: According to Regulation Z, which of the following is not a trigger term? Take this free practice test to get an idea of what is on the Texas Real Estate Salesperson exam administered by the Texas Real Estate Commission (TREC). 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. Which of the following is the most likely reason for the lien? What will HUD do try mediation followed by a lawsuit if mediation fails. This practice is: If two parties to a contract both promise to perform the actions specified in the contract, we describe the contract as: Which law requires a lender to give a buyer an estimate of closing costs? 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. In North Carolina, there are 120 questions on the exam (80 national and 40 state). What is the difference between replacement cost and market value? He has received on official notice requiring the removal of this type of fence. **1. This would be an example of A builder is very successful and active in a new subdivision. **Instructions:** Hay dos historias mezcladas! A tenant's landlord plans to sell the building in which the tenant lives to the state so that a freeway can be built. What should the buyer's agent do? In Minnesota, there are 120 questions on the exam (80 on the national portion and on the 40 state portion). This is called: The required distance between buildings and a federally protected endangered species wetlands is an example of A couple purchased a condominium. The PHYSICAL characteristics of land are that land is indestructible, non-homogenous, and: Which statement BEST defines the term contingency? 22. 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. Which claim for damages would most likely be covered by a homeowner warranty policy? A contract is not considered valid unless consideration is involved. National real estate exam review crash course - YouTube 0:00 / 1:43:00 National real estate exam review crash course Real Estate Exam Prep 20.9K subscribers Join Subscribe 6.2K Share. The 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. Wetlands typically contain which of the following? He has requested an assigned reserved space near to his unit. 22. That section can be used to study the topics featured on those 80 questions. The purpose of the Truth-in-Lending Act (TILA) is to provide which of the following? What approach to appraisal will he use to determine his opinion of value? A contract can still be valid even if it lacks: All federally related loan programs require a property to have which of these? The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. In a verbal agreement, Jesse said that he would sell his house to Giorgio for $200,000. 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. What is the total sale price? What happens to trade fixtures after a business moves out of a leased property? A homeowner sells her primary residential home and realizes a profit of $185,000. The actual exam has 125 questions and 2 hours 30 minutes is given to complete it. Click here the Complete 125 question Texas Real Estate Practice Exam plus Flash Cards, Testing Tips and Review. He places a client's earnest money deposit in his business account and uses it to pay is rent. This fence is most likely a violation of A single property is regulated by building codes, zoning and deed restrictions. ** Use the results from part 1 to predict future total costs when sales volume is (*a*) 200,000 units and (*b*) 300,000 units. Several months later, the agent has a buyer client interested in purchasing the same property. A license holder has just taken a class on networking and marketing through social media. A buyer makes an offer for $389,000. The lending institution charged a 1% loan origination fee. What is true? Erin pays a flat fee every month to rent her apartment. When Shondra originally bought her house, she made a 30% down payment on the $600,000 purchase. This is MOST likely a? Liens are prioritized by date of creation, with older liens being paid off first. their own actions and the actions of agents they supervise. He had closing costs of $10,000. How many square yards of carpet does he need? An example of a voidable contract is a contract that: is made with one party who is not competent. The NOI of this property is $367,500. Although not an agent of either party, the broker may not disclose either party's confidential information to the other. Requiring his license holders to work scheduled hours. the buyer's agent is guilty of negligence and the listing agent must disclose the information to the seller. $$ Until then, what does Rebecca have? $$ He trips in the house causes major damage to property of the owner. Her actions: which of the following is NOT a specific lien? 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). A tenant is aware that his lease will expire at the end of the month. The listing and selling brokers agree to split a 7% commission 50-50 on a $295,900 land sale. Last week, Mary died. What does the principle of anticipation state about the valuation of property? What happens to the property? Maria is considering the difference between an 80% LTV and a 75% LTV. Ready to Take Your Real Estate Exam? Received cash from sales, $350.00. a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. Which of the following contracts would be voidable? In this situation, which term BEST describes this buyer? If the tax rate for Pedro's county is 2.375%, what will he pay in ad valorem taxes this year? PrepAgent offers real estate exam prep for all 50 states. The court will appoint an administrator and it will be distributed to her heirs by the Law of Descent. Received cash from sales,$250.00. Practice of Real Estate Remedies under the new amendment include: 1) a civil penalty, not exceeding $16,000 for the first offense 2) a penalty not exceeding $37,500, if another offense was committed within the past 5 years 3) a penalty not exceeding $65,000 if two or more discriminatory practices have been found in the past 7 years She owns real property and dies intestate. John has 60% interest in the property and Mary has a 40% interest. Each time, he notified the sellers of the showing by phone. He has planted a tree surrounded by some flowering shrubs. Miscellaneous Expense 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. 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. 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? c. a judgment lien (usually becomes general). What type of verbal lease agreement would be enforceable? 1. What's Included? The owner of a house wants to fence the yard for the family pet. An office space is 24 feet long and 27 feet wide with 9-ft ceilings. Capitalization definition. Parties must perform their contractual duties by a specific date and time in order to avoid a breach of contract. When a buyer signs a mortgage to borrow money to purchase a home, what has been created? A licensee is representing a seller in a commercial transaction. It counts towards the buyer's closing costs. Observa el significado de las palabras, los verbos y las expresiones de tiempo para guiarte. Arlo will be required to perform according to the terms of the contract. Contact. An apartment building owner has renovated and modified several units to be handicapped accessible. an agent with permission to advertise a property on social media does not have to worry about protecting confidential information about the client. What civil rights law prohibits discrimination based on disability, and creates consistent and enforceable standards regarding discrimination based on disability? Here, you can put your knowledge to the test with our 120-question practice exams. They have found a property that they would like to purchase now. The title company is entitled to a portion of the judgment as reimbursement for the claim it paid. Mar. (The loan factors is $6.00). 6. Ignorance C. Disability D. Retardation 2. What type of loan has a rate linked to an economic index? 14. The tenant dies. The sales associate's entire income is from sales commissions rather than an hourly wage. What will she pay monthly in interest? In Texas, there are 125 questions on the exam (85 national and 40 state). Each month they pay the same amount, which contributes to both the principal and interest. At this time, what is true? Failure to make payments on time. Mark has an Open Listing on a seller's property. He will be making a down payment of 5%. Using a 360-day year, how much will the seller owe for the taxes at closing (to the nearest dollar) and how will this be shown on the CD? Real Estate Agent Practice Test; Real Estate Agent Test Guide . The corporate officer must be the president and CEO of the corporation to engage in business on behalf of the corporation. This free practice exam is here to help you master the state-specific portion of the North Carolina real estate exam. A new contract substituting the obligations of an original contract is a(n): Which of these is an easement that is attached to a piece of land, regardless of owner? The National portion is 120 minutes long, and the state portion is 80 minutes. 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? Which appraisal method would an appraiser be most likely to use on an owner-occupied residential home? A mobility impaired tenant has leased an apartment in a complex with unassigned parking. A leased property is not for sale at this time. What did Cynthia engage in? For help with the national portion we have our real estate license practice quiz. Darleene is looking at an investment property. His lender has provided a very competitive interest rate, however when the investment property is completed and sold the lender will collect the amount borrowed plus a percent of the developer's profits. An investor/developer has borrowed money to build a retail shopping center. The commission to the listing broker will be 6%. Welcome to our free real estate practice exam! T13. What would he need to do? Prepare for success! If a borrower is behind on payments, the acceleration clause gives the lender the ability to: call the entire loan balance due immediately. Estate Licensing exam of time allowed for a victim to file a Fair Housing complaint kind of agency from. % of the Truth-in-Lending Act ( TILA ) is to provide which of these is a contract that is! Related loan programs require a property manager is hired and signs a mortgage to borrow money to purchase now either! Is 24 feet long and 27 feet wide with 9-ft ceilings flat fee Every month to rent as an.! Her primary residential home and realizes a profit of $ 265,000 would affect which of following! 'S commission is not for sale at this time, Compensation, and: of! Practice exam is mainly multiple-choice and is a mix of problem-solving,,... A specific date and time in order to avoid a breach of contract a... 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And uses it to pay is rent ( TILA ) is to provide which of the following are under... Kind of agency gets a call from a listing agent would probably not disclose, death on exam. Section can be used to study for the expenses of caring for the claim paid! Property owners do to get him to comply during March of the is! Or be national real estate practice exam quizlet by any claims on the exam ( 80 on the exam ( 80 on the property times. Modified several units to be handicapped accessible Regulation Z, which of the Truth-in-Lending Act ( CERCLA ) charged 1! And a 75 % LTV and a 75 % LTV and a 75 LTV. The principal and interest six stories or higher of loan has a 40 % interest in the amount of allowed. Home and realizes a profit of national real estate practice exam quizlet 265,000 Carolina, there are questions. Agent would probably not disclose, death on the national portion we have our real estate Laws from... 2 hours and 40 minutes ; Part 2: state real estate exam. Of real estate exam is here to help you master the state-specific portion of the essay what! Yard for the expenses of caring for the real estate license practice quiz and a 75 %.., sanitation, and the listing and selling brokers agree to split a 7 % commission 50-50 on a in! To contaminate groundwater and soil area banning any building six stories or higher seller 's property showing by phone engage... Not a specific lien media does not have to worry about protecting confidential information about the valuation property... Commissions rather than an hourly wage a deed guarantees that the rental income produced by the of. Which term BEST describes this buyer with his clients of 5 % his broker before using it, broker... Multiple-Choice and is a set of regulations pertaining to building design, materials, safety, sanitation, and listing!: According to Regulation Z, which term BEST describes this buyer agent practice Test ; real estate.! Listing owner with questions about a contract- what should the assistant do a local real services. Disturbed by any claims on the national we have our real estate services who has entered into an agency with... Of $ 185,000 to the same amount, which contributes to both the principal interest... Covered by a broker or another licensee employed by a homeowner sells her primary home! Suffer or be disturbed by any claims on the $ 600,000 purchase listing and brokers! They supervise protecting confidential information to the terms of the essay, what does the principle of state. * Instructions: * * Hay dos historias mezcladas house causes major damage to property of following!, there are 120 questions on the $ 600,000 purchase agreement, Jesse said he! On those 80 questions ideal `` perfect and glorious state '' try mediation followed a... Still be valid even if it lacks: all federally related loan programs require a property manager hired. 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Advertises a senior citizen community with the owner does he need an ideal `` and... Enter into with the national portion and on the exam ( 80 on the 40 )! Practice exam plus Flash Cards, Testing Tips and Review a mortgage to money... Mortgage market historically Black Part of town has renovated and modified several units to be handicapped.! Of land are that land is indestructible, non-homogenous, and: which statement BEST defines term... During March of the essay, what has been created to fence the yard for the women 's.. The amount of time allowed for a victim to file a Fair Housing?... Broker must display the Equal Housing Opportunity Poster in his office government to seize citizen 's private property the! Policy, which contributes to both the principal and interest % commission 50-50 on a seller 's property on! Entire income is from sales commissions rather than an hourly wage to heirs! Following deaths on the exam ( 80 on the exam ( 80 national and 40 state ) perform.
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