Cash received in a tax-deferred exchange. 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. An independent contractor is not an employee. It is hazardous to health when a possibility exists of exposure to inhalable fibers. Mortgage points, also known as discount points, are fees paid directly to the lender at closing in exchange for a reduced interest rate. * - 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. In this situation, the new offer cannot be accepted unless the seller's counteroffer is withdrawn or hypothetically rejected. This type of lease is called a: A percentage lease is a lease in which all or part of the rental is a specified percentage of gross income from the total sales made upon the property. Click the card to flip Definition 1 / 157 A customer. The two most effective study tools for the state exam are practice exams and learning the state-specific license laws. Texas Real Estate Exam Texas Real Estate Exam Flashcard Maker: Kirby Adcock 598 Cards - 19 Decks - 613 Learners Sample Decks: Principles Of Real Estate 2, Real Estate Finance 1, Real Estate Finance 2 Show Class Texas Real Estate Principles 1 Texas Real Estate Principles 1 Flashcard Maker: Nathan Hernandez 98 Cards - 9 Decks - 556 Learners - The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on. 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. In order for a month-to-month tenancy to be legally valid which of the following MUST the contract include? Squishy set the annual rental to earn a rate of return of 5%, and this fact is known to Jelly. A clause that allows landlord to raise rents during the term of the lease. A tenant who remains in possession of leased property after the expiration of the lease term. Upon payment and delivery of the deed, the seller should also deliver what? Obtained after you register for the New York State Salesperson exam using eAccessNY. A mortgagee is an entity that lends money to a borrower (also known as a mortgagor) for the purpose of purchasing real estate. An estimate of a property's value by an appraiser who is usually presumed to be expert in his work. A month-to-month tenancy is a periodic tenancy that does not have an expiration date and thus runs indefinitely. A colorless, odorless gas that is emitted from soils, rocks and water as a result of radioactive decay in certain areas of the country. The act specifically requires reasonable accommodations must be provided to people with disabilities. Justin takes out a mortgage loan that requires monthly payments of $650.50 for 25 years and a final payment of $30,000. Ready to get started? What is the illegal action or practice of lending money at unreasonably high rates of interest? A seller is asked whether any known plumbing defects exist on her property. Monthly payment by owner of a condominium. Exists when a principal does not stop an individual from representing them thus creating an agency relationship between the two. A lease commonly found in a building with a single, long-term tenant. - A card issued by the Department of State to each licensee which contains the photo, name and business address of the licensee, and, in the case of a real estate salesperson, the name and business address of the broker with whom he or she is associated and shall certify that the person whose name appears thereon is a licensed real estate broker or salesperson. Monthly payment by an owner of a condominium. You can miss 15 to 30% percent of the questions in most states and still pass the exam. - The authorization to improve or develop a particular property in a manner not authorized by zoning. When person dies and leaves no valid will, determines the order in which the property is distributed to the heirs. Severance is taking an item that is attached to the land and removing it as personal property. Its essentially a massive collection of forums where people can share news, content, and a bunch of other stuff. Call for the increased costs to the tenant for different reasons at specified times during the lease term. Responsible for developing and controlling a municipality's comprehensive strategy for growth and development. - An employment contract between principal and agent, authorizing the agent to perform services for the principle involving the latter's property. Responsibility of the Zoning Board of Appeals. Conspiring to establish fixed fees or prices for services or products. Also called excess insurance. The sequence of historical transfers of title to a property. Which of the following enforces all federal environmental rules and regulations? A written document produced by an Architect that describes the QUALITY of construction for a building. You must bring your "Summary of Your Submission" with you when taking the State exam. 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. - Oversees and upholds the quality and aesthetics of a neighborhood, town, or city. This year, Jelly leases a new piece of equipment from Squishy. Some include real estate practice exams and interactive real estate exam prep. It takes massive preparation. The interest that is unpaid accrues and the principal balance owed increases. A Sole Proprietorship is one individual or married couple in business alone. *Write the resulting set using the listing method. - The ability to have cash readily available to support the demands of running and maintaining real property. The actual exam has 150 questions and 3 hours 15 minutes is given to complete it. Beams are typically wood, cold formed metal framing or steel. Specific liens which if for residential property must be filed with the county clerk, within 4 months of when labor or materials was furnished. Easement - An accounting report issued periodically by the property manager to the owner outlining all income and expenditures for that accounting period. - Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation. The assessed value is a property's determined valuation to calculate the appropriate tax rates. payable. The equipment has a fair value at the commencement of the lease of $76,024 and an estimated useful life of 7 years. Fiduciary duties include: Loyalty, confidentiality, disclosure, obedience, reasonable care and diligence, accounting and more. A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). 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. An appraisal technique whereby the value of an income producing property is estimating by capitalizing its net operating income using an appropriate capitalization rate. What determines who pays for what and how much at closing? Someone authorized to transact every kind of business for the principal. Sometimes people forget there are hundreds of others in the same boat. An estate for years is not automatically renewed. 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. The cost approach is considered to be reliable when used on newer buildings, and not as reliable with older. It is a serious breach of a real estate agent's fiduciary duty to the seller not to present all purchase offers. Lease of property in which rental is based upon percentage of the volume of sales made upon the leased premises, usually provides for minimal rent. - A naturally occurring mineral fiber sometimes found in older homes. Typically placed 12", 16" or 24" on center. Which of the following is not a type of depreciation used in the cost approach? Each state determines the rules for brokerage firm trust accounts and how earnest money must be deposited. Which of the following fiduciary duties continues after a listing agreement expires? 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. Again, this duty lasts forever. Liquidated damage is most likely to be found in which of the following documents? There are online platforms you can get answers to the real estate exam. - Conspiring to establish fixed fees or prices for services or products. Eurocredits; eurodollar. It generally has to do with performance. They are a great option for someone who knows they will be owning a specific property for a long time. Here are the definitions: Corporations may be formed for profit or nonprofit purposes. If someone is unlawfully forced to execute a contract it is called what? Often required for mortgages, property insurance for a home is commonly called: Most loans require some form of homeowners insurance. Read More Here, An interest in real property which is held for the duration of the life of a designated person is called a, A life estate is an interest in real property which is held for the duration of the life of a designated person. Generally, you can expect that your state real estate agent license exam will consist of 80-100 multiple-choice questions about general real estate concepts and 60-80 questions specific to state licensing laws. The premise that the ownership of real estate consists of the ownership of various rights associated with it. A colorless, odorless gas that is emitted from soils, rocks and water as a result of radioactive decay in certain areas of the country. Normally if a background check is required so is the submission of fingerprints although they are usually handled at the same time and do not require additional steps. A freehold estate is an estate in which you have exclusive right to enjoy the possession of a property for an undefined length of time, while a leasehold estate is an estate held by one who rents or leases property for a period of time. In South Carolina, the score to pass is 56 and 28. The two entities that influence and control real estate financing are: a) The Board of Realtors and the U.S. Senate b) The MLS and Congress The agent is not entitled to any compensation. Must pass state administered real estate exam. Value = Income / Rate. Disclosure Regarding Real Estate Agency Relationships Form. A licensed real estate broker that holds the license of a salesperson. Once youre there, you can post any exam-related question you may have or answer other peoples questions too. An estate for years is not automatically renewed. - A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. Which of the following consumers would most likely qualify and be able to derive the most benefit from refinancing their mortgage? 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. The Superfund Amendments and Re-authorization Act of 1986 (SARA) was passed when the original act, CERCLA, expired in 1985. - The safety valves for electrical systems. Since the question says may be valid it is voidable. It runs from the present owner back to the original owner of the property. So in plain terms, a Purchase Agreement is the document buyers and sellers sign with all the terms and conditions of their transaction on it. Blueprints- Architectural drawings that describe the layout and construction of a house. Intangible Deterioration. - A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc., that must be transacted for a successful transfer of ownership to take place. A right to cross or otherwise use someone else's property for a specified person. To pass the exam in California, you'll need to get a score of at least 70%. What is the first step the seller should make? The developer or owner organizing and offering for sale a condominium or cooperative development. A company, individual or institution that originates mortgages. An amount of money set aside by the owner for a specific period for the property manager to manage the property effectively. Duress is the unlawful constraint or action exercised upon a person whereby the person is forced to perform an act against his or her will. However, it does not directly affect market value. Many states have a national portion and a state portion, but Florida has one section combining both for a total of 100 questions. The fact there is a limited amount of land on earth represents what essential element of value? If it's for less than one year, it can be oral with some exceptions. *Primarily interpreted to prohibit racial discrimination. Bounds: directions from one point to another. A method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year. - A contract between the owner of a property and someone who agrees to manage it. Having verbal authority is not good enough, and in many states is considered illegal. The market where mortgage loans and servicing rights are bought and sold between mortgage originators, mortgage aggregators (securitizers) and investors. A written document produced by an Architect that describes the quality of construction for a building. Mandated warranty for new construction according to the NYS General Business Law 36-B. The Fair Housing Act is a law that prohibits discrimination in the buying, selling, renting or financing of housing. - A horizontal structural member that supports a floor. An example of an easement in gross is an easement to a utility company to run a power line across a burdened piece of property. The idea is that when a community is organized, it is more attractive, safer and has fewer conflicts among people. Partition is a term used in real estate to describe an act, by a court order, to divide up a concurrent estate into separate portions representing interests of the owners of a property. Sign up for the newsletter to get exclusive real estate exam tips that I don't share anywhere else. Zoning usually increases the marketability of the property. - A financial term used by lenders to express the ratio of a loan to the value of an asset (property) purchased. (Example: mortgage). As a general rule of thumb ALL written offers must be: As a general rule of thumb all written offers must be presented to the seller. The interest rate decreases not the down payment. Also known as the "to have and to hold'" clause. 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. Assume that x is a binomial random variable with n = 4. A blind offer in real estate is a purchase contract written by a buyer without seeing the property. Valuation method which compares a subject property's. Homeowners should be alert for friable asbestos and always seek professional advice in dealing with it. This is common with sales contracts with extensive and detailed legal descriptions. A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. Most real estate sales contracts include contingency clauses, making them what? Anything that lessens the bundle of rights. What is the difference between void and voidable contracts? An estimate of a property's value by an appraiser who is usually presumed to be expert in his work. A person whose principal business is the originating, financing, closing, selling and servicing of loans secured by the real property for institutional lenders on a contractual basis is referred to as a? Federal law designed to control air pollution on a national level. The act prohibits creditors and lenders from considering a consumers race, color, national origin, sex, religion or marital status in deciding whether to approve their credit application. 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 principal is always the one whom you have an agency relationship with and therefore is the person whom you owe fiduciary responsibility. The section of the New York Real Property Law pertaining to real estate salespersons and brokers. Siding materials on buildings can be metal (such as aluminum), wood or vinyl. A document acknowledging the payment of a mortgage debt. Upon the death of a tenant in common, that share is transferred to the estate or heir of the deceased tenant. 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. It runs from the present owner back to the original owner of the property. Currently, most states have usury laws in place and set a cap on the maximum amount of interest a lender can charge. Read More Here, Tenants by the Entirety and Community Property both generally pertain to. Disclosure Regarding Real Estate Agency Relationships Form. A crime punishable by up to a year in prison and/or a $1,000 fine. A measure of land equaling 43,560 square feet. Real Estate U Final Exam Study Guide 4.5 (2 reviews) Term 1 / 110 Article 12-A of the NYS Real Property Law Click the card to flip Definition 1 / 110 The section of the New York Real Property Law pertaining to real estate salespersons and brokers. Community Property Laws are based on the idea that husband and wife are equal, separate, partners rather than one whole one like tenants by the entirety. Vertical framing members found in wall construction. So in our case it would be 500,000/75,000 which equals 6.66! Building superintendents or maintenance workers who perform tasks such as rent collecting for one owner, entity or company. 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. A document issued by a governmental authority that a. Vertical framing members found in wall construction. Primary purpose is to ensure a safe, properly functioning environment for the occupants. A clause found in real estate contracts that may allow buyers to, A clause in a contract that states a mortgage must be. A person that provides services to another under, The premise that the ownership of real estate consists of the ownership of. - A lien that only binds to a specific asset or property (Example: mortgage). Need state practice? 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. - 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. - The process by which a loan principal decreases over the life of a loan. A colorless, odorless gas that is emitted from soils, rocks and water as a result of radioactive decay in certain areas of the country. Market value is never directly determined by the government. When calculating the amount of real estate taxes owed, calculations are based on what type of value? A contractual or consensual lien that is created by an action taken by the debtor, such as a mortgage loan to buy real estate (Example: mortgage). When a Chinese couple asked the agent for the price of the house. Trade fixtures refer to items installed in connection with the business, such as stoves or refrigerators in a restaurant. A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. Which of the following forms of ownership would Tina and Tom most likely have? Closing is called many names depending on which region of the U.S you are from. 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 general agency in real estate is where an agent has limited power. In the appraisal of a building constructed in the 1930s, the cost approach would be the least accurate method because of difficulties in. - All confidential information as described by client must remain so unless given permission in writing. A deed which conveys simply the grantor's rights or interest in real estate. It is the _____ duty to explain the purchase agreement and to not mislead any parties. A legal way to dissolve the relationship when the parties don't voluntarily agree to its termination is called. - Monthly payment by an owner of a condominium. 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. A contract entered into under duress is voidable. A naturally occurring mineral fiber sometimes found in older homes. - A person that provides services to another under terms specified in a contract or within a verbal agreement. Trusts can be created during an individual's lifetime, or they can be established following someone's death. They made this test to trick you on purpose. that must be transacted for a successful transfer of ownership to take place. A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. Similar to a receipt, a bill of sale is a written instrument that attests to a buyer's purchase of property from a seller. Salesperson Test : Questions. Its important the buyer and seller clearly understand the document as it becomes legally binding as soon as both parties sign. A series of documents submitted for review by a cooperative board. Lenders will, however, look to see if you're delinquent on any federal debt. Usury is a form of predatory lending. Cash received in a tax-deferred exchange. 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. Value=Income/Rate. (h) Service revenue. A prepayment penalty clause states that a lender can penalize a borrower if the borrower pays off the mortgage much sooner than usual. Area of a triangle [triangle=1/2 of rectangle]. Real Estate Practice Exam Questions 1-50 (2020) The real estate license exam is divided into two parts: the national and your specific state portions. He needs an easement for ingress and egress over Ron's property to be able to enter and exit the property. Mrs. Jackson signs an open listing on her home with three different brokers. - A crime punishable by up to a year in prison and/or a $1,000 fine. 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. PCBs widely used as dielectric and coolant fluids, in transformers, capacitors, and electric motors. A property owner wishes to build a neighborhood grocery store in an area zoned for residential use. What type of loan is this? Determines the usage allowed for a building or subdivision. Voidable contracts MAY be valid, often they appear valid but are not. A voidable contract is a legal agreement between two parties that may be unenforceable for any number of reasons. A buyer of a home was not informed that his house was on a septic tank system. Any method of reducing taxable income resulting in a reduction of the payments to tax collecting entities, including state and federal governments. 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. An appraisal technique whereby the value of an income producing property is estimating by capitalizing its net operating income using an appropriate capitalization rate. The key difference between a leasehold estate and a freehold estate is the limitation of time. Mortgage bankers use their own funds, or funds borrowed from a warehouse lender, to fund mortgages. Youll need a 60-75% or better, depending on your state. Type of SHORT-TERM loan, typically taken out for period 2 weeks to 3 years. An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages. A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. - The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property. Liquidated damages are most likely to be found in purchase contracts. Drawings produced by Architects that describe the QUANTITIES of a building. Find the annual GRM. Refusal to lend money within a specific area for various reasons. Homeowners should be alert for friable asbestos and always seek professional advice in dealing with it. A valuation placed upon property by a public officer or a board, as a basis for taxation. Title to real estate is in the name of only ONE person or entity, it is an estate ownership in severalty i.e. The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on. As a listing agent, what obligations do you owe to an unrepresented buyer? Monthly payments by a shareholder to a cooperative corporation. Clause found in real estate contracts that may allow buyers to walk away from an agreed upon sale for any reason. Do you think that affirmative action has affected American culture positively or negatively? Metes: distances from point to point. a Federal law that makes real estate licensees liable for the disclosure of LEAD PAINT. An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages. - A valuation placed upon property by a public officer or a board, as a basis for taxation. The authorization to improve or develop a particular property in a manner not authorized by zoning. i.e. - Agent may be liable for costly mistakes. NY Code provides minimum standards for all buildings in NY. This free practice exam is here to help you master the state-specific portion of the Kentucky real estate exam. A legal proceeding by a lessor landlord to recover possession of real property. This free practice exam is here to help you master the national portion of the real estate exam. A key document provided during the purchase of a cooperative, which includes information required to be disclosed to the purchaser. Legal term for a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest. - A lien imposed by law upon a property to secure the payment of taxes. 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