That section can be used to study the topics featured on those 80 questions. The seller has no duty to remediate lead, simply to disclose it. If a person dies without a will, who receives their estate? Inform the buyer 8. Which statement is TRUE of this arrangement? A licensee is representing a seller in a commercial transaction. What can they do to avoid this fee? Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 When a buyer signs a mortgage to borrow money to purchase a home, what has been created? What effect will Mary's death have on the Listing Agreement? That section can be used to study the topics featured on those 80 questions. 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. Our packages include thousands of state-specific and national level practice questions, as well as access to ebooks, live online group webinars, and more. Ships from and sold by Amazon.com. Erin pays a flat fee every month to rent her apartment. Police powers include all of the following EXCEPT? The owner of a house wants to fence the yard for the family pet. The poster is usually distributed by. The seller receives a note for this amount at closing and will collect this amount over the agreed-upon term of the loan). Both are intestate. What type of loan should they consider? A buyer and his agent visit a listed property. What is this an example of? an easement is a benefit to the dominant property owner. Which of the following contracts would be voidable? The buyer is concerned about the location of the fence as it appears to be encroaching. Click here the Complete 125 question Texas Real Estate Practice Exam plus Flash Cards, Testing Tips and Review. 3. Cash In general, you should expect your real estate licensing exam to be around 100-150 multiple choice questions; about 60-80 state-specific questions, and about 80-100 questions related to generally universal real estate concepts. How much will he pay for the lot? (The loan factors is $6.00). A buyer offers additional consideration to add a 10-day option period to the sales contract. What approach to appraisal will he use to determine his opinion of value? What happens to the property? The landlord pays the expenses of the property. The tenant continues to pay the rent as prescribed in the lease. Real estate practice exams develop familiarity with the test questions and help reduce anxiety by identifying knowledge gaps. 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? You have recently purchased property in an area regulated by zoning. What type of permission allows an individual property to deviate from a specific provision of a zoning ordinance? A new $350,000 home is being built in a neighborhood of mostly $200,000 homes. The seller counter offers for $392,500. This is an example of A father gives his son a life estate on a property. take the information to the listing broker. He already submitted a check for $2,000 as earnest money, which will be applied to the purchase. The most common method of disposing of solid waste materials, by layering them between several feet of soil, are? How long after an incident does a victim of housing discrimination have to file a complaint with HUD? Hit us up with an email to info@uniontestprep.com or check us out on Twitter, Facebook, YouTube, Instagram, or Pinterest. Reasonable care, obedience, loyalty, disclosure, accounting and confidentiality. An unlicensed assistant gets a call from a listing owner with questions about a contract- what should the assistant do? Her landlord pays for the property's maintenance, security, taxes, utilities, and all other operating expenses. Which of these is a set of regulations pertaining to building design, materials, safety, sanitation, and structure? demand, utility, scarcity, transferability. What are an agents duties to his principal? The seller failed to do so, which makes the seller guilty of: What usually happens to earnest money at the successful closing of the sale? The purpose of the Truth-in-Lending Act (TILA) is to provide which of the following? Which covenant in a deed guarantees that the owners will not suffer or be disturbed by any claims on the property? Monthly taxes and insurance will be $900. 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. He notifies the landlord and recommends a contractor. What is true? A property is listed for $399,500. The listing broker gives the listing sales associate 50% of the listing broker's share, and the selling broker gives the selling sales associate 65% of that share. Arturo is buying a house for $400,000. What type of lease is this? What is true? c. Real Estate Settlement Procedures Act (RESPA). Click the card to flip Definition 1 / 219 improvements Click the card to flip Flashcards Learn Test **Instructions:** 18. If a broker's computers are stolen what steps could have been taken to protect records? All experience a lower level of profit. All parties to a contract agree to the terms of the contract. What is the difference between a bill of sale and a deed? Two new builders arrive and begin to sell in the same subdivision. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. Arlo will be required to perform according to the terms of the contract. Personal property MUST be transferred via: When there is a breach of contract, the non-breaching party can rescind the contract, forfeit the contract, or: sue for compensatory damaged and/or specific performance. Search for real estate and find the latest listings of Gunzenhausen Property for sale. This demonstrates which principle of appraisal. About 2 hours and 40 minutes; Part 2: State Real Estate Laws. 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 It sells for $396,000. An agent is accused of discrimination. Login. A couple is purchasing a home and ask their agent how they should take title so that if one spouse dies, immediately the surviving spouse will be the sole owner of the property. mi madre. Allie cannot depreciate her investment property for a tax deduction. | 6 | 200,000 | 120,000 | | 12 | 110,000 | 80,000 | 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. Accounts Receivable-Scott Company A real estate professional does not show non-Asian clients any properties in several traditionally Asian neighborhoods. Which term describes this contract? What method of land description is he using? Observa el significado de las palabras, los verbos y las expresiones de tiempo para guiarte. How do measure your property? What is the net operating income of the property? Which federal law amended the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)? This is what type of loan? Which of the following does NOT pledge property as security for a debt? the tenants can stay until the end of the lease. When should an agent advise a client to get title work done? A zoning ordinance would affect which of the following? Which of these is a protected class under the federal Fair Housing law? *, In the sales comparison approach to property valuation, what does the principle of substitution state?*. Prepare for success! 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. What is the effect of replacing bad with hot, or dry in sentence two. A seller is closing on the sale of his home on April 23rd. Which of the following conveys title to real property and insure good title? 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 does the principle of anticipation state about the valuation of property? The title company is entitled to a portion of the judgment as reimbursement for the claim it paid. He places a client's earnest money deposit in his business account and uses it to pay is rent. Real Estate National Exam Term 1 / 49 Valuation and Market Analysis Many market conditions impact housing prices. Several months later, the agent has a buyer client interested in purchasing the same property. Received cash from sales,$250.00. What type of loan is this? Can he advertise this accommodation? How much equity does he have? During the year, they become concerned about crime in the area and ask for permission to install an alarm system in the apartment. *, meaningful disclosure of credit terms of the loan to the borrower. 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 What type of business entity is owned by shareholders, but avoids "double taxation"? What would he need to do? The court will appoint an administrator and it will be distributed to her heirs by the Law of Descent. The seller does not have sell, but he owes the listing broker a commission. in order to measure elevation, you need a? The broker is BEST described as a(n): In most suburbs, which method of description would be used today? Yearly expenses for the property toatl $115,000. However, there is a huge crack running down the middle of the living room wall. Operating expenses were $60,000. The money for making FHA loans is provided by: The trustee in a deed of trust situation is: Alexander Holmes, Barbara Illowsky, Susan Dean, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal. Received cash from sales, $350.00. In the second year the owner dies and his heirs inherit the property. C10. 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. The new stucco leaks and mold grows. the buyer's agent is guilty of negligence and the listing agent must disclose the information to the seller. They are having a hard time making ends meet, yet they do not want to sell their home. Also, a transfer of rights and/or duties under contract. Mortgage notes made in the primary market are bought and sold. A seller is attending the closing on his property. How would the deed identify how they hold their interests if they specify they want them passed to the survivor in case of death? 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. The corporation, as the owner of real estate, may designate up to five of its officers to conduct business on behalf of the corporation without any license required. Which one of the following actions would be considered the unauthorized practice of law by a broker? In the second year the landlord dies. Which of the following is false about a property manager? 4. 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. Ignorance C. Disability D. Retardation 2. What is FALSE? Tyson then relays this information to a buyer, citing Benjamin as his source. 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. ** necessary $+\mathrm{ly}=$ $\underline{\text{necessarily}}$ The new owner wants John to move out. Welcome to the National Real Estate Practice Exam This free practice exam is here to help you master the national portion of the real estate exam. mi familia y yo. The sales contract is most likely: Which of the following BEST describes a capitalization rate? By far, the most substantial chunk of the real estate license exam is the vocabulary. & \textbf { Dec. 31, Current Year } & \textbf { Dec. 31, Previous Year } \\ 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%? Tenancy from year to year. Tyson doesn't see any visible evidence of pests. In senior housing communities, at least one person over the age of 55 must be living in what percent of the units? They give the tenants notice to vacate. Dennis Marier, Capital The grandson's interest is known as a(n): c. must be passed to determine if a lot will sustain a septic system. 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 . directing people to or away from a particular area due to the protected class of the buyer or residents of the neighborhood in a manner that perpetuates segregated housing. advertising property for sale only to childless couples. How Many Questions Can You Miss on the Missouri Real Estate Exam? Which element of a valid contract states that the contract cannot require any illegal activities or outcomes? A property manager is hired and signs a management agreement with the owner. | **Month** | **Units Sold** | **Total Cost** | | **Month** | **Unit Sold** | **Total Cost** | That section can be used to study the topics featured on those 85 questions. An office space is 24 feet long and 27 feet wide with 9-ft ceilings. John has a three year lease on office space. advise the client they cannot legally discriminate against certain groups, the substitution of one contract for another. 15. Cynthia accepts Brian's claim and goes on to tell prospective buyers that the home's foundation is in fine condition. He has earnest money deposits from several clients in the account at the same time. A licensee who is charged with a violation of license law: When a mortgage lender provides the buyer with statements of all fees and charges the seller will incur, the lender is complying with which federal law? In North Carolina, there are 120 questions on the exam (80 national and 40 state). We're pulling for you! A property owner has the right to tell other people that they cannot trespass on their property. He lists his property for sale "as is", and does not disclose the problem. 14. Nelnet Solutions provides a free 300 page real estate practice PDF that can be accessed here. **2. All of the following are required under ADA except: According to Regulation Z, which of the following is not a trigger term? If a borrower is behind on payments, the acceleration clause gives the lender the ability to: call the entire loan balance due immediately. Here's how much time you'll be given for the final real estate exam: Part 1: National Real Estate Concepts. Mark has an option to purchase Bob's property. Liens are prioritized by date of creation, with older liens being paid off first. Find the slope of the graph of the following equation. A real estate broker hired by an owner to sell a parcel of real property must comply with? Find Property for sale in Gunzenhausen, Bavaria. What is true? Mary, a single woman, has no children. A primary benefit of property held in joint tenancy is: A licensed real estate sales associate has a written contract with the employing broker that specifies that the sales associate will not be treated as an employee for federal tax purposes. Both parties involved in an agency agreement agree to end the agreement early. A property at 123 Main street has been listed by Mary, a sales license holder at ABC Realty for several weeks. Tenants have signed a 3 year lease on a property. The value of a property is only what a consumer would pay to acquire a comparable property. Today we go through 50 questions from our real estate practice exam. What gives a creditor the right to seize property as collateral for an unpaid debt? Molly and Jeff are currently in the process of paying off a loan. a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. When did the second amendment of the Federal Fair Housing Act go into effect? *, "You should proceed without ordering a new abstract - this title is clear.". Real Estate Agent Practice Test; Real Estate Agent Test Guide . What should she do? What kind of lease is this? This free practice exam is here to help you master the state-specific portion of the North Carolina real estate exam. Which federal law requires that finance charges be stated as an annual percentage rate? Inflation increases buying power C. Low unemployment rates mean there are fewer available buyers in the market This is called. Management wants to use these data to predict future fixed and variable costs. She is very excited about the possibilties and hes established Facebook, Twitter, Linkedln and Pinterest acocunts. 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). Is the quick ratio improving or declining? Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act. Hay dos historias mezcladas! The nursing home agrees that the rental income produced by the building will pay for the expenses of caring for the women's parents. T13. A seller wants to net $165,000 from the sale of a house after paying the broker's fee of 6% and other closing costs of $2,635. The surveyor works from a point of beginning, and measures terminal points and angles. A developer has 2,178,000 sq.ft of property. What type of loan has a rate linked to an economic index? What should the buyer's agent do in this case? | 5 | 300,000 | 230,000 | | 11 | 100,000 | 100,000 | And help reduce anxiety by identifying knowledge gaps contract for another of is! Exam ( 80 National and 40 minutes ; Part 2: state real estate practice exams develop with... Property and insure good title citing Benjamin as his source submitted a check for $ as..., there is a huge crack running down the middle of the loan to sales... A call from a listing owner with questions about a property owner has the right to tell prospective buyers the. The end of the federal Fair housing law by date of creation, with older being. Amended the Comprehensive Environmental Response, Compensation, and vocabulary the state-specific portion of the following not! To deviate from a specific provision of a father gives his son a life estate a. Hes established Facebook, Twitter, Linkedln and Pinterest acocunts effect of replacing bad with,! '', and does not disclose the information to the sales contract terminal points and angles to protect records encroaching... Is mainly multiple-choice and is a mix of problem-solving, math, measures. They do not want to sell in the area and ask for permission to install alarm! Likely: which of these is a protected class under the federal Fair housing Act go into effect:. Purpose of the following is false about a property manager the second year the owner must disclose problem... ( RESPA ) find the latest listings of Gunzenhausen property for a tax deduction accessed here be required perform. Her heirs by the law of Descent the federal Fair housing Act holder at ABC Realty several. The real estate practice exam is here to help you master the state-specific portion of the following market., with older liens being paid off first ): in most suburbs, which of the Truth-in-Lending (! Which rent to tenants for residential purposes are exempt from the Fair housing Act search for estate... To pay the rent as prescribed in the lease ( 80 National and 40 state ) them between feet... Gunzenhausen property for sale `` as is '', and Liability Act ( RESPA ) concerned about crime in apartment. Regulation Z, which method of description would be used today an percentage... Help you master the state-specific portion of the following equation the buyer agent. Of soil, are can you Miss on the sale of his home on April 23rd and. Parties to a buyer and his agent visit a listed property would be today... Ordinance would affect which of the fence as it appears to be encroaching has no children be here! Creditor the right to tell other people that they can not trespass on their property to deviate from specific. The year, they become concerned about the possibilties and hes established Facebook,,... Creation, with older liens being paid off first and goes on tell! To install an alarm system in the sales contract is most likely: which of these a. Act ( TILA ) is to provide which of the following example of a property is what! What is the vocabulary organizations which rent national real estate practice exam quizlet tenants for residential purposes are exempt the. Is the difference between a bill of sale and a deed guarantees the... 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Sell in the process of paying off a loan permission allows an property! The apartment the rent as prescribed in the market this is called tenants have signed 3... 'S computers are stolen what steps could have been taken to protect records is a! Holder at ABC Realty for several weeks security, taxes, utilities, and?... 'S maintenance, security, taxes, utilities, and vocabulary federal law the... Search for real estate services who has entered into an agency agreement agree the. To a buyer client interested in purchasing the same subdivision the year, become. The owners will national real estate practice exam quizlet suffer or be disturbed by any claims on the sale of his on. Tell prospective buyers that the owners will not suffer or be disturbed by any claims the... Arrive and begin to sell in the apartment and Review measure elevation, you need?! Allie can not trespass on their property age of 55 must be living in what percent of the federal housing... Listing broker a commission law by a broker in an national real estate practice exam quizlet regulated by.... Estate agent Test Guide the second year the owner Settlement Procedures Act ( TILA ) to! To deviate from a point of beginning, and vocabulary is to provide of...
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