A chemical manufacturing company purchases a plant. Yes. A bill of sale is for personal property; a deed is for real estate. Dennis Marier, Drawing What is the main reason for considering underground storage tanks (USTs) an environmental hazard? Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act. **1. Hay dos historias mezcladas! Under these circumstances, which of the duties of the agent would be the easiest for him to fulfill? Find the slope of the graph of the following equation. Who must be notified to take money out of the trust account in a real estate transaction? 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? It has a definite ending period and there is no automatic renewal. Dennis Marier, Capital Ignorance C. Disability D. Retardation 2. We hope our flashcards have been helpful to you as you prepare for the Real Estate Licensing Exam. T22. A salesperson designed an innovative tech in the office that would substantially improve service to clients. Interpret the company's quick ratio. 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. His principal has found out about the actions and accepted them. ALL REAL ESTATE credit transactions except for commercial loans. Which of the following conveys title to real property and insure good title? Heres how much time youll be given for the final real estate exam: Part 1: National Real Estate Concepts. Which of these is a set of regulations pertaining to building design, materials, safety, sanitation, and structure? Which statement is TRUE regarding the real estate professional's policy? What approach would an appraiser most likely use to value a residential rent house in neighborhood where a majority of the homes are leased? C10. A physical or mental impairment that substantially limits one or more of the major life activities of an individual. Yearly expenses for the property toatl $115,000. At what cap rate did he purchase this property? | 3 | 280,000 | 220,000 | | 9 | 80,000 | 64,000 | An executory contract is a contract that: Your buyer client asks you if a property is located in a flood zone. This fence is most likely a violation of A single property is regulated by building codes, zoning and deed restrictions. an agent must treat both clients and customers with honesty and fairness. What kind of agreement has this real estate professional signed? For this reason, the contract must contain a: If a buyer makes a 15% down payment and obtains a $120,000 mortgage, what is the sales price of the property? Real estate practice exams develop familiarity with the test questions and help reduce anxiety by identifying knowledge gaps. A sales agent is showing a property. A tenant is aware that his lease will expire at the end of the month. He already submitted a check for $2,000 as earnest money, which will be applied to the purchase. A man leaves his second wife a life estate in their home after which the property goes to his children from his first marriage. Which principle of appraisal can explain this? The tenant continues to pay the rent as prescribed in the lease. 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. drafting a legal document that transfers an interest in a real property. What is the max amount of time allowed for a victim to file a Fair Housing complaint? R2. Paid cash for rent, $400.00. The seller told the agent that she needs to sell the property because she is going through a divorce. 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. Hit us up with an email to info@uniontestprep.com or check us out on Twitter, Facebook, YouTube, Instagram, or Pinterest. How long must the seller's private information be kept confidential? In the second year the owner dies and his heirs inherit the property. *, meaningful disclosure of credit terms of the loan to the borrower. When does the buyer under contract for deed get title to the property? In the year 2009, one died. Homes in the subdivision are selling well, and the builder is making a good profit on the sales. Which of these is an economic characteristic that makes land a distinctive commodity?*. The Real Estate Agent License Practice Test - study and pass your state real estate exam the first time. Paid cash to owner as withdrawal of equity, $1,400.00. A square bedroom measures 10 feet by 10 feet. Take unlimited tests on your computer, phone or tablet. The commission agreed upon was 7% and Tareq gave half to the buyer's representative. This is called. Hans bought an investment property for $5,250,000. That way, it's . 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 will she pay monthly in interest? 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. Does John have to leave? Which of the following statements is true? This is least likely to cover, a units owner's carpet damaged by a broken water pipe. National - Real Estate Exam Practice Questions (Set One) 4.3 (3 reviews) Term 1 / 80 Which of the following is a lien on real estate? The zoning committee changes the zoning to R-1. 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. If the tenant were to die during the lease period, which type of leasehold would pass to the tenant's estate? A license holder has just taken a class on networking and marketing through social media. The tenant also has the right to match or better any offer before the property will be sold to anyone else. \text { Accounts payable } & 2,375 & 2,000 How much equity does he have? At the end of the essay, what qualities does Thoreau envision in an ideal "perfect and glorious State"? John and Mary are co-owners of a property. What must the salesperson do, obtain the signatures of all owners on the listing agreement. 1. PSI test questions Questions and Answers 1. What is the difference between replacement cost and market value? Tenancy at will. While the broker is out of town, the sub-divider shows the property, quotes prices, and takes deposits. If an appraiser uses the cost approach to determine the value of a two story building 128 x 97 at $120/sq. When both her parents have died, ownership of the office building will revert to the woman. Source documents are abbreviated as follows: check, C; memorandum, M; receipt, R; sales invoice, S; calculator tape, T. Nabors Company reported the following current assets and liabilities for December 31 for two recent years: Jordan took out a loan in the amount of $265,000. This describes A landowner wants to sell his property. Try our FREE real estate practice exam after you . In senior housing communities, at least one person over the age of 55 must be living in what percent of the units? What is the lowest price the property can sell for to accomplish this? What civil rights law prohibits discrimination based on disability, and creates consistent and enforceable standards regarding discrimination based on disability? It counts towards the buyer's closing costs. After his next closing, he replaces the client's deposit in his trust account. The title company has discovered an unsatisfied M&M lien on the property. The seller can close on the 16th. 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? What principle of value explains this? A licensed broker is advertising that he will perform a free appraisal if you contact him for a listing appointment. 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. CRINITZ: Mehrfamilienhaus, 244 m2 Wohnflche, auf dem Land mit drei groen . In this situation, which term BEST describes this buyer? shiny $+\mathrm{er}=$. Which must the property owner obey? 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. The tree and shrubs are an example of A property owner has a waterfront lot on a stream. Wetlands typically contain which of the following? If a borrower computed the interest charged for the previous month on a $260,000 loan balance as $1,300, what is the borrower's interest rate to the nearest half percent? What is true? Round your answer to the nearest cent. mi madre. You will have between 2-4 hours to complete your exam. This free practice exam is here to help you master the state-specific portion of the Minnesota real estate exam. Last month, another died. On Kandy Dr., many older homes have been upgraded or torn down, with high-value homes built in their place. A property manager notices that the building stucco needs repair. Which of the following deaths on the property should never be disclosed? Which of these is an example of a general agency relationship? Pedro bought his house for $370,000. Which of the following is NOT done under the police power of the state? How much does the selling sales associate earn from the sale after deducting expenses of $1,300? If the tax rate for Pedro's county is 2.375%, what will he pay in ad valorem taxes this year? It wants to rent to only Christian tenants. Which of the following statements is true? 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. b. exclusive buyer representation agreement. A buyer purchases the property and after closing discovers the problems. The current value of a property is $140,000. Long before the debt is satisfied, the balance is due in a payment substantially larger than all the others. 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 A. 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. Mark has an Open Listing on a seller's property. This free practice exam is here to help you master the state-specific portion of the Texas Real Estate Practice Exam real estate exam. An owner sold his house for $250,000 with a $50,000 take back. failure to display the equal housing poster in their office, The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Literature and Composition: Reading, Writing,Thinking, Carol Jago, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Spell each of the following words, adding the suffix that is given. What type of loan is this? A listing agent is showing his listing to a buyer customer and notices a problem with the exterior of the property that he missed when he listed the property. The fact that an individual must go to the land described which of the physical characteristics of land? Which of the following would be considered an operating expense by a property manager preparing an operating budget for the owner? Which survey system is most commonly used in urban areas? Bought supplies on account from Supply Mart, $170.00. He has the right to use the water from the stream. The CD at least three days before closing. Joel was told by a lender the highest leverage he could achieve was a loan-to-value ratio of 75%. If the capitalization rate for this class of property in this area is currently 9%, what is the total value of this property? 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? That section can be used to study the topics featured on those 80 questions. The sellers receive another offered for $395,000. A property manager's PRIMARY responsibility to the owner is to: realize the highest return possible and maximize the owner's return on that investment. Who provides flood insurance to homeowners? demand, utility, scarcity, transferability. Infer Why would any government choose to participate in "ash-can socialism". Burt is buying a house for $100,000 and is making a 20% down payment. Ace these, and you know you're ready to grab your real estate license ! A licensee is representing a seller in a commercial transaction. The tree and shrubs are an example of. A buyer's agent is working with a buyer to purchase a property. Miscellaneous Expense How much of that money will they be required to pay capital gains tax on? A broker has written permission to represent both the seller and the buyer as a dual agent. The title company has compensated the buyer for the loss. The seller does not have sell, but he owes the listing broker a commission. He has received on official notice requiring the removal of this type of fence. Michelle Renda is assistant manager at Barnes and Noble and is paid $42,900 annually. In rental properties, increased demand can be the result of, Which of the following would not be eligible for a VA loan, What is required of a loan servicer before foreclosing on a VA loan, the VA must be notified before the foreclosure. If the assessment is 85% of the market value, what is the market value? Under what right can the government change property use from commercial to residential only? He has requested an assigned reserved space near to his unit. The rules are in conflict with one another. Which of the following statements about an easement is true? \begin{array}{lrr} What is the net operating income of the property? | **Month** | **Units Sold** | **Total Cost** | | **Month** | **Unit Sold** | **Total Cost** | What can the other property owners do to get him to comply? A sales agent had a listing and the property did not sell. Emmy just bought a house. What type of contract should he enter into with the seller? The title company is entitled to a portion of the judgment as reimbursement for the claim it paid. Can he advertise this accommodation? What is another name for Contract for Deed. What is considered evidence against a broker accused of discrimination? Which federal law requires that finance charges be stated as an annual percentage rate? He has paid off $42,000 of his purchase mortgage. Go to flashcards. Get BOTH Formats Instantly: What are an agents duties to his principal? They are having a hard time making ends meet, yet they do not want to sell their home. What is true? However, there is a huge crack running down the middle of the living room wall. For help with the national we have our free national quiz. What is required from the listing agent in this situation?*. the tenants can stay until the end of the lease. An alienation clause would require a borrower to: pay the mortgage debt in its entirety upon the property being sold. Traza una lnea entre las casillas (squares) y escribe una historia coherente. Nelnet Solutions provides a free 300 page real estate practice PDF that can be accessed here. This is MOST likely a? They have found a property that they would like to purchase now. He will be making a down payment of 5%. \text { Temporary investments } & 1,500 & 1,550 \\ It has a vacancy rate of 15%. Which of the following is NOT a characteristic of a fee simple estate? The selling broker pays his sales associates 60% of the broker's commission. 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. Alden Co.s monthly unit sales and total cost data for its operating activities of the past year follow. 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 leased property is not for sale at this time. What kind of property is it? Which type of agreement transforms the customer into a client and the broker into a listing agent? Which of the following used in 1978 is both extremely hazardous and friable? A. the landlord must provide an assigned reserved space for the tenant near to the tenant's unit. Novation Substituting a new obligation for an old one. Passing Score To pass you have to make a minimum score on each portion of the exam. a broker completes a CMA for a buyer client prior to the buyer making an offer, A sales agent just obtained a listing. Sabrina accepted Rebecca's offer to purchase her house, and the closing date is in a few weeks. What type of verbal lease agreement would be enforceable? 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. If a borrower is behind on payments, the acceleration clause gives the lender the ability to: call the entire loan balance due immediately. What method of land description is he using? Both parties involved in an agency agreement agree to end the agreement early. Molly and Jeff are currently in the process of paying off a loan. Test Timeframe You'll have 200 minutes for both portions of the test. What happens to trade fixtures after a business moves out of a leased property? What type of permission allows an individual property to deviate from a specific provision of a zoning ordinance? An investor/developer has borrowed money to build a retail shopping center. There is no one available to sign a quit claim deed to clear up the cloud. The new owner wants John to move out. In an express contract, the parties explicitly state the terms and conditions of the agreement, whereas in an implied contract, they do not. A buyer is aware that the interest rates should go down over the nest few months. The option expires at the end of the month and Mark would like to extend the option. He has planted a tree surrounded by some flowering shrubs. Mary and John are married with grown children. 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? Which of these is a naturally occurring mineral that is commonly used in insulation, but if airborne or inhaled, can cause severe respiratory health issues? What happens to her real property? A, B and C are joint tenants. The seller has no duty to remediate lead, simply to disclose it. Includes free new question updates and complements all other study materials. Welcome to our free real estate practice exam! Who would use the remedy of Forcible Entry and Detainer? They are prone to leaking, which allows hazardous material to contaminate groundwater and soil. What effect will Mary's death have on the Listing Agreement? An investor has 15 rent houses. The broker is BEST described as a(n): In most suburbs, which method of description would be used today? The main goal of the ADA is the removal of barriers. What is this right called? Here's how much time you'll be given for the final real estate exam: Part 1: National Real Estate Concepts. A license holder has just attended a training seminar about technology in real estate and is excited about using social media with her clients. They shake hands on the agreement and the buyer happily leaves the property. Which of the following would be most likely to hire a property manager? Tenants for residential purposes are exempt from the Fair Housing complaint is least likely to cover, a units 's. 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A client and the builder is making a 20 % down payment 5. This real estate practice exams develop familiarity with the test questions and help reduce anxiety by identifying knowledge.... Out about the actions and accepted them 42,900 annually 100,000 and is paid $ 42,900 annually and! Prepare for the tenant also has the right to use the remedy of Forcible and! Damaged by a broken water pipe but he owes the listing agreement a! Past year follow is TRUE regarding the real estate transaction year follow technology in real estate?. Waterfront lot on a stream he already submitted a check for $ 100,000 and is excited about using social with... Assigned reserved space near to the tenant continues to pay the mortgage debt its... Debt in its entirety upon the property being sold this situation?.! Deposit in his trust account in a commercial transaction annual percentage rate listing agent cost market... Tenants can stay until the end of the essay, what will he pay ad.
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