In California, there are 150 questions on the exam. Issued 300 shares of $5\%$, $\$50.00$ par value preferred stock at par value, $\$15,000.00$. The Founding Fathers upheld the economic view of property. Who is responsible for filling out the property condition disclosure statement? An agent must disclose to his buyer client material facts about the property that a reasonable person needs to know. Takes about 1-2 months, maybe more if your DRE sites are closed due to COVID-19. M32. a broker receives a commission only if she produces a buyer before someone else sells the property. What is the AIDA standard marketing and advertising strategy? Most states have around 80 questions. The work station has an estimated value of $\$11, 000$, and the forklift has an estimated value of $\$22, 000.00$. When sold, however, the buyer will be a Tenant in Common with the remaining owners who will still be Joint Tenants. Inform the buyer 8. The analysis of the extent of risk assumed in connection with a loan is done by a specialist at the lender and is known as _______. Paid semiannual interest on bonds payable $\$1,200.00$. The dates November 1, December 10, February 1, and April 10 relate to - real property taxes. What sometimes happens if a loan is paid off early? 28. But when a licensee has a power of attorney that allows him to make decision for another individual as if he were in fact that individual, the licensee is a universal agent. E. $550. county or local (city or town), NOT the state or federal government. A rectangular survey is composed of Townships that are square tracts of land six miles on each side. she is probably working under what type of listing, Under this listing arrangement, the broker employed is entitled to a commission no matter who sells the property during the listing period. The document used to transfer title to the furniture is: Ben receives a life estate in a property, with his nephew Will designated as the remainderman. When a homeowner has received a deed transferring title which contains a full bundle of rights (Exclusive right to occupy, right to enjoy without interference and right to waste destroy or sell/lease) he is said to have a ________. A property that is valued so much above the typical market price (such as a multi-million-dollar home) may require special advertising in media that reaches beyond the local market, such as. M33. 28. Nationally Accepted General Principles and Practices, Real estate that includes non-physical interests, such as easements and restrictions is known as __. An estate for years (even if its only for 6 months). Agreements, commonly used in insurance policies in which the parties involved do not have to perform a particular action until a specified "chance event" occurs. 3. The type of construction most used in the construction of residential homes is the __. Georgia Real Estate Exam Prep Practice Exam GA.Real Estate Agent License Practice Test Tests com. 31. A loan that is arranged where the loan is to be paid off completely over a set number of years and each monthly payment contains the amount interest due for the previous month and a portion of the principal balance the loan is said to be an ________. After the sale has been completed the former owner (borrower) then has a Statutory Right to redeem his or her property (for a period of time depending on local law). A contract requires a willing buyer and a willing seller, each of age, sane, under no pressure and unrelated. The typical home loan is secured by a mortgage or a deed of trust. A tenant who has signed a lease usually has the right to exclusively occupy and use the property covered by the lease. $$ Reassessing the tax classification for a single property is called ___. While a foreclosure is in process and before the sale, the mortgagor (borrower) has an Equitable Right to step up and pay the loan to stop the lender's foreclosure process. A seller who only wants to warrant no problems during the period of time he owned the property will provide a___________. This is the exam that tests your knowledge on matters of real estate. If it happens to be sold at a foreclosure sale, after payment of (1) the costs of the sale, including the advertising, the attorney fees, and any trustee fees (2) any owed SPECIAL ASSESSMENTS are collected, then regular unpaid property taxes and then the next lien in priority. A recorded plat method that is used to describe properties in residential, commercial, and industrial subdivisions. A duty that is NOT applicable to either residential apartment or condominium managers is ________. M29 and R456. The sales price of a property would be a debit to a buyer and a credit to a seller. Click the card to flip Definition 1 / 100 Rejuvenation Click the card to flip Flashcards Learn Test Match Created by Terms in this set (100) To try to ensure Fair Housing Compliance and make sure that the brokerage agents understand the law, the brokerage policy and procedures manual should contain a section on Fair Housing. Installment Contract or a Contract for Deed. Suzy and Jerry live in a co-op, when they purchased their apartment they automatically become lessees and: the four unities to create a joint tenancy are: in a mortgage, sometimes called a "due on sale" clause, what deed provides the grantee with the least protection of any deed, investors in real estate investment trusts take advantage of the same tax benefits as, the legal process by which a court determines who will inherit the property of a deceased, when you die without a will and there are no heirs, the government takes the property, the cost approach would likely be considered applicable in appraising which property, mortgage lenders make many loans with the intention of selling them on the, in planning a subdivision, a subdivider drafts a map of the development that shows the location and boundaries of individual properties. 200 cards Zach V. Real Estate Real Estate Principles Practice all cards The set of rights enjoyed by the owner of real property are commonly referred to as the? Received cash in full payment of Bakery Depot's account, previously written off as uncollectible, $\$1,896.00$. An investor might decide to purchase a commercial rental property rather than a residential rental property because commercial tenants generally are easier to deal with than residential tenants. The owner and agent may remain liable even if the buyer's inspector does not discover the defect(s) during inspection. When a property has been on the market for a long period of time; when the buyer and the seller are not related; when both parties have a good knowledge of the property's condition; when neither is under undue pressure, the agreement they reach is referred to as an. Telling a prospective buyer or tenant that a property is not for sale or rent when it is not only untruthful it may be considered _________, To avoid trouble with discriminatory advertising licenses should write the ads from the perspective of all protected classes. The chronology of successive owners of record of a parcel of real estate is known as the ______, If a licensee believes he is being approached by a fair housing tester he/she should _____. Every state requires real estate agents to have a license and to take and pass a state examination to get that license. What is the employees FICA taxes responsibility? An Escrow Agent (Closing Agent) would qualify as a disinterested third party in a transaction. If it does not return precisely to the POB there is a problem with the survey documentation. All rights, not specifically delegated to the government, remained with the people-including the common-law provisions of private property. It does not enter into basic contract law nor does it set interest rates. 1 Quiz - The Real Estate Transaction, Chp. Between the two is something referred to as a life tenancy - a person who has a Life Estate that has limited rights like a tenant and an unknown term length. He refuses to rent the other side to Marian, a single black woman with good credit and income, because he wants to "choose" his neighbors. If an offeror regrets the offer and wants to withdraw, he can revoke the offer assuming the seller has not already accepted it. loans a percentage of, the right that the government hats promulgate and enforce laws necessary for the protection of the general public is known as, when a person gives power of attorney to another, the one entrusted with his power is known as the, according to the statute of frames, all agreements must be reduced to writing, except, when a person makes an offer on a property, the down payment or deposit evidencing good faith is referred to as, when a seller agrees not to list the property with any other broker, but reserves the right to sell the property himself, he has entered into what type of listing agreement. A contract setting forth the terms of the arrangement is signed by both parties but there is no closing and title is not transferred until the full price is paid. My understanding is that once you finish the course, you take the final exams for real estate express, then you get a certificates which you download and use to take the PSI a exam. Rao Deli dishonored NR29, a 60 -day, $12\%$ note, for $\$6,000.00$. Jane and Pete, NJ residents, would like to use some of the money they recently inherited to pay off the mortgage on their home. (Even the Seller), against the law in NJ, meaning anything over set sale price broker keeps, Saul dies and devises his property to his second wife for her lifetime, after which the property passes to his children. Only the lot's boundaries will appear on the plat. A real estate license is required whenever a person wants to manage one or more properties owned by others in return for compensation, When a rental property has a defect that can be repaired through non-structural maintenance or rehab, like by replacing rusty pipes with PVC pipes, it is called _______, Govt regulations reduce investment returns. The man owns the store, an ownership interest that is based on annual occupancy intervals, To create a joint tenancy relationship in the ownership of real estate, there must be unities of, taxes levied on a property owner to pay to install sidewalks or sewers are called, tax assesors in the state of NJ attempt to asses property at, a single homeowner has a $300,000 profit from the sale of her home where she has lived for the past 18 years, the taxable portion would be, the deed, written agreement, general plan of subdivision, NOT statute, for the past 30 years a couple has operated a neighborhood grocery store. In Texas, the score to pass is 56 and 21. The millage rate that is derived is used to multiply against the value of a property to determine the tax owed on that property. B. If one of the parties does not comply with the terms of the contract as written, they can be declared in breach of the contract and may not only lose their rights but be subject to possible legal action requiring specific performance or payment of monetary damages. Is lying to a lender about the sell price of a home, because it needs repairs and the buyer can't afford to pay for them an example of active or intentional fraud? The parties also must have the ability to contract (of age and sane) and there must be either good or valuable consideration. Anything of the neighbors that extends across a property line, such as a fence, or a portion of a building or even a part of a garden, without the owner's permission, is an ______. The seller had agreed to mediate the radon gas problem in his basement within 31 days. Notice of acceptance required to make an offer a contract. \end{array} Because the end of the term is unknown, a life estate is also a freehold estate. 31. who of the following needs a real estate license? Real Estate Final Exam (150 Questions ) #1 Flashcards | Quizlet Subjects Expert solutions Log in Sign up Real Estate Final Exam (150 Questions ) #1 4.7 (20 reviews) Term 1 / 157 A real estate licensee has a buyer agency agreement. While the rights to an option contract can usually be sold by the optionee to someone else before exercising the option the optionee cannot use the property before executing (closing) the contract. the process of determining the present value of a property from it's future income. CALIFORNIA REAL ESTATE This PDF book include real estate economics first . Signed a 90-day, $10\%$ note, for $\$12,000.00$ with Northstar National Bank. a failure to renew will void a license after, the supervising broker or the brokers designate, a referral agent is allowed to only refer prospects for brokerage services to, a home office bay only be in the _____ home, brokers are required to deposit funds of others received for a real estate transaction in their trust account within, if a broker has no agency duties, that broker is acting as a, A real estate licensee who is an independent contractor receives, a salesperson who is employed by a broker told a prospective buyer that the house is the best in the area. What type of survey describes the perimeter of a tract of land. (Example: Property Value = $400,000 x Assessment Rate of 30% = $120,000 (Assessed Value) x Tax Rate of 35 mills (.035) x $120,000 Assessed Value = $4,200 Annual Property Taxes, : An offer is not a contract until _____________. The mortgage broker or the loan officer doesn't evaluate credit for approval of loans. Quizlet Flash Card For Real Estate Exam chapter 12 real estate brokerage and listing contracts, flashcard 28 of the . The term referring to a section of the Truth in Lending Law that only has to do with advertising the lending or financing terms related to a real estate transaction. You need to cover a lot of ground in preparation for the test, but your efforts are well rewarded by a fun, exciting career. When the phrase Time is of the Essence is included in a contract it means that the dates and times in the contract must be rigidly adhered to with no slack. When a property is sold on the courthouse steps because the borrower failed to pay the loan, the first item to be paid is the costs of the sale, including advertising, attorney fees and trustee fees. An appraiser's job is to estimate market value, so he checks first to see that the negotiation leading to the contract was fair. 29. \hline \text { Probability } & 0.01 & 0.02 & 0.9 & 0.01 \\ Online Real Estate Practice Exams. B. a leasehold estate. A client is a principal, someone who has signed a written bi-lateral brokerage services agreement with a licensed brokerage. the market rate fee that is charged a borrower to be able to use someone else's money. It is a useful tool to help determine the annual rental income for the property, a number that is important to estimate value. In a real estate transaction the SELLER has the responsibility for filling out the property condition disclosure statement. A Life Estate has the first two but not the third. Ad Valorem Taxes are based on the assessed value of the real property. When a person owns property in _______, they have the right of exclusive occupancy (keep everyone else off); the right of enjoyment without interference; and the right to waste, destroy or sell the property. community property laws and elective share laws. 2. If the Value is known and the GRM is known, then the monthly rent can be calculated. Why or why not? What are some organizations that warehouse loans? Don't forget to read the explanations so you fully understand the question. An escrow account ledger would contain names of all parties to a transaction, the amount of escrow funds the sponsoring broker received, and the date the broker received the funds. Zoning laws can also regulate what kinds of animals can be kept on a property. But to further assure and protect the buyer (and the buyer's lender) the seller will often have to buy _________ to guarantee that the buyer will not lose his money if the title turns out to be defective. A public entity can employ Eminent Domain to acquire private property FOR PUBLIC USE, not to then sell to another private owner for private use. $$ An important part of a property management report is the number of _________. Someone who feels they have been discriminated against whether regarding employment, or fair housing, has how long to file a complaint with HUD? In a Title Theory state, for the lender, an advantage of a non-judicial foreclosure is the process is quicker since they do not have to go through the courts. When a seller fails to disclose a material, latent defect, that seller is liable for any costs the purchaser has to pay to remedy the situation. The course final exam is the last chapter of your course. After the death of the person who is the "measuring life" (either the life tenant or someone else under the term "pur autre vie") of a Life Estate, the ownership will either revert to the "grantor" (of the life estate) or will be passed on to a "remainderman. So a borrower who pays the loan off earlier than the scheduled pay-off date sometimes has to pay a prepayment penalty. A legal action to compel a party to carry out the terms of a contract. intentional nondisclosure of a material fact. D.$597.50 Issued 500 shares of $\$10.00$ par value common stock at $\$50.00$ per share. The licensee representing the seller is usually called the ______ and the licensee representing a buyer (or a tenant) is usually called the ____. In Kentucky, there are 130 questions on the exam (80 national and 50 state). Paid cash to replenish the petty cash fund, $\$169. 9 25 2016 real estate final ch 4 6 flashcards quizlet 1 12 real estate final ch 4 6 42 terms by marissa fraser c while most real property in the united states if the buyer defaulted some time ago on a written contract to purchase a sellers real estate, the seller can still sue for damages if they are not prohibited from doing so by the, the estate with the last degree of interest is, Information Technology Project Management: Providing Measurable Organizational Value, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Express the expected profit algebraically for the following mortality table. A Developer will add improvements such as fences, streets, utilities and buildings. When a seller transfers title to his property to a buyer under a general warranty deed, he is warranting that the title is good and marketable and has no defects. Eminent domain is the power of government to. Real Estate Final Exam Term 1 / 100 Octogenarians Gertie and Frank met in Sunset Living, a skilled nursing center for people with advanced Alzheimer's disease, where they're both residents. A contractor planning to build a new apartment complex, needs to be sure that the architect drawing the plans has consulted the Americans with Disabilities Act to include the latest rulings and avoid any potential fines. View Test Prep - Real Estate Principles - RE 100 - Final Exam from RE 100 at Palomar College. It begins at a reference point, moves to a Point of Beginning (POB); traverses the perimeter of the property and returns to the POB. 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 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. the borrower's credit rating is damaged for a significant time period. \textbf{Estimate} & \textbf{Problem}\\ The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. If they want to sell their apartment, they are selling the stock in the corporation and their proprietary lease goes to the new owners. Depending on the jurisdiction a mechanic's lien may be treated as any other lien as far as priority date of filing is concerned, or it may receive special treatment with regard to priority. 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. Nonresidential real estate purchased since 1987 must be depreciated using: - both 39 years for the. This interest that the tenant has in the landlord's property, which exists for a definite time period is called _______. Purchased merchandise on account from Dreyfus Company, $\$12,296.00$. You must complete all the course chapters, quizzes, and projects (if your course has one) before you can take the final exam. When any change is made to an offer, the ORIGINAL offer is extinguished, becomes NULL and VOID and is no longer binding on the original offeror. When you say "final final," do you mean the PSI exam? A purchaser will want a "location survey" that shows not only the boundaries where all the improvements are located so he can see if there are any encroachments. A contract having no legal force or binding effect. The document, as altered, becomes a new offer, perhaps with handwritten changes initialed by the offeree (who now becomes the offeror of the new offer). Government-owned buildings are usually classified as ___________. A will only takes effect ______, Real property that is transferred according to someone's last will and testament is known as a _______________. Which act was passed to create the national environment agency? If the taxes are not paid by the delinquent owner within the allowed redemption period, the person holding the tax deed becomes the owner. this is called an, your neighbors use your driveway to reach their garage on their property. The most common definition of when market value occurs is the moment a buyer and a seller agree on a price after an arms-length negotiation. a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. An employee earns $8,000 in the first pay period. The loan on lots in a still-to-be-developed subdivision might be covered by a blanket mortgage. An employing broker must give a copy of the employment agreement, including any modifications, to every one of his or her employees and licensee contractors. C. None, only the employer pays FICA taxes Real Estate Appraisal Final Exam E INSTRUCTIONS: Choose the best answer for each question. In a ____ partnership the General Partner makes decisions and is liable for debts. Then he decided to try and collect by legal means. Because many of them do not require a down payment. When a neighbor violates a deed restriction or a zoning violation, it only takes one other neighbor to enforce the ordinances, covenants or restrictions by bringing an action in a court of law. That study guide is free. A ______ is set up while the person establishing the trust, the _____ , is alive. Our real estate practice exam prep comes with 1,000 practice real estate exam questions with detailed answer explanations. Devise (not spelled "device") and the beneficiary is a Devisee. His unit is called a a. Georgia Real Estate Exam Prep admin 2022-10-28T18:42:26-04:00. A. eminent domain. A rent roll is a listing of occupied units in an apartment complex and the amount of money each is currently paying or will be required to pay in the future. Work station: plant asset No. The calculator must be a simple one. 27. The provisions of the federal Fair Housing act apply land bordering water affected by the tide currents, the phrase bundle of rights is properly included in, a rancher owns a parcel of land on which oil was discovered. what term refers to ownership of a single property by a single person or an entity. Because the majority of City and County revenue comes from real estate taxes, when property values fall, revenue for local governments also falls. an agreement between a property owner and a single broker authorizing that broker to seek a buyer for the property in exchange for compensation Fair Housing Laws laws that protect the rights of certain citizens in housing transactions Fiduciary a person who is obligated to act in the best interest of another Fraud The less money available the higher the interest rates. right of redemption to halt the foreclosure process by paying the delinquency. If all or some of the brokerages in a particular community agree to charge the same commission rate (price-fixing) or to allocate to certain brokerages exclusive areas (market allocation), in providing brokerage services to the community, that would be an illegal activity, a violation of the Sherman Anti-Trust Act. Course Final Exam Proctoring. Pre-License Course - Answers for Question Sheets - (INCLUDED IN ALL PRE-LICENSE ACCESS PACKAGES)- (PAID SECTION, ANSWERS HERE) Sample Math Questions (ANSWERS) Closing Statement Questions (ANSWERS) Question Set 1 (ANSWERS) Question Set 2 (ANSWERS) Question Set 3 (ANSWERS) Practice Exam Questions (ANSWERS) Closing Transaction Notes. It is called an ___________. 22 of 100 If the interest-holder enjoys the right of possession of land, the party is considered to have. What happens if a managing broker's license is revoked? Contracts require both parties to perform the agreed tasks or duties. C343. With a total of 120 questions (80 national and 40 state), that means the score to pass is 56 for the national and 30 for the state. Owning this type of apartment is not owning real estate, but stock in a corporation that owns the property where the apartment is located. When a property is for sale but the debt is greater than the market value, sometimes the lender will agree to a ________ and take less than is owed on the property to avoid foreclosure. So, 5,280 x 5,280 = 27,878,400 square feet. Whenever a title search is conducted to find if the title is clear, the lien will be discovered and reported. a. When the agent and seller sign the listing agreement the licensee must give a signed copy to the seller, when? A broker is NOT required to share commissions with a cooperating broker in a transaction unless there is an agreement between the brokerages. Hello, welcome to our California Real Estate Practice Exam. Update the plant asset record and record the sale. D. an estate in land. What are the seven basic fair housing categories? a rental referral agency does not advertise the availability of an apartment. 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