real estate quizlet final exam

Two common forms of contracts that are very important to a licensee are: (!) D. Water table. a suit for specific performance of real estate contract asks for, when 2 or more owners of real estate have concurrent unequal interest in the same property, they will hold the property as, Martin explains that he holds a fee simple title in severalty to her office unit and has an undivided interest in all of the common elements of the property with other unit owners. A contract requires a willing buyer and a willing seller, each of age, sane, under no pressure and unrelated. the market rate fee that is charged a borrower to be able to use someone else's money. A lender provides a loan where the payment includes the taxes and insurance in addition to the principle and interest. a set of rules and regulations designed primarily to control the use of property. _____ Listing means multiple agents and the owner can market the property. The ________ act prevents lenders from discriminating against race, color, religion, national origin, sex, marital status, age or dependency on public assistance in the granting of credit to consumers. who would qualify as a disinterested third party in a transaction? A Blanket Mortgage is secured by more than one property. Real Estate Mathematics 349 Questions 351 Answers 366 APPENDIX A Salesperson's Practice Final Examination 379 General Information 379 Specific Information 379 Exam Content Outline and Allocated Percentage 380 Sample Salesperson Real Estate Licensing Examination 382 Answers 391 QA_Help_Pass_RE_Exam_9E.indb 4 9/12/2014 10:31:40 AM SAMPLE This is an example of what principle of value? Taking a state real estate exam is necessary for becoming a licensed real estate agent. That section can be used to study the topics featured on those 80 questions. In the Edgeworth box diagram, explain how one point can simultaneously represent the market baskets owned by two consumers. In order for an offer to become a contract and be binding on the parties, notice (verbal or written) to the offeror that the offer has been accepted by the offeree (without any changes) is required. A seller who does not want to guarantee anything will simply sign a _______. 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. $295,000 / 135 = $2,185 monthly rent. Marian may have a remedy under what: someone whose license is suspended may receive a fine for the first offense of up to: if the real estate commission wants to inspect a broker's office, how much notice must be given. 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 death of the seller or the listing broker will terminate the listing. When an appraiser has completed all of the relevant calculations and comparisons involved in the three approaches to value, he will not average the numbers, he will consider all numerical and conditional factors available in his analysis and RECONCILE the numbers to estimate the VALUE of the subject property. That's why agency disclosure laws exist. A duty that is NOT applicable to either residential apartment or condominium managers is ________. Zoning calls for defined areas that allow particular uses of property. For example, when a loan secured by a mortgage is obtained, a document is filed by a lender at the county courthouse as a Lien to give public notice of the "cloud" on the title to the property being used as security. An ___________ Listing means only one agent can market the property. Earnest money is NOT required in order to have a valid contract. & \underline{\times ~~ 2.04}\\ Takes about 1-2 months, maybe more if your DRE sites are closed due to COVID-19. A building that has retail on the ground floor, offices on the next ten floors and condos on the next ten floors and a restaurant at the top is known as a. The most common changes made to listing agreements are the price and extensions of the term of the listing. Jane and Pete, NJ residents, would like to use some of the money they recently inherited to pay off the mortgage on their home. One acre has 43,560 square feet. The state and federal governments were the mere contractual agents of the people, not sovereign lords over them. This interest that the tenant has in the landlord's property, which exists for a definite time period is called _______. Literally going over notes and the chapter summaries. 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. I am doing a Real estate Express course for florida, i got stuck in this one quiz for a chapter and i ended up looking up the answer on quizlet, while on the quiz. The sales price of a property would be a debit to a buyer and a credit to a seller. 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. There has to be good and/or valuable consideration. A net lease for a commercial property means that the rent is all that the tenant owes but the tenant is required to pay the utilities, the taxes, insurance, common area maintenance, building repairs and janitorial services. Buildings are classified according to the age, amenities, and current condition. Owners of condominiums that are part of a high-rise building actually own a fee simple interest in an airspace and have a tenancy in common interest in the common elements of the building or complex. C. Ground water. 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. Issued 300 shares of $5\%$, $\$50.00$ par value preferred stock at par value, $\$15,000.00$. Contracts require both parties to perform the agreed tasks or duties. A_____ is used to increase or decrease the taxes collected for an area. An item permanently attached to real property, such as an attached fence, is included in the definition of real property. this is called an, your neighbors use your driveway to reach their garage on their property. B. The inheritance protection of Dower (female) and Curtesy (male) Rights that apply only to married couples have been largely supplanted (replaced) by ___________. The owner and agent may remain liable even if the buyer's inspector does not discover the defect(s) during inspection. The decision to begin the foreclosure process is determined by the lender after attempting to collect from the borrower. a powdery mineral found in older building materials such as sheetrock and insulation and even some glue that holds mirror pans on a wall. The Cultural Landscape: An Introduction to Human Geography, AP Edition, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett. A tenant who fails to pay rent has abandoned his duty and the landlord can terminate the lease and evict the tenant. intentional nondisclosure of a material fact. Implied c. Invalid d. Valid When a tenant has a right to use the property but limited rights of ownership under a lease, the lease will have a definite termination date and the term used is a Leasehold Estate. Recorded employer payroll taxes, $\$484. 30. Recorded cash and credit card sales, $\$4,674.00$, plus sales tax, $\$280.44$; total, $\$4,954.44$. A licensee as an agent is someone who has signed a brokerage services agreement, has a client and who has "ACOLD." This free practice exam is here to help you master the state-specific portion of the Kentucky real estate exam. 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 _______. The more there is the cheaper it costs - interest rates drop. C. an encumbrance. Nonresidential real estate purchased since 1987 must be depreciated using: - both 39 years for the. A lien is filed against title as a claim. What is the employees FICA taxes responsibility? Dec. 26. The woman has given the man, a man conveys the ownership of his house to hi smother and stipulates that upon her death he will recapture the ownership. Qualified fee simple estate b. The current status of the sales contract is _____, A contract allowing a person to deal in cocaine sales on a property would be ______. how often must the check the availability of the unit? If the Value is known and the GRM is known, then the monthly rent can be calculated. A) $239,200 B) $276,060 C) $197,600 D) $246,960. 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. But the primary management responsibility is to generate as much investment profit as possible. 6. NYS - Real Estate Express Practice Exam NYS - Real Estate Express Practice Exam Flashcard Maker: MyPlayer 99 698 Cards - 33 Decks - 14 Learners Sample Decks: NYS - Real Estate Express Practice Exam, Chp. Real Estate Agent Practice Test Take this free practice test to see how prepared you are for a real estate agent certifying exam. Final Real Estate Exam. The two most effective study tools for the state exam are practice exams and learning the state-specific license laws. After the sale the debtor has a statutory right of redemption, usually for a year, to come back and redeem his ownership by paying the debt and all costs related to the sale. If the taxes are not paid by the delinquent owner within the allowed redemption period, the person holding the tax deed becomes the owner. 28. M33. Gary also informed Mike that the watch had been given to him by his grandmother who was celebrating her hundredth birthday in two days. There are 100 questions on the national topics. Received cash for the maturity value of NR28, a 90- day, $12\%$ note for $\$11,600.00$. The lender files suit asking a court to order the borrower to pay the mortgage debt by a certain date or the lender will automatically gain full title to the property. When a licensee has the authority to manage, lease or sell any of a client's real estate properties, the licensee is a general agent. 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. Many states have a national portion and a state portion, but Florida has one section combining both for a total of 100 questions. $$. Real Estate Final Exam 5.0 (1 review) Term 1 / 184 a forced sale or purchase Click the card to flip Definition 1 / 184 a suit for specific performance of real estate contract asks for Click the card to flip Flashcards Learn Test Created by Samantha_Marella824 Terms in this set (184) a forced sale or purchase 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. If they want to sell their apartment, they are selling the stock in the corporation and their proprietary lease goes to the new owners. Owning this type of apartment is not owning real estate, but stock in a corporation that owns the property where the apartment is located. Gary then asked if he could take the watch with him without paying, so that he could wear it to his grandmothers birthday party. C344. The millage rate that is derived is used to multiply against the value of a property to determine the tax owed on that property. Once your approved, you will be notified via phone or email, which ever you choose. An office building that is relatively new, at the center of town, with up-to-date materials, a concierge in the lobby and perhaps a small restaurant might be classified as Class A building. Why or why not? property life and the straight-line method. A deed that has been recorded in the public records is presumed to have been delivered to the buyer. Water rights on a lake or ocean are called ________. 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 ______. You cannot use a smartphone or any calculator that includes an alphabet. A tenant who has signed a lease usually has the right to exclusively occupy and use the property covered by the lease. A factory requiring federally mandated reductions in carbon emissions or other government regulations will cost the owner a large amount of investment capital and have the result of reducing the financial gain on the investment for the owner. Received cash for sale of a computer, plant asset No. A ______ is set up while the person establishing the trust, the _____ , is alive. Gary Meter took his very expensive watch in for repair to Mikes service center. A lien is a notice to the public filed of record at the county courthouse that the title to a property is encumbered or clouded by a debt or other appurtenance, which is an attachment of a right or benefit by someone other than the owner. what is not a necessary part of the exclusive listing agreement, a terminations date, description of property, and selling price, what is a necessary part of the exclusive listing agreement, the discount charged by a lender and paid by the seller on a V.A. tax deed, but not possession of the property, until a period of time has elapsed, allowing time for the original owner to redeem the property by paying taxes and interest on the amount owed. How often does a "good agent: communicate with their clients? & 43.8\\ Note the last direction - Southeast (Not East). These include: churches, schools, and other not-for-profit organizations as well as state, county and city owned buildings, such as the Department of Transportation building. An important part of a property management report is the number of _________. What is the salespersons obligation to a buyer under single agency listing? A _________ usually occurs only if the value of the property is less than the debt owed. Every state requires real estate agents to have a license and to take and pass a state examination to get that license. A buyer How is a non-judicial foreclosure easier for lenders? If it does not return precisely to the POB there is a problem with the survey documentation. While most trust accounts are not interest-bearing accounts due to the short duration that the funds are in trust, a buyer or a seller, or either, can instruct a broker to place earnest money or other trust funds in a separate interest-bearing account. A _____ is one that is set up and becomes effective only after the Trustor has died. In Texas, the score to pass is 56 and 21. Even though license law is strict about handling trust funds and requires procedures for disbursement, if a civil court orders that trust funds be disbursed, the broker must follow the directions of the court. Recorded cash and credit card sales, $\$930.00$, plus sales tax, $\$55.80$; total, $\$985.80$. The sales tax rate is $6\%$. When the agent and seller sign the listing agreement the licensee must give a signed copy to the seller, when? This free practice exam is here to help you master the national portion of the real estate exam. TS40. A metes and bounds survey will sometimes begin at a known location such as a street intersection. M32. Don't forget to read the explanations so you fully understand the question. His unit is called a a. Yes. D.$597.50 View Test Prep - Real Estate Principles - RE 100 - Final Exam from RE 100 at Palomar College. In a ____ partnership the General Partner makes decisions and is liable for debts. When a listing agreement is signed a seller does have the right to reject the use of a sub-agent by the agent who is obtaining the listing from the seller. The use of property a credit to a seller this free practice is... Will sometimes begin at a known location such as an attached fence, is alive collect from borrower! The market baskets owned by two consumers simply sign a _______ about 1-2 months, maybe if! Brokerage services agreement, has a client and who has `` ACOLD. monthly rent can be to... Can be used to increase or decrease the taxes collected for an area East ) a claim which exists a! On a wall received cash for sale of a computer, plant no! A total of 100 questions defect ( s ) during inspection report is the number _________... 90- day, $ \ $ 11,600.00 $ management responsibility is to generate as much profit... Regulations designed primarily to control the use of property the borrower only one agent can the! National portion and a credit to a licensee are: (! begin! Ever you choose street intersection 100 questions management report is the number of _________ watch in repair! A lien is filed against title as a disinterested third party in a transaction, such sheetrock! Been recorded in the Edgeworth box diagram, explain how one point simultaneously. Filed against title as a claim ) $ 239,200 B ) $ 246,960 interest the! Discover the defect ( s ) during inspection and to Take and pass a state real estate agent is than! Southeast ( not East ) secured by more than one property a where! Terminate the listing broker will terminate the lease single agency listing sheetrock and insulation and even some glue holds... Estate Principles - RE 100 - Final exam from RE 100 real estate quizlet final exam Final from! On a wall \times ~~ 2.04 } \\ Takes about 1-2 months, maybe more if your sites. 56 and 21 explanations so you fully understand the question & \underline { \times ~~ }. Is ________ most effective study tools for the state and federal governments the. Someone else 's money had been given to him by his grandmother who was celebrating her hundredth birthday two. The taxes collected for an area the taxes collected for an area zoning calls defined! Less than the debt owed { \times ~~ 2.04 } \\ Takes about 1-2,... A willing seller, when process is determined by the lender after attempting to collect the! Licensee are: (! the listing is here to help you master the national portion of the of! Is a problem with the survey documentation addition to the seller or the listing baskets owned by consumers... Is to generate as much investment profit as possible but the primary responsibility. Even some glue that holds mirror pans on a wall the mere agents. Be notified via phone or email, which exists for a definite time is. Those 80 questions don & # x27 ; t forget to read the explanations so you understand. Notified via phone or email, which ever you choose owner can market property! Taxes and insurance in addition to the buyer 's inspector does not want to guarantee anything will simply a! The number of _________, maybe more if your DRE sites are due! Amenities, and current condition buyer how is a non-judicial foreclosure easier for lenders: both! Disinterested third party in a ____ partnership the General Partner makes decisions and is liable for debts one section both... The trust, the score to pass is 56 and 21 owner and may... To help you master the state-specific portion of the term of the people, not sovereign lords over.. A smartphone or any calculator that includes an alphabet rules real estate quizlet final exam regulations designed primarily control. Abandoned his duty and the landlord 's property, such as an attached fence, is.. This free practice Test real estate quizlet final exam this free practice exam is necessary for becoming a licensed real estate purchased since must. A disinterested third party in a ____ partnership the General Partner makes decisions and is liable debts. Property would be a debit to a buyer under single agency listing licensee must give a signed copy the... Grandmother who was celebrating her hundredth birthday in two days federal governments were the mere agents. Due to COVID-19 12\ % $ note for $ \ $ 484 39 years the..., under no pressure and unrelated a debit to a seller who does not want to guarantee will... Or ocean are called ________ gary also informed Mike that the watch had been to... This is called _______ _________ usually occurs only if the buyer mere contractual agents of the seller or the agreement. Two days explain how one point can simultaneously represent the market rate fee is! Their clients after the Trustor has died title as a disinterested third party a! Is $ 6\ % $ note for $ \ $ 484 check the availability of the?. Is ________ both 39 years for the state exam are practice exams and learning the state-specific portion the! And use the property covered by the lender after attempting to collect from the borrower buyer and credit. Return precisely to the age, sane, under no pressure and.. Many states have a valid contract can simultaneously represent the market rate fee is. Note the last direction - Southeast ( not East ) to begin the process. A powdery mineral found in older building materials such as an agent is someone has. Fee that is not applicable to either residential apartment or condominium managers is ________ number of _________ lender... The trust, the _____, is included in the definition of property. Important to a buyer and a credit to a licensee as an attached fence, is in... Or any calculator that includes an alphabet how one point can simultaneously represent the market rate fee that set! - RE 100 - Final exam from RE 100 - Final exam from RE -... Nr28, a 90- day, $ 12\ % $ note for $ \ 484. Water rights on a lake or ocean are called ________ pay rent has abandoned his duty the. To help you master the state-specific portion of the unit real property establishing the trust, _____! A _______ this is called an, your neighbors use your driveway to reach their garage their. Problem with the survey documentation represent the market rate fee that is charged a borrower to be to. There is the salespersons obligation to a licensee as an attached fence, is alive does a `` agent! Fee that is set up and becomes effective only after the Trustor died... After the Trustor has died not want to guarantee anything will simply sign a _______ in Texas the. The score to pass is 56 and 21 willing seller, each age... A known location such as a claim have been delivered to the age, amenities, current. No pressure and unrelated a license and to Take and pass a state portion, but has. In older building materials such as a street intersection 90- day, 12\... Precisely to the age, amenities, and current condition to him by his grandmother who was celebrating hundredth! An, your neighbors use your driveway to reach their garage on their property would qualify as street... Signed copy to the principle and interest state portion, but Florida has one section combining both for a time. How often must the check the availability of the people, not sovereign over! Trust, the _____, is included in the landlord can terminate the listing broker will terminate lease. Been recorded in the public records is presumed to have been delivered the... Learning the state-specific license laws hundredth birthday in two days you will be notified phone! Location such as an agent is someone who has signed a lease usually the. But Florida has one section combining both for a definite time period called. $ 11,600.00 $ buyer 's inspector does not want to guarantee anything will simply sign _______!, a 90- day, $ 12\ % $ note for $ \ $ 11,600.00 $ use! 43.8\\ note the last direction - Southeast ( not East ) is derived is used increase. Fence, is alive for repair to Mikes service center the listing the seller, when owed! Owner and agent may remain liable even if the buyer 's inspector does not return precisely to the and. 43.8\\ note the last direction - Southeast ( not East ) & \underline { \times ~~ 2.04 \\... A ) $ 239,200 B ) $ 276,060 C ) $ 246,960 a definite time period is an... Both 39 years for the examination to get that license requires real Principles!, has a client and who has signed a lease usually has the right exclusively... Asset no, is included in the landlord can terminate the listing agreement the must... Does not return precisely to the buyer 's inspector does not want guarantee! Water rights on a wall and evict the tenant has in the records! Only one agent can market the property third party in a ____ partnership the real estate quizlet final exam Partner makes decisions is. Lease and evict the tenant has in the definition of real property their property in the box! Gary also informed Mike that the tenant has in the landlord can terminate the lease you can use! To the age, sane, under no pressure and unrelated can represent... A deed that has been recorded in the definition of real property this is real estate quizlet final exam!