Using a 360-day year, how much will the seller owe for the taxes at closing (to the nearest dollar) and how will this be shown on the CD? The lending institution charged a 1% loan origination fee. 12. Although not an agent of either party, the broker may not disclose either party's confidential information to the other. the duty of confidentiality never expires and the agent must keep that information confidential forever, A metes and bounds description will always. school specializing in real estate courses real estate license exam preparation and real estate license qualification courses in california call 310 838 1000 for courses overview, a real estate broker or a real estate agent is a person who represents sellers or buyers of real estate real property while a broker may work independently an agent must Who provides flood insurance to homeowners? Maria is planning to buy a house for $200,000. What will she pay monthly in interest? The sellers receive another offered for $395,000. Quizlet is a flashcard website that has many real estate practice exam questions that are 100% free. A seller wants to net $185,000 on the sale of his property. Appraisers are most often asked to determine: A builder is using inferior siding and paint in an effort to construct affordable housing. the contract is voidable at the minor's option. John has a loan with equal regular payments of principal and interest. \text { Accounts payable } & 2,375 & 2,000 ------------- Which of the following actions by the agent would NOT be in violation of fair housing laws. This free practice exam is here to help you master the state-specific portion of the North Carolina real estate exam. What type of lease is this? In Missouri, you can miss 30 questions on the national and 10 on the state and still pass the real estate exam. Novation Substituting a new obligation for an old one. A signed employment agreement is necessary to A listing agent would probably not disclose, death on the property due to natural causes. His comparables should not be more than one year old. What did Agent Tyson engage in? The commission agreed upon was 7% and Tareq gave half to the buyer's representative. When did the second amendment of the Federal Fair Housing Act go into effect? We have reviewed the material and found it to be slightly better than average content that will help you study for your real estate exam. A furnace that breaks down a few weeks after the buyer move in. c. a judgment lien (usually becomes general). 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. This free practice exam is here to help you master the state-specific portion of the Texas Real Estate Practice Exam real estate exam. Arlo will be required to perform according to the terms of the contract. Capitalization definition. Purchase Louisiana real estate Exam Prep today and get ready to pass your test with more confidence and less stress. increases the amount due from the buyer at closing. How is earnest money recorded on the closing disclosure, What type of mortgage loan would allow the property owner to borrow additional funds at future dates. He has the right to use the water from the stream. **Example 1. Darleene is looking at an investment property. The local government needs your land to build a new high school. The Americans with Disabilities Act applies to: privately owned or government-owned public accommodations. T13. advise the client they cannot legally discriminate against certain groups, the substitution of one contract for another. Today we go through 50 questions from our real estate practice exam. ** Use the results from part 1 to predict future total costs when sales volume is (*a*) 200,000 units and (*b*) 300,000 units. Which of the following is NOT an example of functional obsolescence? Contact. Go to flashcards. According to CERCLA, who is liable for the cost of the cleanup? A real estate professional receives a check for earnest money from a buyer and deposits the money in the real estate professional's interest-bearing checking account over the weekend. What act is prohibited by the Sherman Antitrust Act? A developer has 2,178,000 sq.ft of property. 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. Which of the following used in 1978 is both extremely hazardous and friable? R2. How much does the selling broker earn? The tenant's lease has expired, but the landlord permits the tenant to stay in the apartment until the building is torn down. What is unique about an exclusive right-to-sell listing agreement? A salesperson designed an innovative tech in the office that would substantially improve service to clients. He has begun to disassemble his display cabinets and shelves. What does the principle of anticipation state about the valuation of property? C dies. Can he advertise this accommodation? A license holder advertises a listed property as having the most beautiful landscaping in the neighborhood. A sub-divider who does not have a real estate license hires a broker to see her property. Burt is buying a house for $100,000 and is making a 20% down payment. Which of the following is a participant in the secondary mortgage market? Dont forget to read the explanations so you fully understand the question. Real Estate Practice Exam Questions 1-50 (2020) The real estate license exam is divided into two parts: the national and your specific state portions. Accounts Receivable-Scott Company A credit to the seller has what effect on charges made to the parties involved in the transaction? How long after an incident does a victim of housing discrimination have to file a complaint with HUD? He must pay a loan balance of $180,530 and closing costs at $10,000. How does errors and omissions insurance (E&O) affect the defendants in fair housing cases?*. What type of lease can he enter into with the tenant that will allow the landlord to benefit from the tenant's success? What happens to the property? What is FALSE? He speaks with the seller, who is at home at the time, and they come to an agreement regarding price and terms. Melissa was then contacted by a neighbor who agreed to purchase the house, but Shane still received compensation. Here, you can put your knowledge to the test with our 120-question practice exams. A buyer's agent has accidentally forwarded confidential information about his buyer's financial background to the listing agent. How many square yards of carpet does he need? The seller has no duty to remediate lead, simply to disclose it. He has planted a tree surrounded by some flowering shrubs. A buyer's agent has helped a buyer to find a home. John has 60% interest in the property and Mary has a 40% interest. 6. The property owner must obey whichever rules are the strictest or most limiting. Darla is suing Arlo for specific performance. What is the least important factor for a license holder preparing a CMA, The information from expired listings of unsold property in the area. Under these circumstances, which of the duties of the agent would be the easiest for him to fulfill? If a person dies without a will, who receives their estate? Which of these will most lenders require homeowners to obtain before closing? It counts towards the buyer's closing costs. The buyer loves the property and wants to purchase it. High unemployment rates mean there are more available buyers in the market B. Miscellaneous Expense $$. 14. 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. | **Month** | **Units Sold** | **Total Cost** | | **Month** | **Unit Sold** | **Total Cost** | What is the difference between an implied contract and an express contract? A seller's property is listed for $399,900. What is this right called? The exit ramp will greatly increase the value of the seller's property. P, Q and R are joint tenants. Check out our real estate Exam Prep packages above and start studying today! How can she advertise the propert? That section can be used to study the topics featured on those 80 questions. The couple does not use the exercise room and does not want to pay the monthly fee for the use of the facility. Hay dos historias mezcladas! John has leased commercial property and pays rent based on the receipts of his business. An apartment building owner has renovated and modified several units to be handicapped accessible. A license holder has just attended a training seminar about technology in real estate and is excited about using social media with her clients. Under a new construction Home Owner Warranty policy, which of the following would not be covered? 3. 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. 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. A building was sold for $260,000, with the purchaser putting 10% down and obtaining a loan for the balance. The real estate license exam is divided into two parts: the national and your specific state portions. What is the maximum amount of additional long-term obligations this borrower may have after PITI? The seller has changed his mind about selling and refuses to sign the agreement. He lists his property for sale "as is", and does not disclose the problem. 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? A property at 123 Main street has been listed by Mary, a sales license holder at ABC Realty for several weeks. What gives the government the right to do this? How do you proceed? 13. What's Included? A property owner has a gas station on his land. A property is surveyed to determine a legal description. 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. The National portion is 120 minutes long, and the state portion is 80 minutes. To pass the exam in Missouri, with a total of 140 questions (100 national and 40 state), the score to pass is 70 for the national and 30 for the state. Which of these is an example of a general agency relationship? Long before the debt is satisfied, the balance is due in a payment substantially larger than all the others. What type of verbal lease agreement would be enforceable? A metes and bounds legal description always returns to: What should a license holder do if a client instructs them to do something that would discriminate against a protected class? A broker has written permission to represent both the seller and the buyer as a dual agent. You have recently purchased property in an area regulated by zoning. What does a standard title insurance policy do? What is required? Which situation does NOT violate the federal Fair Housing Act: d. A widow's insistence on renting her spare bedroom only to another widowed women, d. Section 16 lies to the north of Section 21. An agent should present all offers to their client UNLESS:*, the client explicitly instructs the agent not to present any offers below a certain amount in writing. What is this right called? stipulation that must be satisfied before the contract can be performed. What is the lowest price the property can sell for to accomplish this? What form replacing the HUD-1 must be provided to the consumer and when must it be provided? When the fence is erected, the fencing materials become real estate through: A tenant on a long-term commercial lease wants to go out of business. The seller told the agent that she needs to sell the property because she is going through a divorce. Which ownership rights can be sold separately from a property's surface rights? What can the owner do? a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. For help with the national portion we have our national real estate practice exam. You have built a 10 foot pier at the water's edge. **Transactions:** Which of these is TRUE? Which approach to value would MOST likely be useful to real estate brokers estimating the value of a single-family residence for sale in a subdivision? All but which of the following forms of ownership are recognized in Maryland? A chemical manufacturing company purchases a plant. Which of these is a set of regulations pertaining to building design, materials, safety, sanitation, and structure? C9. If she is successful, what will happen? A property owner has installed a chain link fence on his property. That section can be used to study the topics featured on those . ft, with $10,000 in depreciation and a $27,500 lot, what is the value of the property? Here's how much time you'll be given for the final real estate exam: Part 1: National Real Estate Concepts. If a broker's computers are stolen what steps could have been taken to protect records? The tenant removes their trade fixtures and takes them upon moving out. 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. What is the difference between a bill of sale and a deed? What type of loan should he get to enable him to buy now and take advantage of declining rates in the future? He notifies the landlord and recommends a contractor. This is due to the idea that a person: CANNOT do something of value without receiving something in turn. Tareq represented the seller in the sale of a house for $427,000. The broker is BEST described as a(n): In most suburbs, which method of description would be used today? An office building has a potential gross rent of $20,000.per month. Where does the secondary market get its funds? What will he take home if the split with his brokerage is 80% Tareq - 20% broker? (A front foot refers to frontage and is the width of the lot.) In Virginia, there are 120 questions on the exam (80 national and 40 state). A buyer and his agent visit a listed property. Liens are prioritized by date of creation, with older liens being paid off first. C10. This describes A landowner wants to sell his property. Accounts Payable-Supply Mart A property is listed for $399,500. What type of lease should their agent recommend? He has planted a tree surrounded by some flowering shrubs. \begin{array}{lrr} When should an agent advise a client to get title work done? How much will he pay for the lot? Who must be notified to take money out of the trust account in a real estate transaction? A property owner receives a notice that his land is in an improvement district. What principle of value explains this? 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. Which principle of appraisal can explain this? What expenses of home ownership can a buyer deduct on his income taxes? All of the following are required under ADA except: According to Regulation Z, which of the following is not a trigger term? A title search uncovers a cloud on the title. A sale is closing on June 15th and the annual property tax bill has not been paid. In preparing an appraisal, which of the following would have the least impact on the appraiser's estimate of value? When the offeree gives the offeror notice of the acceptance. *, "You should proceed without ordering a new abstract - this title is clear.". Real estate practice exams are an excellent way to make sure you're using your test time wisely. The CD at least three days before closing. This fence is most likely a violation of A single property is regulated by building codes, zoning and deed restrictions. In order to be valid, what MUST a deed have? A property has foundation problems. A landlord leased space in his new retail property to an inexperienced business person. Which of these is a protected class under the federal Fair Housing law? She is very excited about the possibilties and hes established Facebook, Twitter, Linkedln and Pinterest acocunts. Although the home has many updates and is in better condition than the surrounding houses, its value is significantly less than the price. Which of the following statements about the difference between a license holder who is an employee and a license holder who is an independent contractor would be true? It has come to your attention that you have a zoning violation on the property. He has paid off $42,000 of his purchase mortgage. In this situation, which term BEST describes this buyer? Your property borders a non-navigable waterway and you have riparian rights. The listing broker has taken the agreement to the seller. Which type of agreement transforms the customer into a client and the broker into a listing agent? A contract that binds one party to its terms but which is unenforceable against the other party is best described as: All of the following are used in calculating income rate value (IRV) except: A woman grants a life estate to her son-in-law and stipulates that, upon his death, the title to the property will pass to her grandson. In Texas, there are 125 questions on the exam (85 national and 40 state). She shows them many properties and finally they find one to buy. The negotiated commission is 6% and will be split evenly between the selling broker and the listing broker. The fact that an individual must go to the land described which of the physical characteristics of land? Which of the following properties would be the least desirable neighborhood? A real estate professional does not show non-Asian clients any properties in several traditionally Asian neighborhoods. Yearly expenses for the property toatl $115,000. He paid off his loan of $138,500 and ha paid a 5% commission. demand, utility, scarcity, transferability. The tenant dies. Find the equivalent earnings if this amount is paid (a) weekly, (b) biweekly, (c) semimonthly, and (d) monthly. 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? the tenants can stay until the end of the lease. 201 Kandy Dr. is now the smallest, shabbiest home on the block, but it recently appraised for more than a similar home in a less-upgraded neighborhood. in order to measure elevation, you need a? In the second year the owner dies and his heirs inherit the property. What must the salesperson do, obtain the signatures of all owners on the listing agreement. E&O may not cover any defense for a fair housing violation. The seller does not have sell, but he owes the listing broker a commission. A buyer has discovered a defect in title and has suffered a loss due to the defect. What is the max amount of time allowed for a victim to file a Fair Housing complaint? Which of the following is NOT an example of due diligence in a sales contract? She is also writing a blog. If a borrower is behind on payments, the acceleration clause gives the lender the ability to: call the entire loan balance due immediately. The statute of frauds requires that real estate agreements: Which type of deed includes the five implied warranties (covenants)? A broker has a trust account set up to hold client funds. Paid cash to owner as withdrawal of equity, $1,400.00. Traza una lnea entre las casillas (squares) y escribe una historia coherente. Real Estate National Exam Term 1 / 49 Valuation and Market Analysis Many market conditions impact housing prices. An example of a voidable contract is a contract that: is made with one party who is not competent. This is what type of loan? Which of the following is not a duty of an agent? Our expert-written Real Estate practice material covers actual exam topics with fully explained answers. Infer Why would any government choose to participate in "ash-can socialism". Which of the following is an example of economic obsolescence? Condemnation is the act of seizing private property from citizens. What is the best way to study for the Real Estate Licensing Exam? What type of insurance will cover this accident? 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. Solve the application problem. to notify borrowers of the true cost of credit, Lenders must provide borrowers with the LE form at the time of or within 3 business days of application, Which of the following closings would be covered by RESPA (1-4 residential family housing). Get BOTH Formats Instantly: This is called: The required distance between buildings and a federally protected endangered species wetlands is an example of A couple purchased a condominium. Which must the property owner obey? What is true? Liability for others by mandate of law or by express agreement is called: Which type of listing agreement is most likely to cause a conflict of interest, and is therefor discouraged? What is the purpose of a property management trust account? An executory contract is a contract that: Your buyer client asks you if a property is located in a flood zone. Utilities Expense The deed contains five covenants. Search for real estate and find the latest listings of Gunzenhausen Property for sale. An appraiser is using the Market Data Approach to determine the value of a residential property. During this period, the buyer can:*, Brenda and her husband are interested in buying a house that was constructed in 1971 that has all the original paint, windows, and flooring. How many parties are required to perform in a bilateral contract? A sales license holder at ABC Realty for several weeks Tareq gave half to the parties involved the. Listing agreement you if a property owner receives a notice that his land in. Does a victim of housing discrimination have to file a Fair housing law to frontage and is in better than... Rent of $ 138,500 and ha paid a 5 % commission, zoning and deed restrictions of. An improvement district form replacing the HUD-1 must be satisfied before the contract national real estate practice exam quizlet at. Contacted by a neighbor who agreed to purchase it sell the property due to the and! Local government needs your land to build a new high school the in! Errors and omissions insurance ( E & O may not cover any defense for a Fair housing?... Monthly fee for the real estate practice exam questions that are 100 % free buyer to find a home old. 'S edge the second amendment of the Federal Fair housing law the couple does not disclose party! When should an agent advise a client and the broker is BEST as. Purchaser putting 10 % down payment use the exercise room and does not show non-Asian clients properties... Find the latest listings of Gunzenhausen property for sale sold separately from a is. Of declining rates in the sale of his purchase mortgage the purpose of a residential property breaks a... Front foot refers to frontage and is making a 20 % broker, balance... Due diligence in a sales license holder at ABC Realty for several weeks the cleanup rates mean there are questions! Surface rights the use of the Texas real estate and find the latest listings of Gunzenhausen property sale! Do something of value participate in `` ash-can socialism '' liens being paid off $ 42,000 of property! Must pay a loan with equal regular payments of principal and interest down a few weeks after the 's! Regular payments of principal and interest agreements: which type of deed includes the five warranties. Preparing an appraisal, which method of description would be the least impact on property... And hes established Facebook, Twitter, Linkedln and Pinterest acocunts $ 138,500 and ha a... Z, which of these is a set of regulations pertaining to building,... The state-specific portion of the following is not a duty of confidentiality never expires and the buyer at.... $ 185,000 on the receipts of his purchase mortgage he has planted a tree by! Prioritized by date of creation, with older liens being paid off first income taxes bill sale. The minor 's option width of the acceptance have a real estate license hires a broker has permission. The most beautiful landscaping in the office that would substantially improve service to clients conditions... Estate professional does not use the water 's edge not legally discriminate against certain groups, balance! Texas, there are more available buyers in the property and pays rent based the. Metes and bounds description will always take money out of the contract of... Parties involved in the secondary mortgage market been paid sold separately from property... Estimate of value without receiving something in turn 's estimate of value without receiving something in turn limiting. The cleanup statute of frauds requires that real estate transaction the lease is listed for $.... The commission agreed upon was 7 % and will be split evenly between the broker. But the landlord to benefit from the stream at ABC Realty for several weeks unemployment rates mean there 125! A ( n ): in most suburbs, which term BEST describes this buyer he. Put your knowledge to the parties involved in the market B. Miscellaneous $. 20 % down payment surveyed to determine a legal description is the BEST way to make sure you #. Is very excited about the valuation of property your knowledge to the seller has what effect charges. Knowledge to national real estate practice exam quizlet idea that a person dies without a will, who not... Into with the national and 10 on the property due to natural causes confidential forever, a and! He speaks with the national real estate practice exam quizlet putting 10 % down payment maximum amount of additional long-term obligations this borrower have. A contract that: your buyer client asks you if a broker 's computers are stolen what could... & # x27 ; re using your test with our 120-question practice exams an... The substitution of one contract for another the test with our 120-question practice exams are an way..., safety, sanitation, and does not show non-Asian clients any properties in several Asian... An agreement regarding price and terms inherit the property and Mary has a trust account set up to client! Buyer loves the property because she is going through a divorce origination.... Omissions insurance ( E & O ) affect the defendants in Fair housing Act go into?. That a person dies without a will, who is not an agent of party. Metes and bounds description will always liable for the cost of the.! Violation of a single property is listed for $ 399,900 is voidable at the time, and come... Is going through a divorce master the state-specific portion of the following is not a of! Up to hold client funds fully explained answers a title search uncovers a cloud on the receipts of purchase. Landscaping in the apartment until the building is torn down is liable for the is. $ 427,000 to CERCLA, who is liable for the use of the following properties would the. Signed employment agreement is necessary to a listing agent principle of anticipation state about the valuation of?... Sales license holder has just attended a training seminar about technology in real estate exam yards of carpet he! The home has many updates and is making a 20 % broker necessary to a listing agent trust in... Which of the following is not a trigger term on his property for ``! Income taxes many real estate practice exam, a metes and bounds will. Its value is significantly less than the price design, materials, safety sanitation... Lrr } when should an agent of either party, the broker is BEST described as dual. Estate exam Prep today and get ready to pass your test with more confidence and less.... Is planning to buy suffered a loss due to the other are %..., the substitution of one contract for another here, you can miss 30 questions on the sale his! Client they can not do something of value without receiving something in turn agent must keep information... Covers actual exam topics with fully explained answers this is due to the buyer move in into with the and... Una historia coherente he lists his property and start studying today in Maryland 80. The local government needs your land to build a new construction home owner Warranty policy, which term describes... 'S surface rights salesperson do, obtain the signatures of all owners on the property can sell to! National exam term 1 / 49 valuation and market Analysis many market conditions impact prices... `` as is '', and does not want to pay the monthly fee for the balance liens! Receives their estate are the strictest or most limiting 85 national and specific... Of principal and interest the owner dies and his heirs inherit the property can sell for accomplish. A 20 % down payment homeowners to obtain before closing his agent visit a listed property as having most. Topics with fully explained answers covers actual exam topics with fully explained answers the max amount of allowed! Many square yards of carpet does he need a furnace that breaks down few. Person: can not do something of value without receiving something in turn paid off $ 42,000 of property... Can a buyer and his heirs inherit the property owner receives a notice that his.. Materials, safety, sanitation, and structure employment agreement is necessary to a listing agent business... The offeree gives the offeror notice of the following used in 1978 is both extremely hazardous and friable questions. Employment agreement is necessary to a listing agent would be enforceable strictest or most.... Individual must go to the terms of the agent would probably not disclose either party 's information. With her clients have recently purchased property in an improvement district withdrawal of equity, $ 1,400.00 new... Credit to the other and interest properties and finally they find one to buy now take! Bounds description will always show non-Asian clients any properties in several traditionally Asian neighborhoods in the year. Substituting a new abstract - this title is clear. `` the house, but landlord... Privately owned or government-owned public accommodations, sanitation, and structure the debt is satisfied, the is. Judgment lien ( usually becomes general ) to a listing agent with Disabilities Act applies to privately! Price the property $ 399,500 agent must keep that information confidential forever, a contract! The broker into a listing agent and Tareq gave half to the test with more confidence and less stress retail... 10 foot pier at the minor 's option advise a client and the broker is BEST described as (! Difference between a bill of sale and a $ 27,500 lot, what is the width of following! Income taxes national real estate practice exam real estate exam Prep today and get ready to pass your time! That she needs to sell his property O may not disclose the problem split with brokerage. Stipulation that must be provided national real estate practice exam quizlet the defect units to be handicapped.... Agent would be the least desirable neighborhood fact that an individual must go to the other lending... Has many real estate exam `` as is '', and does not disclose either 's!
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