What must the property owner do? **Transactions:** When a tenancy at sufferance occurs, the tenant is referred to as a: Which is an example of a freehold estate? She shows them many properties and finally they find one to buy. All of the following are hazardous substances that a license holder should be aware of except, Which of the following is the best example of puffing, I think this is the best floor plan available from this builder. Long before the debt is satisfied, the balance is due in a payment substantially larger than all the others. The listing agent learns the State Department of Transportation has authorized the construction of an exit ramp to the interstate right behind the commercial property. advertising property for sale only to childless couples. Ben manages an apartment complex that has an effective gross income of $100,000. The listing and selling brokers agree to split a 7% commission 50-50 on a $295,900 land sale. demand, utility, scarcity, transferability. Alden Co.s monthly unit sales and total cost data for its operating activities of the past year follow. C7. The buyer is concerned about the location of the fence as it appears to be encroaching. A salesperson designed an innovative tech in the office that would substantially improve service to clients. Login. Failure to make payments on time. If the tax rate is $4 per $100 of assessed valuation, what is the amount of tax due on the property? The commission agreed upon was 7% and Tareq gave half to the buyer's representative. If the assessment is 85% of the market value, what is the market value? We're pulling for you! What act is prohibited by the Sherman Antitrust Act? What is the purpose of a property management trust account? Paid cash to owner as withdrawal of equity, $1,400.00. 3. According to the Statute of Frauds, which of the following leases must be in writing? Wetlands typically contain which of the following? What is this right called? What is the best way to study for the Real Estate Licensing Exam? National real estate exam review crash course - YouTube 0:00 / 1:43:00 National real estate exam review crash course Real Estate Exam Prep 20.9K subscribers Join Subscribe 6.2K Share. If you want to earn $15 \%$ annual simple interest on an investment, how much should you pay for a note that will be worth $\$ 13,500$ in $10$ months? What civil rights law prohibits discrimination based on disability, and creates consistent and enforceable standards regarding discrimination based on disability? c. a judgment lien (usually becomes general). Your property borders a non-navigable waterway and you have riparian rights. While the broker is out of town, the sub-divider shows the property, quotes prices, and takes deposits. What principle of value defines the most important factor for appraisal? 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. A mobility impaired tenant has leased an apartment in a complex with unassigned parking. In order to be valid, what MUST a deed have? During the year, they become concerned about crime in the area and ask for permission to install an alarm system in the apartment. Tenancy at sufferance. 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? $$ 22. What is the advantage to the borrower of a VA loan? Cash Both are intestate. A property owner receives a notice that his land is in an improvement district. The listing expired. 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. What is the least important factor for a license holder preparing a CMA, The information from expired listings of unsold property in the area. What is true, They can accept the new offer, but only after withdrawing their counteroffer. However, there is a huge crack running down the middle of the living room wall. Which of the following is a lien on real estate? The most common method of disposing of solid waste materials, by layering them between several feet of soil, are? T18. How do you proceed? They are prone to leaking, which allows hazardous material to contaminate groundwater and soil. According to CERCLA, who is liable for the cost of the cleanup? The Americans with Disabilities Act applies to: privately owned or government-owned public accommodations. T22. C10. Tyson doesn't see any visible evidence of pests. Test Timeframe You'll have 200 minutes for both portions of the test. What will she pay monthly in interest? The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. they must pay the fee as they have a tenancy in common interest in all common areas. 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: What type of lease is this? The seller receives a note for this amount at closing and will collect this amount over the agreed-upon term of the loan). Under federal Fair Housing law, which of the following acts is illegal? At the end of the essay, what qualities does Thoreau envision in an ideal "perfect and glorious State"? An apartment building owner has renovated and modified several units to be handicapped accessible. Tenants have signed a 3 year lease on a property. What type of planning is used to guide purchasing by organizational buyers and by resellers? What is the effect of replacing bad with hot, or dry in sentence two. Asbestos, an environmental hazard, is a mineral that has been used for many years as: When a property management agreement is signed, it creates: a general agency relationship between the owner and property manager, licensed appraiser that sums up a property's market value based on collected data. This is what type of loan? 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. The value of a property is only what a consumer would pay to acquire a comparable property. Excess money at a foreclosure sale goes to After defaulting on a real estate loan, a borrower is able to pay off the loan prior to the foreclosure sale. The tenant has a four year lease on the space. Search for real estate and find the latest listings of Gunzenhausen Property for sale. What did Cynthia engage in? Received cash from sales,$250.00. 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? His lender has provided a very competitive interest rate, however when the investment property is completed and sold the lender will collect the amount borrowed plus a percent of the developer's profits. If the owner is earning a 10% rate of return, what is the value of the building? Which of the following is the best definition of market value? A seller comes into the office to sign a contract. How would the deed identify how they hold their interests if they specify they want them passed to the survivor in case of death? In an express contract, the parties explicitly state the terms and conditions of the agreement, whereas in an implied contract, they do not. A property is listed for $399,500. Operating expenses were $60,000. increases the amount the seller receives at closing. The buyer later finds out the home has a termite infestation. Since the rent is now worth much more than she is currently paying, she might most likely consider: Which of the following is NOT an encumbrance on real property? Although the home has many updates and is in better condition than the surrounding houses, its value is significantly less than the price. Under these circumstances, which of the duties of the agent would be the easiest for him to fulfill? His principal has found out about the actions and accepted them. Which of the following loans would not have a 3 day right of recession? b. What type of loan has a rate linked to an economic index? 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? This building is a: Which would NOT constitute evidence of title? The broker gets compensation regardless of who sells the property. After his next closing, he replaces the client's deposit in his trust account. $$ mi familia y yo. Round your answer to the nearest cent. 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. 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. What will HUD do try mediation followed by a lawsuit if mediation fails. Welcome to our free real estate practice exam! Ignorance C. Disability D. Retardation 2. b. rate of return an income property will produce. Which appraisal method would an appraiser be most likely to use on an owner-occupied residential home? A property manager notices that the building stucco needs repair. The local government needs your land to build a new high school. 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). It counts towards the buyer's closing costs. An alienation clause would require a borrower to: pay the mortgage debt in its entirety upon the property being sold. Which of the following is NOT a characteristic of a fee simple estate? Last week, Mary died. Which of the following is not a duty of an agent? *, In the sales comparison approach to property valuation, what does the principle of substitution state?*. Practice of Real Estate Remedies under the new amendment include: 1) a civil penalty, not exceeding $16,000 for the first offense 2) a penalty not exceeding $37,500, if another offense was committed within the past 5 years 3) a penalty not exceeding $65,000 if two or more discriminatory practices have been found in the past 7 years Ready to Take Your Real Estate Exam? A property at 123 Main street has been listed by Mary, a sales license holder at ABC Realty for several weeks. If John dies and Mary becomes the owner of their home, what type of ownership did they have? The seller has changed his mind about selling and refuses to sign the agreement. John and Mary are co-owners of a property. Which claim for damages would most likely be covered by a homeowner warranty policy? A buyer offers additional consideration to add a 10-day option period to the sales contract. Real Estate Agent Practice Test Take this free practice test to see how prepared you are for a real estate agent certifying exam. One of the property owners in a subdivision is violating the deed restrictions. All but which of the following forms of ownership are recognized in Maryland? The current value of a property is $140,000. 22. What happens in the secondary mortgage market? a general partner has full liability and a limited partner has limited liability, A one on one relationship between a broker and a client is called, A license holder sponsored by a broker must have a written agreement. This free practice exam is here to help you master the state-specific portion of the Virginia real estate exam. A contract is not considered valid unless consideration is involved. A seller is closing on the sale of his home on April 23rd. By far, the most substantial chunk of the real estate license exam is the vocabulary.. He has earnest money deposits from several clients in the account at the same time. The buyers have not responded to the counteroffer. Observa el significado de las palabras, los verbos y las expresiones de tiempo para guiarte. What is this an example of? How much tax will this homeowner pay on the capital gains? Who must fill out the Seller's Disclosure Notice? (A take back is seller financing. The seller failed to do so, which makes the seller guilty of: What usually happens to earnest money at the successful closing of the sale? Which of the following statements may represent the unauthorized practice of law? The title company is entitled to a portion of the judgment as reimbursement for the claim it paid. 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? Prepare for success! 6. \text { Accounts receivable } & 700 & 770 \\ Which of the following conveys title to real property and insure good title? An appraiser is using the Market Data Approach to determine the value of a residential property. In a verbal agreement, Jesse said that he would sell his house to Giorgio for $200,000. The real estate license exam is divided into two parts: the national and your specific state portions. The complex has an exercise room for all residents. R2. He has begun to disassemble his display cabinets and shelves. Molly and Jeff are currently in the process of paying off a loan. Which of these is an example of a general agency relationship? For help with the national portion, we have our national real estate practice test. None. Using a 360-day year, how much will the seller owe for taxes at closing? Which of the following is NOT done under the police power of the state? What is the main reason for considering underground storage tanks (USTs) an environmental hazard? c. Real Estate Settlement Procedures Act (RESPA). What type of business entity is owned by shareholders, but avoids "double taxation"? In Texas, there are 125 questions on the exam (85 national and 40 state). 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? This is called: The required distance between buildings and a federally protected endangered species wetlands is an example of A couple purchased a condominium. Police powers include all of the following EXCEPT? The NOI of this property is $367,500. A seller is attending the closing on his property. Several years later, an ordinance was passed in that area banning any building six stories or higher. If she is successful, what will happen? ** necessary $+\mathrm{ly}=$ $\underline{\text{necessarily}}$ Under the federal Fair Housing Act, is this legal? the concentration of housing in a residential area. Erin pays a flat fee every month to rent her apartment. Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Arthur Getis, Daniel Montello, Mark Bjelland. The statute of frauds requires that real estate agreements: Which type of deed includes the five implied warranties (covenants)? Her actions: which of the following is NOT a specific lien? A buyer's agent has accidentally forwarded confidential information about his buyer's financial background to the listing agent. If your practice exam isn't timed, set a timer. the contract is voidable at the minor's option. How Many Questions Can You Miss on the Pennsylvania Real Estate Exam? Take our a specific flood insurance policy. The seller has no duty to remediate lead, simply to disclose it. 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