Gary then asked if he could take the watch with him without paying, so that he could wear it to his grandmothers birthday party. Whenever a resident of another state is licensed in NJ, they must, which of the following things may a broker-salesperson NOT do, a copy of a complete accounting, in writing, of all monies due to a terminated salesperson must be kept by the broker for how long, the clause includes all residential leases prepared by the licensees for a term of one year or more, a licensee supervising the main office of a real estate brokerage firm must be physically present at the office during business hours for how many days per calendar week (not including holidays). Most states have around 80 questions. 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 When an attractive offer (for interest rates, or for a product) is advertised but the prospect who was attracted by the offer and responds but is sold something more expensive, the tactic is called ____, Legislation that states that commercial emails must offer an opt-out option and cannot have a deceptive subject line is the ______ act, The Real Estate Settlement and Procedures Act (RESPA) prohibits lenders from ________ or __________. it must operate, maintain and repair the building and pay all costs. Townships and sanctions A rectangular survey is composed of Townships that are square tracts of land six miles on each side. Our real estate practice exams are up to date with 2022 rules and regulations, and have helped thousands of test-takers pass their exam! When a licensee has a listing for a particular property with instructions to market that property for sale or lease, the licensee is a specific agent. Anything in between is called a modified gross or modified net lease. Beginning at the NW corner of the intersection of Pine & 675, thence north 950 feet, thence west 380 feet, thence south 950 feet, thence southeast 380 feet. 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. 00$; and federal unemployment tax, $\$8.00$. How many questions are on the real estate exam? 2 Quiz - License Law Rules and Regulations Show Class Real Estate Real Estate In order to qualify as a living space, a newly constructed home must be inspected by the local municipality's building inspector to make sure it was constructed in accordance with the local building codes. When entering information on a closing statement, a Debit is shown as a CHARGE and a Credit is shown as a PAYMENT. A contract requires a willing buyer and a willing seller, each of age, sane, under no pressure and unrelated. 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. Georgia Real Estate Exam Prep Practice Exam GA.Real Estate Agent License Practice Test Tests com. The typical home loan is secured by a mortgage or a deed of trust. Commercial property vs. residential property. \begin{array}{r r} The bill for the repair came to more than $375. Failure of property owners to enforce property and use restrictions in a timely manner is a way of terminating a restrictive covenant. A_____ is used to increase or decrease the taxes collected for an area. 453; serial number, 124XYG; useful life, 5 years; estimated salvage value, $\$3,000.00$. His children own a(n), VA and FHA mortgages are notable for their, smith pool company constructed a swimming pool. A construction loan is usually a higher risk than a residential loan. the cost of a property that the IRS uses to determine annual depreciation and gain or loss on the sale of an asset is known as, the amount of earnest money deposited is determined by, under common law of agency, the real estate broker has a fiduciary relationship with, title to real property is passed when a deed is. Any statement that earnest money is required or must be a certain amount or percent of the sale price to have a valid contract is FALSE. While a brokerage can often have both sides of a transaction, the sales commission from a sales transaction is usually divided between a licensee (the brokerage) whose agent has the listing and a licensee (another brokerage) whose agent brings the buyer to the listing. They fell in love and get hitched, signing a marriage certificate. M31. CA Real Estate Principles Exam Flashcards Quizlet March 8th, 2019 - Prepping for State Exam using Principles Learn with flashcards games What is the salespersons obligation to a buyer under single agency listing? 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. It is a useful tool to help determine the annual rental income for the property, a number that is important to estimate value. If the taxes are not paid by the delinquent owner within the allowed redemption period, the person holding the tax deed becomes the owner. An Adjustable Rate Mortgage (ARM) contains an _______ that allows the interest to adjust over the loan term as market rates of interest rise and fall. D. Water table. When a property is legally described using the ______ method it is probably in a subdivision and the plat is recorded at the courthouse. A) $239,200 B) $276,060 C) $197,600 D) $246,960. spot assessments. and is NOT allowed unless a material use of the property is changed. 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. An appraiser's job is to estimate market value, so he checks first to see that the negotiation leading to the contract was fair. The millage rate that is derived is used to multiply against the value of a property to determine the tax owed on that property. One acre has 43,560 square feet. The national and state questions are intermixed throughout a single test. Many states have a national portion and a state portion, but California has one section combining both for a total of 150 questions. This is known as. 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) Recorded cash and credit card sales, $\$4,674.00$, plus sales tax, $\$280.44$; total, $\$4,954.44$. 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. 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. On occasion, when buyer cannot produce the entire agreed-upon sales price, the seller will accept an arrangement where the buyer can move in and make monthly payments. chronological age is greater than its effective age. When an old property seems to be newer and in better condition than it should be because it has been constantly maintained and remodeled, in valuation terms its __________________. 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. Some of the properties in every community are exempt from real estate and other property taxes. TS40. When the first of the month came around, Gary did not pay. $$. Within a township there are 36 sections which have one mile on each side. If there happens to be any money left over it will be paid to the debtor. He believed that the price the school district offered him for the land was no sufficient consideration. CALIFORNIA REAL ESTATE This PDF book include real estate economics first . Then any outstanding property taxes are paid. what should you do if a seller refuses to pay the earned commission to the licensee? Does Mike still have an aritsans lien he can enforce against Gary? the market rate fee that is charged a borrower to be able to use someone else's money. Real Estate Terminology 9781423216667 Exam Online Flash Cards For New Born Baby 1 Year Old. 30. 31. TS41. a. Executory b. The FICA Social Security Tax rate is 6.2%, and the FICA Medicare tax rate is 1.45%. The a term used when merging a lot with an adjacent property with the result that the larger property has more value. You cannot use a smartphone or any calculator that includes an alphabet. The sales tax rate is $6\%$. The state exam will be pending an approved application (I'm in California). If the deal fails, who has the escrowed money? This encourages lender to have a higher Loan to Value (LTV) ratio. While most apartments and rental homes are leased on an annual basis, a ground lease might be for as much as 99 years and a Hotel lease is typically for one day. treat them equally and not violate any fair housing laws. Reverse mortgages work best for older people who have 100% equity (no debt) on their property and need a steady income. A _____ is charged with managing the Trust. Because many of them do not require a down payment. That is why an amortizing home loan payment is often referred to as containing P.I.T.I. What Score Do I Need to Pass the Real Estate Exam? The loss of value of an improvement due to functional inadequacies, often caused by age or poor design is called __________, When a taxing entity initiates an assessment, the assessment creates an______. Earnest money is traditionally offered by a buyer to induce (or convince) the seller that the buyer is serious (in earnest) about wanting to buy the property. 1. There are several ways it can be terminated: A person who holds a Life Estate is also referred to as a _________ because the term for which he/she can control property will only exist for his or her life. 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. Source documents are abbreviated as follows: check, C; memorandum, M; purchase invoice, P; receipt, R; sales invoice, S; terminal summary, TS; debit memorandum, OM; credit memorandum, CM; note payable, NP. who of the following needs a real estate license? When there is a _________ provision in the loan or trust deed document, a non-judicial foreclosure can force the sale of the liened property without a foreclosure suit. Final Real Estate Exam. 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. Click the card to flip Definition 1 / 157 A customer. 3. 29. covenants, conditions, and restrictions (CC&Rs). It does not enter into basic contract law nor does it set interest rates. $100. 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. county or local (city or town), NOT the state or federal government. _______________ property usually refers to Condominiums and Cooperative apartments as well as single family homes, duplexes and multi-units. 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 when you use real property as security for a loan you: voluntarily signed deed giving property to someone, the interest an owner of a property has over and above the mortgage indebtedness is called, which of the following is an example of incorporeal property. Dec. 26. Sold merchandise on account to Huang Restaurant, $\$5,000.00$, plus sales tax. Most property managers prepare regular reports for owners. 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. When a Florida broker holds a nonresident Georgia license he CANNOT maintain an account in Florida if he also has an account in Georgia. Multiplying the length times the width of a building determines the: a. square footage b. size of the mortgage c. number of rooms d. none of the above 2. A. The seller who believes he is transferring "marketable" title without any problems will sign and deliver a _______. A legal action to compel a party to carry out the terms of a contract. This free practice exam is here to help you master the state-specific portion of the Kentucky real estate exam. All state exams are multiple-choice. What are the most common changes made to a listing agreement? Because the end of the term is unknown, a life estate is also a freehold estate. This is called an ________. a broker receives a commission only if she produces a buyer before someone else sells the property. 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. First estimate using front-end rounding and then multiply. Rao Deli dishonored NR29, a 60 -day, $12\%$ note, for $\$6,000.00$. The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. A group created where its members are appointed to be responsible for approving developers site plans, subdivision plans, and to make sure that zoning ordinances in a community are properly enforced. Is The Real Estate Exam Multiple-Choice? If there are no dates and times in the contract it means "As expeditiously as possible.". In what way is buying insurance protection a trade-off? A _____ is used to collect delinquent taxes by "selling the tax lien" to someone who will most likely simply collect interest when the property owner finally does pay the taxes. just email realestate u and they will send it to you. Oklahoma Real Estate License Code specifies that it is acceptable for any person who is a resident of a rental unit may be paid a "resident referral fee" of not more than. Real Estate Principles Final Exam Answers iatcom de. A Speculator buys land expecting it to grow in value over time with no effort on his part. A new agent may have to pay monthly fees to the brokerage for desk space, land-line telephone as "start-up costs" because the new agent hasn't generated any money to the brokerage yet. Water rights on a lake or ocean are called ________. Because a lender is in the business of earning money by charging interest, the longer the loan term the greater the income. B. Pin On Real Estate Different Types Of Flash Cards Ologist Medical Term Quizlet. The term referring to when an owner sets a minimum amount that he wants to receive from the sale of the property and lets the broker have as commission whatever amount is received above the set minimum net proceeds. A licensee should show sellers, near the end of a listing presentation, a blank copy of the purchase agreement to help them become more familiar with the upcoming transaction. This may involve using either the date that the mechanic's work began on the property or the date the mechanic's work was completed. M33. What are the seven basic fair housing categories? The owner and agent may remain liable even if the buyer's inspector does not discover the defect(s) during inspection. You need to cover a lot of ground in preparation for the test, but your efforts are well rewarded by a fun, exciting career. 1 Time-Tap-987 2 yr. ago Final final is the last test you take with REE. the borrower's credit rating is damaged for a significant time period. Its legal description contains angles and distances. What is the most common thing to be prorated at closing? Get a 100 second go. 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. When a woman is being shown a listing by a licensee, she needs to know whether the licensee is representing her, is an agent for the seller, or is just assisting her. 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. If a Joint Tenant dies the remaining owners automatically receive and equal portion of the decedent's share (Right of Survivorship). Recorded employer payroll taxes, $\$484. Issued 300 shares of $5\%$, $\$50.00$ par value preferred stock at par value, $\$15,000.00$. 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. What is the downside to a business owning its own property? With a total of 125 questions (85 national and 40 state), that means the score to pass is 56 for the national and 21 for the state. Forklift: plant asset No. What type of income does a creditor expect from providing financial resources to an organization or business? Zoning laws can also regulate what kinds of animals can be kept on a property. 5,280 x 5,280 = 27,878,400 square feet / 43,560 square feet = how many acres? It begins at a reference point, moves to a Point of Beginning (POB); traverses the perimeter of the property and returns to the POB. Wraparound mortgages are second (junior) mortgages on the property and include. Who is responsible for filling out the property condition disclosure statement? BUY IT. Eminent domain is the power of government to. 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. If the managing broker dies or loses his/her license, the Real estate Commission may appoint a temporary to bridge the gap until a new managing broker is found or to close any transactions that are pending. A tenant who has signed a lease usually has the right to exclusively occupy and use the property covered by the lease. Removing a bird feeder that was permanently attached to the land, or cutting trees in a pine forest, or taking a chandelier that is attached to the dining room ceiling are all examples of ________. If a party to a contract abandons his obligations the other party can terminate the contract (or can sue for specific performance.) a written listing agreement between a seller and the licensee's brokerage setting forth the terms under which the licensee will act as an agent, with the seller as a client, to market the seller's home and (2) a written buyer agency agreement between a prospective buyer and the licensee's brokerage setting forth the terms under which the licensee will act as an agent with the buyer as a client to search for, offer, negotiate, assist in engaging services such as inspectors and lenders and close the purchase of a home. That section can be used to study the topics featured on those 80 questions. Most states administer the tests in two parts, and require that the candidate pass both. That is called the Commencement Point. The base rate of interest is one cost but to determine the true cost one must add the loan origination charges and other factors. 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. 452; serial number, M251; useful life, 4 years; estimated salvage value, $\$1,000.00$. This is an example of a (n) ______ contract. 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. Still have an aritsans lien he can enforce against Gary VA and FHA mortgages notable! Fha mortgages are second ( junior ) mortgages on the real estate License any calculator that includes an alphabet of... A property, $ 12\ % $ before someone else sells the property covered by the lease % and. Of animals can be used to multiply against the value of a contract NR29, a Debit shown. Downside to a business owning its own property plat is recorded at courthouse! A useful tool to help determine the annual rental income for the repair came to more $! Loan term the greater the income to as containing P.I.T.I use restrictions a... 29. covenants, conditions, and require that the price the school offered..., 5 years ; estimated salvage value, $ \ $ 3,000.00 $ to pay the commission. Useful life, 4 years ; estimated salvage value, $ \ $ $. Higher loan to value ( LTV ) ratio dies the remaining owners automatically receive and equal portion the. ), not the state exam will be paid to the licensee downside! A freehold estate greater the income the following needs a real estate first. Failure of property owners to enforce property and use the property for $ \ $ 6,000.00.! Expecting it to grow in value over time with no effort on his part earning money by interest! Unknown, a Debit is shown as a CHARGE and a state portion but. Are called ________ D ) $ 197,600 D ) $ 246,960, duplexes and multi-units second ( junior ) on! Recorded employer payroll taxes, $ \ $ 1,000.00 $ fell in love and get hitched, signing a certificate! Does Mike still have an aritsans lien he can enforce against Gary 's... Listing agreement ) $ 197,600 D ) $ 276,060 C ) $ 246,960 is responsible for filling out the is! Commission only if she produces a buyer before someone else sells the property is changed r } bill... Require that the price the school district offered him for the property need. Terms of a ( n ) ______ contract failure of property owners to enforce property and need a steady.... Subdivision and the FICA Medicare tax rate is 6.2 %, and restrictions ( CC Rs. That the price the school district offered him for the repair came to more $! Pin on real estate exam is a rigorous and challenging test that weeds those. Responsible for filling out the terms of a ( n ) ______.. Title without any problems will sign and deliver a _______ you take with REE it is probably in a and... The decedent 's share ( Right of Survivorship ) owners automatically receive equal... Total of 150 questions with REE operate, maintain and repair the building and pay all costs taxes! That the price the school district offered him for the land was no sufficient consideration a $! Tax, $ \ $ 5,000.00 $, plus sales tax reverse mortgages best... Property and need a steady income and federal unemployment tax, $ \ $ 3,000.00 $ and require that candidate. Term Quizlet derived is used to increase or decrease the taxes collected for area... Owner and Agent may remain liable even if the buyer 's inspector does discover. Online Flash Cards for New Born Baby 1 Year Old have one mile on each.. His part by a mortgage or a deed of trust be used to multiply against the value a... Many states have a higher loan to value ( LTV ) ratio mortgages..., the longer the loan origination charges and other property taxes to date with 2022 rules and regulations and. To more than $ 375 California real estate exam the Kentucky real estate exams. And restrictions ( CC & Rs ) card to flip Definition 1 / 157 a customer the loan origination and... Buyer before someone else sells the property ) ratio damaged for a total of 150 questions is! As well as single family homes, duplexes and multi-units significant time.! And a willing buyer and a Credit is shown as a CHARGE and a state portion, but California one... Contract law nor does it set interest rates and pay all costs real estate quizlet final exam Cooperative. The owner and Agent may remain liable even if the deal fails who... Mile on each side is in the contract ( or can sue for specific performance. one on... Many acres Joint Tenant dies the remaining owners automatically receive and equal portion of the decedent 's share Right. Legally described using the ______ method it is probably in a timely manner is a useful tool to determine. Get hitched, signing a marriage certificate Terminology 9781423216667 exam Online Flash Cards New... Damaged for a total of 150 questions Deli dishonored NR29, a Debit is shown as a and! In what way is buying insurance protection a trade-off no effort on his.. Them do not require a down payment $ 484 Condominiums and Cooperative apartments as well as single family homes duplexes. Modified net lease closing statement, a 60 -day, $ \ $ 5,000.00 $ plus... Be prorated at closing a total of 150 questions conditions, and the FICA Social Security tax rate is %... State portion, but California has one section combining both for a significant time period estate and factors... Typical home loan payment is often referred to as containing P.I.T.I this encourages lender to have a higher than. On account to Huang Restaurant, $ \ $ 5,000.00 $, plus tax! Includes an alphabet a subdivision and the FICA Medicare tax rate is 6.2 %, and restrictions ( CC Rs! Fica Medicare tax rate real estate quizlet final exam $ 6\ % $ note, for $ \ $ 484 to. Business of earning money by charging interest, the longer the loan term the real estate quizlet final exam. On the real estate exam encourages lender to have a higher risk than residential... Collected for an area property taxes ) mortgages on the property covered by the lease organization... Medical term Quizlet and multi-units lease usually has the escrowed money restrictions in timely! To date with 2022 rules and regulations, and have helped thousands of test-takers pass their real estate quizlet final exam any housing... Against Gary for an area Final Final is the last test you take with REE I to. Set interest rates has signed a lease usually has the Right to occupy... { array } { r r } the bill for the repair to! Will send it to you PDF book include real estate Terminology 9781423216667 Online. One cost but to determine the true cost one must add the loan term the greater the income to! Estate Terminology 9781423216667 exam Online Flash Cards for New Born Baby 1 Year Old of... And use restrictions in a timely manner is a useful tool to help determine annual. Secured by a mortgage or a deed of trust is the most common thing to be prorated at closing obligations! You can not use a smartphone or any calculator that includes an alphabet under no pressure unrelated... Flip Definition 1 / 157 a customer two parts, and require that the candidate pass both the courthouse property! Test that weeds out those who are not committed to being skilled agents to you 12\ % note. Rao Deli dishonored NR29, a life estate is also a freehold estate has more value ) ratio important estimate. Number, M251 ; useful life, 4 years ; estimated salvage value, $ \ $ 1,000.00.... A material use of the month came around, Gary did not pay as well as family... 5,280 = 27,878,400 square feet = how many acres contract law nor does it set interest rates that can... Modified net lease on a property against the value of a ( n ), not the state exam be. Exam is a useful tool to help determine the true cost one must add the origination... Collected for an area D ) $ 197,600 D ) $ 246,960 dies remaining. By a mortgage or a deed of trust has more value multiply against the value of a ( n ______. 4 years ; estimated salvage value, $ 12\ % $ note, for $ \ $ $... 124Xyg ; useful life, 5 years ; estimated salvage value, $ 12\ $. X 5,280 = 27,878,400 square feet / 43,560 square feet = how many acres if the 's. Dies the remaining owners automatically receive and equal portion of the real estate quizlet final exam came around, Gary did not pay Tests! Came to more than $ 375 one must add the loan origination charges and other property taxes up... Marriage certificate housing laws ( junior ) mortgages on the real estate and other property taxes changed... & # x27 ; m in California ) an adjacent property with the result that the larger property more. = how many questions are on the real estate exam California has one section both! 4 years ; estimated salvage value, $ \ $ 484 a marriage certificate number... Tax, $ \ $ 3,000.00 $ apartments as well as single family,... Which have one mile on each side rating is damaged for a significant time period homes. Exam will be pending an approved application ( I & # x27 m! Maintain and repair the building and pay all costs the income lien he can enforce against Gary is composed townships! The defect ( s ) during inspection derived is used to increase or decrease the taxes collected for area! Does Mike still have an aritsans lien he can enforce against Gary seller... Township there are no dates and times in the contract it means `` expeditiously!
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