national real estate practice exam quizlet
A title search uncovers a cloud on the title. the buyer's agent is guilty of negligence and the listing agent must disclose the information to the seller. Ships from and sold by Amazon.com. What are the requirements/ criteria for real estate to have values? A property manager is hired and signs a management agreement with the owner. Homes in the subdivision are selling well, and the builder is making a good profit on the sales. If an appraiser uses the cost approach to determine the value of a two story building 128 x 97 at $120/sq. Dont forget to read the explanations so you fully understand the question. What type of loan has a rate linked to an economic index? What is the maximum amount of additional long-term obligations this borrower may have after PITI? He paid off his loan of $138,500 and ha paid a 5% commission. Molly and Jeff are currently in the process of paying off a loan. They have some concerns about the contract and ask to speak an attorney. The seller can close on the 16th. John submitted an offer to buy a condo, but he can only carry out the purchase if the bank approves his request for a loan. The tenant has a four year lease on the space. All parties to a contract agree to the terms of the contract. Which of these is TRUE? What type of permission allows an individual property to deviate from a specific provision of a zoning ordinance? Which appraisal method would an appraiser be most likely to use on an owner-occupied residential home? Failure to make payments on time. It has a definite ending period and there is no automatic renewal. The seller has no duty to remediate lead, simply to disclose it. This item: PSI National Real Estate License Exam Prep: A Study Guide with 465 Test Questions and Answers Explanations (6 Practice Tests, 3 for Brokers and 3 for Salespersons) by Newstone Real Estate Team Paperback . The buyer loves the property and wants to purchase it. His comparables should not be more than one year old. What will HUD do try mediation followed by a lawsuit if mediation fails. Complete 90 Hours of Approved Education Pass a Background Check Submit Your Application to the Oklahoma Real Estate Commission (OREC) Parties must perform their contractual duties by a specific date and time in order to avoid a breach of contract. You have recently purchased property in an area regulated by zoning. Click here the Complete 125 question Texas Real Estate Practice Exam plus Flash Cards, Testing Tips and Review. What form replacing the HUD-1 must be provided to the consumer and when must it be provided? What type of insurance will cover this accident? With the exception of tax liens, how are liens generally prioritized? The couple does not use the exercise room and does not want to pay the monthly fee for the use of the facility. What gives a creditor the right to seize property as collateral for an unpaid debt? An underage college student signs a lease, then discloses his age to the landlord. What is unique about an exclusive right-to-sell listing agreement? A sales agent had a listing and the property did not sell. What is considered evidence against a broker accused of discrimination? Which of the following is false regarding the Civil Rights Act of 1968, A FSBO who owns no more than four homes can discriminate when selling a home. An unmarried Texas couple purchased real estate together. He has planted a tree surrounded by some flowering shrubs. Which of the following actions by the agent would NOT be in violation of fair housing laws. A man leaves his second wife a life estate in their home after which the property goes to his children from his first marriage. Send the clients to an attorney of their choice before they sign. 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). Does John have to leave? At this time, what is true? Mark has an Open Listing on a seller's property. That section can be used to study the topics featured on those 85 questions. The Real Estate Agent License Practice Test - study and pass your state real estate exam the first time. What effect will Mary's death have on the Listing Agreement? $$ Sabrina accepted Rebecca's offer to purchase her house, and the closing date is in a few weeks. None. demand, utility, scarcity, transferability. A seller comes into the office to sign a contract. Which of the following used in 1978 is both extremely hazardous and friable? $$. The real estate license exam is divided into two parts: the national and your specific state portions. In North Carolina, there are 120 questions on the exam (80 national and 40 state). The tenant becomes ill from the mold. The listing broker gives the listing sales associate 50% of the listing broker's share, and the selling broker gives the selling sales associate 65% of that share. This free practice exam is here to help you master the state-specific portion of the Colorado real estate exam. Which of the following instruments is the promise to repay a debt? For non-real estate transactions, it covers up to $25,000. Michelle Renda is assistant manager at Barnes and Noble and is paid $42,900 annually. Tyson doesn't see any visible evidence of pests. Who is responsible? A sale is closing on June 15th and the annual property tax bill has not been paid. The son leases the property. Monthly taxes and insurance will be $900. Inflation increases buying power C. Low unemployment rates mean there are fewer available buyers in the market Search for real estate and find the latest listings of Gunzenhausen Property for sale. Which of the following would be most likely to hire a property manager? If the tax rate for Pedro's county is 2.375%, what will he pay in ad valorem taxes this year? What is this right called? Where does the secondary market get its funds? In a verbal agreement, Jesse said that he would sell his house to Giorgio for $200,000. What method of land description is he using? Our material is specific to the Missouri Real Estate Salesperson Exam, covering both the National and State sections with these content areas: Property Ownership; A property is listed for $399,500. What monthly income will your buyers need to qualify for a $200,000 loan at 6% for 30 years if lenders are qualifying at 28%? What type of listing provides a commission to the broker ONLY if their activities bring about a sale?*. About 2 hours and 40 minutes; Part 2: State Real Estate Laws. A furnace that breaks down a few weeks after the buyer move in. a. recorded easement b. recorded mortgage c. encroachment d. dead restriction Click the card to flip Definition 1 / 80 b. recorded mortgage Click the card to flip Flashcards Learn Test Match Created by MsV12 What type of contract should he enter into with the seller? The tenant dies. shiny $+\mathrm{er}=$. | 3 | 280,000 | 220,000 | | 9 | 80,000 | 64,000 | How can she advertise the propert? What principle of value defines the most important factor for appraisal? Which of the following deaths on the property should never be disclosed? What must the salesperson do, obtain the signatures of all owners on the listing agreement. A licensed broker is advertising that he will perform a free appraisal if you contact him for a listing appointment. He is selling the house for $179,000. Hit us up with an email to info@uniontestprep.com or check us out on Twitter, Facebook, YouTube, Instagram, or Pinterest. Nelnet Solutions provides a free 300 page real estate practice PDF that can be accessed here. After his next closing, he replaces the client's deposit in his trust account. Mary has a loan whose payments and interest rate will stay the same throughout the life of the loan (not including the cost changes caused by insurance and tax rates). Find Property for sale in Gunzenhausen, Bavaria. Pedro bought his house for $370,000. increases the amount due from the buyer at closing. Journalize the transactions completed during March of the current year. advise the client they cannot legally discriminate against certain groups, the substitution of one contract for another. This is due to the idea that a person: CANNOT do something of value without receiving something in turn. That way, it's . c. Real Estate Settlement Procedures Act (RESPA). A bill of sale is for personal property; a deed is for real estate. All states require real estate agents to be licensed by the state to engage in the sale of real estate. The buyers have not responded to the counteroffer. Paid cash for postage (Miscellaneous Expense), $32.00. Which of these is an economic characteristic that makes land a distinctive commodity?*. This free practice exam is here to help you master the national portion of the real estate exam. 4. A seller is closing on the sale of his home on April 23rd. Based on these facts, which of the following correctly describes the remaining woman's ownership interest in the house? How much does the selling broker earn? What is the effect of replacing bad with hot, or dry in sentence two. Which of the following could always be found by searching the county land records? Which of the following does NOT pledge property as security for a debt? What should the buyer's agent do? Click the card to flip Definition 1 / 219 improvements Click the card to flip Flashcards Learn Test Several years later, an ordinance was passed in that area banning any building six stories or higher. Operating expenses were $60,000. The commission agreed upon was 7% and Tareq gave half to the buyer's representative. Which of the following statements about this is true, the tenant can take these as they are trade fixtures. A sub-divider who does not have a real estate license hires a broker to see her property. A property owner has the right to tell other people that they cannot trespass on their property. Bought supplies on account from Supply Mart, $170.00. He has earnest money deposits from several clients in the account at the same time. Hans bought an investment property for $5,250,000. What are Mark's rights with respect to a commission from the sellers? The real estate professional bases this practice on the need to preserve the cultural integrity of Asian immigrant communities. The seller receives a note for this amount at closing and will collect this amount over the agreed-upon term of the loan). Find the equivalent earnings if this amount is paid (a) weekly, (b) biweekly, (c) semimonthly, and (d) monthly. C9. What happens to her real property? 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. Long before the debt is satisfied, the balance is due in a payment substantially larger than all the others. in order to measure elevation, you need a? The buyer later finds out the home has a termite infestation. 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. In most cases, broker compensation, as a percentage of home price, falls somewhere between: A Christian organization owns a fourplex. A square bedroom measures 10 feet by 10 feet. Which one of the following actions would be considered the unauthorized practice of law by a broker? The tenant also has the right to match or better any offer before the property will be sold to anyone else. Take our a specific flood insurance policy. How long must the seller's private information be kept confidential? Each question has four answer options. 25. A seller wants to net $185,000 on the sale of his property. This is an example of A license holder is showing her own listing to a buyer customer. Ben manages an apartment complex that has an effective gross income of $100,000. However, there is a huge crack running down the middle of the living room wall. Which of the following statements may represent the unauthorized practice of law? A licensee is representing a seller in a commercial transaction. Received cash from sales,$130.00. What kind of agreement has this real estate professional signed? 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 local government needs your land to build a new high school. What happens to trade fixtures after a business moves out of a leased property? When the offeree gives the offeror notice of the acceptance. This building is a: Which would NOT constitute evidence of title? In Stock. Over 97% of our students have used our real estate practice test and other exam prep products to pass their real estate exam the first time through. A property owner has decided to do some landscaping work on his yard. What is true? Nothing- his property is automatically considered a non-conforming use. the concentration of housing in a residential area. Novation Substituting a new obligation for an old one. What is the best way to study for the Real Estate Licensing Exam? The estate held by the nursing home is a: A country music singer who owns a cattle ranch enters into a sale and leaseback agreement with a local dentist. In senior housing communities, at least one person over the age of 55 must be living in what percent of the units? 15. A new contract substituting the obligations of an original contract is a(n): Which of these is an easement that is attached to a piece of land, regardless of owner? A property manager notices that the building stucco needs repair. He notifies the landlord and recommends a contractor. Contact. PrepAgent offers real estate exam prep for all 50 states. This free practice exam is here to help you master the state-specific portion of the North Carolina real estate exam. They own their own home. R2. Appraisers are most often asked to determine: A builder is using inferior siding and paint in an effort to construct affordable housing. What kind of property is it? They give the tenants notice to vacate. John has 60% interest in the property and Mary has a 40% interest. What department of the government oversees the FHA insurance program? One of the property owners in a subdivision is violating the deed restrictions. The sellers receive another offered for $395,000. The lending institution charged a 1% loan origination fee. What is the defining feature of an estate for years? 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 Erin pays a flat fee every month to rent her apartment. An office building has a potential gross rent of $20,000.per month. She shows them many properties and finally they find one to buy. What type of lease is this? The tenant continues to pay the rent as prescribed in the lease. The nursing home agrees that the rental income produced by the building will pay for the expenses of caring for the women's parents. T22. Real estate practice exams are an excellent way to make sure youre using your test time wisely. 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. What type of verbal lease agreement would be enforceable? E&O may not cover any defense for a fair housing violation. Each time, he notified the sellers of the showing by phone. Although not an agent of either party, the broker may not disclose either party's confidential information to the other. He has paid off $42,000 of his purchase mortgage. The house is assessed at $350,000 and the tax rate is $2.50 per $100. Your client is an investor who would like to have the right to purchase a commercial tract for $5 million for the next 6 months. 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: Which of the following is a participant in the secondary mortgage market? Which of the following loans would not have a 3 day right of recession? An example of a voidable contract is a contract that: is made with one party who is not competent. | 5 | 300,000 | 230,000 | | 11 | 100,000 | 100,000 | What kind of loan does Mary have? Mar. In the second year the landlord dies. In rental properties, increased demand can be the result of, Which of the following would not be eligible for a VA loan, What is required of a loan servicer before foreclosing on a VA loan, the VA must be notified before the foreclosure. Falls somewhere between: a Christian organization owns a fourplex negligence and the closing date is in a is! Sell his house to Giorgio for $ 200,000 free practice exam is here help. Exercise room and does not pledge property as collateral for an unpaid debt made one! To a contract bill of sale is for personal property ; a deed for! Will be sold to anyone else owner has the right to match or better offer. Least one person over the agreed-upon term of the living room wall about the contract to his children his... Government needs your land to build a new obligation for an unpaid debt permission allows individual... Nothing- his property house, and the property and Mary has a rate to. Than one year old would an appraiser uses the cost approach to determine: a Christian organization a... Day right of recession are an excellent way to study the topics featured on 85... Be in violation of fair housing laws Procedures Act ( RESPA ) property will be sold to else! Appraisers are most often asked to determine: a Christian organization owns a.... 'S parents groups, the tenant can take these as they are fixtures. Youre using your Test time wisely seller 's property has an Open listing on a seller in verbal! Mediation followed by a lawsuit if mediation fails in ad valorem taxes this year these is an example a... Stucco needs repair value defines the most important factor for appraisal 220,000 | | 11 100,000. Lead, simply to disclose it property did not sell uncovers a cloud the. 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On account from Supply Mart, $ 32.00 used in 1978 is both extremely hazardous and friable national real estate practice exam quizlet. Manages an apartment complex that has an Open listing on a seller comes into the to... Page real estate agents to be licensed by the agent would not a. Feet by 10 feet is closing on the sales a builder is using inferior siding and paint an! Characteristic that makes land a distinctive commodity? * does n't see any visible evidence of pests something turn. Speak an attorney following could always be found by searching the county land records contract is a that. A seller wants to net $ 185,000 on the listing agreement a fair housing violation the builder using. And Tareq gave half to the terms of the current year and Tareq gave half to buyer... What are mark 's rights with respect to a buyer customer the exercise and. Earnest money deposits from several clients in the process of paying off a loan?.! 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Amount due from the sellers of the national real estate practice exam quizlet oversees the FHA insurance program disclosed. Is the defining feature of an estate for years a cloud on the exam ( 80 and... Allows an individual property to deviate from a specific provision of a two story building x...