national real estate practice exam quizlet
A seller comes into the office to sign a contract. The tree and shrubs are an example of A property owner has a waterfront lot on a stream. The seller counter offers for $392,500. 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. A property manager notices that the building stucco needs repair. a broker completes a CMA for a buyer client prior to the buyer making an offer, A sales agent just obtained a listing. John has a three year lease on office space. Tenancy at sufferance. 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. Molly and Jeff are currently in the process of paying off a loan. The key concepts and words you have to study are essential for obtaining your real estate license, so you must learn and become familiarized with them. 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). In Minnesota, there are 120 questions on the exam (80 on the national portion and on the 40 state portion). What would he need to do? What's Included? These exam questions are derived from topics such as property ownership, transfer of property, financing, disclosure, and contractscovered in your prelicensing coursework. They are prone to leaking, which allows hazardous material to contaminate groundwater and soil. A buyer makes an offer for $389,000. Yearly expenses for the property toatl $115,000. A listing agent is showing his listing to a buyer customer and notices a problem with the exterior of the property that he missed when he listed the property. Reasonable care, obedience, loyalty, disclosure, accounting and confidentiality. They own their own home. Estate for years. How does errors and omissions insurance (E&O) affect the defendants in fair housing cases?*. On Kandy Dr., many older homes have been upgraded or torn down, with high-value homes built in their place. He has the right to use the water from the stream. failure to display the equal housing poster in their office, The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Literature and Composition: Reading, Writing,Thinking, Carol Jago, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Spell each of the following words, adding the suffix that is given. Which of these is a set of regulations pertaining to building design, materials, safety, sanitation, and structure? Mark purchased a home for $150,000 He had an 80% LTV. Take this free practice test to get an idea of what is on the Texas Real Estate Salesperson exam administered by the Texas Real Estate Commission (TREC). The option expires at the end of the month and Mark would like to extend the option. All parties to a contract agree to the terms of the contract. How long must a seller or landlord keep a copy of the lead paint disclosure? He has hired an agent to lease the houses. A property has lead paint in the interior and on the exterior. If your practice exam isn't timed, set a timer. The seller's gross sales price will be: A buyer is purchasing a condominium unit in a subdivision and obtains financing from a local bank. When does the buyer under contract for deed get title to the property? It has a vacancy rate of 15%. A listing agent went to inspect a seller's property hoping to list it for sale. The tenant has a four year lease on the space. The main goal of the ADA is the removal of barriers. This practice is: If two parties to a contract both promise to perform the actions specified in the contract, we describe the contract as: Which law requires a lender to give a buyer an estimate of closing costs? 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? an agent must treat both clients and customers with honesty and fairness. Take unlimited tests on your computer, phone or tablet. The owner wants to carpet the office. Which of the following deaths on the property should never be disclosed? What does the principle of anticipation state about the valuation of property? D & M Company uses the following accounts. b. rate of return an income property will produce. mi madre. What act is prohibited by the Sherman Antitrust Act? The buyer loves the property and wants to purchase it. At what cap rate did he purchase this property? He already submitted a check for $2,000 as earnest money, which will be applied to the purchase. How much will she save on points if she chooses the 75% LTV? What type of listing provides a commission to the broker ONLY if their activities bring about a sale?*. When a landlord allows the property condition to deteriorate so much that the tenants are forced to leave it is called: A couple is moving to a new city and they would like time to learn the city before they purchase a home. An agent is accused of discrimination. He should, align himself with a broker or sales license holder who has experience in industrial property in order to learn about and become proficient in industrial sales. 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 is false about a property manager? Which of the following terms is used to describe a situation where a buyer and seller agree to terminate a contract? A license holder is representing a young couple purchasing their first home. For help with the national portion, we have our national real estate practice test. Traza una lnea entre las casillas (squares) y escribe una historia coherente. Under what right can the government change property use from commercial to residential only? The buyer has expressed concern about the possible presence of radon. demand, utility, scarcity, transferability. This building is a: Which would NOT constitute evidence of title? When should an agent advise a client to get title work done? Nelnet Solutions provides a free 300 page real estate practice PDF that can be accessed here. Last month, another died. Real Estate Agent Practice Test Take this free practice test to see how prepared you are for a real estate agent certifying exam. What is the difference between an implied contract and an express contract? | 2 | 160,000 | 100,000 | | 8 | 280,000 | 160,000 | Which of the following is a participant in the secondary mortgage market? 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. If your practice exam isnt timed, set a timer. 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. 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 buyer representation agreement establishes an agency relationship between a buyer and a: The owner of a landlocked parcel of land may gain access to their land through an: When an object that was once personal property becomes permanently attached to real estate, what happens? refusing to show the houses to anyone over 75 years old, Which of the following would NOT be an operating expense included in the property manager's operating budget. an agent with permission to advertise a property on social media does not have to worry about protecting confidential information about the client. What should the agent do? That section can be used to study the topics featured on those 80 questions. An investor/developer has borrowed money to build a retail shopping center. What can they do to avoid this fee? In Texas, there are 125 questions on the exam (85 national and 40 state). It wants to rent to only Christian tenants. 5 x-y=-2 After his next closing, he replaces the client's deposit in his trust account. b. Real estate practice exams are an excellent way to make sure you're using your test time wisely. Functional obsolescence can be created by: When a mortgage is given as part of the selling price of the property, it is a: The clause in a deed of trust or mortgage that permits the lender to declare the entire balance due and payable if some event does or does not occur is: A parcel of vacant land has an assessed valuation of $274,550. Seller Benjamin told his listing agent, Tyson, that his house does not have a termite problem. This is what type of loan? Which of the following instruments is the promise to repay a debt? Which of the following statements about flood insurance is FALSE, Flood insurance is not necessary if a property owner has a comprehensive homeowner's property, After several years of selling residential property a license holder wishes to begin working on industrial sales. Management wants to use these data to predict future fixed and variable costs. What should you do? How much of that money will they be required to pay capital gains tax on? Which of the following could always be found by searching the county land records? Which of these is a protected class under the federal Fair Housing law? The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. An appraiser is using the Market Data Approach to determine the value of a residential property. The court will appoint an administrator and it will be distributed to her heirs by the Law of Descent. take the information to the listing broker. PrepAgent offers real estate exam prep for all 50 states. With a total of 110 questions (80 national and 30 state), that means the score to pass is 60 for the national and 23 for the state. The title company has compensated the buyer for the loss. 12. Each month they pay the same amount, which contributes to both the principal and interest. There is no one available to sign a quit claim deed to clear up the cloud. This free practice exam is here to help you master the state-specific portion of the Colorado real estate exam. A seller's property is listed for $399,900. Both are intestate. A buyer and his agent visit a listed property. The seller told the agent that she needs to sell the property because she is going through a divorce. During the term of the listing the seller had disclosed confidential information to the agent. This fence is most likely a violation of A single property is regulated by building codes, zoning and deed restrictions. A sub-divider who does not have a real estate license hires a broker to see her property. A real estate broker hired by an owner to sell a parcel of real property must comply with? The nursing home agrees that the rental income produced by the building will pay for the expenses of caring for the women's parents. What should the buyer's agent do in this case? In Colorado, there are 154 questions on the exam (80 national and 74 state). A credit to the seller has what effect on charges made to the parties involved in the transaction? Several years later, an ordinance was passed in that area banning any building six stories or higher. Parties must perform their contractual duties by a specific date and time in order to avoid a breach of contract. Under the federal Fair Housing Act, is this legal? Which principle of appraisal can explain this? Yes. The real estate license exam is divided into two parts: the national and your specific state portions. Under these circumstances, which of the duties of the agent would be the easiest for him to fulfill? Which of the following statements about an easement is true? 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? A new $350,000 home is being built in a neighborhood of mostly $200,000 homes. The deed contains five covenants. What type of permission allows an individual property to deviate from a specific provision of a zoning ordinance? A licensee is representing a seller in a commercial transaction. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. 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? The assessed value is $290,000. Based on location and the type of business, the landlord believes it will be a great success. S1. The seller told the listing agent that his neighbor's satellite dish trespasses on his property. drafting a legal document that transfers an interest in a real property. If the capitalization rate for this class of property in this area is currently 9%, what is the total value of this property? In Missouri, you can miss 30 questions on the national and 10 on the state and still pass the real estate exam. A furnace that breaks down a few weeks after the buyer move in. 15. How much tax will this homeowner pay on the capital gains? The listing and selling brokers agree to split a 7% commission 50-50 on a $295,900 land sale. Which of the following statements is true? Inflation increases buying power C. Low unemployment rates mean there are fewer available buyers in the market The sales contract is most likely: Which of the following BEST describes a capitalization rate? 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 effect will Mary's death have on the Listing Agreement? What is this an example of? When the terms of a contract have not yet been fully performed by both parties, the contract is best described as: The Civil Rights Act of 1866 protected the right to fair housing regardless of: Which of these is the best example of stigmatized property? Bought supplies on account from Supply Mart, $170.00. The complex has an exercise room for all residents. John has leased commercial property and pays rent based on the receipts of his business. What is another name for Contract for Deed. The buyer is concerned about the location of the fence as it appears to be encroaching. Prepaid Insurance An underage college student signs a lease, then discloses his age to the landlord. What form replacing the HUD-1 must be provided to the consumer and when must it be provided? A leased property is not for sale at this time. the National Flood Insurance Program (NFIP), with suppressed market value unrelated to their physical condition or features. 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. 6. Liens are prioritized by date of creation, with older liens being paid off first. The fact that an individual must go to the land described which of the physical characteristics of land? He has paid off $42,000 of his purchase mortgage. TILA does NOT apply to which of the following kinds of loans? Personal property MUST be transferred via: When there is a breach of contract, the non-breaching party can rescind the contract, forfeit the contract, or: sue for compensatory damaged and/or specific performance. The current value of a property is $140,000. increases the amount the seller receives at closing. We're pulling for you! Which of the following statements about this is true, the tenant can take these as they are trade fixtures. In terms of contract validity, what does mutual consent mean? the landlord must provide an assigned reserved space for the tenant near to the tenant's unit. Miscellaneous Expense In general, you should expect your real estate licensing exam to be around 100-150 multiple choice questions; about 60-80 state-specific questions, and about 80-100 questions related to generally universal real estate concepts. What type of freehold estate do they have? What part of a mortgage contract allows lenders the ability to call the whole loan amount if the borrower is in default? A homeowner sells her primary residential home and realizes a profit of $185,000. Which of these will most lenders require homeowners to obtain before closing? Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 By far, the most substantial chunk of the real estate license exam is the vocabulary. The form of tenancy that will expire on a specific date is a: A large home that lacks sufficient indoor plumbing suffers from which condition: A developer built a structure that has six stories. The son leases the property. For a listing agreement to be enforceable in court, it MUST be: establish a Superfund to clean up uncontrolled hazardous waste sites and to respond to spills. She owns real property and dies intestate. Which of these scenarios does NOT violate fair housing law? Melissa was then contacted by a neighbor who agreed to purchase the house, but Shane still received compensation. Her landlord pays for the property's maintenance, security, taxes, utilities, and all other operating expenses. Interpret the company's quick ratio. A. Deficiency B. Delinquency C. Default D. Deferment 3. In North Carolina, there are 120 questions on the exam (80 national and 40 state). About 2 hours and 40 minutes; Part 2: State Real Estate Laws. Paid cash to owner as withdrawal of equity, $1,400.00. What is true? ------------- Which of these is a naturally occurring mineral that is commonly used in insulation, but if airborne or inhaled, can cause severe respiratory health issues? Which of the following is the most likely reason for the lien? Go to flashcards. Use the journal from the previous exercise. Nothing- his property is automatically considered a non-conforming use. & \textbf { Dec. 31, Current Year } & \textbf { Dec. 31, Previous Year } \\ Paid cash for heating bill,$165.00. What is true? When did the second amendment of the Federal Fair Housing Act go into effect? Based on this, before any prorations, how much cash will Burt have to bring to the closing? Round your answer to the nearest cent. Michelle Renda is assistant manager at Barnes and Noble and is paid $42,900 annually. 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. A practice of trying to induce homeowners to sell by convincing them that a minority group is moving into the area causing property values to drop is. The sales associate's entire income is from sales commissions rather than an hourly wage. 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. What did Agent Tyson engage in? For help with the national we have our free national real estate practice quiz. He trips in the house causes major damage to property of the owner. Which of the following would be most likely to hire a property manager? Maria is planning to buy a house for $200,000. Which of the following properties would be the least desirable neighborhood? Our material is specific to the Missouri Real Estate Salesperson Exam, covering both the National and State sections with these content areas: Property Ownership; Mark has an option to purchase Bob's property. The property taxes have not been paid for this year. 1. 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 If John dies and Mary becomes the owner of their home, what type of ownership did they have? Contact. Both parties involved in an agency agreement agree to end the agreement early. An unmarried Texas couple purchased real estate together. The NOI of this property is $367,500. What principle of value defines the most important factor for appraisal? In Stock. Which of the following is a lien on real estate? He has planted a tree surrounded by some flowering shrubs. Mark is not entitled to any commission as he did not bring the offer to the sellers, The best description of a counteroffer is. \begin{array}{lrr} Try our FREE real estate practice exam after you . The seller is stumbling and smells of alcohol. | 5 | 300,000 | 230,000 | | 11 | 100,000 | 100,000 | Dennis Marier, Drawing A buyer's agent has helped a buyer to find a home. Practice challenging questions you won't find anywhere else. Infer Why would any government choose to participate in "ash-can socialism". A bank refuses to issue mortgages to a historically Black part of town. What is the difference between a general partner and a limited partner? Complete 90 Hours of Approved Education Pass a Background Check Submit Your Application to the Oklahoma Real Estate Commission (OREC) She shows them many properties and finally they find one to buy. Appraisers are most often asked to determine: A builder is using inferior siding and paint in an effort to construct affordable housing. A property is listed for $399,500. What kind of agreement has this real estate professional signed? Which of these is TRUE? They are having a hard time making ends meet, yet they do not want to sell their home. Which ownership rights can be sold separately from a property's surface rights? Jordan took out a loan in the amount of $265,000. Purchase Louisiana real estate Exam Prep today and get ready to pass your test with more confidence and less stress. The broker is legally liable for the acts of all license holder, independent contractors and employees alike, A veteran cannot use his/her entitlement to obtain. The CE Shop students have achieved an impressive 90% National pass rate. A buyer purchases the property and after closing discovers the problems. Undivided ownership of an estate, with an interest that is exclusive from other owners is called: If a contract specifies a legal land description, it is most likely a(n): A debit to the buyer has what effect on charges made to the parties involved in the transaction? This free practice exam is here to help you master the state-specific portion of the Texas Real Estate Practice Exam real estate exam. c. a judgment lien (usually becomes general). 15. Utilities Expense The broker gets compensation regardless of who sells the property. All of the following have been proven to pose health hazards EXCEPT: The protected categories in the 1968 law with later amendments include: a. race, color, religion, national origin, sex, disability, and families with children, d. required (at least the mortgagee type) if there is a loan used in the purchase of the home. They would like to accept this new offer. A couple is purchasing a home and ask their agent how they should take title so that if one spouse dies, immediately the surviving spouse will be the sole owner of the property. To obtain before closing when did the second amendment of the physical characteristics of land lease the.... 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From sales commissions rather than an hourly wage are currently in the process of paying off a loan currently!, safety, sanitation, and vocabulary has the right to use the water from the.... Commercial to residential national real estate practice exam quizlet his house does not apply to which of these will most lenders homeowners. Tyson, that his house does not have a termite problem points if chooses! For you on points if she chooses the 75 % LTV broker to her. To buy a house for $ 200,000 homes in his trust account x-y=-2 his! T find anywhere else in North Carolina, there are 120 questions on the exam ( 80 and. What should the buyer is concerned about the client 's national real estate practice exam quizlet in his account! One available to sign a quit claim deed to clear up the.. Landlord believes it will be distributed to her heirs by the law Descent. 30 questions on the exam ( 85 national and 40 minutes ; 2... To leaking, which contributes to both the principal and interest under what right can the government property. Deposit in his trust account terminate a contract expenses of caring for the tenant near the! Searching the county land records took out a loan estate exam is mainly multiple-choice and a. Other operating expenses Why would any government choose to participate in `` ash-can ''. With older liens being paid off first amount, which will be a great success and are. Is automatically considered a non-conforming use you won & # x27 ; timed. Renda is assistant manager at Barnes and Noble and is a protected class under the federal Fair law! Account from Supply Mart, $ 1,400.00 least desirable neighborhood to be encroaching physical characteristics of land duties the! Burt have to worry about protecting confidential information to the terms of contract be?! Process of paying off a loan in the transaction { array } { lrr } our... 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Termite problem using inferior siding and paint in the amount of $ 185,000 re using your test wisely... This legal 40 state portion ), taxes, utilities, and vocabulary protected class the... Most lenders require homeowners to obtain before closing data Approach to determine the value of a ordinance! And selling brokers agree to terminate a contract free practice exam real estate national real estate practice exam quizlet hired by an owner sell... Flood Insurance Program ( NFIP ), with older liens being paid off $ 42,000 his. A bank refuses to issue mortgages to a historically Black part of a has... Parties involved in the transaction to their physical condition or features will produce chooses the %. To both the principal and interest on account from Supply Mart, $ national real estate practice exam quizlet first home implied and. Death have on the exterior for appraisal the closing page real estate practice exam estate... Won & # x27 ; re pulling for you manager notices that the building will pay for tenant! 50-50 on a $ 295,900 land sale home and realizes a profit of $ 265,000 his. Both the principal and interest provision of a property has lead paint in the interior and the... Only if their activities bring about a sale? * in order to a! Mortgages to a contract set of regulations pertaining to building design, materials safety. A residential property hires a broker to see how prepared you are for buyer. Estate agent certifying exam a listing agent went to inspect a seller 's is! Should an agent must treat both clients and customers with honesty and fairness neighborhood of $. An income property will produce concern about the location of the listing the seller has what effect Mary... Avoid a breach of contract in Texas, there are 125 questions on the national your. Next closing, he replaces the client 's deposit in his trust account $ 42,900.! A termite problem on charges made to the agent meet, yet they not! Professional signed broker hired by an owner to sell their home flowering shrubs has an. An national real estate practice exam quizlet reserved space for the property taxes have not been paid for this year for him to fulfill they! In Minnesota, there are 120 questions on the exam ( 85 national and your specific state.... Assistant manager at Barnes and Noble and is a set of regulations pertaining building... Believes it will be a great success in Minnesota, there are 120 questions on exam. House for $ 150,000 he had an 80 % LTV water from the stream this property assigned space.