real estate quizlet final exam

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. 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. When a person has control of property with a full bundle of rights, and there is no way to know when his ownership will end, he is sometimes referred to as a freehold tenant, but the terminology used is a Freehold Estate. You cannot use a smartphone or any calculator that includes an alphabet. A deed that has been recorded in the public records is presumed to have been delivered to the buyer. If the Loan-to value (LTV) ratio is greater than 80% the lender, for its own security may insist the payment contain an "escrow" payment which will accrue at the lender's office to pay the annual Taxes and Insurance. 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. A consumer is someone owns a home, who wants to buy a home or who is renting a home. A lease that requires the tenant to pay, in addition to rent, some or all of the property expenses that normally would be paid by the property owner. property life and the straight-line method. are regulated by The Department of Housing and Urban Development (HUD). It does not enter into basic contract law nor does it set interest rates. The agents will have to pay their own business expenses and a self-employment tax. Real Estate License Exams For Dummies Cheat Sheet. Why or why not? 30. Gary then asked if he could take the watch with him without paying, so that he could wear it to his grandmothers birthday party. For example, when a loan secured by a mortgage is obtained, a document is filed by a lender at the county courthouse as a Lien to give public notice of the "cloud" on the title to the property being used as security. C347. The two entities that influence and control real estate financing are: a) The Board of Realtors and the U.S. Senate b) The MLS and Congress When a borrower defaults and the lender begins foreclosure he/she has a ____________. What is the salespersons obligation to a buyer under single agency listing? Whatever, yesterday I took the pre final exam after studying for 8 hours. What type of income or profit does an investor expect to receive in exchange for providing financial resources to a business? Real Estate Terminology 9781423216667 Exam Online Flash Cards For New Born Baby 1 Year Old. The remaining mortgage balance would be a DEBIT to the seller. Capitalization definition. 31. 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. A Sub-divider will divide a larger tract into smaller tract to create more value. That is why an amortizing home loan payment is often referred to as containing P.I.T.I. When a homeowner fails to pay his home loan as promised, the loan documents and the mortgage have provisions to allow the lender to begin a judicial foreclosure proceeding. 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. Purchased merchandise on account from Dreyfus Company, $\$12,296.00$. The woman tells the man that he can store his bulldozer in her yard for a few weeks. Most property managers prepare regular reports for owners. Because the money paid to a licensee who is an independent contractor is not subject to deductions for taxes, the brokerage will send the IRS a Form 1099 at year-end reporting the commission gross income paid the contractor during the year. What term is used to describe revocable permission for the temporary private use of someone's property. A township then is divided into 36 Sections which are square tracts of land one mile on a side. 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. I am serious about wanting to buy your property.". This encourages lender to have a higher Loan to Value (LTV) ratio. Is The Real Estate Exam Multiple-Choice? What type of survey describes the perimeter of a tract of land. There are a total of 152 national and state questions on the Georgia real estate licensing exam. This is known as. A _____ is charged with managing the Trust. A landlord who fails to make repairs has abandoned his duty and the tenant can terminate the lease. 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. $100. b. the original loan plus an additional loan amount. the disclosure required by TRID apply to: tom jones lives in one side of a duplex. The millage rate that is derived is used to multiply against the value of a property to determine the tax owed on that property. The repayment of the loan is "amortized" over a period of time with payments that include both Principal and Simple Interest. Is this correct? Paid semiannual interest on bonds payable $\$1,200.00$. 28. There are 100 questions on the national topics. The sales tax rate is $6\%$. 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. The bubble sheet is at the end. 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. Paid cash for semimonthly payroll, $\$4,413.72$ (total payroll, $\$5,520.00$, less deductions: employee income tax, $\$304.00$; social security tax, $\$342. a rental referral agency does not advertise the availability of an apartment. The ________ act prevents lenders from discriminating against race, color, religion, national origin, sex, marital status, age or dependency on public assistance in the granting of credit to consumers. First estimate using front-end rounding and then multiply. BUY IT BUY IT for the STATE EXAM, not the test for the 75 hr course. Check your state for specific information. b. the original loan plus an additional loan amount. Even though a mobile home, not attached to the land, may not be classified as real property, a PROPERTY CONDITION DISCLOSURE is usually required to be made by the owner when it is offered for sale. first year of licensure. A tenant who has signed a lease usually has the right to exclusively occupy and use the property covered by the lease. Takes about 1-2 months, maybe more if your DRE sites are closed due to COVID-19. treat them equally and not violate any fair housing laws. 28. How many questions are on the real estate exam? So a borrower who pays the loan off earlier than the scheduled pay-off date sometimes has to pay a prepayment penalty. 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. Two important factors that will determine the potential for a rental property to generate income are (1) its ability to attract tenants and (2) the amount of operating expense. After the death of the person who is the "measuring life" (either the life tenant or someone else under the term "pur autre vie") of a Life Estate, the ownership will either revert to the "grantor" (of the life estate) or will be passed on to a "remainderman. if the rancher has not previously conveyed the oil rights, who owns the oil, Certain items on the premises that are installed by the tenant and are related to the tenant's business are called, a homeowner acquired the ownership of land that was deposited by a river running through her property by, an easement acquired by constant, open, and adverse use is called an easement by, which encumbrance affects the title to property and is considered a general lien, a portion of a mans building was inadvertently built on a neighbor's land. If a party to a contract abandons his obligations the other party can terminate the contract (or can sue for specific performance.) The seller had agreed to mediate the radon gas problem in his basement within 31 days. This is referred to as a _________. This is known as. weekly- regardless of interest from buyers/sellers. the employing broker must pay all commissions owed to a salesperson within how many days after receipt of commission funds by the broker ? A licensee as an agent is someone who has signed a brokerage services agreement, has a client and who has "ACOLD." an agreement between a property owner and a single broker authorizing that broker to seek a buyer for the property in exchange for compensation Fair Housing Laws laws that protect the rights of certain citizens in housing transactions Fiduciary a person who is obligated to act in the best interest of another Fraud 29. The bill for the repair came to more than $375. Because a lender is in the business of earning money by charging interest, the longer the loan term the greater the income. TS40. What are some organizations that warehouse loans? A title search and a TITLE REPORT (or opinion of title) is NOT a factor in making an appraisal of value or preparing an appraisal report. 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. If an offeror regrets the offer and wants to withdraw, he can revoke the offer assuming the seller has not already accepted it. they are guilty of, revocation by principal, mutual consent, renunciation by agent, but NOT reciprocity, the civil rights act of 1866 prohibits discrimination in housing based on, It is illegal for a lending institution to refuse to make a residential real estate loan in a particular area only because of the, title VIII of the Civil Rights Act of 1968, the fair housing act of 1968 is contained in. A person who owns their home in Fee Simple Absolute is said to have a basic bundle of rights including (1) the right to Exclusive Occupancy (2) the right to Enjoyment Without Interference and (3) the right to Sell, Waste or Destroy the property. The decision to begin the foreclosure process is determined by the lender after attempting to collect from the borrower. Is earnest money required to make a contract valid? An investor might decide to purchase a commercial rental property rather than a residential rental property because commercial tenants generally are easier to deal with than residential tenants. 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. This is the exam that tests your knowledge on matters of real estate. When a broker lists a property, and then decides to buy it for herself, then still collects the agreed-upon commission she is guilty of _______. Because the end of the term is unknown, a life estate is also a freehold estate. The provisions of the federal Fair Housing act apply land bordering water affected by the tide currents, the phrase bundle of rights is properly included in, a rancher owns a parcel of land on which oil was discovered. C346. The typical home loan is secured by a mortgage or a deed of trust. 1 Quiz - The Real Estate Transaction, Chp. Every real estate office must have displayed at all times a poster called the Equal Housing Opportunity Poster to state that the business requires its agents to provide equal opportunity to all in buying and leasing housing. A broker is NOT required to share commissions with a cooperating broker in a transaction unless there is an agreement between the brokerages. Are they as effective as the lien. The woman died testate. laws governing the occupations of real estate license holders (brokers/sellers) and real estate inspectors Homestead limits urban environment, max amount of land can't exceed 10 acres (contiguous) Rural property, max is 200 acres for Family, and 100 acres for a single Rights associated with water riparian littoral encumbrance a rental referral agency advertises the availability of an apartment. Our real estate practice exam pulls from a large pool of questions, so you can expect a different study experience each time you take it. I'm in New York and have my 75hr final exam . His children own a(n), VA and FHA mortgages are notable for their, smith pool company constructed a swimming pool. protect the general public in real estate transactions, the primary purpose of the New Jersey Real Estate Commission is to, a brand new cadillac sedan is included in the sale price, what will result in an automatic revocation of your real estate license, the NJ law against discrimination does NOT cover which classification in the sale or rental of residential property, guiding prospective buyers to a particular area because the agent feels they belong there, in NJ, a conveyance of two persons, either married or living in a civil union, creates a, contracted with the buyer to provide the rebate at the onset of the broker relationship, a broker is permitted to pay a rebate to a buyer as long as they have, yes, they will be able to pay off the loan without a prepayment penalty. Nationally Accepted General Principles and Practices, Real estate that includes non-physical interests, such as easements and restrictions is known as __. This free practice exam is here to help you master the national portion of the real estate exam. Gary also informed Mike that the watch had been given to him by his grandmother who was celebrating her hundredth birthday in two days. Paid $\$1,000.00$ on the outstanding balance of the Sarr Corp. account. After the sale the debtor has a statutory right of redemption, usually for a year, to come back and redeem his ownership by paying the debt and all costs related to the sale. But the primary management responsibility is to generate as much investment profit as possible. In Virginia, the score to pass is 56 and 30. They fell in love and get hitched, signing a marriage certificate. A contract having no legal force or binding effect. \begin{array}{|l|c|c|c|c|} Rao Deli dishonored NR29, a 60 -day, $12\%$ note, for $\$6,000.00$. 92$: supplies, $\$25.00$; advertising, $\$100.00$; miscellaneous, $\$44.74$; cash short, $\$0.18$. \hline \text { Profit } & a & b & c & d \\ When a tenant has a right to use the property but limited rights of ownership under a lease, the lease will have a definite termination date and the term used is a Leasehold Estate. Many questions are on the Georgia real estate performance. apply to: tom jones in. Watch had been given to him by his grandmother who was celebrating her birthday. You can not use a smartphone or any calculator that includes non-physical interests, such as easements and restrictions known... After studying for 8 hours into 36 Sections which are square tracts of land you can not a... A self-employment tax had agreed to mediate the radon gas problem in his within! 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