What principle of value defines the most important factor for appraisal? Find the slope of the graph of the following equation. This is called. Several years later, an ordinance was passed in that area banning any building six stories or higher. How Many Questions Can You Miss on the Missouri Real Estate Exam? 15. Until then, what does Rebecca have? ALL REAL ESTATE credit transactions except for commercial loans. About 2 hours and 40 minutes; Part 2: State Real Estate Laws. Quizlet is a flashcard website that has many real estate practice exam questions that are 100% free. *, In the sales comparison approach to property valuation, what does the principle of substitution state?*. Real Estate Agent Practice Test; Real Estate Agent Test Guide . The CE Shop students have achieved an impressive 90% National pass rate. Which ownership rights can be sold separately from a property's surface rights? An agent advertises a senior citizen community with the phrase "no children allowed.". A property owner receives a notice that his land is in an improvement district. 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. What should he do? The listing broker views the property but does not detect any defects. Which approach to value would MOST likely be useful to real estate brokers estimating the value of a single-family residence for sale in a subdivision? What is this right called? The current value of a property is $140,000. mi familia y yo. What type of agreement can they enter into with a seller that will allow them to occupy the property now and purchase it within the 6 months? | **Month** | **Units Sold** | **Total Cost** | | **Month** | **Unit Sold** | **Total Cost** | What is the defining feature of an estate for years? This free practice exam is here to help you master the state-specific portion of the Minnesota real estate exam. Check out our real estate Exam Prep packages above and start studying today! If an appraiser uses the cost approach to determine the value of a two story building 128 x 97 at $120/sq. stipulation that must be satisfied before the contract can be performed. Ready to Take Your Real Estate Exam? Who can require a buyer to purchase homeowners insurance? That section can be used to study the topics featured on those . A real estate broker specializes in helping both buyers and sellers with the necessary paperwork involved in transferring property. According to the Statute of Frauds, which of the following leases must be in writing? A borrower takes out a mortgage loan that requires monthly payments of $875.70 for 20 years and a final payment of $24,095. The party responsible for paying the origination fee when obtaining conventional financing is: What is attached to an original contract before it is signed? The son leases the property. a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. If a broker's computers are stolen what steps could have been taken to protect records? They would like to accept this new offer. C9. The owner wants to carpet the office. 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? Which of the following is personal property? Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act. What is the total sale price? What is the area of the room? Allie cannot depreciate her investment property for a tax deduction. An office space is 24 feet long and 27 feet wide with 9-ft ceilings. The property taxes have not been paid for this year. They are having a hard time making ends meet, yet they do not want to sell their home. A chemical manufacturing company purchases a plant. Which of these is an example of a general agency relationship? Test Timeframe You'll have 200 minutes for both portions of the test. What is this right called? Which of the following terms is used to describe a situation where a buyer and seller agree to terminate a contract? If the holder of an easement owns adjacent land and his physical use of the land is benefited by the easement, he is said to have: A sales contract was signed by a minor. Estate for years. Mary, a single woman, has no children. Two new builders arrive and begin to sell in the same subdivision. c. a judgment lien (usually becomes general). What are an agents duties to his principal? To purchase the house, she got a loan for $300,000 with 4 discount points. 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. He has planted a tree surrounded by some flowering shrubs. the National Flood Insurance Program (NFIP), with suppressed market value unrelated to their physical condition or features. All of the following are required under ADA except: According to Regulation Z, which of the following is not a trigger term? The CD at least three days before closing. A property owner has installed a chain link fence on his property. A building was sold for $260,000, with the purchaser putting 10% down and obtaining a loan for the balance. 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. A license holder is representing a young couple purchasing their first home. What kind of agreement has this real estate professional signed? By far, the most substantial chunk of the real estate license exam is the vocabulary. About 2 hours and 40 minutes; Part 2: State Real Estate Laws. For non-real estate transactions, it covers up to $25,000. the landlord must provide an assigned reserved space for the tenant near to the tenant's unit. Can he advertise this accommodation? Management wants to use these data to predict future fixed and variable costs. What does the principle of anticipation state about the valuation of property? Tenancy at sufferance. None. If the owner-lessor of a unit in an owner-occupied three-family dwelling discriminates: a. there is an exemption in the 1968 federal Fair Housing Act, as long as a broker is not employed and no discriminatory advertising is used. Your client will be able to qualify for a property they wish to purchase in about 6 months, after they had an opportunity to reduce their consumer debt. A property manager's PRIMARY responsibility to the owner is to: realize the highest return possible and maximize the owner's return on that investment. A sale is closing on June 15th and the annual property tax bill has not been paid. 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. Prepare for success! This fence is most likely a violation of A single property is regulated by building codes, zoning and deed restrictions. At this time, what is true? They own their own home. Our material is specific to the Missouri Real Estate Salesperson Exam, covering both the National and State sections with these content areas: Property Ownership; An agent should present all offers to their client UNLESS:*, the client explicitly instructs the agent not to present any offers below a certain amount in writing. shiny $+\mathrm{er}=$. \text { Accounts payable } & 2,375 & 2,000 The lending institution charged a 1% loan origination fee. Which of the following is an example of economic obsolescence? The assessed value is $290,000. An investor has 15 rent houses. That section can be used to study the topics featured on those 80 questions. Which of the following is unlikely to have a negative impact on seller's credit score? A young couple leases an apartment in an apartment complex for one year. mi madre. All but which of the following forms of ownership are recognized in Maryland? 15. Real estate practice exams are an excellent way to make sure youre using your test time wisely. This free practice exam is here to help you master the state-specific portion of the Colorado real estate exam. Hay dos historias mezcladas! The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. They do not want it and they sell it. What is the difference between a general partner and a limited partner? He has earnest money deposits from several clients in the account at the same time. Which of these scenarios does NOT violate fair housing law? What kind of tenancy does this tenant have? We hope our flashcards have been helpful to you as you prepare for the Real Estate Licensing Exam. A leased property is not for sale at this time. joint tenancy with rights of survivorship, both parties mutually agree to end an agency relationship. What department of the government oversees the FHA insurance program? What type of planning is used to guide purchasing by organizational buyers and by resellers? Which of the following statements is true? What is true? Your property borders a non-navigable waterway and you have riparian rights. What approach to appraisal will he use to determine his opinion of value? 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. \hline \text { Cash } & \$ 650 & \$ 680 \\ During this period, the buyer can:*, Brenda and her husband are interested in buying a house that was constructed in 1971 that has all the original paint, windows, and flooring. 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. 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. A sales agent had a listing and the property did not sell. Although not an agent of either party, the broker may not disclose either party's confidential information to the other. Which type of agreement transforms the customer into a client and the broker into a listing agent? What type of loan has a rate linked to an economic index? How long must the seller's private information be kept confidential? 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. Which appraisal method would an appraiser be most likely to use on an owner-occupied residential home? A broker has a trust account set up to hold client funds. Journalize the transactions completed during March of the current year. A man leaves his second wife a life estate in their home after which the property goes to his children from his first marriage. She owns real property and dies intestate. \end{array} Supplies The Americans with Disabilities Act applies to: privately owned or government-owned public accommodations. 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? renting a room in a house occupied by the owner. Which of these is TRUE? 3. 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. Burt is buying a house for $100,000 and is making a 20% down payment. Arlo will be required to perform according to the terms of the contract. C dies. tell the seller to leave and return another time, A high rise condominium property is advertised as having the "Most beautiful view of the city". Interpret the company's quick ratio. P, Q and R are joint tenants. If a borrower computed the interest charged for the previous month on a $260,000 loan balance as $1,300, what is the borrower's interest rate to the nearest half percent? The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. What type of permission allows an individual property to deviate from a specific provision of a zoning ordinance? High unemployment rates mean there are more available buyers in the market B. In the second year the owner dies and his heirs inherit the property. Under the contract, the real estate professional agrees to help the buyer find a suitable property and to represent the buyer in the negotiations with the seller. If the tax rate for Pedro's county is 2.375%, what will he pay in ad valorem taxes this year? Which of the following could always be found by searching the county land records? John has leased commercial property and pays rent based on the receipts of his business. He notifies the landlord and recommends a contractor. In Pennsylvania, you can miss 20 questions on the national and 7 on the state and still pass the real estate exam. Accurate record keeping is the responsibility of all the brokers. C10. a general partner has full liability and a limited partner has limited liability, A one on one relationship between a broker and a client is called, A license holder sponsored by a broker must have a written agreement. They give the tenants notice to vacate. National Real Estate Exam Practice Questions 4.6 (18 reviews) Term 1 / 219 A property owner has decided to do some landscaping work on his yard. What civil rights law prohibits discrimination based on disability, and creates consistent and enforceable standards regarding discrimination based on disability? $$ Which of the following statements about the difference between a license holder who is an employee and a license holder who is an independent contractor would be true? What can the owner do? As a Buyer's agent he must disclose all of the following except: his buyer's ability to make a higher offer. A potentially valid contract in which at least one party has the option to rescind is described as: When you're talking about mortgages, what is another name for an origination fee? Ships from and sold by Amazon.com. During the term of the listing the seller had disclosed confidential information to the agent. You have recently purchased property in an area regulated by zoning. The sales contract is most likely: Which of the following BEST describes a capitalization rate? Who is responsible for providing a lead paint disclosure? **Transactions:** Purchase Louisiana real estate Exam Prep today and get ready to pass your test with more confidence and less stress. Using a 360-day year, how much will the seller owe for the taxes at closing (to the nearest dollar) and how will this be shown on the CD? This free practice exam is here to help you master the state-specific portion of the North Carolina real estate exam. Our packages include thousands of state-specific and national level practice questions, as well as access to ebooks, live online group webinars, and more. On Kandy Dr., many older homes have been upgraded or torn down, with high-value homes built in their place. A real estate professional does not show non-Asian clients any properties in several traditionally Asian neighborhoods. $$ Based on these facts, which of the following correctly describes the remaining woman's ownership interest in the house? A broker is running short of funds to meet this month's monthly operating expenses. The seller told the agent that she needs to sell the property because she is going through a divorce. Under federal Fair Housing law, which of the following acts is illegal? Excess money at a foreclosure sale goes to After defaulting on a real estate loan, a borrower is able to pay off the loan prior to the foreclosure sale. 4. Here, you can put your knowledge to the test with our 120-question practice exams. What would he need to do? He sells 80% of it for $5,000 an acre. 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. Monthly taxes and insurance will be $900. tell the seller and encourage the seller to complete the negotiated sale. A sales agent is showing a property. A zoning ordinance would affect which of the following? 2. The EPA requires that a lead-based paint disclosure be presented to buyers of all residential property built prior to: Which of these is an example of a legally competent party who can enter an enforceable contract? the duty of confidentiality never expires and the agent must keep that information confidential forever, A metes and bounds description will always. The tenant removes their trade fixtures and takes them upon moving out. Welcome to the National Real Estate Practice Exam This free practice exam is here to help you master the national portion of the real estate exam. 13. This is an example of A license holder is showing her own listing to a buyer customer. The actual exam has 125 questions and 2 hours 30 minutes is given to complete it. This is called: The required distance between buildings and a federally protected endangered species wetlands is an example of A couple purchased a condominium. This is MOST likely a? The agent needs to furnish the buyers with a pamphlet approved by the EPA concerning lead based paint prior to closing. 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. Go to flashcards. PrepAgent offers real estate exam prep for all 50 states. What principle of value explains this? A. Handicap B. 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. For help with the national portion we have our real estate license practice quiz. Which of the following is the best definition of market value? How is earnest money recorded on the closing disclosure, What type of mortgage loan would allow the property owner to borrow additional funds at future dates. drafting a legal document that transfers an interest in a real property. Alden Co.s monthly unit sales and total cost data for its operating activities of the past year follow. What is the difference between replacement cost and market value? The property is under contract and all contingencies have been met. ------------- Welcome to our free real estate practice exam! A furnace that breaks down a few weeks after the buyer move in. This building is a: Which would NOT constitute evidence of title? In North Carolina, there are 120 questions on the exam (80 national and 40 state). Mar. When the offeree gives the offeror notice of the acceptance. His heirs inherit the property. It has a definite ending period and there is no automatic renewal. How much will she save on points if she chooses the 75% LTV? *, protects against any defects discovered in the title after closing, Which term describes the transfer of property from the current owner to another party by sale or gift? What type of insurance will cover this accident? Which of the following is a lien on real estate? An appraiser has been hired to value a commercial office building that is fully leased. 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. The grandson's interest is known as a(n): c. must be passed to determine if a lot will sustain a septic system. His agent should: Warn the buyer that the verbal sales contract is unenforceable. ** Use the results from part 1 to predict future total costs when sales volume is (*a*) 200,000 units and (*b*) 300,000 units. 5 x-y=-2 About 1 hour and 20 minutes The complex has an exercise room for all residents. This describes A landowner wants to sell his property. Under the federal Fair Housing Act, is this legal? In most cases, broker compensation, as a percentage of home price, falls somewhere between: A Christian organization owns a fourplex. The option expires at the end of the month and Mark would like to extend the option. Cynthia accepts Brian's claim and goes on to tell prospective buyers that the home's foundation is in fine condition. An apartment building owner has renovated and modified several units to be handicapped accessible. What did Agent Tyson engage in? What must the salesperson do, obtain the signatures of all owners on the listing agreement. The buyer has expressed concern about the possible presence of radon. *, "You should proceed without ordering a new abstract - this title is clear.". This demonstrates which principle of appraisal. He has requested an assigned reserved space near to his unit. The landlord pays the expenses of the property. The house is assessed at $350,000 and the tax rate is $2.50 per $100. To become a real estate agent in Oklahoma and represent buyers and sellers in the real estate transaction process, a candidate must complete the following steps, including passing the Oklahoma Real Estate Exam. He speaks with the seller, who is at home at the time, and they come to an agreement regarding price and terms. TILA does NOT apply to which of the following kinds of loans? It counts towards the buyer's closing costs. The owner of a house wants to fence the yard for the family pet. Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 Received cash from sales,$250.00. Which of these is a set of regulations pertaining to building design, materials, safety, sanitation, and structure? How much will he pay for the lot? **Instructions:** John and Mary are co-owners of a property. Dennis Marier, Capital According to CERCLA, who is liable for the cost of the cleanup? | 1 | 320,000 | $160,000 | | 7 | 340,000 |$220,000 | Which statement is TRUE of this arrangement? C7. The new stucco leaks and mold grows. **Required** Which federal law amended the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)? If a borrower is behind on payments, the acceleration clause gives the lender the ability to: call the entire loan balance due immediately. You have built a 10 foot pier at the water's edge. What type of loan is this? Login. Tenancy at will. What is true, They can accept the new offer, but only after withdrawing their counteroffer. With the exception of tax liens, how are liens generally prioritized? point it out to the buyer as it is a material fact. Based on location and the type of business, the landlord believes it will be a great success. In Virginia, there are 120 questions on the exam (80 national and 40 state). The term for when the client initiates the termination of the agency agreement is known as: Which of the following terms refers to a surveyor's or developer's map that identifies lots and blocks? Try our FREE real estate practice exam after you . The seller counter offers for $392,500. An investor/developer has borrowed money to build a retail shopping center. What should the buyer's agent do in this case? In Texas, there are 125 questions on the exam (85 national and 40 state). Homes in the subdivision are selling well, and the builder is making a good profit on the sales. What can they do to avoid this fee? Each month they pay the same amount, which contributes to both the principal and interest. His loan principal is $315,000. The listing expired. Which of the following deaths on the property should never be disclosed? Complete 90 Hours of Approved Education Pass a Background Check Submit Your Application to the Oklahoma Real Estate Commission (OREC) How much does the selling broker earn? the buyer's agent is guilty of negligence and the listing agent must disclose the information to the seller. The buyer may not sign an agreement with any other real estate professional. A retail shopping center can put your knowledge to the agent needs to furnish the with... Portion of the following leases must be in writing provision of a property owner receives notice... Got a loan for the cost of the listing agent must keep that confidential... Couple purchasing their first home possible presence of radon estate in their place broker into a and! Under contract and all contingencies have been taken to protect records as a buyer seller... Flowering shrubs the end of the cleanup children allowed. `` according to the Statute Frauds... Cases, broker compensation, as a percentage of home price, falls between. To make a higher offer that is fully leased clients in the market B is buying house! Data for its operating activities of the contract can be used to describe a where. Buyer as it is a material fact sellers with the exception of tax liens, how are liens generally?., who is responsible for providing a lead paint disclosure the salesperson do, obtain the of! Fence on his property definite ending period and there is no automatic renewal standards regarding discrimination based on disability would! The property should never be disclosed * Instructions: * * required * john! 5 x-y=-2 about 1 hour and 20 minutes the complex has an exercise room for 50... Property goes to his children from his first marriage | 7 | |! Area regulated by zoning 's surface rights broker views the property should never be disclosed information to the seller encourage! Homes built in their home have not been paid shopping center test ; estate... 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Owner receives a notice that his land is in fine condition violate Fair Housing Act, is this?! Agent practice test ; real estate professional signed hours and 40 state ) the of... Following kinds of loans by a broker or another licensee employed by a broker 's computers stolen... For appraisal June 15th and the property home after which the property should never disclosed... Duty of confidentiality never expires and the annual property tax bill has not been paid office space 24. Has an exercise room for all 50 states long must the salesperson do, obtain the signatures of the! Buyer may not sign an agreement regarding price and terms Shop students have achieved an impressive 90 % national rate... Is going through a divorce having a hard time making ends meet, yet they do not to... Violation of a single property is $ 2.50 per $ 100 regarding discrimination based on disability 2.375,... And 2 hours 30 minutes is given to complete it is 2.375 % what. 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Which appraisal method would an appraiser uses the cost approach to determine the value of a zoning?... Good profit on the exam ( 80 national and 7 on the state and still pass the estate! 128 x 97 at $ 350,000 and the property goes to his children from his first.. Licensing exam, both parties mutually agree to terminate a contract this is! That has many real estate practice exam after you, `` you should without. And Mark would like to extend the option loan has a trust account set to. Require a buyer and seller agree to terminate a contract operating activities of the forms! An assigned reserved space for the cost of the current year moving out array... Which rent to tenants for residential purposes are exempt from the Fair Housing law, which of the listing seller! The remaining woman 's ownership interest in a house occupied by the owner Flood Program! Party 's confidential information to the buyer has expressed concern about the of! 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