An underage college student signs a lease, then discloses his age to the landlord. What should the buyer's agent do? The actual exam has 125 questions and 2 hours 30 minutes is given to complete it. What did Agent Tyson engage in? When measuring gross area the appraiser measures the. The tree and shrubs are an example of A property owner has a waterfront lot on a stream. John has 60% interest in the property and Mary has a 40% interest. 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?

The listing broker has taken the agreement to the seller. joint tenancy with rights of survivorship, both parties mutually agree to end an agency relationship. What is the maximum amount of additional long-term obligations this borrower may have after PITI? An investor has 15 rent houses. 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. the landlord must provide an assigned reserved space for the tenant near to the tenant's unit. The rules are in conflict with one another. Which of the following deaths on the property should never be disclosed? b. exclusive buyer representation agreement. The seller does not have sell, but he owes the listing broker a commission. *, "You should proceed without ordering a new abstract - this title is clear.". What should she do? An individual who owns a living unit plus a share in a common recreation area and parking area in fee most likely owns a: Three women owned a house as joint tenants. A property has lead paint in the interior and on the exterior. an agent with permission to advertise a property on social media does not have to worry about protecting confidential information about the client. Tenants have signed a 3 year lease on a property. Click the card to flip Definition 1 / 219 improvements Click the card to flip Flashcards Learn Test point it out to the buyer as it is a material fact. He has earnest money deposits from several clients in the account at the same time.

In this situation, which term BEST describes this buyer? Deficiency B. Delinquency C. Default D. Deferment 3.


What is this an example of? Which of these is an example of a general agency relationship? Tareq represented the seller in the sale of a house for $427,000. 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%? Who provides flood insurance to homeowners? Which situation does NOT violate the federal Fair Housing Act: d. A widow's insistence on renting her spare bedroom only to another widowed women, d. Section 16 lies to the north of Section 21. In terms of contract validity, what does mutual consent mean? 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? An owner sold his house for $250,000 with a $50,000 take back. Bought supplies on account from Supply Mart, $170.00. An agent has acted without authority to do so. A, B and C are joint tenants. What kind of property is it? mi madre. 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". 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 . What will he take home if the split with his brokerage is 80% Tareq - 20% broker? Under the federal Fair Housing Act, is this legal? The listing expired. Ships from and sold by Amazon.com. What is required? The court will appoint an administrator and it will be distributed to her heirs by the Law of Descent. How many square yards of carpet does he need? The annual tax bill is $2,008. Homes in the subdivision are selling well, and the builder is making a good profit on the sales. A building was sold for $260,000, with the purchaser putting 10% down and obtaining a loan for the balance. Yes. The negotiated commission is 6% and will be split evenly between the selling broker and the listing broker. **Instructions:** Each month they pay the same amount, which contributes to both the principal and interest. Sabrina accepted Rebecca's offer to purchase her house, and the closing date is in a few weeks. 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. 22. This describes A landowner wants to sell his property. The property is assessed at 40% of the current value for real estate tax purposes, with an equalization factor of 1.5 applied to the assessed value. \end{array} In Minnesota, there are 120 questions on the exam (80 on the national portion and on the 40 state portion). Sold services on account to Scott Company, $225.00. b. ** Use the results from part 1 to predict future total costs when sales volume is (*a*) 200,000 units and (*b*) 300,000 units. A landlord leased space in his new retail property to an inexperienced business person. The listing broker views the property but does not detect any defects. What is the lowest price the property can sell for to accomplish this? The fact that an individual must go to the land described which of the physical characteristics of land? Observa el significado de las palabras, los verbos y las expresiones de tiempo para guiarte. Here's how much time you'll be given for the final real estate exam: Part 1: National Real Estate Concepts. Find Property for sale in Gunzenhausen, Bavaria. In order to be valid, what MUST a deed have? What can P do? Appraisers are most often asked to determine: A builder is using inferior siding and paint in an effort to construct affordable housing. A sales agent had a listing and the property did not sell. the duty of confidentiality never expires and the agent must keep that information confidential forever, A metes and bounds description will always. Real estate practice exams are an excellent way to make sure youre using your test time wisely. By far, the most substantial chunk of the real estate license exam is the vocabulary.. A developer has 2,178,000 sq.ft of property. Which of the following would be considered an operating expense by a property manager preparing an operating budget for the owner? ** Estimate both the variable costs per unit and the total monthly fixed costs using the high-low method. He speaks with the seller, who is at home at the time, and they come to an agreement regarding price and terms. He has the right to use the water from the stream. A contract can still be valid even if it lacks: All federally related loan programs require a property to have which of these? What happens to her real property? He has planted a tree surrounded by some flowering shrubs. An office building has a potential gross rent of $20,000.per month. Each question has four answer options. The couple does not use the exercise room and does not want to pay the monthly fee for the use of the facility. 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. An investor has purchased a one-family home that they plan to rent as an investment. A leased property is not for sale at this time. Homeowners are exempt from capital gains up to $250,000 per person every two years. A property owner has installed a chain link fence on his property. they must pay the fee as they have a tenancy in common interest in all common areas. How many parties are required to perform in a bilateral contract? They are having a hard time making ends meet, yet they do not want to sell their home.

Which of the following statements about an easement is true? 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. He already submitted a check for $2,000 as earnest money, which will be applied to the purchase. 5. All but which of the following forms of ownership are recognized in Maryland? Who is responsible? Which of these is TRUE? They would like to accept this new offer.

Under federal Fair Housing law, which of the following acts is illegal? What was the total cash used for the purchase? T22. \begin{array}{lrr} school specializing in real estate courses real estate license exam preparation and real estate license qualification courses in california call 310 838 1000 for courses overview, a real estate broker or a real estate agent is a person who represents sellers or buyers of real estate real property while a broker may work independently an agent must Mortgage notes made in the primary market are bought and sold. It wants to rent to only Christian tenants.

A grantor conveys property by delivering a deed. What is the total purchase price? John is purchasing a lot 125 feet wide and 127 feet deep for $5.65 a square foot plus $15 a front foot. Which of these will most lenders require homeowners to obtain before closing? That way, it's . What can the other property owners do to get him to comply? their own actions and the actions of agents they supervise. | 6 | 200,000 | 120,000 | | 12 | 110,000 | 80,000 | ft, with $10,000 in depreciation and a $27,500 lot, what is the value of the property? Who would use the remedy of Forcible Entry and Detainer? Erin pays a flat fee every month to rent her apartment. If a person dies without a will, who receives their estate? Joel was told by a lender the highest leverage he could achieve was a loan-to-value ratio of 75%. How much of that money will they be required to pay capital gains tax on? advertising property for sale only to childless couples. The South Carolina real estate salesperson exam is a multiple-choice test. A seller's property is listed for $399,900. 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. He is paying a 1-point origination fee to a mortgage lender, $500 for a new survey, and $800 for an environmental report. M2. Mary and John are married with grown children. How much tax will this homeowner pay on the capital gains? What is the purpose of a property management trust account? National real estate exam review crash course - YouTube 0:00 / 1:43:00 National real estate exam review crash course Real Estate Exam Prep 20.9K subscribers Join Subscribe 6.2K Share. When does the buyer under contract for deed get title to the property? What type of insurance will cover this accident? 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. 19. CRINITZ: Mehrfamilienhaus, 244 m2 Wohnflche, auf dem Land mit drei groen . What type of freehold estate do they have? the buyer's agent is guilty of negligence and the listing agent must disclose the information to the seller. How does errors and omissions insurance (E&O) affect the defendants in fair housing cases?*. Which of the following could always be found by searching the county land records? *, meaningful disclosure of credit terms of the loan to the borrower. A seller has received $225,000 for the sale of his home. This free practice exam is here to help you master the state-specific portion of the Virginia real estate exam. The PHYSICAL characteristics of land are that land is indestructible, non-homogenous, and: Which statement BEST defines the term contingency? 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. **Example 1. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. Welcome to our free real estate practice exam! John has a three year lease on office space. 201 Kandy Dr. is now the smallest, shabbiest home on the block, but it recently appraised for more than a similar home in a less-upgraded neighborhood. His loan principal is $315,000. What will HUD do try mediation followed by a lawsuit if mediation fails. 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. Today we go through 50 questions from our real estate practice exam. A primary benefit of property held in joint tenancy is: A licensed real estate sales associate has a written contract with the employing broker that specifies that the sales associate will not be treated as an employee for federal tax purposes. Which one of the following actions would be considered the unauthorized practice of law by a broker? 14. You will have between 2-4 hours to complete your exam. 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 tenant's lease has expired, but the landlord permits the tenant to stay in the apartment until the building is torn down. Yearly expenses for the property toatl $115,000. John has a loan with equal regular payments of principal and interest. The corporation, as the owner of real estate, may designate up to five of its officers to conduct business on behalf of the corporation without any license required. A buyer purchases the property and after closing discovers the problems. A license holder has just attended a training seminar about technology in real estate and is excited about using social media with her clients. That section can be used to study the topics featured on those 80 questions.

This is what type of loan? renting a room in a house occupied by the owner. A license holder has just taken a class on networking and marketing through social media. Pedro bought his house for $370,000. Both are intestate. Our expert-written Real Estate practice material covers actual exam topics with fully explained answers.
Deanna wants to sue her real estate agent, but finds out that she has no legal recourse because too many years have passed since the offending incident. In Stock. In Texas, there are 125 questions on the exam (85 national and 40 state). Go to flashcards. 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. Real estate practice exams are an excellent way to make sure you're using your test time wisely. In Virginia, there are 120 questions on the exam (80 national and 40 state). What is this right called? Which of these is a protected class under the federal Fair Housing law? D & M Company uses the following accounts. Which principle of appraisal can explain this? A seller comes into the office to sign a contract. The seller has painted over them to hide them. This is MOST likely a? 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. Which of the following instruments is the promise to repay a debt? What type of lease is this? Both parties involved in an agency agreement agree to end the agreement early. All of the following are hazardous substances that a license holder should be aware of except, Which of the following is the best example of puffing, I think this is the best floor plan available from this builder. Which of the following does NOT pledge property as security for a debt? C7. What is true? Which of these is an economic characteristic that makes land a distinctive commodity?*. The CD at least three days before closing. 25. Under these circumstances, which of the duties of the agent would be the easiest for him to fulfill? Nothing- his property is automatically considered a non-conforming use. In Pennsylvania, you can miss 20 questions on the national and 7 on the state and still pass the real estate exam. What agreement between the landlord and tenant gave the tenant that right? The seller receives a note for this amount at closing and will collect this amount over the agreed-upon term of the loan). This represents a 20% profit. The grandson's interest is known as a(n): c. must be passed to determine if a lot will sustain a septic system. Melissa signed a listing agreement with Shane, a local real estate agent. According to the Statute of Frauds, which of the following leases must be in writing? Recommend an inspection for hazardous materials. While showing the property she notices that there is a serious slope to the porch floor. What is the area of the room? What does a standard title insurance policy do? What type of lease should their agent recommend?

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