One mile is 5,280 square feet. Real Estate Finance 30 Final Exam & Answer Key 1) For all practical purposes, an "Alienation Clause" is basically the same as a: a) Call Clause . under a sale-leaseback, the occupant of the property would be which of the following? To become a real estate agent in Texas and represent buyers and sellers in the real estate transaction process, a candidate must complete the following steps, including passing the Texas Real Estate Exam. Last week the city council passed a zoning ordinance that prohibits packaged food sales in the area where the couple's grocery store is located. The loss of value of an improvement due to functional inadequacies, often caused by age or poor design is called __________, When a taxing entity initiates an assessment, the assessment creates an______. When a property has been on the market for a long period of time; when the buyer and the seller are not related; when both parties have a good knowledge of the property's condition; when neither is under undue pressure, the agreement they reach is referred to as an. Online Real Estate Practice Exams. D. an estate in land. this map is known as the, the estate in which the holder is entitled to al rights in the property is called, lenders financing purchase of a residence. It is a useful tool to help determine the annual rental income for the property, a number that is important to estimate value. C345. If there happens to be any money left over it will be paid to the debtor. A public entity can employ Eminent Domain to acquire private property FOR PUBLIC USE, not to then sell to another private owner for private use. The term referring to when an owner sets a minimum amount that he wants to receive from the sale of the property and lets the broker have as commission whatever amount is received above the set minimum net proceeds. Hello, welcome to our California Real Estate Practice Exam. Whatever, yesterday I took the pre final exam after studying for 8 hours. There are a total of 152 national and state questions on the Georgia real estate licensing exam. Events covered are those which cannot be controlled by either party, such as natural disasters, like floods or hurricanes, and/or death. The Internal Revenue Service has a set of rules that will determine whether a licensee is an employee of the brokerage or an independent contractor. If the taxes are not paid by the delinquent owner within the allowed redemption period, the person holding the tax deed becomes the owner. Zoning calls for defined areas that allow particular uses of property. The state and federal governments were the mere contractual agents of the people, not sovereign lords over them. Work station: plant asset No. A lien is a notice to the public filed of record at the county courthouse that the title to a property is encumbered or clouded by a debt or other appurtenance, which is an attachment of a right or benefit by someone other than the owner. A seller who does not want to guarantee anything will simply sign a _______. D. Water table. The remaining mortgage balance would be a DEBIT to the seller. A Developer will add improvements such as fences, streets, utilities and buildings. The analysis of the extent of risk assumed in connection with a loan is done by a specialist at the lender and is known as _______. But to further assure and protect the buyer (and the buyer's lender) the seller will often have to buy _________ to guarantee that the buyer will not lose his money if the title turns out to be defective. If the deal fails, who has the escrowed money? Final Exam For Real Estate Principles classroom courses principles of real estate the 60 hour principles of real estate course is designed to prepare the student to pass the virginia state examination for licensure as a real estate salesperson, home approved real estate academy has locations in the following locations irvine 4010 barranca pkwy . When a deed is recorded, the purpose is to protect the owner's rights but also to provide notice to any buyer regarding any liens or attachments provided regarding the condition of the title of the property they are buying. \begin{array}{r r} Who is responsible for filling out the property condition disclosure statement? A rent roll is a listing of occupied units in an apartment complex and the amount of money each is currently paying or will be required to pay in the future. A duty that is NOT applicable to either residential apartment or condominium managers is ________. The U. S. Constitution's Fifth Amendment mentions the right to property. One acre has 43,560 square feet. A _____________ is an arrangement where a Trustors asset is transferred, to benefit someone over time. A rectangular survey has townships and ranges. What type of survey describes the perimeter of a tract of land. A foreclosure where the lender has a right to sell the debtor's property without having to go through a long legal foreclosure process. What is the main responsibility of a property manager? This will of course mean protecting the property, maintenance and repair, collecting rents, etc. Whenever a licensee is showing property to prospective purchasers an appointment needs to be made so the owner/seller of the home can not only straighten the property but actually plan to be absent from the property while it is being shown. A person who has wanted to buy a property may get the right to make the first offer, whereas a person who has the right to take accept or refuse a deal that the seller has already gotten has a right of first refusal. a rental referral agency advertises the availability of an apartment. What are his other alternatives? Quizlet Flash Card For Real Estate Exam chapter 12 real estate brokerage and listing contracts, flashcard 28 of the . 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. Harrison moves his mobile home onto the land, had a well drilled, and lived there for the past 22 years. That study guide is free. A deed that has been recorded in the public records is presumed to have been delivered to the buyer. Gary Meter took his very expensive watch in for repair to Mikes service center. the disclosure required by TRID apply to: tom jones lives in one side of a duplex. a. When Gary heard how much it was, he told Mike that he could pay him at the first of the month. The typical home loan is secured by a mortgage or a deed of trust. it must operate, maintain and repair the building and pay all costs. A typical residential septic system for a property outside of the community's sewer system will have a distribution box for treating effluent and an underground septic field for the distribution of the treated effluent. Course Final Exam Proctoring. property life and the straight-line method. When any change is made to an offer, the ORIGINAL offer is extinguished, becomes NULL and VOID and is no longer binding on the original offeror. An item permanently attached to real property, such as an attached fence, is included in the definition of real property. \begin{array}{|l|c|c|c|c|} All state exams are multiple-choice. One of the most necessary elements of a contract is ___. An easement is a recorded right to cross or use someone else's property. the property is the, a man and a woman are next-door neighbors. Is a brokerage required to share commissions? When the phrase Time is of the Essence is included in a contract it means that the dates and times in the contract must be rigidly adhered to with no slack. 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. Update the plant asset record and record the sale. How many questions are on the real estate exam? In Virginia, the score to pass is 56 and 30. a rental referral agency does not advertise the availability of an apartment. $$. M30 and R457. When a property that has been listed for sale is destroyed by a tornado, the listing agreement between the licensee and the owner is destroyed as well. a suit for specific performance of real estate contract asks for, when 2 or more owners of real estate have concurrent unequal interest in the same property, they will hold the property as, Martin explains that he holds a fee simple title in severalty to her office unit and has an undivided interest in all of the common elements of the property with other unit owners. Commercial property vs. residential property. \hline \text { Profit } & a & b & c & d \\ Ad Valorem Taxes are based on the assessed value of the real property. The protection period may be for any agreed period (30 days: 90 days; six months) of time after the expiration. They fell in love and get hitched, signing a marriage certificate. chronological age is greater than its effective age. A will only takes effect ______, Real property that is transferred according to someone's last will and testament is known as a _______________. A _____ is charged with managing the Trust. C. an encumbrance. A) $239,200 B) $276,060 C) $197,600 D) $246,960. in constructions, the slope of the roof is known as the. Most states have a passing score of 70%. The test has the following feature: Multiple choices There is no "fill in the blanks." No essay to be written There are no "none of the above" or "all of the above" answer choices. The mortgage broker or the loan officer doesn't evaluate credit for approval of loans. Click the card to flip Definition 1 / 100 Rejuvenation Click the card to flip Flashcards Learn Test Match Created by Terms in this set (100) _____ Agency means one agent, but the owner can sell, too. 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 income does a creditor expect from providing financial resources to an organization or business? It begins at a reference point, moves to a Point of Beginning (POB); traverses the perimeter of the property and returns to the POB. That is called the Commencement Point. But PUBLICLY OWNED property that has been acquired through Eminent Domain can be LEASED to a private entity for a use that the public will have access to, and the right to enjoyment such as a sports complex or entertainment center. S428. 30. If it passes inspection a ______ will be issued. $$. What details would an escrow account ledger contain? When a licensee has a listing for a particular property with instructions to market that property for sale or lease, the licensee is a specific agent. The decision to begin the foreclosure process is determined by the lender after attempting to collect from the borrower. Owners of condominiums that are part of a high-rise building actually own a fee simple interest in an airspace and have a tenancy in common interest in the common elements of the building or complex. What is the AIDA standard marketing and advertising strategy? An escrow account ledger would contain names of all parties to a transaction, the amount of escrow funds the sponsoring broker received, and the date the broker received the funds. 30. Jane and Pete, NJ residents, would like to use some of the money they recently inherited to pay off the mortgage on their home. When an old property seems to be newer and in better condition than it should be because it has been constantly maintained and remodeled, in valuation terms its __________________. M33. Purchased merchandise on account from Dreyfus Company, $\$12,296.00$. BUY IT. Earnest money is not required at all to make a contract binding. 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. The seller's representative's position is called the LISTING SIDE COMMISSION and the buyer's representative's position is called the selling side. Because many of them do not require a down payment. 28. Pl 90. The term referring to a section of the Truth in Lending Law that only has to do with advertising the lending or financing terms related to a real estate transaction. Wraparound mortgages are second (junior) mortgages on the property and include. Check your state for specific information. A seller who only wants to warrant no problems during the period of time he owned the property will provide a___________. An FHA loan insures the borrower for about 20% of their loan amount while a VA loan guarantees a portion of the loan amount. Real Estate Final Exam (150 Questions ) #1 Flashcards | Quizlet Subjects Expert solutions Log in Sign up Real Estate Final Exam (150 Questions ) #1 4.7 (20 reviews) Term 1 / 157 A real estate licensee has a buyer agency agreement. (Example: Property Value = $400,000 x Assessment Rate of 30% = $120,000 (Assessed Value) x Tax Rate of 35 mills (.035) x $120,000 Assessed Value = $4,200 Annual Property Taxes, : An offer is not a contract until _____________. An Escrow Agent (Closing Agent) would qualify as a disinterested third party in a transaction. Typically, at least an acre of property per home is required for an individual septic system to provide ample room for the distribution field. When Ben dies, what kind of interest does Will receive? Cooperative apartment c. Loft apartment d. Government-owned buildings are usually classified as ___________. This is known as. The two most effective study tools for the state exam are practice exams and learning the state-specific license laws. While most apartments and rental homes are leased on an annual basis, a ground lease might be for as much as 99 years and a Hotel lease is typically for one day. A lender provides a loan where the payment includes the taxes and insurance in addition to the principle and interest. $$ The homeowner receives (rather than pays) monthly payments. Are they as effective as the lien. An estate for years (even if its only for 6 months). If the Value is known and the GRM is known, then the monthly rent can be calculated. Earnest money is merely a way for the buyer to say to the seller, "Please consider my offer. right of redemption to halt the foreclosure process by paying the delinquency. A contract requires a willing buyer and a willing seller, each of age, sane, under no pressure and unrelated. B. a leasehold estate. Many states have a national portion and a state portion, but California has one section combining both for a total of 150 questions. Which act was passed to create the national environment agency? An example might be that the air conditioner is 13 years old, AN example of active fraud or intentional mis-statement is an. Offers must be accepted without a change in order to be a contract between an offeror and an offeree. What is the seller in this situation? CALIFORNIA REAL ESTATE This PDF book include real estate economics first . A construction loan is usually a higher risk than a residential loan. 1 Quiz - The Real Estate Transaction, Chp. Earnest money is NOT required in order to have a valid contract. how often must the check the availability of the unit? Journalize the following transactions completed during the last week in December of the current year. A court can order a trust fund disbursement. The seller who believes he is transferring "marketable" title without any problems will sign and deliver a _______. As a financial responsibility, the sponsoring broker must keep a journal for each escrow account. All states require real estate agents to be licensed by the state to engage in the sale of real estate. What is the term for a written lease for a definite period of time? In a Title Theory state, for the lender, an advantage of a non-judicial foreclosure is the process is quicker since they do not have to go through the courts. 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. The dates November 1, December 10, February 1, and April 10 relate to - real property taxes. After the sale has been completed the former owner (borrower) then has a Statutory Right to redeem his or her property (for a period of time depending on local law). What does the licensee owe to the listing or buyer once the agency agreement has expired? A managing broker should hold staff meetings and/or sales meetings to make sure all agents and clerical help are given and hear the same information. how often must the check the availability of the unit? If they want to sell their apartment, they are selling the stock in the corporation and their proprietary lease goes to the new owners. commingling and it is illegal and can result in a revocation of your license. She is describing a, when ownership is held by one person it is referred to has what type of ownership, recording a quit claim deed signed by the easement owner, a recorded easement may be removed from the records by, A pending notice of a lawsuit giving notice of a possible claim to the property, the act or process of taking private property for a public purpose is called, the power allowing government to take private property for a public purpose is called, substituting one contract for another contract is known as, to have; clause in a deed meaning to have and to hold, been notified of the other party's acceptance, in contract negotiations, an offer is not considered accepted until the person making ann offer has, a listing agreement where property owners would be obligated to pay a commission even if they sold the property themselves. When a property is sold on the courthouse steps because the borrower failed to pay the loan, the first item to be paid is the costs of the sale, including advertising, attorney fees and trustee fees. 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. Yes. A customer is someone who has merely expressed an interest in either buying or selling a home or a third party that the licensee is assisting without having a written bilateral brokerage services agreement or working with on behalf of a principal. Many states have a national portion and a state portion, but Florida has one section combining both for a total of 100 questions. The bubble sheet is at the end. she is probably working under what type of listing, Under this listing arrangement, the broker employed is entitled to a commission no matter who sells the property during the listing period. Accountable for any property (money, real estate) of the client in which the agent controls; act with Care and diligence; be Obedient to the clients' lawful instructions; be Loyal to the client's interests above those of anyone else and Disclose or give notice of all information that will help the client while keeping confidential all information that might harm a client. Because the end of the term is unknown, a life estate is also a freehold estate. Fill in the bubble sheet for each answer. Any statement that earnest money is required or must be a certain amount or percent of the sale price to have a valid contract is FALSE. When a property is restricted, and the ownership is dependent (conditioned) on a particular use as set forth in a deed, the condition will remain in effect no matter how many times the property is sold. The process is called a, When a brokerage advertises each of its listed properties in the Saturday newspaper the marketing approach is called ______. The calculator must be a simple one. In order to determine how to calculate the property tax rate to provide enough revenue to cover a community's budget, the county and local government needs to: (1) assess all properties (2) derive a taxable value by subtracting any exempted property values from the total assessed values and (3) divide community's budget by the taxable value. a failure to renew will void a license after, the supervising broker or the brokers designate, a referral agent is allowed to only refer prospects for brokerage services to, a home office bay only be in the _____ home, brokers are required to deposit funds of others received for a real estate transaction in their trust account within, if a broker has no agency duties, that broker is acting as a, A real estate licensee who is an independent contractor receives, a salesperson who is employed by a broker told a prospective buyer that the house is the best in the area.
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