real estate quizlet final exam

What is the salespersons obligation to a buyer under single agency listing? A building that is old, in a poor location, and poorly maintained would be classified as a CLASS D Building. What is the downside to a business owning its own property? A court can order a trust fund disbursement. He refuses to rent the other side to Marian, a single black woman with good credit and income, because he wants to "choose" his neighbors. 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. According to figures obtained from a cost-estimating service, the base construction cost per square foot of livable area is $92, and $76 per square foot for the garage. A couple living together who are not married but are co-owners of the residential property are most likely ______________. The owner and agent may remain liable even if the buyer's inspector does not discover the defect(s) during inspection. When an owner who is a joint tenant or a tenant in common wants to sell her portion or the property ownership and exit the relationship, but the other owners won't cooperate, she may have to file a ______ in civil court to have the property sold to the highest bidder. An appraiser's job is to estimate market value, so he checks first to see that the negotiation leading to the contract was fair. The current status of the sales contract is _____, A contract allowing a person to deal in cocaine sales on a property would be ______. 31. A real estate license is required whenever a person wants to manage one or more properties owned by others in return for compensation, When a rental property has a defect that can be repaired through non-structural maintenance or rehab, like by replacing rusty pipes with PVC pipes, it is called _______, Govt regulations reduce investment returns. There are a total of 152 national and state questions on the Georgia real estate licensing exam. What are some Sherman anti-trust act violations? 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 _______. what term refers to ownership of a single property by a single person or an entity. In Kentucky, there are 130 questions on the exam (80 national and 50 state). B. a leasehold estate. A contract, to be valid, must have an offer and an acceptance that are the exact same. A seller who does not want to guarantee anything will simply sign a _______. A rectangular survey has townships and ranges. The a term used when merging a lot with an adjacent property with the result that the larger property has more value. A township then is divided into 36 Sections which are square tracts of land one mile on a side. Most states have around 80 questions. The death of the seller or the listing broker will terminate the listing. 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. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. An acre is 43,560 square feet so one Section has (27,878,400 / 43,560 = 640) acres. This means he or she has to be __. Two common forms of contracts that are very important to a licensee are: (!) When a property goes on the auction block for failure to pay taxes a buyer at the auction receives a _______ allowing him to apply for a tax deed after a certain period, if the defaulting owner of the property ultimately fails to pay the taxes in the time allowed. Cooperative apartment c. Loft apartment d. c. $3,900. What happens if a managing broker's license is revoked? 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. In that case the winning bid gets a _____. commingling and it is illegal and can result in a revocation of your license. R458. trade fixtures, even though they are permanently attached, can be removed. A _____ is used to collect delinquent taxes by "selling the tax lien" to someone who will most likely simply collect interest when the property owner finally does pay the taxes. Paid cash to replenish the petty cash fund, $\$169. When Ben dies, what kind of interest does Will receive? Real Estate Final Exam Flashcards Quizlet Real Estate License Exams For Dummies Cheat Sheet June 19th, 2018 - Taking a state real estate exam is From Real Estate License Exams For Dummies get these memorized and youre well on your way to more correct answers under a sale-leaseback, the occupant of the property would be which of the following? The state and federal governments were the mere contractual agents of the people, not sovereign lords over them. The homeowner receives (rather than pays) monthly payments. The clause in a note or mortgage that can be enforced to make the entire debt due immediately if the mortgagor defaults. Typically, at least an acre of property per home is required for an individual septic system to provide ample room for the distribution field. Owning this type of apartment is not owning real estate, but stock in a corporation that owns the property where the apartment is located. An agent must disclose to his buyer client material facts about the property that a reasonable person needs to know. Limited Partners cannot participate in the management decisions and are only liable for the money that they have invested. 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). 30. 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. Qualified fee simple estate b. This is called a __, When a new manufacturing plant opens nearby and is offering 1,000 new, high-paying jobs, the likely increase of the area's real estate values will reflect the principle of _____. 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 2. Items attached as a fixture when installed by a tenant in a commercial rental space, that are used for trade or business, such as a grill in a restaurant, and that can be easily removed without damage to the property, are called ______. E. $550. 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. 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. \hline \text { Probability } & 0.01 & 0.02 & 0.9 & 0.01 \\ 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 _______. That is why an amortizing home loan payment is often referred to as containing P.I.T.I. Installment Contract or a Contract for Deed. 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. 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. Capitalization definition. where you LIVE. 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. Is The Real Estate Exam Multiple-Choice? All state exams are multiple-choice. What is the Real Estate Express Final Exam? Georgia Real Estate Exam Prep admin 2022-10-28T18:42:26-04:00. Agreements, commonly used in insurance policies in which the parties involved do not have to perform a particular action until a specified "chance event" occurs. A lender provides a loan where the payment includes the taxes and insurance in addition to the principle and interest. a. real and personal property as security for the loan. When a neighbor violates a deed restriction or a zoning violation, it only takes one other neighbor to enforce the ordinances, covenants or restrictions by bringing an action in a court of law. If one of the parties does not comply with the terms of the contract as written, they can be declared in breach of the contract and may not only lose their rights but be subject to possible legal action requiring specific performance or payment of monetary damages. A licensee should show sellers, near the end of a listing presentation, a blank copy of the purchase agreement to help them become more familiar with the upcoming transaction. When an owner does not occupy a property as his primary residence it will NOT be his homestead, A gross rent multiplier (GRM) is used to determine the value of rental property by multiplying the monthly rent by the GRM. The base rate of interest is one cost but to determine the true cost one must add the loan origination charges and other factors. Mike waited until the end of the month. No income tax is deducted, no workman's compensation insurance is provided. Principles of Real Estate FINAL EXAM REVIEW YouTube Syllabus Real Estate Principles June 21st, 2018 - Real Estate Principles and The grade on an exam may not be your final grade on that exam This one course completes the 60 hour When a licensee transfers from a managing broker to a new managing broker (yes, permitted by law) the listing contracts that the licensee had obtained while at the former brokerage stay at the former brokerage, unless transferred in writing to the new brokerage, with permission of both the former broker and the new broker. By far, the most substantial chunk of the real estate license exam is the vocabulary. A will only takes effect ______, Real property that is transferred according to someone's last will and testament is known as a _______________. So, 5,280 x 5,280 = 27,878,400 square feet. If the taxes are not paid by the delinquent owner within the allowed redemption period, the person holding the tax deed becomes the owner. 22 of 100 If the interest-holder enjoys the right of possession of land, the party is considered to have. Hello, welcome to our Florida Real Estate Practice Exam. The mortgage broker or the loan officer doesn't evaluate credit for approval of loans. In order to qualify as a living space, a newly constructed home must be inspected by the local municipality's building inspector to make sure it was constructed in accordance with the local building codes. It has been 31 days and he still has not addressed the issue. Forklift: plant asset No. who of the following needs a real estate license? 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. An office building that is relatively new, at the center of town, with up-to-date materials, a concierge in the lobby and perhaps a small restaurant might be classified as Class A building. A _____ is charged with managing the Trust. Received cash for sale of a computer, plant asset No. If the deal fails, who has the escrowed money? 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. 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. If the Value is known and the GRM is known, then the monthly rent can be calculated. Purchased merchandise on account from Dreyfus Company, $\$12,296.00$. 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. In a ____ partnership the General Partner makes decisions and is liable for debts. One acre has 43,560 square feet. 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. Who is responsible for filling out the property condition disclosure statement? are regulated by The Department of Housing and Urban Development (HUD). Violating zoning laws is an illegal use of property. A will is an amendatory instrument that can be changed at any time during the maker's lifetime. If the property is listed by a brokerage but not marketed on the Multiple listing Service (MLS) or, if one of the brokerages licensees represents the buyer and another represents the seller in the same transaction, it would be referred to as an. A construction loan is usually a higher risk than a residential loan. A licensee should track and repeat those direct e-mail advertising campaigns that show results. 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. Note the last direction - Southeast (Not East). A tenant who fails to pay rent has abandoned his duty and the landlord can terminate the lease and evict the tenant. Recorded cash and credit card sales, $\$4,674.00$, plus sales tax, $\$280.44$; total, $\$4,954.44$. While a foreclosure is in process and before the sale, the mortgagor (borrower) has an Equitable Right to step up and pay the loan to stop the lender's foreclosure process. (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 _____________. _______________ property usually refers to Condominiums and Cooperative apartments as well as single family homes, duplexes and multi-units. 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. Quizlet Flash Card For Real Estate Exam chapter 12 real estate brokerage and listing contracts, flashcard 28 of the . That is called the Commencement Point. Type Your Name: Kirin Godhia Type Course Name: Real Estate Principles (RE 100) Final Exam Answer Then any outstanding property taxes are paid. Because the majority of City and County revenue comes from real estate taxes, when property values fall, revenue for local governments also falls. When an appraiser has completed all of the relevant calculations and comparisons involved in the three approaches to value, he will not average the numbers, he will consider all numerical and conditional factors available in his analysis and RECONCILE the numbers to estimate the VALUE of the subject property. Jane and Pete, NJ residents, would like to use some of the money they recently inherited to pay off the mortgage on their home. An estate for years (even if its only for 6 months). Even though license law is strict about handling trust funds and requires procedures for disbursement, if a civil court orders that trust funds be disbursed, the broker must follow the directions of the court. covenants, conditions, and restrictions (CC&Rs). Earnest money is traditionally offered by a buyer to induce (or convince) the seller that the buyer is serious (in earnest) about wanting to buy the property. This free practice exam is here to help you master the national portion of the real estate exam. 1. A married couple sells their principal residence of 30 years for $650,000. Because the end of the term is unknown, a life estate is also a freehold estate. Recorded payment of credit card fee expense, $\$836.00$. visit https://qwivy.com/items/category/exam-elaborations to buy pdfs#qwivy #exams2023 #exam.#qwivyexams2023.eal Estate Final Exam Fall 2021 /2022 All Questi. What happens if the managing broker dies? The national and state questions are intermixed throughout a single test. Suzy and Jerry live in a co-op, when they purchased their apartment they automatically become lessees and: the four unities to create a joint tenancy are: in a mortgage, sometimes called a "due on sale" clause, what deed provides the grantee with the least protection of any deed, investors in real estate investment trusts take advantage of the same tax benefits as, the legal process by which a court determines who will inherit the property of a deceased, when you die without a will and there are no heirs, the government takes the property, the cost approach would likely be considered applicable in appraising which property, mortgage lenders make many loans with the intention of selling them on the, in planning a subdivision, a subdivider drafts a map of the development that shows the location and boundaries of individual properties. 284, $\$300.00$. Whenever a title search is conducted to find if the title is clear, the lien will be discovered and reported. 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