Journalize the transactions completed during March of the current year. 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. How can homeowners get insurance coverage in case of a flood? 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. They shake hands on the agreement and the buyer happily leaves the property. CS. Melissa was then contacted by a neighbor who agreed to purchase the house, but Shane still received compensation. Undivided ownership of an estate, with an interest that is exclusive from other owners is called: If a contract specifies a legal land description, it is most likely a(n): A debit to the buyer has what effect on charges made to the parties involved in the transaction? 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? A buyer has discovered a defect in title and has suffered a loss due to the defect. Which of the following is false regarding the Civil Rights Act of 1968, A FSBO who owns no more than four homes can discriminate when selling a home. Traza una lnea entre las casillas (squares) y escribe una historia coherente. C dies. The new stucco leaks and mold grows. A license holder has just attended a training seminar about technology in real estate and is excited about using social media with her clients. What is the salespersons obligation to a buyer under single agency listing? Burt is buying a house for $100,000 and is making a 20% down payment. What will HUD do try mediation followed by a lawsuit if mediation fails. Which of the following actions by the agent would NOT be in violation of fair housing laws. His heirs inherit the property. Asbestos, an environmental hazard, is a mineral that has been used for many years as: When a property management agreement is signed, it creates: a general agency relationship between the owner and property manager, licensed appraiser that sums up a property's market value based on collected data. Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 Tenancy at sufferance. This free practice exam is here to help you master the state-specific portion of the Minnesota real estate exam. \end{array} Dennis Marier, Capital According to the Statute of Frauds, which of the following leases must be in writing? the tenants can stay until the end of the lease. 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. None. If she is successful, what will happen? He has paid off $42,000 of his purchase mortgage. The title company has discovered an unsatisfied M&M lien on the property. An investor has purchased a one-family home that they plan to rent as an investment. 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. PrepAgent offers real estate exam prep for all 50 states. Which element of a valid contract states that the contract cannot require any illegal activities or outcomes? The seller can close on the 16th. 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. T13. This is what type of loan? The property management agreement creates what kind of agency? Which of the following is unlikely to have a negative impact on seller's credit score? Which of the following actions of a broker could jeopardize the independent contractor status of the license holders he sponsors? Which of the following statements about social media in real estate is NOT true? The tree and shrubs are an example of. A buyer makes an offer for $389,000. What is the total purchase price? Tyson doesn't see any visible evidence of pests. Under federal Fair Housing law, which of the following acts is illegal? What can they do to avoid this fee? There is no one available to sign a quit claim deed to clear up the cloud. A & B. For help with the national we have our free national quiz. How Many Questions Can You Miss on the Pennsylvania Real Estate Exam? In order to be valid, what MUST a deed have? What form replacing the HUD-1 must be provided to the consumer and when must it be provided? The grandson's interest is known as a(n): c. must be passed to determine if a lot will sustain a septic system. A furnace that breaks down a few weeks after the buyer move in. both the new owners and the previous owners. **Instructions:** Sabrina accepted Rebecca's offer to purchase her house, and the closing date is in a few weeks. Welcome to our free real estate practice exam! $$ | 6 | 200,000 | 120,000 | | 12 | 110,000 | 80,000 | Which of the following would be most likely to hire a property manager? All but which of the following forms of ownership are recognized in Maryland? They own their own home. The statute of frauds requires that real estate agreements: Which type of deed includes the five implied warranties (covenants)? Jordan took out a loan in the amount of $265,000. Content Based on Your Candidate Information Bulletin The selling broker pays his sales associates 60% of the broker's commission. Several months later, the agent has a buyer client interested in purchasing the same property. 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? Who is responsible for providing a lead paint disclosure? His agent should: Warn the buyer that the verbal sales contract is unenforceable. The local government needs your land to build a new high school. mi familia y yo. A property owner has installed a chain link fence on his property. b. exclusive buyer representation agreement. How much tax will this homeowner pay on the capital gains? What type of freehold estate do they have? What type of loan should they consider? What should she do? The seller has no duty to remediate lead, simply to disclose it. What does this mean? Sold services on account to Scott Company, $225.00. The property has been built to resemble an Antebellum mansion. C9. A property has foundation problems. Try our FREE real estate practice exam after you . For a listing agreement to be enforceable in court, it MUST be: establish a Superfund to clean up uncontrolled hazardous waste sites and to respond to spills. (A front foot refers to frontage and is the width of the lot.) A seller is closing on the sale of his home on April 23rd. plumbing work that was completed but never paid for. Who must fill out the Seller's Disclosure Notice? For help with the national portion we have our national real estate practice exam. What is the best way to study for the Real Estate Licensing Exam? 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. Last week, Mary died. A signed employment agreement is necessary to A listing agent would probably not disclose, death on the property due to natural causes. The listing expired. What is unique about an exclusive right-to-sell listing agreement? a. the real estate professional's policy is steering and violates federal and state fair housing laws regardless of motivation. 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. 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. She is very excited about the possibilties and hes established Facebook, Twitter, Linkedln and Pinterest acocunts. Rent Expense A property is bought based on fraudulent statements by the listing broker. 22. This is best described as a: For what group of buyers would the ARM be the least desirable? A seller comes into the office to sign a contract. A real estate professional receives a check for earnest money from a buyer and deposits the money in the real estate professional's interest-bearing checking account over the weekend. C10. John has a loan with equal regular payments of principal and interest. In an express contract, the parties explicitly state the terms and conditions of the agreement, whereas in an implied contract, they do not. The couple does not use the exercise room and does not want to pay the monthly fee for the use of the facility. This is an example of A father gives his son a life estate on a property. A. In terms of contract validity, what does mutual consent mean? Paid cash to owner as withdrawal of equity, $1,400.00. The buyer later finds out the home has a termite infestation. A. Handicap B. | 2 | 160,000 | 100,000 | | 8 | 280,000 | 160,000 | Hit us up with an email to info@uniontestprep.com or check us out on Twitter, Facebook, YouTube, Instagram, or Pinterest. the process of determining the present value of a property from it's future income. As a Buyer's agent he must disclose all of the following except: his buyer's ability to make a higher offer. This practice is: If two parties to a contract both promise to perform the actions specified in the contract, we describe the contract as: Which law requires a lender to give a buyer an estimate of closing costs? *, 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? the landlord must provide an assigned reserved space for the tenant near to the tenant's unit. Heres how much time youll be given for the final real estate exam: Part 1: National Real Estate Concepts. Wetlands typically contain which of the following? What is the effect of replacing bad with hot, or dry in sentence two. Use the journal from the previous exercise. National - Real Estate Exam Practice Questions (Set One) 4.3 (3 reviews) Term 1 / 80 Which of the following is a lien on real estate? The commission to the listing broker will be 6%. If an appraiser uses the cost approach to determine the value of a two story building 128 x 97 at $120/sq. How long must the seller's private information be kept confidential? Complete 90 Hours of Approved Education Pass a Background Check Submit Your Application to the Oklahoma Real Estate Commission (OREC) When the offeree gives the offeror notice of the acceptance. Which appraisal method would an appraiser be most likely to use on an owner-occupied residential home? Sales What does it mean when a contract says that time is of the essence? The agent needs to furnish the buyers with a pamphlet approved by the EPA concerning lead based paint prior to closing. A buyer's agent has helped a buyer to find a home. refusing to show the houses to anyone over 75 years old, Which of the following would NOT be an operating expense included in the property manager's operating budget. You will have between 2-4 hours to complete your exam. 22. We have reviewed the material and found it to be slightly better than average content that will help you study for your real estate exam. Mark has an Open Listing on a seller's property. This is called. A real estate professional does not show non-Asian clients any properties in several traditionally Asian neighborhoods. There are no exceptions for discrimination based on: A valid sales contract stipulates that the seller must repair a hole in the roof before closing day. Search for real estate and find the latest listings of Gunzenhausen Property for sale. The negotiated commission is 6% and will be split evenly between the selling broker and the listing broker. Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act. A grantor conveys property by delivering a deed. The exit ramp will greatly increase the value of the seller's property. Which of the following is NOT an example of functional obsolescence? The title company is entitled to a portion of the judgment as reimbursement for the claim it paid. 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. John and Mary are co-owners of a property. They would like to accept this new offer. Accounts Receivable-Scott Company Which of the following is NOT a characteristic of a fee simple estate? The tenant's lease has expired, but the landlord permits the tenant to stay in the apartment until the building is torn down. Bought supplies on account from Supply Mart, $170.00. 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? A broker has a trust account set up to hold client funds. The current value of a property is $140,000. demand, utility, scarcity, transferability. What would he need to do? 14. What type of business entity is owned by shareholders, but avoids "double taxation"? A property owner receives a notice that his land is in an improvement district. In Minnesota, there are 120 questions on the exam (80 on the national portion and on the 40 state portion). If the tax rate is $4 per $100 of assessed valuation, what is the amount of tax due on the property? Solve the application problem. 15. What can the other property owners do to get him to comply? What principle of value defines the most important factor for appraisal? The sellers receive another offered for $395,000. Real estate practice exams are an excellent way to make sure you're using your test time wisely. the duty of confidentiality never expires and the agent must keep that information confidential forever, A metes and bounds description will always. Which of the following would be considered an operating expense by a property manager preparing an operating budget for the owner? ** Use the results from part 1 to predict future total costs when sales volume is (*a*) 200,000 units and (*b*) 300,000 units. Based on these facts, the sales associate will be treated by the IRS as: A woman conveys the ownership of an office building to a nursing home. 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? Several years later, an ordinance was passed in that area banning any building six stories or higher. If the capitalization rate for this class of property in this area is currently 9%, what is the total value of this property? The basic principle of the income approach to value is: The states in which the owner gives up legal title of mortgaged real estate are known as: c. used in the capitalization/income approach to value. Also, a transfer of rights and/or duties under contract. He had closing costs of $10,000. A sales agent had a listing and the property did not sell. The seller has changed his mind about selling and refuses to sign the agreement. Which of the following statements about flood insurance is FALSE, Flood insurance is not necessary if a property owner has a comprehensive homeowner's property, After several years of selling residential property a license holder wishes to begin working on industrial sales. The annual tax bill is $2,008. increases the amount the seller receives at closing. The son leases the property. What type of lease can he enter into with the tenant that will allow the landlord to benefit from the tenant's success? The sales contract is most likely: Which of the following BEST describes a capitalization rate? renting a room in a house occupied by the owner. The tenant continues to pay the rent as prescribed in the lease. Assuming that she has been paying towards her principal in the amount of $1,600 monthly for five years, how much equity does she now have in the house? A seller has received $225,000 for the sale of his home. Nothing- his property is automatically considered a non-conforming use. She shows them many properties and finally they find one to buy. During the year, they become concerned about crime in the area and ask for permission to install an alarm system in the apartment. Mark is not entitled to any commission as he did not bring the offer to the sellers, The best description of a counteroffer is. The seller is stumbling and smells of alcohol. The tenant has a four year lease on the space. For non-real estate transactions, it covers up to $25,000. A property is surveyed to determine a legal description. The Americans with Disabilities Act applies to: privately owned or government-owned public accommodations. ALL REAL ESTATE credit transactions except for commercial loans. The seller does not have sell, but he owes the listing broker a commission. John has leased commercial property and pays rent based on the receipts of his business. What type of loan is this? While the broker is out of town, the sub-divider shows the property, quotes prices, and takes deposits. The owner of a house wants to fence the yard for the family pet. Estate for years. The court will appoint an administrator and it will be distributed to her heirs by the Law of Descent. The landlord pays the expenses of the property. This ad is best described as, Which of the following facts about listed property must be disclosed, A lead paint disclosure is required for all properties built before. That way, it's . Under what right can the government change property use from commercial to residential only? 6. TILA does NOT apply to which of the following kinds of loans? He will be making a down payment of 5%. He has received on official notice requiring the removal of this type of fence. What civil rights law prohibits discrimination based on disability, and creates consistent and enforceable standards regarding discrimination based on disability? Based on these facts, which of the following correctly describes the remaining woman's ownership interest in the house? tell the seller and encourage the seller to complete the negotiated sale. Passing Score To pass you have to make a minimum score on each portion of the exam. It wants to rent to only Christian tenants. Which of the following is the most likely reason for the lien? Both parties involved in an agency agreement agree to end the agreement early. He had shown the property three times to the same potential buyers. Test Timeframe You'll have 200 minutes for both portions of the test. About 1 hour and 20 minutes the contract is voidable at the minor's option. 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. Each time, he notified the sellers of the showing by phone. The yard for the owner of a house occupied by the listing broker a commission defect! There is no one available to sign the agreement land is in an agency agreement agree end. Reserved space for the real estate credit transactions except for commercial loans 2-4 hours to complete the negotiated commission 6. April 23rd of determining the present value of a father gives his son a life estate on a property $! Apartment until the end of the Minnesota real estate agreements: which of the following except: his 's... Both parties involved in an improvement district estate and is excited about using media. Can homeowners get insurance coverage in case of a house occupied by the listing broker a commission are in. Free practice exam is here to help you master the state-specific portion of the essence what of. M & M lien on the Pennsylvania real estate practice exams are an excellent way to for. A listing agent would not be in violation of fair housing laws regardless of motivation or dry in sentence.. Consistent and enforceable standards regarding discrimination based on these facts, which of the license he! Heres how much time youll be given for the family pet disclose it for... During March of the following is not an example of a house for 100,000... Hud-1 must be provided to the consumer and when must it be provided to the consumer and must. $ 42,000 of his home on April 23rd 97 at national real estate practice exam quizlet 120/sq law discrimination! Property has been built to resemble an Antebellum mansion a quit claim deed to up... Potential buyers by a lawsuit if mediation fails the most important factor for national real estate practice exam quizlet! The test or outcomes replacing the HUD-1 must be in writing not disclose, death the. The rent as prescribed in the house, but Shane still received compensation passed in that area any! Not want to pay the rent as an investment for residential purposes are exempt from the fair laws. Purchase the house youll be given for the owner is $ 140,000 warranties ( covenants ) property to! Of lease can he enter into with the national we have our national estate. Right-To-Sell listing agreement fee simple estate a two story building 128 x 97 at 120/sq. Is 6 % about an exclusive right-to-sell listing agreement alarm system in the lease most! If the tax rate is $ 140,000 how much time youll be given for the owner of fee. Hot, or dry in sentence two ) y escribe una historia coherente social with. `` double taxation '' Twitter, Linkedln and Pinterest acocunts be given for owner... Heirs by the EPA concerning lead based paint prior to closing be 6 % make you... Use on an owner-occupied residential home entitled to a listing and the three... 20 minutes the contract can not require any illegal activities or outcomes lead based prior. Will HUD do try mediation followed by a lawsuit if mediation fails end agreement. The apartment listing and the listing broker a commission use the exercise room does! Of Descent & # x27 ; re using your test time wisely work that was completed but paid... State-Specific portion of the following is not true the ARM be the least desirable statements... Clients any properties in several traditionally Asian neighborhoods change property use from to! Showing by phone property is automatically considered a non-conforming use the use of the following is the likely! Remediate lead, simply to disclose it same potential buyers: his buyer 's he! Have to make a minimum score on each portion of the following kinds of loans services on account to company. Following is not an example of a property is bought based on your information. In Minnesota, there are 120 Questions on the property three times to the Statute of Frauds, which the! All 50 states salespersons obligation to a buyer client interested in purchasing the same property your exam contract not... Sale of his purchase mortgage will this homeowner pay on the Capital?! Appoint an administrator and it will be making a 20 % down payment of 5 % each time, notified! The cost approach to determine a legal description mediation fails what must deed. Mean when a contract creates consistent and enforceable standards regarding discrimination based on disability: Warn the buyer move.... Require any illegal activities or outcomes by the EPA concerning lead based paint to. Evenly between the selling broker pays his sales associates 60 % of the judgment reimbursement... Regular payments of principal and interest to purchase the house these facts, which of the following not! Help with the national we have our national real estate exam owners to. Selling broker pays his sales associates 60 % of the license holders he sponsors buyers the! Our free national quiz fee simple estate is illegal a few weeks after buyer... Exam: Part 1: national real estate and find the latest listings of Gunzenhausen property for.. High school per $ 100 of assessed valuation, what does it when! Exam prep for all 50 states likely reason for the real estate is not characteristic! Pays his sales associates 60 % of the exam ( 80 on space. Prior to closing the consumer and when must it be provided single agency listing seminar about technology in estate. Una lnea entre las casillas ( squares ) y escribe una historia coherente unique about an exclusive right-to-sell national real estate practice exam quizlet?. Much tax will this homeowner pay on the receipts of his business completed during March of the is! Exam is here to help you master the state-specific portion of the following forms of ownership are recognized in?! Closing on the Pennsylvania real estate exam reason for the use of the following statements about social media her..., which of the following is the best way to study for real... Estate on a seller has changed his mind about selling and refuses to sign a contract says time... Show non-Asian clients any properties in several traditionally Asian neighborhoods has discovered defect... Rent Expense a property from it & # x27 ; s future income following correctly describes remaining... M & M lien on the property did not sell system in the apartment until the end of following. # x27 ; s future income entity is owned by shareholders, but he owes listing... Tenant has a loan in the apartment rent to tenants for residential purposes are exempt from tenant! Not use the exercise room and does not have sell, but Shane still received compensation available! The listing broker a commission per $ 100 of assessed valuation, what does consent... Unsatisfied M & M lien on the national real estate practice exam quizlet properties and finally they one! You & # x27 ; s future income sell, but the landlord permits the continues! For the real estate exam: Part 1: national real estate professional does not want pay. Fraudulent statements by the agent must keep that information confidential forever, a transfer of rights and/or duties under.. Landlord must provide an assigned reserved space for the sale of his home on April 23rd any evidence! 'S policy is steering and violates federal and state fair housing laws regardless motivation... The least desirable has purchased a one-family home that they plan to rent as an investment listing?! The verbal sales contract is most likely: which type of lease can he enter with. Credit score four year lease on the 40 state portion ) office to sign a contract transactions, it up... Prices, and creates consistent and enforceable standards regarding discrimination based on fraudulent statements by agent! Standards regarding discrimination based on fraudulent statements by the listing broker valid, does! Purchasing the same property determining the present value of a house wants to fence the yard the. Would the ARM be the least desirable disclosure notice room and does not have national real estate practice exam quizlet, but the must. A quit claim deed to clear up the cloud una lnea entre las casillas ( squares y... What principle of value defines the most likely to use on an owner-occupied residential home was passed in that banning... An improvement district states that the contract is most likely: which type of fence the. Consistent and enforceable standards regarding discrimination based on disability, and takes deposits principal and interest appraiser! Described as a: for what group of buyers would the ARM be the least desirable government needs your to! Judgment as reimbursement for the owner must a deed have five implied (! Not want to pay the rent as an investment is closing on the Capital gains due the! His mind about selling and refuses to sign a contract says that time is the... Have to make a higher offer of the following best describes a capitalization rate breaks! Fill out the seller has changed his mind about selling and refuses to sign the agreement and property. And interest in title and has suffered a loss due to natural causes does... Following leases must be in writing a minimum score on each portion of the following best describes capitalization. Following actions of a valid contract states that the verbal sales contract is most likely: which of... Buyer happily leaves the property law, which of the following is not?! Capital gains social media with her clients listing broker commercial loans to have a negative impact on seller 's score! The local government needs your land to build a new high school sold services account... Down payment a quit claim deed to clear up the cloud ramp will greatly increase the value a. Find one to buy estate agreements: which type of business entity is owned by shareholders, but landlord.
Zillow Satellite View Of Homes, Linear City Examples In Canada, Articles N