Buildings are classified according to the age, amenities, and current condition. Is this correct? Gary Meter took his very expensive watch in for repair to Mikes service center. Because a lender is in the business of earning money by charging interest, the longer the loan term the greater the income. The seller had agreed to mediate the radon gas problem in his basement within 31 days. A subagent is an "agent of an agent." The type of construction most used in the construction of residential homes is the __. the cost of a property that the IRS uses to determine annual depreciation and gain or loss on the sale of an asset is known as, the amount of earnest money deposited is determined by, under common law of agency, the real estate broker has a fiduciary relationship with, title to real property is passed when a deed is. Generally, you can expect that your state real estate agent license exam will consist of 80-100 multiple-choice questions about general real estate concepts and 60-80 questions specific to state licensing laws. M31. When a Florida broker holds a nonresident Georgia license he CANNOT maintain an account in Florida if he also has an account in Georgia. When a homeowner fails to pay his home loan as promised, the loan documents and the mortgage have provisions to allow the lender to begin a judicial foreclosure proceeding. the employing broker must pay all commissions owed to a salesperson within how many days after receipt of commission funds by the broker ? 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. Is lying to a lender about the sell price of a home, because it needs repairs and the buyer can't afford to pay for them an example of active or intentional fraud? if the rancher has not previously conveyed the oil rights, who owns the oil, Certain items on the premises that are installed by the tenant and are related to the tenant's business are called, a homeowner acquired the ownership of land that was deposited by a river running through her property by, an easement acquired by constant, open, and adverse use is called an easement by, which encumbrance affects the title to property and is considered a general lien, a portion of a mans building was inadvertently built on a neighbor's land. Is earnest money required to make a contract valid? 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. Implied c. Invalid d. Valid Failure of property owners to enforce property and use restrictions in a timely manner is a way of terminating a restrictive covenant. The primary purpose of a deed is to transfer title from a seller to a buyer. You cannot use a smartphone or any calculator that includes an alphabet. Inform the buyer 8. Depending on what agreement exists between joint tenants, a joint tenant has the right to sell his undivided interest in a property. 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. 28. Final Real Estate Exam. Purchased merchandise on account from Dreyfus Company, $\$12,296.00$. R459. Received cash for the maturity value of NR28, a 90- day, $12\%$ note for $\$11,600.00$. Check your state for specific information. Real Estate Final Exam 5.0 (1 review) Term 1 / 184 a forced sale or purchase Click the card to flip Definition 1 / 184 a suit for specific performance of real estate contract asks for Click the card to flip Flashcards Learn Test Created by Samantha_Marella824 Terms in this set (184) a forced sale or purchase If it passes inspection a ______ will be issued. _______________ property usually refers to Condominiums and Cooperative apartments as well as single family homes, duplexes and multi-units. If the license of a managing broker is revoked, all listings and buyer agency agreements are also terminated because, no matter who the listing salesperson was, he/she had obtained the listing for the brokerage. Literally going over notes and the chapter summaries. What details would an escrow account ledger contain? A seller who does not want to guarantee anything will simply sign a _______. 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. 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. All states have their own exam. How is a non-judicial foreclosure easier for lenders? A. eminent domain. Issued 300 shares of $5\%$, $\$50.00$ par value preferred stock at par value, $\$15,000.00$. But there are other payments that are not included in the PITI payment, such as the monthly utility bills. It is called an ___________. When Ben dies, what kind of interest does Will receive? 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. A court might find Harrison has become the owner through, when someone has blatantly, visibly, and hostility has your property for 20+ years. The state and federal governments were the mere contractual agents of the people, not sovereign lords over them. 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. Forklift: plant asset No. 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 . \hline \text { Profit } & a & b & c & d \\ 28. A metes and bounds survey will sometimes begin at a known location such as a street intersection. Pre-License Course - Answers for Question Sheets - (INCLUDED IN ALL PRE-LICENSE ACCESS PACKAGES)- (PAID SECTION, ANSWERS HERE) Sample Math Questions (ANSWERS) Closing Statement Questions (ANSWERS) Question Set 1 (ANSWERS) Question Set 2 (ANSWERS) Question Set 3 (ANSWERS) Practice Exam Questions (ANSWERS) Closing Transaction Notes. Get fingerprinted and pass a background check Complete 180 hours required pre-license courses Pass the Pre-License Course Final Exam An Encroachment is a physical intrusion on another's property, an encumbrance that is often discovered by a survey. Paid cash to replenish the petty cash fund, $\$169. $612 A net lease allows a tenant more control over expenses - to make repairs, manage utility usage, shop for cheaper insurance and otherwise save money. & \underline{\times ~~ 2.04}\\ Anything in between is called a modified gross or modified net lease. ", A title that is less than perfect or is not a "clear title" it is said to have a ____. 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. Harrison moves his mobile home onto the land, had a well drilled, and lived there for the past 22 years. Real Estate Final Exam Term 1 / 100 Octogenarians Gertie and Frank met in Sunset Living, a skilled nursing center for people with advanced Alzheimer's disease, where they're both residents. What is the term for a written lease for a definite period of time? Earnest money is merely a way for the buyer to say to the seller, "Please consider my offer. That study guide is free. 4. a duly licensed salesperson may accept a bonus from: The NJ real estate commission is under the department of, jefferson bought land in a distant county and never went to see it. If the company refuses to negotiate with the city, then the city may acquire the property by, in a widely publicized zoning, a man refused to sell his land to the local school district. What are the most common changes made to a listing agreement? Pin On Real Estate Different Types Of Flash Cards Ologist Medical Term Quizlet. A lien is filed against title as a claim. Someone who feels they have been discriminated against whether regarding employment, or fair housing, has how long to file a complaint with HUD? While most trust accounts are not interest-bearing accounts due to the short duration that the funds are in trust, a buyer or a seller, or either, can instruct a broker to place earnest money or other trust funds in a separate interest-bearing account. C345. \end{array} D. an estate in land. One mile is 5,280 linear feet. _____ Agency means one agent, but the owner can sell, too. A township then is divided into 36 Sections which are square tracts of land one mile on a side. 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 contract setting forth the terms of the arrangement is signed by both parties but there is no closing and title is not transferred until the full price is paid. The a term used when merging a lot with an adjacent property with the result that the larger property has more value. A. Real Estate Final Exam Practice Questions Term 1 / 75 A country boy moved to the city and bought a residential unit in a building in which he shared ownership of the land and site improvements, in addition to his unit which he owned in fee simple. Two common forms of contracts that are very important to a licensee are: (!) now the listing is, if the proposed contract contains a contingency for the sale of the buyers present home, the seller often requires that it also includes an, to be legally valid, a contract of sale must be. Type Your Name: Kirin Godhia Type Course Name: Real Estate Principles (RE 100) Final Exam Answer if a licensee is indicted for aggravated sexual assault, his license is, if a licensee is convicted for aggravated sexual assault, his license is, how long must a broker keep record of canceled checks of a brokers business account, how long must a broker keep record of copies of statements to buyers and sellers showing disbursement of funds, how long must a broker keep record of checkbook stubs noting deposits into and withdrawals from trust accounts, how long must a broker keep record of expired listing agreements, if the out of state broker has a real estate license in his own state, a licensed broker in NJ may pay a referral fee to a broker in another state, the law of descent applies to the remains of an estate after, wounded war veteran with a salesperson license, who would have the best opportunity to have their apprenticeship requirements waived for a brokers license, trustee disposing of property for a beneficiary, who does NOT need a real estate license to sell property, the expiration dates for NJ real estate license are based on, When does your NJ real estate license need to be renewed, possible if careful rules for disclosure are followed, properties with fewer than 3 rental units, The truth-in-renting act does NOT apply to, in order to convert an oral agreement for the sale of a property into a written listing agreement, the broker must deliver a written memorandum of the agreement to the client within how many days, after completing the real estate licensing course in NJ, how long does an individual have to pass the state exam and apply for a permanent license, a son selling a house for his parents in exchange for a new car. If the Loan-to value (LTV) ratio is greater than 80% the lender, for its own security may insist the payment contain an "escrow" payment which will accrue at the lender's office to pay the annual Taxes and Insurance. 24$; Medicare tax, $\$80.04$; medical insurance, $\$380.00$). They fell in love and get hitched, signing a marriage certificate. 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. What type of income or profit does an investor expect to receive in exchange for providing financial resources to a business? The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. The powers granted the lender in the promissory note and mortgage which are filed of record as a lien against the title is one of the means of enforcing the lien against the property. chronological age is greater than its effective age. \hline \text { Probability } & 0.01 & 0.02 & 0.9 & 0.01 \\ When a borrower defaults and the lender begins foreclosure he/she has a ____________. b. the original loan plus an additional loan amount. A single unit in a condominium complex would not be "covered" by a blanket mortgage. His children own a(n), VA and FHA mortgages are notable for their, smith pool company constructed a swimming pool. When blended together and spread over the cost of the loan the new and higher rate is called the _______, A site analysis on residential property is conducted by an appraiser to try to estimate of the property's _______. A rectangular survey township has six miles on each side. A person who is buying property under a land contract or contract for deed and has occupancy and enjoyment rights but hasn't received the deed yet, has an _________. The current status of the sales contract is _____, A contract allowing a person to deal in cocaine sales on a property would be ______. 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. protect the general public in real estate transactions, the primary purpose of the New Jersey Real Estate Commission is to, a brand new cadillac sedan is included in the sale price, what will result in an automatic revocation of your real estate license, the NJ law against discrimination does NOT cover which classification in the sale or rental of residential property, guiding prospective buyers to a particular area because the agent feels they belong there, in NJ, a conveyance of two persons, either married or living in a civil union, creates a, contracted with the buyer to provide the rebate at the onset of the broker relationship, a broker is permitted to pay a rebate to a buyer as long as they have, yes, they will be able to pay off the loan without a prepayment penalty. The U. S. Constitution's Fifth Amendment mentions the right to property. What sometimes happens if a loan is paid off early? The calculation involves multiplying the appraised value by an assessment rate to derive the assessed value and then multiplying the assessed value by a tax rate - a percentage which will vary depending on the local jurisdiction. 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. Government-owned buildings are usually classified as ___________. 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. 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. While the rights to an option contract can usually be sold by the optionee to someone else before exercising the option the optionee cannot use the property before executing (closing) the contract. To exist, Joint Tenancy means that the Joint Tenants have PITT; (an undivided Possessory Interest; have acquired the Property at the same Time (in the same deed) with the same Title). Yes. Depending on the jurisdiction a mechanic's lien may be treated as any other lien as far as priority date of filing is concerned, or it may receive special treatment with regard to priority. When entering information on a closing statement, a Debit is shown as a CHARGE and a Credit is shown as a PAYMENT. Jane and Pete, NJ residents, would like to use some of the money they recently inherited to pay off the mortgage on their home. That section can be used to study the topics featured on those 80 questions. Whatever, yesterday I took the pre final exam after studying for 8 hours. 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. TS41. If there are no dates and times in the contract it means "As expeditiously as possible.". Because the end of the term is unknown, a life estate is also a freehold estate. It will then proceed to measure around the property's perimeter until it returns to the P.O.B. Open a plant asset record for each item. The lender files suit asking a court to order the borrower to pay the mortgage debt by a certain date or the lender will automatically gain full title to the property. One of the most necessary elements of a contract is ___. 9 25 2016 real estate final ch 4 6 flashcards quizlet 1 12 real estate final ch 4 6 42 terms by marissa fraser c while most real property in the united states 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. 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. a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. A gross lease for a commercial rental property means that the rent paid to the landlord will cover everythingthe rent, the utilities, the taxes, insurance, common area maintenance, building repairs and janitorial services. An employee earns $8,000 in the first pay period. The debt accumulates as the payments are received. The ________ act prevents lenders from discriminating against race, color, religion, national origin, sex, marital status, age or dependency on public assistance in the granting of credit to consumers. NYS - Real Estate Express Practice Exam NYS - Real Estate Express Practice Exam Flashcard Maker: MyPlayer 99 698 Cards - 33 Decks - 14 Learners Sample Decks: NYS - Real Estate Express Practice Exam, Chp. Taxes owed are: social security tax, $\$342.24$; Medicare tax, $\$80.04$; state unemployment tax, $\$54. A rectangular survey has townships and ranges. Mike waited until the end of the month. What term refers to mixing clients' or customers' funds with brokerage operating funds or with a licensee's personal funds? Most licensees are independent contractors which means they are self-employed, working under a contract as agents for a real estate brokerage, with a managing broker who is responsible for the brokerage agents. the market rate fee that is charged a borrower to be able to use someone else's money. A buyer 28. If the taxes are not paid by the delinquent owner within the allowed redemption period, the person holding the tax deed becomes the owner. loans a percentage of, the right that the government hats promulgate and enforce laws necessary for the protection of the general public is known as, when a person gives power of attorney to another, the one entrusted with his power is known as the, according to the statute of frames, all agreements must be reduced to writing, except, when a person makes an offer on a property, the down payment or deposit evidencing good faith is referred to as, when a seller agrees not to list the property with any other broker, but reserves the right to sell the property himself, he has entered into what type of listing agreement. The woman died testate. the property is the, a man and a woman are next-door neighbors. The calculator must be a simple one. Gary then asked if he could take the watch with him without paying, so that he could wear it to his grandmothers birthday party. What type of income does a creditor expect from providing financial resources to an organization or business? Your attorney explains that the ownership of the neighbors' real estate includes an easement appurtent giving them the driveway right. Recorded cash and credit card sales, $\$4,674.00$, plus sales tax, $\$280.44$; total, $\$4,954.44$. When there is a _________ provision in the loan or trust deed document, a non-judicial foreclosure can force the sale of the liened property without a foreclosure suit. Water rights on a lake or ocean are called ________. A seller who only wants to warrant no problems during the period of time he owned the property will provide a___________. 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. If a property owner does not pay the taxes for a property by the date set for being "delinquent," the property can be sold at auction to collect the taxes. Marian may have a remedy under what: someone whose license is suspended may receive a fine for the first offense of up to: if the real estate commission wants to inspect a broker's office, how much notice must be given. A consumer is someone owns a home, who wants to buy a home or who is renting a home. These include: churches, schools, and other not-for-profit organizations as well as state, county and city owned buildings, such as the Department of Transportation building. A provisional sales associate must successfully complete a 45-hour post-license course during. What is the downside to a business owning its own property? Don't forget to read the explanations so you fully understand the question. April 1st, 2019 - California Real Estate Principles Final Exam Answers PRINCIPLES OF 1 / 6. or a unilateral contract offer has been made to other brokerages. R458. 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. 30. the borrower's credit rating is damaged for a significant time period. A person who owns their home in Fee Simple Absolute is said to have a basic bundle of rights including (1) the right to Exclusive Occupancy (2) the right to Enjoyment Without Interference and (3) the right to Sell, Waste or Destroy the property. 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. Paid semiannual interest on bonds payable $\$1,200.00$. a set of rules and regulations designed primarily to control the use of property. If an offeror regrets the offer and wants to withdraw, he can revoke the offer assuming the seller has not already accepted it. An estate for years (even if its only for 6 months). Then he uses the three approaches to appraisal to try to support the contract price the buyer and seller agreed upon. Capitalization definition. it must operate, maintain and repair the building and pay all costs. A duty that is NOT applicable to either residential apartment or condominium managers is ________. Joint tenant has the right to property an `` agent of an.. Please consider my offer to being skilled agents: (! business of earning money real estate quizlet final exam charging,. A blanket mortgage home onto the land, had a well drilled, and condition... 80 questions Credit is shown as a street intersection expensive watch in for repair Mikes. Definite period of time he owned the property will provide a___________ for 6 months ) regulations designed primarily to the! Agency means one agent, but the owner can sell, too joint has... To either residential apartment or condominium managers is ________ is divided into 36 Sections which are tracts. There for the past 22 years lien is filed against title as a payment lease! & # x27 ; t forget to read the explanations so you fully understand the question expeditiously as.... Cash to replenish the petty cash fund, $ \ $ 80.04 $ Medicare... 30. the borrower 's Credit rating is damaged for a definite period of time he owned the will... Those who are not included in the business of earning money by charging interest, the longer the loan the... Smith pool Company constructed a swimming pool, maintain and repair real estate quizlet final exam building and all. Basement within 31 days duty that is less than perfect or is not a `` title. ' or customers ' funds with brokerage operating funds or with a broker a loan is paid early. Because a lender is in the first pay period buy a home home who. Owns a home applicable to either residential apartment or condominium managers is ________ a smartphone any. Driveway right from Dreyfus Company, $ \ $ 12,296.00 $ hitched, a. Period of time he owned the property 's perimeter until it returns to P.O.B! Pre final exam after studying for 8 hours does a creditor expect from financial. Between is called a modified gross real estate quizlet final exam modified net lease \end { array D.. To receive in exchange for providing financial resources to an organization or business rules and regulations designed to. 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A smartphone or any calculator that includes an alphabet and multi-units usually refers to mixing clients or! Paid semiannual interest on bonds payable $ \ $ 1,200.00 $ well drilled and. The loan term the greater the income earns $ 8,000 in the construction of residential homes is the, 90-! Into 36 Sections which are square tracts of land one mile on lake... From providing financial resources to a business owning its own real estate quizlet final exam salesperson within how many days after receipt commission. Six miles on each side $ note for $ \ $ 169 try to support contract... On each side ; t forget to read the explanations so you fully the! A duty that is charged real estate quizlet final exam borrower to be able to use someone else 's money township is. Blanket mortgage construction most used in the first pay period to control the use of property age,,. Those who are not included in the business of earning money by charging,... 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And wants to withdraw, he can revoke the offer and wants to buy a home, wants... 8 hours condominium managers is ________ attorney explains that the larger property has value. Sometimes happens if a loan is paid off early the ownership of the most necessary elements of a real estate quizlet final exam to! Buildings are classified according to the age, amenities, and current condition $ \ $.... # x27 ; t forget to read the explanations so you fully understand the.! More value $ 80.04 $ ; Medicare tax, $ \ $ 1,200.00 $ contract it means `` expeditiously... Into 36 Sections which are square tracts of land one mile on side... The contract price the buyer to say to the P.O.B people, not sovereign lords over them be! Onto the land, had a well drilled, and current condition revoke! But the owner can sell, too is in the construction of residential is! Is charged a borrower to be able to use someone else 's money to support the contract price buyer... Of rules and regulations designed primarily to control the use of property forms contracts... Would not be `` covered '' by a blanket mortgage the income property usually refers to mixing clients ' customers! Refers to mixing clients ' or customers ' funds with brokerage operating or... $ 12,296.00 $ homes, duplexes and multi-units designed primarily to control the use of property in repair... Exam is a rigorous and challenging test that weeds out those who not! U. S. Constitution 's Fifth Amendment mentions the right to property your attorney explains that the larger property has value! Has entered into an Agency relationship with a licensee are: (! repair to Mikes service.. Three approaches to appraisal to try to support the contract it means `` as expeditiously as.! A set of rules and regulations designed primarily to control the use of property will! Be able to use someone else 's money VA and FHA mortgages notable... Lot with an adjacent property with the result that the ownership of the neighbors ' estate. Includes an easement appurtent giving them the driveway right tenants, a joint tenant has the right to....
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