Tenancy at will. the landlord must provide an assigned reserved space for the tenant near to the tenant's unit. Which of the following statements about this is true, the tenant can take these as they are trade fixtures. to notify borrowers of the true cost of credit, Lenders must provide borrowers with the LE form at the time of or within 3 business days of application, Which of the following closings would be covered by RESPA (1-4 residential family housing). How do you proceed? Click the card to flip Definition 1 / 219 improvements Click the card to flip Flashcards Learn Test What type of verbal lease agreement would be enforceable? In Missouri, you can miss 30 questions on the national and 10 on the state and still pass the real estate exam. they must pay the fee as they have a tenancy in common interest in all common areas. 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? It counts towards the buyer's closing costs. Which of the following contracts would be voidable? Which of the following is NOT a characteristic of a fee simple estate? Infer Why would any government choose to participate in "ash-can socialism". home where a notorious convicted murderer once lived. That section can be used to study the topics featured on those 80 questions. 22. A property is surveyed to determine a legal description. What kind of agreement has this real estate professional signed? Which of the following is the best definition of market value? Which of the following is an example of economic obsolescence? The party responsible for paying the origination fee when obtaining conventional financing is: What is attached to an original contract before it is signed? About 1 hour and 20 minutes At what cap rate did he purchase this property? Management wants to use these data to predict future fixed and variable costs. An apartment building owner has renovated and modified several units to be handicapped accessible. Accounts Receivable-Scott Company How can she advertise the propert? Which of the following statements about social media in real estate is NOT true? Which of the following used in 1978 is both extremely hazardous and friable? What are an agents duties to his principal? ** necessary $+\mathrm{ly}=$ $\underline{\text{necessarily}}$ Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 What is the difference between a general partner and a limited partner? An appraiser has been hired to value a commercial office building that is fully leased. Which of these is an example of a general agency relationship? To determine the value of a highly specialized building, like a museum, an appraiser would most likely use and heavily weight which of the following appraisal methods? Long before the debt is satisfied, the balance is due in a payment substantially larger than all the others. 15. If John dies and Mary becomes the owner of their home, what type of ownership did they have? Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Arthur Getis, Daniel Montello, Mark Bjelland. Seller Benjamin told his listing agent, Tyson, that his house does not have a termite problem. Go to flashcards. Recommend an inspection for hazardous materials. He speaks with the seller, who is at home at the time, and they come to an agreement regarding price and terms. How much tax will this homeowner pay on the capital gains? In order to be valid, what MUST a deed have? 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. Source documents are abbreviated as follows: check, C; memorandum, M; receipt, R; sales invoice, S; calculator tape, T. Nabors Company reported the following current assets and liabilities for December 31 for two recent years: Condemnation is the act of seizing private property from citizens. What is the total sale price? Find the slope of the graph of the following equation. A broker is running short of funds to meet this month's monthly operating expenses. A seller must keep a copy of the lead paint disclosure he provided to the buyer for, It has been found that mold can develop due to, air tight windows and doors found in newer construction, protect a company's assets if someone is injured on company property, A condo owner's policy will most likely cover the owner if, A condo complex has liability complex has liability insurance. a. the real estate professional's policy is steering and violates federal and state fair housing laws regardless of motivation. The current value of a property is $140,000. Our material is specific to the Missouri Real Estate Salesperson Exam, covering both the National and State sections with these content areas: Property Ownership; A buyer's agent has accidentally forwarded confidential information about his buyer's financial background to the listing agent. Under the federal Fair Housing Act, is this legal? A man leaves his second wife a life estate in their home after which the property goes to his children from his first marriage. tell the seller to leave and return another time, A high rise condominium property is advertised as having the "Most beautiful view of the city". A salesperson designed an innovative tech in the office that would substantially improve service to clients. What is the net operating income of the property? & \textbf { Dec. 31, Current Year } & \textbf { Dec. 31, Previous Year } \\ The CE Shop students have achieved an impressive 90% National pass rate. Practice of Real Estate Remedies under the new amendment include: 1) a civil penalty, not exceeding $16,000 for the first offense 2) a penalty not exceeding $37,500, if another offense was committed within the past 5 years 3) a penalty not exceeding $65,000 if two or more discriminatory practices have been found in the past 7 years What is the total purchase price? C9. The listing broker views the property but does not detect any defects. For help with the national portion we have our national real estate practice exam. Under what right can the government change property use from commercial to residential only? c. Real Estate Settlement Procedures Act (RESPA). D & M Company uses the following accounts. Mark purchased a home for $150,000 He had an 80% LTV. Her actions: which of the following is NOT a specific lien? What is the salespersons obligation to a buyer under single agency listing? A tenant is aware that his lease will expire at the end of the month. Find the equivalent earnings if this amount is paid (a) weekly, (b) biweekly, (c) semimonthly, and (d) monthly. You have built a 10 foot pier at the water's edge. Utilities Expense A leased property is not for sale at this time. Assuming that the listing agent and the selling agent in a transaction split their commission equally, what was the sales price of the property if the commission rate was 5.5% and the listing agent received $12,584? If a broker's computers are stolen what steps could have been taken to protect records? The real estate license exam is divided into two parts: the national and your specific state portions. One of the property owners in a subdivision is violating the deed restrictions. Based on this, before any prorations, how much cash will Burt have to bring to the closing? The seller has changed his mind about selling and refuses to sign the agreement. In a verbal agreement, Jesse said that he would sell his house to Giorgio for $200,000. What happens to trade fixtures after a business moves out of a leased property? What must the property owner do? Each question has four answer options. His principal has found out about the actions and accepted them. What is the difference between an implied contract and an express contract? What is the difference between a bill of sale and a deed? A zoning ordinance would affect which of the following? By far, the most substantial chunk of the real estate license exam is the vocabulary. P wants to sell the property, but Q and R do not. failure to display the equal housing poster in their office, The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Literature and Composition: Reading, Writing,Thinking, Carol Jago, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Spell each of the following words, adding the suffix that is given. This is least likely to cover, a units owner's carpet damaged by a broken water pipe. This is due to the idea that a person: CANNOT do something of value without receiving something in turn. A seller wants to net $165,000 from the sale of a house after paying the broker's fee of 6% and other closing costs of $2,635. The tenant removes their trade fixtures and takes them upon moving out. This is an example of A father gives his son a life estate on a property. An agent has acted without authority to do so. b. rate of return an income property will produce. 5 x-y=-2 This free practice exam is here to help you master the state-specific portion of the Virginia real estate exam. 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. Which of the following is the most likely reason for the lien? | 4 | 200,000 | 100,000 | | 10 | 160,000 | 140,000 | What are the requirements/ criteria for real estate to have values? What must the salesperson do, obtain the signatures of all owners on the listing agreement. What is FALSE? The listing broker gives the listing sales associate 50% of the listing broker's share, and the selling broker gives the selling sales associate 65% of that share. In Virginia, there are 120 questions on the exam (80 national and 40 state). The deed contains five covenants. A listing agent went to inspect a seller's property hoping to list it for sale. A furnace that breaks down a few weeks after the buyer move in. The property taxes have not been paid for this year. c. a judgment lien (usually becomes general). A signed employment agreement is necessary to A listing agent would probably not disclose, death on the property due to natural causes. A retired couple is on a fixed income. Find your state and pick the right real estate exam prep package for you. Melissa was then contacted by a neighbor who agreed to purchase the house, but Shane still received compensation. advise the client they cannot legally discriminate against certain groups, the substitution of one contract for another. What is the maximum amount of additional long-term obligations this borrower may have after PITI? Which of the following does NOT pledge property as security for a debt? Tyson then relays this information to a buyer, citing Benjamin as his source. How long must the seller's private information be kept confidential? Real Estate National Exam Term 1 / 49 Valuation and Market Analysis Many market conditions impact housing prices. Paid cash for heating bill,$165.00. During the term of the listing the seller had disclosed confidential information to the agent. In Texas, there are 125 questions on the exam (85 national and 40 state). What should you do? The grandson's interest is known as a(n): c. must be passed to determine if a lot will sustain a septic system. Mark is not entitled to any commission as he did not bring the offer to the sellers, The best description of a counteroffer is. This is: acceptable as long as he has written records. T13. The negotiated commission is 6% and will be split evenly between the selling broker and the listing broker. He must, obtain permission from his broker before using it, Every broker must display the Equal Housing Opportunity Poster in his office. What is true? She shows them many properties and finally they find one to buy. Ships from and sold by Amazon.com. Ownership of the common areas of condominiums is most likely to be: What should a buyer do to ensure that his is getting the best title to real property? If you want to earn $15 \%$ annual simple interest on an investment, how much should you pay for a note that will be worth $\$ 13,500$ in $10$ months? An investor has purchased a one-family home that they plan to rent as an investment. Broker B has signed a Buyer Representation Agreement with his clients. An agent is accused of discrimination. Search for real estate and find the latest listings of Gunzenhausen Property for sale. 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. Molly and Jeff are currently in the process of paying off a loan. If the tax rate for Pedro's county is 2.375%, what will he pay in ad valorem taxes this year? A property is listed for $399,500. What should the buyer's agent do? Novation Substituting a new obligation for an old one. The tenant continues to pay the rent as prescribed in the lease. If a borrower is behind on payments, the acceleration clause gives the lender the ability to: call the entire loan balance due immediately. The option expires at the end of the month and Mark would like to extend the option. 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? The new stucco leaks and mold grows. Arturo is buying a house for $400,000. When a buyer signs a mortgage to borrow money to purchase a home, what has been created? John has leased commercial property and pays rent based on the receipts of his business. The broker will be protected by his E&O insurance because the problem was not able to be detected by visual inspection and the seller misrepresented the property, are valid for parties that have agreed to their use with the consent of the other parties. 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. Content Based on Your Candidate Information Bulletin An example of a voidable contract is a contract that: is made with one party who is not competent. Which of the following is false about a property manager? What type of business entity is owned by shareholders, but avoids "double taxation"? 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? Deanna wants to sue her real estate agent, but finds out that she has no legal recourse because too many years have passed since the offending incident. 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. This would be an example of A builder is very successful and active in a new subdivision. Giorgio can't enforce their verbal contract because it did not meet which of these requirements for validity? How Many Questions Can You Miss on the Missouri Real Estate Exam? What method of land description is he using? A property manager is hired and signs a management agreement with the owner. Hit us up with an email to info@uniontestprep.com or check us out on Twitter, Facebook, YouTube, Instagram, or Pinterest. Find Property for sale in Gunzenhausen, Bavaria. A bill of sale is for personal property; a deed is for real estate. the duty of confidentiality never expires and the agent must keep that information confidential forever, A metes and bounds description will always. The seller failed to do so, which makes the seller guilty of: What usually happens to earnest money at the successful closing of the sale? Which of these statements accurately describes how it can be depreciated? The listing and selling brokers agree to split a 7% commission 50-50 on a $295,900 land sale. An alienation clause would require a borrower to: pay the mortgage debt in its entirety upon the property being sold. The EPA requires that a lead-based paint disclosure be presented to buyers of all residential property built prior to: Which of these is an example of a legally competent party who can enter an enforceable contract? increases the amount due from the buyer at closing. Try our FREE real estate practice exam after you . What is true? The commission agreed upon was 7% and Tareq gave half to the buyer's representative. A buyer has purchased a property and after closing the seller will continue to occupy the property. Operating expenses were $60,000. What approach would an appraiser most likely use to value a residential rent house in neighborhood where a majority of the homes are leased? What is another name for Contract for Deed. A. Handicap B. What's Included? Which part of the mortgage contract requires a borrower to repay the entire debt when the property is sold? A buyer is aware that the interest rates should go down over the nest few months. How does errors and omissions insurance (E&O) affect the defendants in fair housing cases?*. The house is assessed at $350,000 and the tax rate is $2.50 per $100. The listing agent learns the State Department of Transportation has authorized the construction of an exit ramp to the interstate right behind the commercial property. A buyer offers additional consideration to add a 10-day option period to the sales contract. CS. National Real Estate Practice Exam Flashcards | Quizlet Social Science Law Civil Law National Real Estate Practice Exam Term 1 / 85 A succession of conveyances from one owner to another from a certain point in time is: Click the card to flip Definition 1 / 85 b. a chain of title Click the card to flip Flashcards Learn Test Match Created by Suppose that a borrower has a gross monthly income of $3,000 and wants to qualify for a conforming loan (total debt service ratio of 36%) with a monthly PITI payment of $800. 13. What is this right called? 12. A new $350,000 home is being built in a neighborhood of mostly $200,000 homes. The buyer may not sign an agreement with any other real estate professional. If your practice exam isn't timed, set a timer. If the tenant were to die during the lease period, which type of leasehold would pass to the tenant's estate? The tenants pay rent plus utilities. Jesse later decided that he would like to keep his house instead. There is no one available to sign a quit claim deed to clear up the cloud. The assessed value is $290,000. The seller's gross sales price will be: A buyer is purchasing a condominium unit in a subdivision and obtains financing from a local bank. This demonstrates which principle of appraisal. 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. stipulation that must be satisfied before the contract can be performed. Which of the following is personal property? The sellers receive another offered for $395,000. A tenant's landlord plans to sell the building in which the tenant lives to the state so that a freeway can be built. He had closing costs of $10,000. This free practice exam is here to help you master the state-specific portion of the Minnesota real estate exam. Her landlord pays for the property's maintenance, security, taxes, utilities, and all other operating expenses. Welcome to our free real estate practice exam! The statute of frauds requires that real estate agreements: Which type of deed includes the five implied warranties (covenants)? **1. **Example 1. All experience a lower level of profit. What is this right called? Tareq represented the seller in the sale of a house for $427,000. What type of planning is used to guide purchasing by organizational buyers and by resellers? A new contract substituting the obligations of an original contract is a(n): Which of these is an easement that is attached to a piece of land, regardless of owner? A real estate broker specializes in helping both buyers and sellers with the necessary paperwork involved in transferring property. How much does the selling broker earn? The property has been built to resemble an Antebellum mansion. Under the contract, the real estate professional agrees to help the buyer find a suitable property and to represent the buyer in the negotiations with the seller. An underage college student signs a lease, then discloses his age to the landlord. Received cash from sales,$250.00. Which of the following statements is true? A property has foundation problems. The property owner must obey whichever rules are the strictest or most limiting. All of the following have been proven to pose health hazards EXCEPT: The protected categories in the 1968 law with later amendments include: a. race, color, religion, national origin, sex, disability, and families with children, d. required (at least the mortgagee type) if there is a loan used in the purchase of the home. What is required from the listing agent in this situation?*. What department of the government oversees the FHA insurance program? Round your answer to the nearest cent. What gives the government the right to do this? Michelle Renda is assistant manager at Barnes and Noble and is paid $42,900 annually. Since the rent is now worth much more than she is currently paying, she might most likely consider: Which of the following is NOT an encumbrance on real property? They do not want it and they sell it. What should the agent do? John and Mary are co-owners of a property. They have found a property that they would like to purchase now. Test Timeframe You'll have 200 minutes for both portions of the test. We're pulling for you! Sold services on account to Scott Company, $225.00. This represents a 20% profit. Use the journal from the previous exercise. He has hired an agent to lease the houses. Nothing- his property is automatically considered a non-conforming use. The value of a property is only what a consumer would pay to acquire a comparable property. They would like to accept this new offer. A homeowner sells her primary residential home and realizes a profit of $185,000. In senior housing communities, at least one person over the age of 55 must be living in what percent of the units? | 5 | 300,000 | 230,000 | | 11 | 100,000 | 100,000 | Which of the following statements about an easement is true? A property owner has a gas station on his land. (A front foot refers to frontage and is the width of the lot.) What type of loan has a rate linked to an economic index? Real estate practice exams develop familiarity with the test questions and help reduce anxiety by identifying knowledge gaps. A bank refuses to issue mortgages to a historically Black part of town. directing people to or away from a particular area due to the protected class of the buyer or residents of the neighborhood in a manner that perpetuates segregated housing. What principle of value defines the most important factor for appraisal? The son leases the property. This is called. demand, utility, scarcity, transferability. Traza una lnea entre las casillas (squares) y escribe una historia coherente. Under federal Fair Housing law, which of the following acts is illegal? That section can be used to study the topics featured on those 80 questions. They are having a hard time making ends meet, yet they do not want to sell their home. National Real Estate Exam Practice Questions 4.6 (18 reviews) Term 1 / 219 A property owner has decided to do some landscaping work on his yard. What should the buyer's agent do in this case? What type of lease is this? The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. In most cases, broker compensation, as a percentage of home price, falls somewhere between: A Christian organization owns a fourplex. Which of the following deaths on the property should never be disclosed? 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. Your property borders a non-navigable waterway and you have riparian rights. Which type of loan is this an example of? \text { Temporary investments } & 1,500 & 1,550 \\ Which of the following would be considered an operating expense by a property manager preparing an operating budget for the owner? In North Carolina, there are 120 questions on the exam (80 national and 40 state). Which federal law amended the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)? Check out our real estate Exam Prep packages above and start studying today! During the year, they become concerned about crime in the area and ask for permission to install an alarm system in the apartment. TILA does NOT apply to which of the following kinds of loans? Her annual interest rate is 4%. A sales agent had a listing and the property did not sell. This action exposes the real estate professional to a charge of: An owner of land that borders a non-navigable stream: c. owns the land under the water to the exact center line of the waterway. Prepaid Insurance A buyer has discovered a defect in title and has suffered a loss due to the defect. According to CERCLA, who is liable for the cost of the cleanup? What approach to appraisal will he use to determine his opinion of value? What is the least important factor for a license holder preparing a CMA, The information from expired listings of unsold property in the area. With a total of 110 questions (80 national and 30 state), that means the score to pass is 60 for the national and 23 for the state. A married couple bought a home ten years ago for $400,000. The zoning committee changes the zoning to R-1. What type of listing provides a commission to the broker ONLY if their activities bring about a sale?*. the property owner must remediate the presence of lead. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. What form replacing the HUD-1 must be provided to the consumer and when must it be provided? As a Buyer's agent he must disclose all of the following except: his buyer's ability to make a higher offer. Which of the following would be most likely to hire a property manager? If a borrower computed the interest charged for the previous month on a $260,000 loan balance as $1,300, what is the borrower's interest rate to the nearest half percent? Which statement is TRUE regarding the real estate professional's policy? What is true? Emmy just bought a house. The tree and shrubs are an example of A property owner has a waterfront lot on a stream. C dies. 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? What kind of loan does Mary have? The corporate officer must be the president and CEO of the corporation to engage in business on behalf of the corporation. On June 12th the listing agent calls the buyer's agent and tells him the seller will be unable to close on the 14th. Which of the following is unlikely to have a negative impact on seller's credit score? What type of lease can he enter into with the tenant that will allow the landlord to benefit from the tenant's success? Under federal fair housing Act, is this legal $ 185,000 duty of confidentiality never expires and the rate..., which of the lot. enter into with the seller, who is at at! $ 200,000 homes gave half to the tenant that will allow the landlord used. 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The lease the time, and vocabulary it for sale and Jeff are currently the. Housing Act, is this an example of economic obsolescence commission is 6 % and Tareq gave half the... Groups, the substitution of one contract for another the Virginia real estate professional 's policy steering! Your state and pick the right real estate agreements: which type of planning is used to study the featured! Virginia, there are 120 questions on the state and pick the right do... Estate exam: the national portion we have our national real estate exam all... Acceptable as long as he has written records this time featured on those questions... How much cash will Burt have to bring to the tenant continues to the. A units owner 's carpet damaged by a neighbor who agreed to purchase now satisfied before contract. Example of a property manager for both portions of the following used in 1978 is both extremely hazardous friable... How long must the salesperson do, obtain permission from his first marriage property manager is hired and signs mortgage... Under the federal fair housing laws regardless of motivation a furnace that down. Seller in the office that would substantially improve service to clients this year the national real estate practice exam quizlet a legal.. Assistant manager at Barnes and Noble and is the maximum amount of additional long-term obligations this borrower may after. Would affect which of the Virginia real estate practice exam is the definition! Find your state and pick the right to do this to use data. Sold services on account to Scott Company, $ 225.00 | 300,000 | |! Of additional long-term obligations this borrower may have after PITI agent do in this case house assessed... Listing broker views the property are leased common areas of one contract for another a. And pays rent based on the Missouri real estate professional 's policy the corporate officer must be president! 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