What is true? 1. Find the slope of the graph of the following equation. He has paid off $42,000 of his purchase mortgage. 25. All of the following are hazardous substances that a license holder should be aware of except, Which of the following is the best example of puffing, I think this is the best floor plan available from this builder. In rental properties, increased demand can be the result of, Which of the following would not be eligible for a VA loan, What is required of a loan servicer before foreclosing on a VA loan, the VA must be notified before the foreclosure. What would he need to do? How Many Questions Can You Miss on the Missouri Real Estate Exam? If the tax rate is $4 per $100 of assessed valuation, what is the amount of tax due on the property? The grandson's interest is known as a(n): c. must be passed to determine if a lot will sustain a septic system. Received cash from sales,$130.00. T18. This item: PSI National Real Estate License Exam Prep: A Study Guide with 465 Test Questions and Answers Explanations (6 Practice Tests, 3 for Brokers and 3 for Salespersons) by Newstone Real Estate Team Paperback . The estate held by the nursing home is a: A country music singer who owns a cattle ranch enters into a sale and leaseback agreement with a local dentist. What kind of tenancy does this tenant have? The deed contains five covenants. He has received on official notice requiring the removal of this type of fence. 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. P wants to sell the property, but Q and R do not. A license holder advertises a listed property as having the most beautiful landscaping in the neighborhood. Reasonable care, obedience, loyalty, disclosure, accounting and confidentiality. 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? He is paying a 1-point origination fee to a mortgage lender, $500 for a new survey, and $800 for an environmental report. 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. C7. 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. The tree and shrubs are an example of. 13. To become a real estate agent in Oklahoma and represent buyers and sellers in the real estate transaction process, a candidate must complete the following steps, including passing the Oklahoma Real Estate Exam. Accounts Receivable-Scott Company The actual exam has 125 questions and 2 hours 30 minutes is given to complete it. What are the requirements/ criteria for real estate to have values? 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. drafting a legal document that transfers an interest in a real property. A married couple bought a home ten years ago for $400,000. ** Estimate both the variable costs per unit and the total monthly fixed costs using the high-low method. 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 the assessment is 85% of the market value, what is the market value? The tenant becomes ill from the mold. That section can be used to study the topics featured on those 80 questions. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. Last month, another died. Which principle of appraisal can explain this? A physical or mental impairment that substantially limits one or more of the major life activities of an individual. A grantor conveys property by delivering a deed. They give the tenants notice to vacate. 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. What kind of loan does Mary have? The seller does not have sell, but he owes the listing broker a commission. Estate for years. He paid off his loan of $138,500 and ha paid a 5% commission. Deficiency B. Delinquency C. Default D. Deferment 3. increases the amount due from the buyer at closing. Which covenant in a deed guarantees that the owners will not suffer or be disturbed by any claims on the property? Seller Benjamin told his listing agent, Tyson, that his house does not have a termite problem. Received cash from sales, $350.00. If your practice exam isnt timed, set a timer. the duty of confidentiality never expires and the agent must keep that information confidential forever, A metes and bounds description will always. This is due to the idea that a person: CANNOT do something of value without receiving something in turn. For help with the national we have our free national real estate practice quiz. Real Estate National Exam Term 1 / 49 Valuation and Market Analysis Many market conditions impact housing prices. The seller has no duty to remediate lead, simply to disclose it. They have found a property that they would like to purchase now. Content Based on Your Candidate Information Bulletin What type of freehold estate do they have? 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. Although not an agent of either party, the broker may not disclose either party's confidential information to the other. A listing agent is showing his listing to a buyer customer and notices a problem with the exterior of the property that he missed when he listed the property. When the lease is up, what happens to the alarm system? An agent advertises a senior citizen community with the phrase "no children allowed.". This type of rent is referred to as. A tenant is aware that his lease will expire at the end of the month. How much equity does he have? The corporate officer must be the president and CEO of the corporation to engage in business on behalf of the corporation. A practice of trying to induce homeowners to sell by convincing them that a minority group is moving into the area causing property values to drop is. Which of the following could always be found by searching the county land records? What does a standard title insurance policy do? The license holder should: Tell them to talk to an attorney, because the license holder is not permitted to give advice on how to take title. Is the quick ratio improving or declining? What is the term for deliberate deception done with the intention of gaining something of value or causing damage to another person? If the tax rate for Pedro's county is 2.375%, what will he pay in ad valorem taxes this year? What is the total purchase price? a. recorded easement b. recorded mortgage c. encroachment d. dead restriction Click the card to flip Definition 1 / 80 b. recorded mortgage Click the card to flip Flashcards Learn Test Match Created by MsV12 The listing broker views the property but does not detect any defects. Which of the following is false about a property manager? The poster is usually distributed by. Which of these will most lenders require homeowners to obtain before closing? What is the lowest price the property can sell for to accomplish this? Darla is suing Arlo for specific performance. The tests cover such subjects as forms of ownership, physical descriptions, valuation and regulation. A property has lead paint in the interior and on the exterior. Under what right can the government change property use from commercial to residential only? This free practice exam is here to help you master the national portion of the real estate exam. The main goal of the ADA is the removal of barriers. What type of loan has a rate linked to an economic index? What type of listing provides a commission to the broker ONLY if their activities bring about a sale?*. What should she do? A license holder has just attended a training seminar about technology in real estate and is excited about using social media with her clients. Our expert-written Real Estate practice material covers actual exam topics with fully explained answers. home where a notorious convicted murderer once lived. Who is responsible? At the end of the essay, what qualities does Thoreau envision in an ideal "perfect and glorious State"? What type of loan is this? A seller is closing on the sale of his home on April 23rd. If the holder of an easement owns adjacent land and his physical use of the land is benefited by the easement, he is said to have: A sales contract was signed by a minor. What should he do? A couple is purchasing a home and ask their agent how they should take title so that if one spouse dies, immediately the surviving spouse will be the sole owner of the property. In an express contract, the parties explicitly state the terms and conditions of the agreement, whereas in an implied contract, they do not. In a verbal agreement, Jesse said that he would sell his house to Giorgio for $200,000. Prepare for success! Allie cannot depreciate her investment property for a tax deduction. 5. An unlicensed assistant gets a call from a listing owner with questions about a contract- what should the assistant do? The exit ramp will greatly increase the value of the seller's property. However, there is a huge crack running down the middle of the living room wall. The owner of a house wants to fence the yard for the family pet. **1. *, In the sales comparison approach to property valuation, what does the principle of substitution state?*. She owns real property and dies intestate. Appraisers are most often asked to determine: A builder is using inferior siding and paint in an effort to construct affordable housing. What type of loan should he get to enable him to buy now and take advantage of declining rates in the future? In Stock. On June 12th the listing agent calls the buyer's agent and tells him the seller will be unable to close on the 14th. (The loan factors is $6.00). The property management agreement creates what kind of agency? ** necessary $+\mathrm{ly}=$ $\underline{\text{necessarily}}$ The seller receives a note for this amount at closing and will collect this amount over the agreed-upon term of the loan). 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. An investor has purchased a one-family home that they plan to rent as an investment. The seller has changed his mind about selling and refuses to sign the agreement. Search for real estate and find the latest listings of Gunzenhausen Property for sale. Includes free new question updates and complements all other study materials. 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". This represents a 20% profit. 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. 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? A young couple leases an apartment in an apartment complex for one year. c. Real Estate Settlement Procedures Act (RESPA). The purpose of the Truth-in-Lending Act (TILA) is to provide which of the following? take the information to the listing broker. What is the difference between a bill of sale and a deed? D & M Company uses the following accounts. What is the best way to study for the Real Estate Licensing Exam? For help with the national portion we have our real estate license practice quiz. For non-real estate transactions, it covers up to $25,000. Try our FREE real estate practice exam after you . Which ownership rights can be sold separately from a property's surface rights? Which of the following deaths on the property should never be disclosed? The new stucco leaks and mold grows. Darleene is looking at an investment property. His agent should: Warn the buyer that the verbal sales contract is unenforceable. A property owner has installed a chain link fence on his property. 15. He is selling the house for $179,000. Inform the buyer 8. If the capitalization rate for this class of property in this area is currently 9%, what is the total value of this property? John has 60% interest in the property and Mary has a 40% interest. The buyer has expressed concern about the possible presence of radon. 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. Our packages include thousands of state-specific and national level practice questions, as well as access to ebooks, live online group webinars, and more. Each month they pay the same amount, which contributes to both the principal and interest. They are prone to leaking, which allows hazardous material to contaminate groundwater and soil. At what cap rate did he purchase this property? Emmy just bought a house. The property taxes have not been paid for this year. A real estate broker specializes in helping both buyers and sellers with the necessary paperwork involved in transferring property. To pass the exam in Missouri, with a total of 140 questions (100 national and 40 state), the score to pass is 70 for the national and 30 for the state. What civil rights law prohibits discrimination based on disability, and creates consistent and enforceable standards regarding discrimination based on disability? The lending institution charged a 1% loan origination fee. The real estate professional bases this practice on the need to preserve the cultural integrity of Asian immigrant communities. The tenants pay rent plus utilities. Seller Brian tells his listing agent, Cynthia, that there are no foundation issues in his house. The annual net operating income (NOI) of the property is $310,000. What is considered evidence against a broker accused of discrimination? They have some concerns about the contract and ask to speak an attorney. What type of lease can he enter into with the tenant that will allow the landlord to benefit from the tenant's success? What type of verbal lease agreement would be enforceable? Sold services on account to Scott Company, $225.00. How much does the selling broker earn? What is this right called? $$ school specializing in real estate courses real estate license exam preparation and real estate license qualification courses in california call 310 838 1000 for courses overview, a real estate broker or a real estate agent is a person who represents sellers or buyers of real estate real property while a broker may work independently an agent must Real estate practice exams develop familiarity with the test questions and help reduce anxiety by identifying knowledge gaps. Which type of agreement transforms the customer into a client and the broker into a listing agent? How do you proceed? What is the total sale price? The agent needs to furnish the buyers with a pamphlet approved by the EPA concerning lead based paint prior to closing. When a tenancy at sufferance occurs, the tenant is referred to as a: Which is an example of a freehold estate? A seller's property is listed for $399,900. About 1 hour and 20 minutes Yes. Dennis Marier, Drawing the concentration of housing in a residential area. What is true, They can accept the new offer, but only after withdrawing their counteroffer. The lender has indicated that he will charge 3 points plus an origination point. A potentially valid contract in which at least one party has the option to rescind is described as: When you're talking about mortgages, what is another name for an origination fee? plumbing work that was completed but never paid for. What are an agents duties to his principal? A chemical manufacturing company purchases a plant. \text { Inventory } & 1,250 & 1,400 \\ Which of the following contracts would be voidable? What agreement between the landlord and tenant gave the tenant that right? A buyer is aware that the interest rates should go down over the nest few months. **Required** For help with the national we have our free national quiz. the process of determining the present value of a property from it's future income. 5 x-y=-2 Which of these is an example of a general agency relationship? A license holder has just taken a class on networking and marketing through social media. The money for making FHA loans is provided by: The trustee in a deed of trust situation is: Alexander Holmes, Barbara Illowsky, Susan Dean, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal. A tenant's landlord plans to sell the building in which the tenant lives to the state so that a freeway can be built. Observa el significado de las palabras, los verbos y las expresiones de tiempo para guiarte. A buyer and his agent visit a listed property. What happens in the secondary mortgage market? Mark purchased a home for $150,000 He had an 80% LTV. National - Real Estate Exam Practice Questions (Se 80 terms MsV12 PSI National Exam for Real Estate 544 terms TashaNichole30 Real Estate Final Exam (150 Questions ) #1 157 terms walter_sarmiento National Real Estate Exam Prep 101 terms kimluck renting a room in a house occupied by the owner. A primary benefit of property held in joint tenancy is: A licensed real estate sales associate has a written contract with the employing broker that specifies that the sales associate will not be treated as an employee for federal tax purposes. Sabrina accepted Rebecca's offer to purchase her house, and the closing date is in a few weeks. What is true? A licensed broker is advertising that he will perform a free appraisal if you contact him for a listing appointment. Until then, what does Rebecca have? 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. The sales associate's entire income is from sales commissions rather than an hourly wage. He had shown the property three times to the same potential buyers. The seller can close on the 16th. In terms of contract validity, what does mutual consent mean? All of the following are required under ADA except: According to Regulation Z, which of the following is not a trigger term? Which of the following actions by the agent would NOT be in violation of fair housing laws. How many square yards of carpet does he need? 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. Under these circumstances, which of the duties of the agent would be the easiest for him to fulfill? 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? Tenancy at sufferance. The NOI of this property is $367,500. Wetlands typically contain which of the following? Nothing- his property is automatically considered a non-conforming use. Which claim for damages would most likely be covered by a homeowner warranty policy? A bank refuses to issue mortgages to a historically Black part of town. A buyer has purchased a property and after closing the seller will continue to occupy the property. He must pay a loan balance of $180,530 and closing costs at $10,000. Here, you can put your knowledge to the test with our 120-question practice exams. What did he pay for the house when he purchased it? A, B and C are joint tenants. How long after an incident does a victim of housing discrimination have to file a complaint with HUD? PrepAgent offers real estate exam prep for all 50 states. A metes and bounds legal description always returns to: What should a license holder do if a client instructs them to do something that would discriminate against a protected class? Under a new construction Home Owner Warranty policy, which of the following would not be covered? A. Handicap B. 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. The tenant removes their trade fixtures and takes them upon moving out. A retired couple is on a fixed income. C6. Two new builders arrive and begin to sell in the same subdivision. 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? Which of the following is NOT a characteristic of a fee simple estate? | **Month** | **Units Sold** | **Total Cost** | | **Month** | **Unit Sold** | **Total Cost** | What will he take home if the split with his brokerage is 80% Tareq - 20% broker? You have recently purchased property in an area regulated by zoning. In the second year the owner dies and his heirs inherit the property. $$ The broker is legally liable for the acts of all license holder, independent contractors and employees alike, A veteran cannot use his/her entitlement to obtain. This would be an example of A builder is very successful and active in a new subdivision. About 2 hours and 40 minutes; Part 2: State Real Estate Laws. She has decided to market a new listing on these sites. Melissa signed a listing agreement with Shane, a local real estate agent. Which of the following is an example of economic obsolescence? What is the difference between replacement cost and market value? Which of the following used in 1978 is both extremely hazardous and friable? While showing the property she notices that there is a serious slope to the porch floor. What part of a mortgage contract allows lenders the ability to call the whole loan amount if the borrower is in default? The property is under contract and all contingencies have been met. A developer has 2,178,000 sq.ft of property. M2. mi familia y yo. 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. Does John have to leave? He speaks with the seller, who is at home at the time, and they come to an agreement regarding price and terms. What effect will Mary's death have on the Listing Agreement? The buyer is concerned about the location of the fence as it appears to be encroaching. An alienation clause would require a borrower to: pay the mortgage debt in its entirety upon the property being sold. It sells for $396,000. High unemployment rates mean there are more available buyers in the market B. Which of the following is the most likely reason for the lien? How long must a seller or landlord keep a copy of the lead paint disclosure? Bought supplies on account from Supply Mart, $170.00. Each question has four answer options. What is this called? T13. What is the difference between a general partner and a limited partner? 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. We're pulling for you! the landlord must provide an assigned reserved space for the tenant near to the tenant's unit. The property has been built to resemble an Antebellum mansion. Mary has a loan whose payments and interest rate will stay the same throughout the life of the loan (not including the cost changes caused by insurance and tax rates). He has planted a tree surrounded by some flowering shrubs. It wants to rent to only Christian tenants. According to the Statute of Frauds, which of the following leases must be in writing? They own their own home. shiny $+\mathrm{er}=$. tell the seller and encourage the seller to complete the negotiated sale. Real estate practice exams are an excellent way to make sure you're using your test time wisely. He has planted a tree surrounded by some flowering shrubs. What act is prohibited by the Sherman Antitrust Act? Received cash from sales,$250.00. b. A property at 123 Main street has been listed by Mary, a sales license holder at ABC Realty for several weeks. 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? the contract is voidable at the minor's option. Their neighborhood has rapidly grown in popularity, and they were able to sell their home this year for $950,000. 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. Tyson doesn't see any visible evidence of pests. Giorgio can't enforce their verbal contract because it did not meet which of these requirements for validity? A & B. Both parties involved in an agency agreement agree to end the agreement early. What can the owner do? How much will he pay for the lot? 2. At this time, what is true? If an appraiser uses the cost approach to determine the value of a two story building 128 x 97 at $120/sq. This is an example of A license holder is showing her own listing to a buyer customer. in order to measure elevation, you need a? Which survey system is most commonly used in urban areas? This free practice exam is here to help you master the state-specific portion of the North Carolina real estate exam. The Americans with Disabilities Act applies to: privately owned or government-owned public accommodations. Inflation increases buying power C. Low unemployment rates mean there are fewer available buyers in the market The seller told the listing agent that his neighbor's satellite dish trespasses on his property. What kind of property is it? \end{array} How Many Questions Can You Miss on the Pennsylvania Real Estate Exam? (A take back is seller financing. He has hired an agent to lease the houses. This demonstrates which principle of appraisal. A license holder is representing a young couple purchasing their first home. Operating expenses were $60,000. A contract can still be valid even if it lacks: All federally related loan programs require a property to have which of these? \hline \text { Cash } & \$ 650 & \$ 680 \\ Michelle Renda is assistant manager at Barnes and Noble and is paid $42,900 annually. \text { Accounts receivable } & 700 & 770 \\ Which situation does NOT violate the federal Fair Housing Act: d. A widow's insistence on renting her spare bedroom only to another widowed women, d. Section 16 lies to the north of Section 21. If the owner is earning a 10% rate of return, what is the value of the building? Your property borders a non-navigable waterway and you have riparian rights. point it out to the buyer as it is a material fact. Supplies What will she pay monthly in interest? Which must the property owner obey? Accurate record keeping is the responsibility of all the brokers. A property owner has a gas station on his land. The zoning committee changes the zoning to R-1. About 2 hours and 40 minutes; Part 2: State Real Estate Laws. What can the other property owners do to get him to comply? With the exception of tax liens, how are liens generally prioritized? $$ A. They have the right to take your land for the public good. If she is successful, what will happen? The tenant also has the right to match or better any offer before the property will be sold to anyone else. When a landlord allows the property condition to deteriorate so much that the tenants are forced to leave it is called: A couple is moving to a new city and they would like time to learn the city before they purchase a home. Which term describes this contract? It has a definite ending period and there is no automatic renewal. 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 the following statements is true about the duties of an agent according to the common law of agency? Journalize the transactions completed during March of the current year. For help with the national portion, we have our national real estate practice test. About 1 hour and 20 minutes What does this mean? If your practice exam isn't timed, set a timer. Heres how much time youll be given for the final real estate exam: Part 1: National Real Estate Concepts. Excess money at a foreclosure sale goes to After defaulting on a real estate loan, a borrower is able to pay off the loan prior to the foreclosure sale. An owner sold his house for $250,000 with a $50,000 take back. (A front foot refers to frontage and is the width of the lot.) Based on these facts, which of the following correctly describes the remaining woman's ownership interest in the house? As a Buyer's agent he must disclose all of the following except: his buyer's ability to make a higher offer. Arlo will be required to perform according to the terms of the contract. Which approach to value would MOST likely be useful to real estate brokers estimating the value of a single-family residence for sale in a subdivision? Which of these is a protected class under the federal Fair Housing law? The house is assessed at $350,000 and the tax rate is $2.50 per $100. Sales This is an example of A father gives his son a life estate on a property. An appraiser is using the Market Data Approach to determine the value of a residential property. If the tenant were to die during the lease period, which type of leasehold would pass to the tenant's estate? In a fixed-rate mortgage that is fully amortized, the total amount of interest to be paid is: Which is exempt from the federal Fair Housing Act? What type of lease should their agent recommend? A salesperson designed an innovative tech in the office that would substantially improve service to clients. There is no one available to sign a quit claim deed to clear up the cloud. Tareq represented the seller in the sale of a house for $427,000. A buyer representation agreement establishes an agency relationship between a buyer and a: The owner of a landlocked parcel of land may gain access to their land through an: When an object that was once personal property becomes permanently attached to real estate, what happens? Requiring his license holders to work scheduled hours. an agent with permission to advertise a property on social media does not have to worry about protecting confidential information about the client. We'd love to hear how you do and what the process was like for you. I highly encourage you guys to grab a pencil and paper and follow along. A man leaves his second wife a life estate in their home after which the property goes to his children from his first marriage. Which statement is TRUE of this arrangement? What principle of value explains this? In Texas, there are 125 questions on the exam (85 national and 40 state). This is called: The required distance between buildings and a federally protected endangered species wetlands is an example of A couple purchased a condominium. What should the buyer's agent do? According to CERCLA, who is liable for the cost of the cleanup? Based on this, before any prorations, how much cash will Burt have to bring to the closing? 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. These exam questions are derived from topics such as property ownership, transfer of property, financing, disclosure, and contractscovered in your prelicensing coursework. Contact. Capitalization definition. S1. The National portion is 120 minutes long, and the state portion is 80 minutes. How would the deed identify how they hold their interests if they specify they want them passed to the survivor in case of death? advertising property for sale only to childless couples. Mar. Which of the following is a lien on real estate? Mary and John are married with grown children. **Instructions:** Solve the application problem. Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act. What kind of lease is this? Which of the following loans would not have a 3 day right of recession? The buyers have not responded to the counteroffer. What is the salespersons obligation to a buyer under single agency listing? A credit to the seller has what effect on charges made to the parties involved in the transaction? Both are intestate. 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. Condemnation is the act of seizing private property from citizens. A seller wants to net $185,000 on the sale of his property. 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? Using a 360-day year, how much will the seller owe for the taxes at closing (to the nearest dollar) and how will this be shown on the CD? Erin pays a flat fee every month to rent her apartment. The PHYSICAL characteristics of land are that land is indestructible, non-homogenous, and: Which statement BEST defines the term contingency? This free practice exam is here to help you master the state-specific portion of the Texas Real Estate Practice Exam real estate exam. Liens are prioritized by date of creation, with older liens being paid off first. Monthly taxes and insurance will be $900. Melissa was then contacted by a neighbor who agreed to purchase the house, but Shane still received compensation. Which of the following statements may represent the unauthorized practice of law? Traza una lnea entre las casillas (squares) y escribe una historia coherente. This is: acceptable as long as he has written records. We hope our flashcards have been helpful to you as you prepare for the Real Estate Licensing Exam. Direct the buyer to obtain an up-to-date flood map from FEMA. When a buyer signs a mortgage to borrow money to purchase a home, what has been created? 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? CRINITZ: Mehrfamilienhaus, 244 m2 Wohnflche, auf dem Land mit drei groen . It has a vacancy rate of 15%. The tree and shrubs are an example of A property owner has a waterfront lot on a stream. **2. An investor has 15 rent houses. Maria is considering the difference between an 80% LTV and a 75% LTV. This describes A landowner wants to sell his property. Which of the following would be considered an operating expense by a property manager preparing an operating budget for the owner? Novation Substituting a new obligation for an old one. The South Carolina real estate salesperson exam is a multiple-choice test. This fence is most likely a violation of A single property is regulated by building codes, zoning and deed restrictions. What gives a creditor the right to seize property as collateral for an unpaid debt? The listing and selling brokers agree to split a 7% commission 50-50 on a $295,900 land sale. John and Mary are co-owners of a property. Which of the following would be most likely to hire a property manager? A furnace that breaks down a few weeks after the buyer move in. What is true? In North Carolina, there are 120 questions on the exam (80 national and 40 state). How much did she pay for the discount points? Real Estate Agent Practice Test; Real Estate Agent Test Guide . What kind of agency does this describe? *, "You should proceed without ordering a new abstract - this title is clear.". During the year, they become concerned about crime in the area and ask for permission to install an alarm system in the apartment. 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. mi madre. When measuring gross area the appraiser measures the. Take our a specific flood insurance policy. Which of the following is not a duty of an agent? Last week, Mary died. Police powers include all of the following EXCEPT? He sells 80% of it for $5,000 an acre. The rectangular survey system depends on what? stipulation that must be satisfied before the contract can be performed. 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? When did the second amendment of the Federal Fair Housing Act go into effect? Which appraisal method would an appraiser be most likely to use on an owner-occupied residential home? A licensee is representing a seller in a commercial transaction. It counts towards the buyer's closing costs. A seller is attending the closing on his property. Find the equivalent earnings if this amount is paid (a) weekly, (b) biweekly, (c) semimonthly, and (d) monthly. the National Flood Insurance Program (NFIP), with suppressed market value unrelated to their physical condition or features. Ready to Take Your Real Estate Exam? He trips in the house causes major damage to property of the owner. Which of these statements accurately describes how it can be depreciated? Which type of loan is this an example of? How can she advertise the propert? What approach would an appraiser most likely use to value a residential rent house in neighborhood where a majority of the homes are leased? He has the right to use the water from the stream. Failure to make payments on time. b. rate of return an income property will produce. PSI test questions Questions and Answers 1. Management wants to use these data to predict future fixed and variable costs. He notifies the landlord and recommends a contractor. What happens to trade fixtures after a business moves out of a leased property? | 3 | 280,000 | 220,000 | | 9 | 80,000 | 64,000 | If John dies and Mary becomes the owner of their home, what type of ownership did they have? In Minnesota, there are 120 questions on the exam (80 on the national portion and on the 40 state portion). Which of the following is the best definition of market value? All states require real estate agents to be licensed by the state to engage in the sale of real estate. What is this an example of? All experience a lower level of profit. An appraiser has been hired to value a commercial office building that is fully leased. 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? demand, utility, scarcity, transferability. Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Arthur Getis, Daniel Montello, Mark Bjelland. How do measure your property? An investor/developer has borrowed money to build a retail shopping center. Welcome to the National Real Estate Practice Exam This free practice exam is here to help you master the national portion of the real estate exam. Nelnet Solutions provides a free 300 page real estate practice PDF that can be accessed here. Which of the following statements about the difference between a license holder who is an employee and a license holder who is an independent contractor would be true? His loan principal is $315,000. Paid cash for postage (Miscellaneous Expense), $32.00. Which of the following statements is true? How much will she save on points if she chooses the 75% LTV? a. the real estate professional's policy is steering and violates federal and state fair housing laws regardless of motivation. During the term of the listing the seller had disclosed confidential information to the agent. **Example 1. $29.99. The buyer loves the property and wants to purchase it. 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. 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: 1) Certain contracts be in writing to be enforceable, 2) All real estate contracts for the sale of LAND & ALL LEASES for more than one year, options for more than 6 months, must be in writing & signed by all parties. 18. A property owner has decided to do some landscaping work on his yard. What is the advantage to the borrower of a VA loan? He had closing costs of $10,000. 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. A property is listed for $399,500. Which of the following statements about lead is NOT true? 12. both the new owners and the previous owners. The title company has compensated the buyer for the loss. What was the total cash used for the purchase? Send the clients to an attorney of their choice before they sign. \text { Temporary investments } & 1,500 & 1,550 \\ Which of the following is unlikely to have a negative impact on seller's credit score? Which one of the following actions would be considered the unauthorized practice of law by a broker? The annual tax bill is $2,008. 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? An office space is 24 feet long and 27 feet wide with 9-ft ceilings. An executory contract is a contract that: Your buyer client asks you if a property is located in a flood zone. Long before the debt is satisfied, the balance is due in a payment substantially larger than all the others. In preparing an appraisal, which of the following would have the least impact on the appraiser's estimate of value? A landlord leased space in his new retail property to an inexperienced business person. Ace these, and you know you're ready to grab your real estate license ! Cynthia accepts Brian's claim and goes on to tell prospective buyers that the home's foundation is in fine condition. Mortgage notes made in the primary market are bought and sold. A building was sold for $260,000, with the purchaser putting 10% down and obtaining a loan for the balance. What is the maximum amount of additional long-term obligations this borrower may have after PITI? A developer decides to build a commercial property in the middle of a residential subdivision. Real estate practice exams are an excellent way to make sure youre using your test time wisely. Test Timeframe You'll have 200 minutes for both portions of the test. *, meaningful disclosure of credit terms of the loan to the borrower. Practice challenging questions you won't find anywhere else. A seller comes into the office to sign a contract. How much will Arturo need to pay on closing day? The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. The local government needs your land to build a new high school. The real estate license exam is divided into two parts: the national and your specific state portions. What method of land description is he using? An agent has acted without authority to do so. The statute of frauds requires that real estate agreements: Which type of deed includes the five implied warranties (covenants)? What is unique about an exclusive right-to-sell listing agreement? What type of loan should they consider? He has earnest money deposits from several clients in the account at the same time. What form replacing the HUD-1 must be provided to the consumer and when must it be provided? What type of planning is used to guide purchasing by organizational buyers and by resellers? Rent Expense How much does the selling sales associate earn from the sale after deducting expenses of $1,300? | 2 | 160,000 | 100,000 | | 8 | 280,000 | 160,000 | Which of these is a set of regulations pertaining to building design, materials, safety, sanitation, and structure? Login. An example of a voidable contract is a contract that: is made with one party who is not competent. b. exclusive buyer representation agreement. Which of the following actions of a broker could jeopardize the independent contractor status of the license holders he sponsors? | 4 | 200,000 | 100,000 | | 10 | 160,000 | 140,000 | This building is a: Which would NOT constitute evidence of title? A sale is closing on June 15th and the annual property tax bill has not been paid. Which of the following instruments is the promise to repay a debt? He lists his property for sale "as is", and does not disclose the problem. At this time, the property manager is A buyer and seller have negotiated a contract on the seller's property with a closing set for June 14th, time is of the essence. 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? Pedro bought his house for $370,000. What type of insurance will cover this accident? The tenant continues to pay the rent as prescribed in the lease. joint tenancy with rights of survivorship, both parties mutually agree to end an agency relationship. Go to flashcards. ** Use the results from part 1 to predict future total costs when sales volume is (*a*) 200,000 units and (*b*) 300,000 units. What type of listing agreement did Melissa and Shane sign? Each time, he notified the sellers of the showing by phone. A signed employment agreement is necessary to A listing agent would probably not disclose, death on the property due to natural causes. A sales agent is showing a property. Who provides flood insurance to homeowners? What is required from the listing agent in this situation?*. 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. Here's how much time you'll be given for the final real estate exam: Part 1: National Real Estate Concepts. It has come to your attention that you have a zoning violation on the property. 14. 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. Which of the following statements is true? A real estate professional does not show non-Asian clients any properties in several traditionally Asian neighborhoods. An unmarried Texas couple purchased real estate together. Alden Co.s monthly unit sales and total cost data for its operating activities of the past year follow. What department of the government oversees the FHA insurance program? The power of the government to seize citizen's private property without the consent of the owner. The buyer later finds out the home has a termite infestation. Liability for others by mandate of law or by express agreement is called: Which type of listing agreement is most likely to cause a conflict of interest, and is therefor discouraged? C9. Purchase Louisiana real estate Exam Prep today and get ready to pass your test with more confidence and less stress. Mark has an option to purchase Bob's property. the property owner must remediate the presence of lead. 22. failure to display the equal housing poster in their office, The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. 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