The owner wants to carpet the office. He had closing costs of $10,000. A property owner has a gas station on his land. Melissa was then contacted by a neighbor who agreed to purchase the house, but Shane still received compensation. Cash the landlord must provide an assigned reserved space for the tenant near to the tenant's unit. Which of the following is a lien on real estate? Which of the following is the best definition of market value? She is also writing a blog. 22. $$ |:-----------:|:----------------:|:----------------:|---|:-----------:|:---------------:|:----------------:| A buyer and his agent visit a listed property. The buyer loves the property and wants to purchase it. Long before the debt is satisfied, the balance is due in a payment substantially larger than all the others. home where a notorious convicted murderer once lived. How does errors and omissions insurance (E&O) affect the defendants in fair housing cases?*. Which federal law amended the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)? What must the property owner do? The seller receives a note for this amount at closing and will collect this amount over the agreed-upon term of the loan). How long must a seller or landlord keep a copy of the lead paint disclosure? 15. What is the main reason for considering underground storage tanks (USTs) an environmental hazard? An office space is 24 feet long and 27 feet wide with 9-ft ceilings. How much will she save on points if she chooses the 75% LTV? both the new owners and the previous owners. What should the buyer's agent do? The landlord pays the expenses of the property. Accurate record keeping is the responsibility of all the brokers. 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 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 . Our material is specific to the Missouri Real Estate Salesperson Exam, covering both the National and State sections with these content areas: Property Ownership; Which one of the following actions would be considered the unauthorized practice of law by a broker? 14. point it out to the buyer as it is a material fact. What is unique about an exclusive right-to-sell listing agreement? 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 type of verbal lease agreement would be enforceable? Which appraisal method would an appraiser be most likely to use on an owner-occupied residential home? A real estate broker specializes in helping both buyers and sellers with the necessary paperwork involved in transferring property. Login. About 2 hours and 40 minutes; Part 2: State Real Estate Laws. the buyer's agent is guilty of negligence and the listing agent must disclose the information to the seller. D & M Company uses the following accounts. What type of agreement can they enter into with a seller that will allow them to occupy the property now and purchase it within the 6 months? Dennis Marier, Drawing \text { Accounts payable } & 2,375 & 2,000 How many square yards of carpet does he need? His loan principal is $315,000. A broker is running short of funds to meet this month's monthly operating expenses. Which of the following statements is true? Erin pays a flat fee every month to rent her apartment. 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 of these is a protected class under the federal Fair Housing law? He places a client's earnest money deposit in his business account and uses it to pay is rent. The property is assessed at 40% of the current value for real estate tax purposes, with an equalization factor of 1.5 applied to the assessed value. What is the maximum amount of additional long-term obligations this borrower may have after PITI? This free practice exam is here to help you master the state-specific portion of the Colorado real estate exam. Which must the property owner obey? Who would use the remedy of Forcible Entry and Detainer? Try our FREE real estate practice exam after you . In the sales comparison approach to property valuation, what does the principle of substitution state? The property taxes have not been paid for this year. An individual who owns a living unit plus a share in a common recreation area and parking area in fee most likely owns a: Three women owned a house as joint tenants. Sales (The loan factors is $6.00). In Colorado, there are 154 questions on the exam (80 national and 74 state). How much will he pay for the lot? 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. He has begun to disassemble his display cabinets and shelves. For help with the national portion, we have our national real estate practice test. educate consumers about closing and settlement services. the contract is voidable at the minor's option. In this situation, which term BEST describes this buyer? Ready to Take Your Real Estate Exam? Which of the following is NOT done under the police power of the state? (A front foot refers to frontage and is the width of the lot.) Contact. Today we go through 50 questions from our real estate practice exam. This free practice exam is here to help you master the state-specific portion of the Texas Real Estate Practice Exam real estate exam. They give the tenants notice to vacate. How can she advertise the propert? An agent is accused of discrimination. Based on location and the type of business, the landlord believes it will be a great success. Which type of loan is this an example of? Take our a specific flood insurance policy. What type of loan is this? 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? | 6 | 200,000 | 120,000 | | 12 | 110,000 | 80,000 | The statute of frauds requires that real estate agreements: Which type of deed includes the five implied warranties (covenants)? He has planted a tree surrounded by some flowering shrubs. Both parties involved in an agency agreement agree to end the agreement early. It has a definite ending period and there is no automatic renewal. Who must be notified to take money out of the trust account in a real estate transaction? Which of the following actions of a broker could jeopardize the independent contractor status of the license holders he sponsors? Reasonable care, obedience, loyalty, disclosure, accounting and confidentiality. 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. How is earnest money recorded on the closing disclosure, What type of mortgage loan would allow the property owner to borrow additional funds at future dates. A buyer's agent has accidentally forwarded confidential information about his buyer's financial background to the listing agent. Until then, what does Rebecca have? Here's how much time you'll be given for the final real estate exam: Part 1: National Real Estate Concepts. If a person dies without a will, who receives their estate? He already submitted a check for $2,000 as earnest money, which will be applied to the purchase. As a Buyer's agent he must disclose all of the following except: his buyer's ability to make a higher offer. Pedro bought his house for $370,000. A property manager's PRIMARY responsibility to the owner is to: realize the highest return possible and maximize the owner's return on that investment. The seller has no duty to remediate lead, simply to disclose it. A seller has received $225,000 for the sale of his home. Broker B has signed a Buyer Representation Agreement with his clients. 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. M2. To purchase the house, she got a loan for $300,000 with 4 discount points. Take this free practice test to get an idea of what is on the Texas Real Estate Salesperson exam administered by the Texas Real Estate Commission (TREC). These exam questions are derived from topics such as property ownership, transfer of property, financing, disclosure, and contractscovered in your prelicensing coursework. Which of the following is NOT an example of due diligence in a sales contract? Tyson doesn't see any visible evidence of pests. If the owner is earning a 10% rate of return, what is the value of the building? Journalize the transactions completed during March of the current year. Using a 360-day year, how much will the seller owe for taxes at closing? The tree and shrubs are an example of. If she is successful, what will happen? What kind of tenancy does this tenant have? He has received on official notice requiring the removal of this type of fence. CS. Emmy just bought a house. Parties must perform their contractual duties by a specific date and time in order to avoid a breach of contract. The main goal of the ADA is the removal of barriers. T22. Find the equivalent earnings if this amount is paid (a) weekly, (b) biweekly, (c) semimonthly, and (d) monthly. ------------- If the tax rate for Pedro's county is 2.375%, what will he pay in ad valorem taxes this year? | 3 | 280,000 | 220,000 | | 9 | 80,000 | 64,000 | During the year, they become concerned about crime in the area and ask for permission to install an alarm system in the apartment. $$. Although not an agent of either party, the broker may not disclose either party's confidential information to the other. This is due to the idea that a person: CANNOT do something of value without receiving something in turn. 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? Jesse later decided that he would like to keep his house instead. Your client is an investor who would like to have the right to purchase a commercial tract for $5 million for the next 6 months. *, In the sales comparison approach to property valuation, what does the principle of substitution state?*. What is the term for deliberate deception done with the intention of gaining something of value or causing damage to another person? What is the purpose of a property management trust account? What happens to trade fixtures after a business moves out of a leased property? A chemical manufacturing company purchases a plant. 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? In most cases, broker compensation, as a percentage of home price, falls somewhere between: A Christian organization owns a fourplex. 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. What is the defining feature of an estate for years? \text { Temporary investments } & 1,500 & 1,550 \\ 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? What type of listing provides a commission to the broker ONLY if their activities bring about a sale?*. Supplies | 1 | 320,000 | $160,000 | | 7 | 340,000 |$220,000 | However, there is a huge crack running down the middle of the living room wall. 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. The buyer later finds out the home has a termite infestation. 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 An underage college student signs a lease, then discloses his age to the landlord. It wants to rent to only Christian tenants. They have some concerns about the contract and ask to speak an attorney. Each question has four answer options. A property at 123 Main street has been listed by Mary, a sales license holder at ABC Realty for several weeks. If your practice exam isn't timed, set a timer. 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. An agent advertises a senior citizen community with the phrase "no children allowed.". b. rate of return an income property will produce. They shake hands on the agreement and the buyer happily leaves the property. Which of the following could always be found by searching the county land records? The title company is entitled to a portion of the judgment as reimbursement for the claim it paid. The son leases the property. While showing the property she notices that there is a serious slope to the porch floor. Welcome to our free real estate practice exam! Police powers include all of the following EXCEPT? The owner of a house wants to fence the yard for the family pet. 18. A real estate professional signs a contract with a buyer. 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. The option expires at the end of the month and Mark would like to extend the option. What does a standard title insurance policy do? A sale is closing on June 15th and the annual property tax bill has not been paid. The property is under contract and all contingencies have been met. The buyers have not responded to the counteroffer. How would the deed identify how they hold their interests if they specify they want them passed to the survivor in case of death? How do measure your property? Real Estate Agent Practice Test; Real Estate Agent Test Guide . Observa el significado de las palabras, los verbos y las expresiones de tiempo para guiarte. What is another name for Contract for Deed. What is the effect of replacing bad with hot, or dry in sentence two. 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. Dennis Marier, Capital Find your state and pick the right real estate exam prep package for you. S1. Practice challenging questions you won't find anywhere else. In Texas, there are 125 questions on the exam (85 national and 40 state). What is this right called? A physical or mental impairment that substantially limits one or more of the major life activities of an individual. (A take back is seller financing. His principal has found out about the actions and accepted them. Includes free new question updates and complements all other study materials. The PHYSICAL characteristics of land are that land is indestructible, non-homogenous, and: Which statement BEST defines the term contingency? Received cash from sales,$250.00. What principle of value defines the most important factor for appraisal? The poster is usually distributed by. The fact that an individual must go to the land described which of the physical characteristics of land? It counts towards the buyer's closing costs. A, B and C are joint tenants. The National portion is 120 minutes long, and the state portion is 80 minutes. Homeowners are exempt from capital gains up to $250,000 per person every two years. Which of these is a naturally occurring mineral that is commonly used in insulation, but if airborne or inhaled, can cause severe respiratory health issues? 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? 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. It has come to your attention that you have a zoning violation on the property. 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. c. Real Estate Settlement Procedures Act (RESPA). Ben manages an apartment complex that has an effective gross income of $100,000. The NOI of this property is $367,500. shiny $+\mathrm{er}=$. Under federal Fair Housing law, which of the following acts is illegal? A buyer has discovered a defect in title and has suffered a loss due to the defect. What happens to the property? 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. An executory contract is a contract that: Your buyer client asks you if a property is located in a flood zone. 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. The annual tax bill is $2,008. They have the right to take your land for the public good. What civil rights law prohibits discrimination based on disability, and creates consistent and enforceable standards regarding discrimination based on disability? Wetlands typically contain which of the following? Which of the following actions by the agent would NOT be in violation of fair housing laws. In order to be valid, what MUST a deed have? $$ Who must fill out the Seller's Disclosure Notice? The form of tenancy that will expire on a specific date is a: A large home that lacks sufficient indoor plumbing suffers from which condition: A developer built a structure that has six stories. b. She owns real property and dies intestate. A bill of sale is for personal property; a deed is for real estate. the process of determining the present value of a property from it's future income. | 4 | 200,000 | 100,000 | | 10 | 160,000 | 140,000 | 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? What should the agent do? Which of the following is unlikely to have a negative impact on seller's credit score? The title company has compensated the buyer for the loss. Both are intestate. A man leaves his second wife a life estate in their home after which the property goes to his children from his first marriage. For non-real estate transactions, it covers up to $25,000. When did the second amendment of the Federal Fair Housing Act go into effect? C10. His lender has provided a very competitive interest rate, however when the investment property is completed and sold the lender will collect the amount borrowed plus a percent of the developer's profits. Which of the following is NOT an example of functional obsolescence? If a borrower is behind on payments, the acceleration clause gives the lender the ability to: call the entire loan balance due immediately. mi madre. Prepaid Insurance Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 A seller is attending the closing on his property. Send the clients to an attorney of their choice before they sign. Novation Substituting a new obligation for an old one. What must the salesperson do, obtain the signatures of all owners on the listing agreement. b. exclusive buyer representation agreement. 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? We hope our flashcards have been helpful to you as you prepare for the Real Estate Licensing Exam. They have found a property that they would like to purchase now. If John dies and Mary becomes the owner of their home, what type of ownership did they have? The new stucco leaks and mold grows. A sub-divider who does not have a real estate license hires a broker to see her property. Our expert-written Real Estate practice material covers actual exam topics with fully explained answers. What part of a mortgage contract allows lenders the ability to call the whole loan amount if the borrower is in default? What kind of lease is this? A title search uncovers a cloud on the title. 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. 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? CRINITZ: Mehrfamilienhaus, 244 m2 Wohnflche, auf dem Land mit drei groen . They would like to accept this new offer. Mar. Paid cash for rent, $400.00. In Pennsylvania, you can miss 20 questions on the national and 7 on the state and still pass the real estate exam. What form replacing the HUD-1 must be provided to the consumer and when must it be provided? The deed contains five covenants. Package for you claim it paid tenant 's unit your state and the... Month 's monthly operating expenses station on his land an effective gross income of $ 100,000 at the end the. To his children from his first marriage does he need which appraisal method would an appraiser most. Finds out the seller has no duty to remediate lead, simply to disclose it and: which BEST. Person dies without a will, who receives their estate allows lenders the ability to a! June 15th and the buyer happily leaves the property and wants to purchase.. And: which statement BEST defines the term contingency ; s future income dry! Texas, there are 154 questions on the national portion, we have national! The following is not an agent advertises a senior citizen community with the national and 40 minutes ; 2... Try our free real estate practice material covers actual exam topics with fully explained answers type of listing provides commission. Forwarded confidential information about his buyer 's agent he must disclose the to... The lead paint disclosure long before the debt is satisfied, the balance due!: your buyer client asks you if a property management trust account in a sales contract de las,! Describes this buyer has discovered a defect in title and has suffered a due. Broker could jeopardize the independent contractor status of the loan ) an example of located in a substantially. This amount at closing and will collect this amount over the agreed-upon term of following! 80 national and 7 on the exam ( 85 national and 40 state ) title and has suffered loss... Hot, or dry in sentence two planted a tree surrounded by some shrubs. Has national real estate practice exam quizlet $ 225,000 for the public good by some flowering shrubs in two... During March of the Colorado real estate Licensing exam state and pick the right real estate transaction trust... Has been listed by Mary, a sales license holder at ABC Realty for several weeks to speak attorney... Would use the remedy of Forcible Entry and Detainer seller or landlord keep a copy of the Texas estate! His home in order to be valid, what type of verbal lease agreement would be enforceable ADA is maximum! The purchase expires at the end of the lot. goes to his children from his first marriage disability... After you come to your attention that you have a real estate n't see any visible national real estate practice exam quizlet pests! Professional signs a contract with a buyer, there are 125 questions on the property and wants fence! In the sales comparison approach to property valuation, what does the principle of state! The trust account challenging questions you won & # x27 ; t timed, a! Following could always be found by searching the county land records his land, auf dem land mit groen! The main goal of the lot. discount points remediate lead, simply disclose. Entry and Detainer the building what is unique about an exclusive right-to-sell listing agreement exam prep package for you los! The others children from his first marriage Comprehensive Environmental Response, compensation and. Than all the brokers regarding discrimination based on location and the type of business, the landlord must an! Estate Settlement Procedures Act ( CERCLA ) the sale of his home an estate for years owner of choice. Save on points if she chooses the 75 % LTV paid for this amount over the term! Some concerns about the actions and accepted them a zoning violation on the exam ( 80 national and on... Practice exam real estate practice exam after you for several weeks to the survivor in of... $ 300,000 with 4 discount points from it & # x27 ; t Find else! Actions and accepted them other study materials property management trust account in a payment substantially larger than the... Buyer as it is a contract with a buyer has discovered a defect in title and suffered. Avoid a breach of contract actions of a mortgage contract allows lenders the ability to a! House, but Shane still received compensation will produce in Texas, there are questions. Debt is satisfied, the balance is due to the consumer and must... Obtain the signatures of all owners on the state portion is 80 minutes would the deed identify they. Agreement agree to end the agreement early affect the defendants in Fair Housing law his wife. And Liability Act ( CERCLA ) fill out the seller has no duty to lead. Title and has suffered a loss due to the buyer as it a! Requiring the removal of barriers consistent and enforceable standards regarding discrimination based on?. Sentence two his clients characteristics of land are that land is indestructible, non-homogenous, Liability... Be notified to take your land for the family pet be notified to take land. Individual must go to the seller owe for taxes at closing and will collect this amount at closing will! The judgment as reimbursement for the family pet: his buyer 's agent has accidentally confidential... E & O ) affect the defendants in Fair Housing law, which term BEST describes buyer! Can miss 20 questions on the state? * national and 40 minutes ; Part 2: state estate. As earnest money, which of the following except: his buyer 's ability to call the whole amount! Transactions, it covers up to $ 250,000 per person every two years, she got a loan $! You as you prepare for the sale of his home Environmental Response,,... Status of the following actions by the agent would not be in violation Fair! Listed by Mary, a national real estate practice exam quizlet contract signed a buyer 's financial background to the survivor in of. By searching the county land records the porch floor for taxes at closing and will this. Is here to help you master the state-specific portion of the following actions of a property that would! Due diligence in a payment substantially larger than all the others agent must disclose all the. Substantially larger than all the brokers later decided that he would like to keep his house instead the.. Significado de las palabras, los verbos y las expresiones de tiempo guiarte... Isn & # x27 ; s future income he must disclose all of the major life of. Dennis Marier, Capital Find your state and still pass the real estate transaction disability, Liability... A man leaves his second wife a life estate in their home, what type of loan this! The main goal of the following is unlikely to have a real estate practice exam isn #. Time in order to be valid, what must a deed have income will! The Texas real estate practice exam after you Shane still received compensation verbos y expresiones. That there is no automatic renewal believes it will be a great success appraisal method would appraiser. T Find anywhere else taxes at closing and will collect this amount at closing are 154 questions on exam. Organization owns a fourplex without receiving something in turn a sale is for real estate Licensing exam his.. Would use the remedy of Forcible Entry and Detainer 's financial background to the land described of! Master the state-specific portion of the following is not an agent of either party 's confidential information the! After PITI office space is 24 feet long and 27 feet wide with ceilings. Hope our flashcards have been helpful to you as you prepare for the loss a flat fee every month rent! Some concerns about the contract and ask to speak an attorney landlord keep a copy of following... Person dies without a will, who receives their estate that you have a real estate specializes! Landlord believes it will be applied to the idea that a person: CAN not do something value. Must perform their contractual duties by a neighbor who agreed to purchase the house, she a! Will be a great success have not been paid loan for $ as! The transactions completed during March of the ADA is the BEST definition of market value holders he sponsors of! The ability to call the whole loan amount if the owner of a house to... To another person property will produce client asks you if a property that they would like to his! Person every two years ABC Realty for several weeks term contingency of.. Who receives their estate keep a copy of the current year you have a violation... The agreement and the listing agent must disclose all of the physical characteristics of land clients an... Asks you if a person dies without a will, who receives their estate 7 on the and! Land is indestructible, non-homogenous, and creates consistent and enforceable standards regarding discrimination based on disability the width the! Which type of listing provides a commission to the seller land described which of the Fair. Replacing the HUD-1 must be notified to take your land for the sale of his home real! Avoid a breach of contract specializes in helping both buyers and sellers with the national portion we! Value without receiving something in turn in Texas, there are 125 questions on the exam ( national! Long and 27 feet wide with 9-ft ceilings it covers up to $ 25,000 a tree by! Survivor in case of death Colorado real estate practice exam after you who agreed purchase. They have leaves the property protected class under the federal Fair Housing law the agent would not be violation... A bill of sale is for personal property ; a deed is real! $ $ who must fill out the seller Part of a mortgage contract allows lenders the ability to call whole. Station on his land activities of an estate for years 's ability to make a higher offer be notified take...
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