For help with the national portion, we have our national real estate practice test. The tenant's lease has expired, but the landlord permits the tenant to stay in the apartment until the building is torn down. What is this right called? The landlord pays the expenses of the property. This is best described as a: For what group of buyers would the ARM be the least desirable? joint tenancy with rights of survivorship, both parties mutually agree to end an agency relationship. Long before the debt is satisfied, the balance is due in a payment substantially larger than all the others. **1. What principle of value explains this? R2. Mortgage notes made in the primary market are bought and sold. ** necessary $+\mathrm{ly}=$ $\underline{\text{necessarily}}$ Who would use the remedy of Forcible Entry and Detainer? What should you do? You have recently purchased property in an area regulated by zoning. A & B. What is the defining feature of an estate for years? Which of the following statements is true about the duties of an agent according to the common law of agency? What is the max amount of time allowed for a victim to file a Fair Housing complaint? An appraiser is using the Market Data Approach to determine the value of a residential property. take the information to the listing broker. In terms of contract validity, what does mutual consent mean? Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act. educate consumers about closing and settlement services. By far, the most substantial chunk of the real estate license exam is the vocabulary. What is the difference between an implied contract and an express contract? The court will appoint an administrator and it will be distributed to her heirs by the Law of Descent. The seller counter offers for $392,500. A buyer has purchased a property and after closing the seller will continue to occupy the property. If a borrower is behind on payments, the acceleration clause gives the lender the ability to: call the entire loan balance due immediately. Pedro bought his house for $370,000. 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. What should you do? Try our FREE real estate practice exam after you . tell the seller and encourage the seller to complete the negotiated sale. A property owner receives a notice that his land is in an improvement district. plumbing work that was completed but never paid for. If the owner is earning a 10% rate of return, what is the value of the building? | 5 | 300,000 | 230,000 | | 11 | 100,000 | 100,000 | Which type of agreement transforms the customer into a client and the broker into a listing agent? Observa el significado de las palabras, los verbos y las expresiones de tiempo para guiarte. He had shown the property three times to the same potential buyers. A buyer and his agent visit a listed property. At the end of the essay, what qualities does Thoreau envision in an ideal "perfect and glorious State"? His principal has found out about the actions and accepted them. Inform the buyer 8. The title company has discovered an unsatisfied M&M lien on the property. \text { Inventory } & 1,250 & 1,400 \\ Which term describes this contract? Which of these scenarios does NOT violate fair housing law? Broker B has signed a Buyer Representation Agreement with his clients. What is the least important factor for a license holder preparing a CMA, The information from expired listings of unsold property in the area. C dies. A property is bought based on fraudulent statements by the listing broker. Purchase Louisiana real estate Exam Prep today and get ready to pass your test with more confidence and less stress. The purpose of the Truth-in-Lending Act (TILA) is to provide which of the following? The National portion is 120 minutes long, and the state portion is 80 minutes. a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. It counts towards the buyer's closing costs. A listing agent went to inspect a seller's property hoping to list it for sale. I highly encourage you guys to grab a pencil and paper and follow along. A broker has written permission to represent both the seller and the buyer as a dual agent. Cynthia accepts Brian's claim and goes on to tell prospective buyers that the home's foundation is in fine condition. Yes. He is paying a 1-point origination fee to a mortgage lender, $500 for a new survey, and $800 for an environmental report. A credit to the seller has what effect on charges made to the parties involved in the transaction? Which of the following would be most likely to hire a property manager? Which of the following is not a duty of an agent? Which of these is a set of regulations pertaining to building design, materials, safety, sanitation, and structure? 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? 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. A physical or mental impairment that substantially limits one or more of the major life activities of an individual. This free practice exam is here to help you master the state-specific portion of the Minnesota real estate exam. Miscellaneous Expense If the capitalization rate for this class of property in this area is currently 9%, what is the total value of this property? The listing expired. 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. The PHYSICAL characteristics of land are that land is indestructible, non-homogenous, and: Which statement BEST defines the term contingency? This is called. 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. stipulation that must be satisfied before the contract can be performed. The seller has painted over them to hide them. Mark purchased a home for $150,000 He had an 80% LTV. This is an example of A father gives his son a life estate on a property. 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. 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 A property owner has the right to tell other people that they cannot trespass on their property. c. Real Estate Settlement Procedures Act (RESPA). According to CERCLA, who is liable for the cost of the cleanup? Two new builders arrive and begin to sell in the same subdivision. What did he pay for the house when he purchased it? He already submitted a check for $2,000 as earnest money, which will be applied to the purchase. In North Carolina, there are 120 questions on the exam (80 national and 40 state). What is FALSE? Journalize the transactions completed during March of the current year. What kind of agency does this describe? Reasonable care, obedience, loyalty, disclosure, accounting and confidentiality. point it out to the buyer as it is a material fact. 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. In Stock. What is the area of the room? National real estate exam review crash course - YouTube 0:00 / 1:43:00 National real estate exam review crash course Real Estate Exam Prep 20.9K subscribers Join Subscribe 6.2K Share. Under these circumstances, which of the duties of the agent would be the easiest for him to fulfill? TILA does NOT apply to which of the following kinds of loans? Requiring his license holders to work scheduled hours. To purchase the house, she got a loan for $300,000 with 4 discount points. Erin pays a flat fee every month to rent her apartment. What is true? 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? That section can be used to study the topics featured on those 80 questions. Accounts Payable-Supply Mart The South Carolina real estate salesperson exam is a multiple-choice test. Dennis Marier, Capital For help with the national portion we have our national real estate practice exam. What happens to the property? Does John have to leave? What form replacing the HUD-1 must be provided to the consumer and when must it be provided? A property has lead paint in the interior and on the exterior. the landlord must provide an assigned reserved space for the tenant near to the tenant's unit. What is the difference between a bill of sale and a deed? They do not want it and they sell it. How long must the seller's private information be kept confidential? 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. The seller has changed his mind about selling and refuses to sign the agreement. 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? When both her parents have died, ownership of the office building will revert to the woman. How Many Questions Can You Miss on the Pennsylvania Real Estate Exam? What should she do? the process of determining the present value of a property from it's future income. This free practice exam is here to help you master the state-specific portion of the Virginia real estate exam. The nursing home agrees that the rental income produced by the building will pay for the expenses of caring for the women's parents. Is the quick ratio improving or declining? Which of the following properties would be the least desirable neighbor? Tenancy at sufferance. Traza una lnea entre las casillas (squares) y escribe una historia coherente. P wants to sell the property, but Q and R do not. There is no one available to sign a quit claim deed to clear up the cloud. Which covenant in a deed guarantees that the owners will not suffer or be disturbed by any claims on the property? 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