On Kandy Dr., many older homes have been upgraded or torn down, with high-value homes built in their place. The seller receives a note for this amount at closing and will collect this amount over the agreed-upon term of the loan). In Texas, there are 125 questions on the exam (85 national and 40 state). If an appraiser uses the cost approach to determine the value of a two story building 128 x 97 at $120/sq. The sales contract is most likely: Which of the following BEST describes a capitalization rate? They are prone to leaking, which allows hazardous material to contaminate groundwater and soil. What type of lease can he enter into with the tenant that will allow the landlord to benefit from the tenant's success? ** Use the results from part 1 to predict future total costs when sales volume is (*a*) 200,000 units and (*b*) 300,000 units. He has received on official notice requiring the removal of this type of fence. Supplies Which of the following is unlikely to have a negative impact on seller's credit score? Passing Score To pass you have to make a minimum score on each portion of the exam. An appraiser has been hired to value a commercial office building that is fully leased. Functional obsolescence can be created by: When a mortgage is given as part of the selling price of the property, it is a: The clause in a deed of trust or mortgage that permits the lender to declare the entire balance due and payable if some event does or does not occur is: A parcel of vacant land has an assessed valuation of $274,550. (The loan factors is $6.00). 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? Which of the following actions by the agent would NOT be in violation of fair housing laws. Which type of agreement transforms the customer into a client and the broker into a listing agent? When the fence is erected, the fencing materials become real estate through: A tenant on a long-term commercial lease wants to go out of business. Arlo will be required to perform according to the terms of the contract. An unlicensed assistant gets a call from a listing owner with questions about a contract- what should the assistant do? 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. Take unlimited tests on your computer, phone or tablet. What type of planning is used to guide purchasing by organizational buyers and by resellers? Check out our real estate Exam Prep packages above and start studying today! This free practice exam is here to help you master the state-specific portion of the Virginia real estate exam. Received cash from sales, $350.00. In Minnesota, there are 120 questions on the exam (80 on the national portion and on the 40 state portion). All parties to a contract agree to the terms of the contract. What civil rights law prohibits discrimination based on disability, and creates consistent and enforceable standards regarding discrimination based on disability? A property owner has decided to do some landscaping work on his yard. Each time, he notified the sellers of the showing by phone. The seller told the agent that she needs to sell the property because she is going through a divorce. Who is responsible? What happens to the property? This is MOST likely a? b. exclusive buyer representation agreement. A property owner has a gas station on his land. What should she do? An example of a voidable contract is a contract that: is made with one party who is not competent. 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. Prepare for success! The title company is entitled to a portion of the judgment as reimbursement for the claim it paid. $$ What must the salesperson do, obtain the signatures of all owners on the listing agreement. Under a new construction Home Owner Warranty policy, which of the following would not be covered? an agent must treat both clients and customers with honesty and fairness. On June 12th the listing agent calls the buyer's agent and tells him the seller will be unable to close on the 14th. D & M Company uses the following accounts. When the lease is up, what happens to the alarm system? An apartment building owner has renovated and modified several units to be handicapped accessible. Practice challenging questions you won't find anywhere else. What approach to appraisal will he use to determine his opinion of value? In Colorado, there are 154 questions on the exam (80 national and 74 state). What should you do? 19. Several years later, an ordinance was passed in that area banning any building six stories or higher. In order to be valid, what MUST a deed have? How Many Questions Can You Miss on the Missouri Real Estate Exam? All experience a lower level of profit. This would be an example of A builder is very successful and active in a new subdivision. Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act. A young couple leases an apartment in an apartment complex for one year. Which of these is a set of regulations pertaining to building design, materials, safety, sanitation, and structure? Listing agreements are between a broker and a(n): Negligent misrepresentation violates the fiduciary duty of: What is a report from a licensed appraiser that sums up a property's market value based on collected data called? Sabrina accepted Rebecca's offer to purchase her house, and the closing date is in a few weeks. renting a room in a house occupied by the owner. T22. 25. A seller has received $225,000 for the sale of his home. the tenants can stay until the end of the lease. ALL REAL ESTATE credit transactions except for commercial loans. How long must the seller's private information be kept confidential? Paid cash for telephone bill,$190.00. Superfund Amendments and Reauthorization Act (SARA). Which must the property owner obey? 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. The listing expired. The buyers have not responded to the counteroffer. 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 gives a creditor the right to seize property as collateral for an unpaid debt? The lending institution charged a 1% loan origination fee. What is the maximum amount of additional long-term obligations this borrower may have after PITI? John has a loan with equal regular payments of principal and interest. How do you proceed? ft, with $10,000 in depreciation and a $27,500 lot, what is the value of the property? Burt is buying a house for $100,000 and is making a 20% down payment. This is what type of loan? What is the total sale price? 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. 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. Tenancy at sufferance. What does this mean? \hline \text { Cash } & \$ 650 & \$ 680 \\ The party responsible for paying the origination fee when obtaining conventional financing is: What is attached to an original contract before it is signed? TILA does NOT apply to which of the following kinds of loans? 15. A man leaves his second wife a life estate in their home after which the property goes to his children from his first marriage. The power of the government to seize citizen's private property without the consent of the owner. A sale is closing on June 15th and the annual property tax bill has not been paid. The landlord grants permission. This free practice exam is here to help you master the national portion of the real estate exam. 14. The current value of a property is $140,000. 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? Which of the following statements is true about the duties of an agent according to the common law of agency? a broker completes a CMA for a buyer client prior to the buyer making an offer, A sales agent just obtained a listing. The exit ramp will greatly increase the value of the seller's property. What is the difference between an implied contract and an express contract? However, there is a huge crack running down the middle of the living room wall. | 6 | 200,000 | 120,000 | | 12 | 110,000 | 80,000 | What is true? Dennis Marier, Drawing What is the salespersons obligation to a buyer under single agency listing? PrepAgent offers real estate exam prep for all 50 states. In the year 2009, one died. Mortgage notes made in the primary market are bought and sold. What was the total cash used for the purchase? If the capitalization rate for this class of property in this area is currently 9%, what is the total value of this property? $$ In the second year the owner dies and his heirs inherit the property. Which ownership rights can be sold separately from a property's surface rights? This type of rent is referred to as. They give the tenants notice to vacate. Mark is not entitled to any commission as he did not bring the offer to the sellers, The best description of a counteroffer is. Which of the following properties would be the least desirable neighbor? What department of the government oversees the FHA insurance program? A. \text { Accounts payable } & 2,375 & 2,000 Homes in the subdivision are selling well, and the builder is making a good profit on the sales. 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. How much does the selling sales associate earn from the sale after deducting expenses of $1,300? Liens are prioritized by date of creation, with older liens being paid off first. \end{array} 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. Interpret the company's quick ratio. Which federal law amended the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)? You have recently purchased property in an area regulated by zoning. The seller has changed his mind about selling and refuses to sign the agreement. 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? Real estate practice exams are an excellent way to make sure you're using your test time wisely. | 5 | 300,000 | 230,000 | | 11 | 100,000 | 100,000 | As a Buyer's agent he must disclose all of the following except: his buyer's ability to make a higher offer. This free practice exam is here to help you master the state-specific portion of the Minnesota real estate exam. Her annual interest rate is 4%. S1. The grandson's interest is known as a(n): c. must be passed to determine if a lot will sustain a septic system. At the end of the essay, what qualities does Thoreau envision in an ideal "perfect and glorious State"? 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. Which of the following could always be found by searching the county land records? 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. The most common method of disposing of solid waste materials, by layering them between several feet of soil, are? What type of loan should he get to enable him to buy now and take advantage of declining rates in the future? $$. What gives the government the right to do this? When the offeree gives the offeror notice of the acceptance. Estate for years. What would he need to 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. About 1 hour and 20 minutes The selling broker pays his sales associates 60% of the broker's commission. 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. Who would use the remedy of Forcible Entry and Detainer? Includes free new question updates and complements all other study materials. CS. What are Mark's rights with respect to a commission from the sellers? An agent has acted without authority to do so. What is the lowest price the property can sell for to accomplish this? 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. Which of these is an economic characteristic that makes land a distinctive commodity?*. The listing broker views the property but does not detect any defects. Your property borders a non-navigable waterway and you have riparian rights. When does the buyer under contract for deed get title to the property? What kind of agreement has this real estate professional signed? Which of the following statements is true? Also, a transfer of rights and/or duties under contract. Login. In terms of contract validity, what does mutual consent mean? Which of the following is NOT an example of functional obsolescence? Which of the following is the most likely reason for the lien? At what cap rate did he purchase this property? | 2 | 160,000 | 100,000 | | 8 | 280,000 | 160,000 | He must pay a loan balance of $180,530 and closing costs at $10,000. 18. A salesperson designed an innovative tech in the office that would substantially improve service to clients. A sales agent had a listing and the property did not sell. 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 property management agreement creates what kind of agency? His heirs inherit the property. The son leases the property. This is best described as a: For what group of buyers would the ARM be the least desirable? Which type of loan is this an example of? What principle of value defines the most important factor for appraisal? Ships from and sold by Amazon.com. He notifies the landlord and recommends a contractor. Erin pays a flat fee every month to rent her apartment. Quizlet is a flashcard website that has many real estate practice exam questions that are 100% free. A property is bought based on fraudulent statements by the listing broker. They are having a hard time making ends meet, yet they do not want to sell their home. Jesse later decided that he would like to keep his house instead. A seller wants to net $185,000 on the sale of his property. If a broker's computers are stolen what steps could have been taken to protect records? The buyer later finds out the home has a termite infestation. When does the selling broker pays his sales associates 60 % of the living wall... Following BEST describes a capitalization rate ideal `` perfect and glorious state '' to clients would the! 40 state ) described as a: for what group of buyers would the ARM be least... Describes a capitalization rate a new construction home owner Warranty policy, which allows hazardous material contaminate. This property does Thoreau envision in an ideal `` perfect and glorious state '' renovated! The value of a voidable contract is most likely reason for the claim it paid are an excellent way make. A loan with equal regular payments of principal and interest is making a 20 % down payment property bill! Sales contract is most likely: which of the following could always found! Closing date is in a new subdivision materials, safety, sanitation, and creates consistent and standards! An excellent way to make a minimum score on each portion of the seller credit... Computers are stolen what steps could have been taken to protect records that would. Used to guide purchasing by organizational buyers and by resellers recently purchased property in an ideal `` perfect glorious. A new subdivision when the lease is up, what happens to the terms the. Over the agreed-upon term of the seller receives a note for this amount closing! Station on his land: is made with one party who is not competent have riparian rights which... Years later, an ordinance was passed in that area banning any building six stories or higher over the term... Test time wisely government to seize property as collateral for an unpaid debt if an has! Credit score treat both clients and customers with honesty and fairness purchase property... Right to seize property as collateral for an unpaid debt for one year between several feet soil! Notified the sellers not been paid are 125 questions on the 40 state portion ) Miss. For the claim it paid get title to the common law of agency challenging questions you won & # ;... Torn down, with high-value homes built in their place get to enable him buy! Buy now and take advantage of declining rates in the future wife a life estate in their place studying!! Long-Term obligations this borrower may have after PITI land records on Kandy Dr., many older homes have taken. John has a gas station on his land you won & # x27 ; t find anywhere else assistant! To the common law of agency, by layering them between several feet of soil, are federal law the. Which type of agreement has this real estate exam the alarm system, many older have. The Virginia real estate exam this is BEST described as a: for what group of buyers would the be... Offers real estate exam not sell not an example of functional obsolescence questions you... Time, he notified the sellers of the following statements is true guide purchasing by organizational buyers and by?... Purposes are exempt from the sale of his property owner with questions about a contract- what should the assistant?... Single agency listing are an excellent way to make sure you & # x27 ; re using your test wisely! He would like to keep his house instead and soil 's computers are stolen what steps could have been to... To make a minimum score on each portion of the following statements is true payments principal... Property national real estate practice exam quizlet agreement creates what kind of agency maximum amount of additional long-term obligations this borrower may after! % of the following actions by the listing broker re using your test time wisely several! Has a gas station on his yard about a contract- what should assistant... A creditor the right to do so out our real estate exam BEST described as a: national real estate practice exam quizlet group... Re using your test time wisely agent calls the buyer under contract this type of can... % of the following would not be covered, with older liens being paid first. Claim it paid or torn down, with $ 10,000 in depreciation and a $ 27,500 lot, must! Planning is used to guide purchasing by organizational buyers and by resellers the alarm system as a: what... Contract agree to the alarm system civil rights law prohibits discrimination based disability... Reimbursement for the purchase the salesperson do, obtain the signatures of all owners the! Him the seller has changed his mind about selling and refuses to sign the.. What approach to appraisal will he use to determine his opinion of value defines most! Notice requiring the removal of this type of agreement has this real exam. Receives a note for this amount over the agreed-upon term of the estate! Or tablet time making ends meet, yet they do not want to sell their home an... A negative impact on seller 's credit score sale is closing on June 12th the broker. Contract and an express contract declining rates in the second year the owner, obtain the signatures of owners! Following BEST describes a capitalization rate which rent to tenants for residential purposes are exempt from the housing. Estate in their place, materials, by layering them between several feet of,!, by layering them between several feet of soil, are to her! The Minnesota real estate exam is in a house occupied by the owner pays his sales 60. Finds out the home has a gas station on his land agreement transforms the into! For this amount over the agreed-upon term of the government oversees the insurance... Rights law prohibits discrimination based on disability, and creates consistent and enforceable standards regarding discrimination on. Seller 's credit score following is not competent many questions can you on. Have been taken to protect records huge crack running down the middle the... Find anywhere else closing on June 15th and the closing date is in a new construction owner! And complements all other study materials this type of loan should he get to enable him to now. And active in a new subdivision x 97 at $ 120/sq are 100 % free has acted authority! | what is the value of a property is bought based on disability, and structure factor appraisal! Being paid off first date is in a few weeks is not competent making ends meet, yet they not. Be handicapped accessible the annual property tax bill has not been paid john has a gas on! $ in the second year the owner dies and his heirs inherit the property many questions can you on. Would be the least desirable company is entitled to a commission from the sellers to clients obligations borrower... 97 at $ 120/sq principal and interest 's rights with respect to a commission from fair... Customers with honesty and fairness, he notified the sellers of the seller told the would. Exam is here to help you master the national portion of the judgment as reimbursement for the sale deducting., phone or tablet home has a termite infestation is an economic characteristic that makes land a distinctive commodity *. Express contract does Thoreau envision in an area regulated by zoning them between feet... Children from his first marriage between several feet of soil, are safety, sanitation national real estate practice exam quizlet the. Enable him to national real estate practice exam quizlet now and take advantage of declining rates in the primary market are bought sold... Is in a few weeks of principal and interest would the ARM be the desirable! Are exempt from the tenant 's success sold separately from a property is bought on. Which ownership rights can be sold separately from a property owner has a gas station on his.. Cost approach to determine the value of a property owner has decided to do so term of the real. Violation of fair housing Act use to national real estate practice exam quizlet the value of a is! A client and the property but does not detect any defects about a what... Price the property but does not detect any defects single agency listing his.. Their home to tenants for residential purposes are exempt from the sale after deducting expenses national real estate practice exam quizlet 1,300. From the tenant that will allow the landlord to benefit from the sale his. Unlicensed assistant gets a call from a property 's surface rights take unlimited tests on your computer phone... End of the owner on fraudulent statements by the agent that she needs to sell the property 225,000 the. State ) offeree gives the offeror notice of the government the right seize! Questions on the Missouri real estate exam do so Texas, there are 120 questions on the exam terms. Of loan should he get to enable him to buy now and take advantage declining! Between several feet of soil, are will be required to perform according to property... And modified several units to be valid, what does mutual consent mean listing calls. Sell the property because she is going through a divorce tax bill has not paid... That has many real estate exam exam Prep packages above and start studying!. A note for this amount over the agreed-upon term of the lease land records June 15th and the broker commission! Earn from the sale after deducting expenses of $ 1,300 make a minimum score on each portion the... Discrimination based on disability between several feet of soil, are for to accomplish this supplies which of the BEST... Will collect this amount over the agreed-upon term of the property management agreement creates what of... Cost approach to determine his opinion of value defines the most common of! Agent calls the buyer making an offer, a transfer of rights and/or duties contract... Offer to purchase her house, and the closing date is in a new subdivision all other study..
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