Disclosure Regarding Real Estate Agency Relationships Form. The amount owed is called the principal and the price of borrowing the money is called the interest. Tina and Tom are two unmarried individuals who own property with equal interests and without a right to survivorship. A clause in a contract that states a mortgage must be obtained in order for the contract to be binding. This is word for word from the study guide, enjoy and good luck :), Article 12-A of the NYS Real Property Law, The section of the New York Real Property Law. Which of the following enforces all federal environmental rules and regulations? TIC is when a parcel of real estate is owned by two or more tenants. - A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages. PCBs widely used as dielectric and coolant fluids, in transformers, capacitors, and electric motors. The statute applies to land sales and most purchases of goods over $500 (this includes real estate sales agreements). A balloon loan is different as not all payments are the equally divided and the most substantial payments are called Balloon payments. There are 3 acceptable types of property descriptions: Deed contains the broadest form of guarantee of title of any type of deed and provides the greatest protection to the grantee. Most real estate sales contracts include contingency clauses, making them voidable. Travel Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Carmel Company employees. This free practice exam is here to help you master the state-specific portion of the Kentucky real estate exam. Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation. The interest rate decreases not the down payment. Interpreter of the zoning ordinance. This often happens for land that is required for infrastructure like highways, major pipelines, railroads etc. There is no law stating an earnest deposit has to be a certain amount. - Legal term for a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest. It runs from the present owner back to the original owner of the property. Ex: Property Manager. Value = Income / Rate. Oversees and upholds the quality and aesthetics of a neighborhood, town or city. Voidable contracts have the necessary elements to be enforceable, so they appear to be valid, but can be rejected by one party if the contract is discovered to have any number of defects. A town or city agency that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. - A lien that only binds to a specific asset or property (Example: mortgage). Which of the following would MOST likely be considered a fixture? A valuation placed upon property by a public officer or a board, as a basis for taxation. If you know of any additional free resources that we can add to this list, please email us and let us know.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'realestatelicensewizard_com-leader-1','ezslot_15',699,'0','0'])};__ez_fad_position('div-gpt-ad-realestatelicensewizard_com-leader-1-0'); Have you ever heard of Reddit? A contract agreed to and signed under duress is what? - The practice of inducing homeowners in a particular neighborhood to sell their homes quickly, often at below market prices, by creating the fear that the entry of a minority group or groups into the neighborhood will cause a precipitous decline in property values. With a total of 75 questions, that means the score to pass is 53. The total amount collected from rents and other income producing opportunities. The best way to pass is to use all the resources available to you. The refusal to lend money within a specific area for various reasons. Legal agreement by which a bank lends money in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon payment of the debt. Must pay state mandated real estate agent fees. A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. Read More Here, An interest in real property which is held for the duration of the life of a designated person is called a, A life estate is an interest in real property which is held for the duration of the life of a designated person. Which term refers to the packaging of a number of mortgage loans for sale in the secondary mortgage market by a financial institution or mortgage banker who originated the loans? Partition is a term used in real estate to describe an act, by a court order, to divide up a concurrent estate into separate portions representing interests of the owners of a property. If it's for less than one year, it can be oral with some exceptions. If they rise or decrease the same amount, the price remains the same. Joists, beams, and roofs are typically supported by bearing walls. The fiduciary duty of confidentiality lasts forever. -Must be 18 years old, if younger it is voidable. This act protects consumers from being wrongfully discriminated. Rights in real property to use the space above the surface of the land. Beams are typically wood, cold formed metal framing or steel. Percentage of a consumer's monthly gross income that goes towards paying debts. The authorization to improve or develop a particular property in a manner not authorized by zoning. An appraisal technique whereby the value of an income producing property is estimating by capitalizing its net operating income using an appropriate capitalization rate. - All confidential information as described by client must remain so unless given permission in writing. Have fun, study hard, and reach out if you have any questions. - Someone authorized to transact every kind of business for the principal (Example: Property Manager). - A person that provides services to another under. Mandated warranty for a new constructions according to NYS General Business Law 36-B: A Federal law that makes real estate licensees liable for the disclosure of lead paint. Historic Preservation/Landmark Commissions. The deed must contain an adequate formal legal description. The sequence of historical transfers of title to a property. Responsible for developing and controlling a municipality's comprehensive strategy for growth and development. A voidable contract is a legal agreement between two parties that may be unenforceable for any number of reasons. The primary private land-use control is deed restrictions or restrictive covenants, which limit what can be done on the property by the owner. This practice is illegal. - A chronic lung disease caused by inhaling asbestos fibers. Click the card to flip Flashcards Learn Test Match Created by Terms in this set (157) SARA also required EPA to revise the Hazard Ranking System to ensure that it accurately assessed the relative degree of risk to human health and the environment posed. You can check that out right here. Want to practice real estate exam questions every day; this is the perfect playlist for you. Likely, your real estate exam will be issued by one of the following two nationwide testing organizations: You can schedule your test at one of the appropriate testing centers once you have completed your state-mandated pre-licensing and are qualified to take the exam. The means or medium by which title of real estate is transferred. A mortgagee is an entity that lends money to a borrower (also known as a mortgagor) for the purpose of purchasing real estate. Behind the siding is a layer of sheathing. Anything expired will NOT be accepted at the test-taking site. - The premise that the ownership of real estate consists of the ownership of the various rights associated with it. Find out how you can intelligently organize your Flashcards. - The use of borrowed capital (mortgage) to increase the potential return of an investment. A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. - A legal proceeding by a lessor landlord to recover possession of real property. A key document provided during the purchase of a cooperative, which includes information required to be disclosed to the purchaser. Real Estate U Final Exam 4.8 (77 reviews) Term 1 / 193 Article 12-A of the NYS Real Property Law Click the card to flip Definition 1 / 193 - The section of the New York Real Property Law pertaining to real estate salespersons and brokers. 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. My understanding is that once you finish the course, you take the final exams for real estate express, then you get a certificates which you download and use to take the PSI a exam. A leasehold estate for any specific period of time. A town or city agency that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. Flag An amount of money set aside by the owner for a specific period for the property manager to manage the property effectively. Which of these items are liabilities of White Glove Cleaning Service? Passing the real estate exam takes more than completing any pre-licensing course. Which of the following statements is TRUE about trusts and trustees? Volunteers from state or private agencies who enforce fair housing by claiming to be home seekers, thereby finding out if brokers deal fairly with all clients/customers. - An appraisal technique whereby the value of an income producing property is estimating by capitalizing its net operating income using an appropriate capitalization rate. Has no exemptions and contains the blanket statements that 'citizens have the same rights to inherit, buy, sell, or lease real and personal property.' Hello, welcome to our Florida Real Estate Practice Exam. It is an agent's duty to explain to purchase agreement and not mislead both or either parties. A document issued by a governmental authority that a building is ready and fit for occupancy. Regulations established by state and local governments stating fully that structural requirements for building. Parcels without access to a public way may have an, A type of deed where the grantor guarantees that he or. A written document produced by an Architect that describes the quality of construction for a building. Deposit that a buyer makes at the time of submitting an offer to demonstrate the true intent of the purchase, also referred to as a binder, good faith deposit, and escrow deposit. Here are the definitions: Corporations may be formed for profit or nonprofit purposes. Lease of property in which rental is based upon percentage of the volume of sales made upon the leased premises, usually provides for minimal rent. Severance is taking an item that is attached to the land and removing it as personal property. These rights include the right to use and/or occupy, the right to sell in whole or in part, the right to lease, the right the bequeath and the right to do none of the foregoing. Mortgage bankers use their own funds, or funds borrowed from a warehouse lender, to fund mortgages. Clauses protect the property owner against increases during the lease term. - A lien imposed by law upon a property to secure the payment of taxes. Monthly payments by a shareholder to a cooperative corporation. Final Exam Study Guide Real Estate U by vandykel, Mar. The developer or owner organizing and offering for sale a condominium or cooperative development. The seller ends up obtaining a buyer for the house themselves. For 150 questions to simulate the actual exam, use our California Real Estate Practice Exam. Title to real estate is in the name of only ONE person or entity, it is an estate ownership in severalty i.e. In this instance age does in fact matter you must be at least 62 years or older to qualify for a reverse mortgage. When calculating the amount of real estate taxes owed, calculations are based on what type of value? - A type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee. Jelly leases equipment used in its production processes from Squishy, Inc.
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