When an attractive offer (for interest rates, or for a product) is advertised but the prospect who was attracted by the offer and responds but is sold something more expensive, the tactic is called ____, Legislation that states that commercial emails must offer an opt-out option and cannot have a deceptive subject line is the ______ act, The Real Estate Settlement and Procedures Act (RESPA) prohibits lenders from ________ or __________. 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. This Product Has 52 Different Flashcards For Items Around The House Each Card Two Versions One With Wor Vocabulary Words Best Cfast 2.0 Reader Evidence Law. What details would an escrow account ledger contain? are regulated by The Department of Housing and Urban Development (HUD). Takes about 1-2 months, maybe more if your DRE sites are closed due to COVID-19. It does not enter into basic contract law nor does it set interest rates. The base rate of interest is one cost but to determine the true cost one must add the loan origination charges and other factors. In the Edgeworth box diagram, explain how one point can simultaneously represent the market baskets owned by two consumers. When a seller transfers title to his property to a buyer under a general warranty deed, he is warranting that the title is good and marketable and has no defects. It begins at a reference point, moves to a Point of Beginning (POB); traverses the perimeter of the property and returns to the POB. C344. A rectangular survey has townships and ranges. The garage is 485 square feet. Because the end of the term is unknown, a life estate is also a freehold estate. $$. When a property is sold on the courthouse steps because the borrower failed to pay the loan, the first item to be paid is the costs of the sale, including advertising, attorney fees and trustee fees. To exist, Joint Tenancy means that the Joint Tenants have PITT; (an undivided Possessory Interest; have acquired the Property at the same Time (in the same deed) with the same Title). a suit for specific performance of real estate contract asks for, when 2 or more owners of real estate have concurrent unequal interest in the same property, they will hold the property as, Martin explains that he holds a fee simple title in severalty to her office unit and has an undivided interest in all of the common elements of the property with other unit owners. In that case the contract will be declared NULL and VOID. What is the term for a written lease for a definite period of time? Governments offer homestead tax exemptions to homeowners in order to allow tax relief on an owner's ____________. Issued 300 shares of $5\%$, $\$50.00$ par value preferred stock at par value, $\$15,000.00$. For an answer on your specific state, see our guides for every state on the table above. A.$535.50 When a person has control of property with a full bundle of rights, and there is no way to know when his ownership will end, he is sometimes referred to as a freehold tenant, but the terminology used is a Freehold Estate. The numbering of townships is between baselines that run east-west and the numbering of ranges is between meridians that run north-south. Posting virtual tours can be a valuable and effective sales tool but it does bear some risk as the details of the property can also be seen by dishonest people who may plan to rob the homeowner. When an owner who is a joint tenant or a tenant in common wants to sell her portion or the property ownership and exit the relationship, but the other owners won't cooperate, she may have to file a ______ in civil court to have the property sold to the highest bidder. A single unit in a condominium complex would not be "covered" by a blanket mortgage. The law of Supply and Demand applies to money. When a tenant has a right to use the property but limited rights of ownership under a lease, the lease will have a definite termination date and the term used is a Leasehold Estate. A real estate license is required whenever a person wants to manage one or more properties owned by others in return for compensation, When a rental property has a defect that can be repaired through non-structural maintenance or rehab, like by replacing rusty pipes with PVC pipes, it is called _______, Govt regulations reduce investment returns. Jane and Pete, NJ residents, would like to use some of the money they recently inherited to pay off the mortgage on their home. A contractor planning to build a new apartment complex, needs to be sure that the architect drawing the plans has consulted the Americans with Disabilities Act to include the latest rulings and avoid any potential fines. An employing broker must give a copy of the employment agreement, including any modifications, to every one of his or her employees and licensee contractors. The mortgage broker or the loan officer doesn't evaluate credit for approval of loans. 2. 28. $$ A landlord who fails to make repairs has abandoned his duty and the tenant can terminate the lease. When sold, however, the buyer will be a Tenant in Common with the remaining owners who will still be Joint Tenants. $295,000 / 135 = $2,185 monthly rent. 28$, for the semimonthly pay period ended December 31. R459. 28. There are a total of 152 national and state questions on the Georgia real estate licensing exam. What is the Real Estate Express Final Exam? Purchased a work station for use in the office and a forklift for use in the warehouse in a lump - sum transaction, $\$30, 000.00$. The Cultural Landscape: An Introduction to Human Geography, AP Edition, Calculus for Business, Economics, Life Sciences and Social Sciences, Karl E. Byleen, Michael R. Ziegler, Michae Ziegler, Raymond A. Barnett. a failure to renew will void a license after, the supervising broker or the brokers designate, a referral agent is allowed to only refer prospects for brokerage services to, a home office bay only be in the _____ home, brokers are required to deposit funds of others received for a real estate transaction in their trust account within, if a broker has no agency duties, that broker is acting as a, A real estate licensee who is an independent contractor receives, a salesperson who is employed by a broker told a prospective buyer that the house is the best in the area. But the primary management responsibility is to generate as much investment profit as possible. Zoning laws can also regulate what kinds of animals can be kept on a property. An Adjustable Rate Mortgage (ARM) contains an _______ that allows the interest to adjust over the loan term as market rates of interest rise and fall. 6. If the taxes are not paid by the delinquent owner within the allowed redemption period, the person holding the tax deed becomes the owner. B. What type of income or profit does an investor expect to receive in exchange for providing financial resources to a business? Gary also informed Mike that the watch had been given to him by his grandmother who was celebrating her hundredth birthday in two days. Water rights on a lake or ocean are called ________. Click the card to flip Definition 1 / 157 A customer. Journalize the following transactions completed during the last week in December of the current year. Reassessing the tax classification for a single property is called ___. What is the seller in this situation? A_____ is used to increase or decrease the taxes collected for an area. The analysis of the extent of risk assumed in connection with a loan is done by a specialist at the lender and is known as _______. 31. The term referring to a section of the Truth in Lending Law that only has to do with advertising the lending or financing terms related to a real estate transaction. Offers must be accepted without a change in order to be a contract between an offeror and an offeree. The woman has given the man, a man conveys the ownership of his house to hi smother and stipulates that upon her death he will recapture the ownership. Because a lender is in the business of earning money by charging interest, the longer the loan term the greater the income. The provisions of the federal Fair Housing act apply land bordering water affected by the tide currents, the phrase bundle of rights is properly included in, a rancher owns a parcel of land on which oil was discovered. If a Joint Tenant dies the Surviving Joint Tenants automatically acquire the deceased interest per stirpes. In what way is buying insurance protection a trade-off? Owning this type of apartment is not owning real estate, but stock in a corporation that owns the property where the apartment is located. Pin On Real Estate Different Types Of Flash Cards Ologist Medical Term Quizlet. who of the following needs a real estate license? When the first of the month came around, Gary did not pay. Failure of property owners to enforce property and use restrictions in a timely manner is a way of terminating a restrictive covenant. The contractor will receive a copy to use when preparing taxes. A consumer is someone owns a home, who wants to buy a home or who is renting a home. An employee earns $8,000 in the first pay period. Rao Deli dishonored NR29, a 60 -day, $12\%$ note, for $\$6,000.00$. b. the original loan plus an additional loan amount. Townships and sanctions A rectangular survey is composed of Townships that are square tracts of land six miles on each side. Real Estate Final Exam (150 Questions ) #1 Flashcards | Quizlet Subjects Expert solutions Log in Sign up Real Estate Final Exam (150 Questions ) #1 4.7 (20 reviews) Term 1 / 157 A real estate licensee has a buyer agency agreement. A listing agent represents sellers while a selling agent represents buyers, The death of either the selling broker or buyer does NOT usually terminate a listing. Commercial property vs. residential property. The two most effective study tools for the state exam are practice exams and learning the state-specific license laws. a broker receives a commission only if she produces a buyer before someone else sells the property. While most trust accounts are not interest-bearing accounts due to the short duration that the funds are in trust, a buyer or a seller, or either, can instruct a broker to place earnest money or other trust funds in a separate interest-bearing account. Sometimes a use such as residential will be allowed next to a use such as industrial or manufacturing. Government-owned buildings are usually classified as ___________. it must operate, maintain and repair the building and pay all costs. A rectangular survey township has six miles on each side. C. an encumbrance. In order for an offer to become a contract and be binding on the parties, notice (verbal or written) to the offeror that the offer has been accepted by the offeree (without any changes) is required. Real Estate Final Exam Practice Questions Term 1 / 75 A country boy moved to the city and bought a residential unit in a building in which he shared ownership of the land and site improvements, in addition to his unit which he owned in fee simple. 284, $\$300.00$. 92$: supplies, $\$25.00$; advertising, $\$100.00$; miscellaneous, $\$44.74$; cash short, $\$0.18$. The homeowner receives (rather than pays) monthly payments. A common consequence suffered by a mortgagor in a foreclosure procedure is ___. when you use real property as security for a loan you: voluntarily signed deed giving property to someone, the interest an owner of a property has over and above the mortgage indebtedness is called, which of the following is an example of incorporeal property. Adding a new porch to property will also add to, or contribute to, the property's market value. Every real estate office must have displayed at all times a poster called the Equal Housing Opportunity Poster to state that the business requires its agents to provide equal opportunity to all in buying and leasing housing. R458. Money is a Legacy and the beneficiary is a Legatee. Any statement that earnest money is required or must be a certain amount or percent of the sale price to have a valid contract is FALSE. What is the salespersons obligation to a buyer under single agency listing? the property is the, a man and a woman are next-door neighbors. Each receives a prorata share of the deceased property. Inform the buyer 8. If a property owner does not pay the taxes for a property by the date set for being "delinquent," the property can be sold at auction to collect the taxes. This may involve using either the date that the mechanic's work began on the property or the date the mechanic's work was completed. How often does a "good agent: communicate with their clients? A tenant who has signed a lease usually has the right to exclusively occupy and use the property covered by the lease. A township then is divided into 36 Sections which are square tracts of land one mile on a side. A _________ usually occurs only if the value of the property is less than the debt owed. But PUBLICLY OWNED property that has been acquired through Eminent Domain can be LEASED to a private entity for a use that the public will have access to, and the right to enjoyment such as a sports complex or entertainment center. The most common definition of when market value occurs is the moment a buyer and a seller agree on a price after an arms-length negotiation. Cooperative apartment c. Loft apartment d. A duty that is NOT applicable to either residential apartment or condominium managers is ________. One acre has 43,560 square feet. D. Water table. (5:00 PM doesn't mean 5:15PM). Don't forget to read the explanations so you fully understand the question. When a deed is recorded, the purpose is to protect the owner's rights but also to provide notice to any buyer regarding any liens or attachments provided regarding the condition of the title of the property they are buying. If the school district were to pursue the matter in court, what legal proceeding would it institute to force the man to sell his land, a conveyance that includes a condition controlling or limiting the use of the property conveyed is an example of, sale of the property, agreement of the parties, the destruction of the premises, a listing agreement may be terminated for what reasons, The type of listing agreement that provides for the payment of a commission to the listing broker even though the owner makes the sale without the aid of the broker is called an, by mutual agreement, operation of law, because of impossibility of performance, terminated automatically by the death of a principal, a property owner signed a 90-day listing agreement with a broker. Quizlet Flash Card For Real Estate Exam chapter 12 real estate brokerage and listing contracts, flashcard 28 of the . Sold merchandise on account to Huang Restaurant, $\$5,000.00$, plus sales tax. The calculation involves multiplying the appraised value by an assessment rate to derive the assessed value and then multiplying the assessed value by a tax rate - a percentage which will vary depending on the local jurisdiction. _____ Agency means one agent, but the owner can sell, too. For help with the national we have our free national real estate practice exam. Pl 90. Recorded cash and credit card sales, $\$4,674.00$, plus sales tax, $\$280.44$; total, $\$4,954.44$. The clause in a note or mortgage that can be enforced to make the entire debt due immediately if the mortgagor defaults. A person who has wanted to buy a property may get the right to make the first offer, whereas a person who has the right to take accept or refuse a deal that the seller has already gotten has a right of first refusal. The repayment of the loan is "amortized" over a period of time with payments that include both Principal and Simple Interest. What type of income does a creditor expect from providing financial resources to an organization or business? A safety, or protection clause in a listing, also called a carryover clause, will allow a broker to claim a commission, after the listing has expired, if the owner sells directly to a person the broker or one of the broker's agents introduced to the property during the listing period. Within a township there are 36 sections which have one mile on each side. & 43.8\\ The powers granted the lender in the promissory note and mortgage which are filed of record as a lien against the title is one of the means of enforcing the lien against the property. This is known as. Two reasons to have a caravan to tour homes that are for sale: (1) Allow the brokerage agents to view as many properties as possible and (2) to get feedback in the form of written evaluations and suggestions for improving the attractiveness of the property. What sometimes happens if a loan is paid off early? A. eminent domain. Paid cash to replenish the petty cash fund, $\$169. The two entities that influence and control real estate financing are: a) The Board of Realtors and the U.S. Senate b) The MLS and Congress They believed that private property ownership, as defined under common law, pre-existed government. Is The Real Estate Exam Multiple-Choice? What is subject to this act? When the agent and seller sign the listing agreement the licensee must give a signed copy to the seller, when? While a brokerage can often have both sides of a transaction, the sales commission from a sales transaction is usually divided between a licensee (the brokerage) whose agent has the listing and a licensee (another brokerage) whose agent brings the buyer to the listing. Does Mike still have an aritsans lien he can enforce against Gary? Surface water. Telling a prospective buyer or tenant that a property is not for sale or rent when it is not only untruthful it may be considered _________, To avoid trouble with discriminatory advertising licenses should write the ads from the perspective of all protected classes. Hello, welcome to our California Real Estate Practice Exam. b. the original loan plus an additional loan amount. One of the most necessary elements of a contract is ___. In order to determine how to calculate the property tax rate to provide enough revenue to cover a community's budget, the county and local government needs to: (1) assess all properties (2) derive a taxable value by subtracting any exempted property values from the total assessed values and (3) divide community's budget by the taxable value. A seller who does not want to guarantee anything will simply sign a _______. 2 Quiz - License Law Rules and Regulations Show Class Real Estate Real Estate If it passes inspection a ______ will be issued. Recorded employer payroll taxes, $\$484. The state exam will be pending an approved application (I'm in California). Click the card to flip Definition 1 / 100 Rejuvenation Click the card to flip Flashcards Learn Test Match Created by Terms in this set (100) Most states have a passing score of 70%. Recorded cash and credit card sales, $\$930.00$, plus sales tax, $\$55.80$; total, $\$985.80$. 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. A lien is filed against title as a claim. Are they as effective as the lien. When a homeowner fails to pay his home loan as promised, the loan documents and the mortgage have provisions to allow the lender to begin a judicial foreclosure proceeding. Real Estate Mathematics 349 Questions 351 Answers 366 APPENDIX A Salesperson's Practice Final Examination 379 General Information 379 Specific Information 379 Exam Content Outline and Allocated Percentage 380 Sample Salesperson Real Estate Licensing Examination 382 Answers 391 QA_Help_Pass_RE_Exam_9E.indb 4 9/12/2014 10:31:40 AM SAMPLE A gross lease for a commercial rental property means that the rent paid to the landlord will cover everythingthe rent, the utilities, the taxes, insurance, common area maintenance, building repairs and janitorial services. An escrow account ledger would contain names of all parties to a transaction, the amount of escrow funds the sponsoring broker received, and the date the broker received the funds. The ________ act prevents lenders from discriminating against race, color, religion, national origin, sex, marital status, age or dependency on public assistance in the granting of credit to consumers. What is the AIDA standard marketing and advertising strategy? Between the two is something referred to as a life tenancy - a person who has a Life Estate that has limited rights like a tenant and an unknown term length.
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