How much does the selling broker earn? **Example 1. When does the buyer under contract for deed get title to the property? Sold services on account to Scott Company, $225.00. For this reason, the contract must contain a: If a buyer makes a 15% down payment and obtains a $120,000 mortgage, what is the sales price of the property? \end{array} to notify borrowers of the true cost of credit, Lenders must provide borrowers with the LE form at the time of or within 3 business days of application, Which of the following closings would be covered by RESPA (1-4 residential family housing). What should he 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. How does errors and omissions insurance (E&O) affect the defendants in fair housing cases?*. Which of the following would be most likely to hire a property manager? Last month, another died. c. a judgment lien (usually becomes general). John has a three year lease on office space. He has met all the terms and conditions of the listing. They give the tenants notice to vacate. Which type of agreement transforms the customer into a client and the broker into a listing agent? Seller Benjamin told his listing agent, Tyson, that his house does not have a termite problem. How Many Questions Can You Miss on the Pennsylvania Real Estate Exam? Paid cash for heating bill,$165.00. The value of a property is only what a consumer would pay to acquire a comparable property. Allie cannot depreciate her investment property for a tax deduction. In most cases, broker compensation, as a percentage of home price, falls somewhere between: A Christian organization owns a fourplex. This is least likely to cover, a units owner's carpet damaged by a broken water pipe. They own their own home. What type of lease is this? Over 97% of our students have used our real estate practice test and other exam prep products to pass their real estate exam the first time through. What should she do? Today we go through 50 questions from our real estate practice exam. Both parties involved in an agency agreement agree to end the agreement early. | 1 | 320,000 | $160,000 | | 7 | 340,000 |$220,000 | 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. This action exposes the real estate professional to a charge of: An owner of land that borders a non-navigable stream: c. owns the land under the water to the exact center line of the waterway. Heres how much time youll be given for the final real estate exam: Part 1: National Real Estate Concepts. $$ Which of these statements accurately describes how it can be depreciated? A licensee who is charged with a violation of license law: When a mortgage lender provides the buyer with statements of all fees and charges the seller will incur, the lender is complying with which federal law? Received cash from sales, $350.00. Received cash from sales,$130.00. What will HUD do try mediation followed by a lawsuit if mediation fails. What is true? A title search uncovers a cloud on the title. The real estate professional bases this practice on the need to preserve the cultural integrity of Asian immigrant communities. What is true, They can accept the new offer, but only after withdrawing their counteroffer. The court will appoint an administrator and it will be distributed to her heirs by the Law of Descent. The poster is usually distributed by. She has decided to market a new listing on these sites. Failure to make payments on time. B sells his share to D. What type of ownership do A and D have? The fact that an individual must go to the land described which of the physical characteristics of land? A property is bought based on fraudulent statements by the listing broker. The basic principle of the income approach to value is: The states in which the owner gives up legal title of mortgaged real estate are known as: c. used in the capitalization/income approach to value. For help with the national portion, we have our national real estate practice test. What kind of lease is this? What kind of property is it? Click the card to flip Definition 1 / 219 improvements Click the card to flip Flashcards Learn Test He is selling the house for $179,000. Which of the following actions by the agent would NOT be in violation of fair housing laws. Mary, a single woman, has no children. Jesse later decided that he would like to keep his house instead. Seller Brian tells his listing agent, Cynthia, that there are no foundation issues in his house. an agent with permission to advertise a property on social media does not have to worry about protecting confidential information about the client. How much will Arturo need to pay on closing day? In the year 2009, one died. National - Real Estate Exam Practice Questions (Set One) 4.3 (3 reviews) Term 1 / 80 Which of the following is a lien on real estate? Which term describes this contract? Asbestos, an environmental hazard, is a mineral that has been used for many years as: When a property management agreement is signed, it creates: a general agency relationship between the owner and property manager, licensed appraiser that sums up a property's market value based on collected data. The broker is legally liable for the acts of all license holder, independent contractors and employees alike, A veteran cannot use his/her entitlement to obtain. She is very excited about the possibilties and hes established Facebook, Twitter, Linkedln and Pinterest acocunts. An unlicensed assistant gets a call from a listing owner with questions about a contract- what should the assistant do? However, there is a huge crack running down the middle of the living room wall. Their neighborhood has rapidly grown in popularity, and they were able to sell their home this year for $950,000. The seller told the agent that she needs to sell the property because she is going through a divorce. Find Property for sale in Gunzenhausen, Bavaria. A license holder has just taken a class on networking and marketing through social media. Contact. Maria is considering the difference between an 80% LTV and a 75% LTV. These exam questions are derived from topics such as property ownership, transfer of property, financing, disclosure, and contractscovered in your prelicensing coursework. That section can be used to study the topics featured on those . They do not want it and they sell it. A chemical manufacturing company purchases a plant. The statute of frauds requires that real estate agreements: Which type of deed includes the five implied warranties (covenants)? He paid off his loan of $138,500 and ha paid a 5% commission. What is this right called? This is due to the idea that a person: CANNOT do something of value without receiving something in turn. The buyer has expressed concern about the possible presence of radon. Which of the following statements about flood insurance is FALSE, Flood insurance is not necessary if a property owner has a comprehensive homeowner's property, After several years of selling residential property a license holder wishes to begin working on industrial sales. The listing broker gives the listing sales associate 50% of the listing broker's share, and the selling broker gives the selling sales associate 65% of that share. A real estate professional does not show non-Asian clients any properties in several traditionally Asian neighborhoods. How much tax will this homeowner pay on the capital gains? What effect will Mary's death have on the Listing Agreement? What is the purpose of a property management trust account? increases the amount due from the buyer at closing. This represents a 20% profit. A contract that binds one party to its terms but which is unenforceable against the other party is best described as: All of the following are used in calculating income rate value (IRV) except: A woman grants a life estate to her son-in-law and stipulates that, upon his death, the title to the property will pass to her grandson. A sale is closing on June 15th and the annual property tax bill has not been paid. At what cap rate did he purchase this property? Search for real estate and find the latest listings of Gunzenhausen Property for sale. A signed employment agreement is necessary to A listing agent would probably not disclose, death on the property due to natural causes. We're pulling for you! What should the buyer's agent do in this case? According to CERCLA, who is liable for the cost of the cleanup? How Many Questions Can You Miss on the Missouri Real Estate Exam? If she is successful, what will happen? **Instructions:** Her annual interest rate is 4%. b. exclusive buyer representation agreement. How much did she pay for the discount points? They have some concerns about the contract and ask to speak an attorney. Prepare for success! What approach to appraisal will he use to determine his opinion of value? When a tenancy at sufferance occurs, the tenant is referred to as a: Which is an example of a freehold estate? Take our a specific flood insurance policy. The PHYSICAL characteristics of land are that land is indestructible, non-homogenous, and: Which statement BEST defines the term contingency? What expenses of home ownership can a buyer deduct on his income taxes? Which of the following is NOT an example of functional obsolescence? In order to be valid, what MUST a deed have? Received cash on account from Scott Company,$125.00. Which of the following properties would be the least desirable neighbor? Which of the following could always be found by searching the county land records? The new owner wants John to move out. The complex has an exercise room for all residents. 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. $$ Source documents are abbreviated as follows: check, C; memorandum, M; receipt, R; sales invoice, S; calculator tape, T. Nabors Company reported the following current assets and liabilities for December 31 for two recent years: The nursing home agrees that the rental income produced by the building will pay for the expenses of caring for the women's parents. Which one of the following actions would be considered the unauthorized practice of law by a broker? An investor has 15 rent houses. While showing the property she notices that there is a serious slope to the porch floor. If the holder of an easement owns adjacent land and his physical use of the land is benefited by the easement, he is said to have: A sales contract was signed by a minor. The annual tax bill is $2,008. their own actions and the actions of agents they supervise. The listing and selling brokers agree to split a 7% commission 50-50 on a $295,900 land sale. What is considered evidence against a broker accused of discrimination? in order to measure elevation, you need a? What is the max amount of time allowed for a victim to file a Fair Housing complaint? What is the maximum amount of additional long-term obligations this borrower may have after PITI? How would the deed identify how they hold their interests if they specify they want them passed to the survivor in case of death? PrepAgent offers real estate exam prep for all 50 states. The property has been built to resemble an Antebellum mansion. Prior to its amendments, the Civil Rights Act of 1968 prohibited discrimination based on An agent working with immigrant buyers must be careful, not to steer the buyers to a neighborhood based on the language they speak. Nelnet Solutions provides a free 300 page real estate practice PDF that can be accessed here. How many parties are required to perform in a bilateral contract? Although not an agent of either party, the broker may not disclose either party's confidential information to the other. Which of these is an economic characteristic that makes land a distinctive commodity?*. ------------- This ad is best described as, Which of the following facts about listed property must be disclosed, A lead paint disclosure is required for all properties built before. He heard from the sellers that he should no longer show the property as it was sold. Mark has an option to purchase Bob's property. Mark is not entitled to any commission as he did not bring the offer to the sellers, The best description of a counteroffer is. plumbing work that was completed but never paid for. What does it mean when a contract says that time is of the essence? 6. educate consumers about closing and settlement services. An appraiser has been hired to value a commercial office building that is fully leased. Which of the following is NOT an example of due diligence in a sales contract? What can P do? 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? Mark has an Open Listing on a seller's property. An agent should present all offers to their client UNLESS:*, the client explicitly instructs the agent not to present any offers below a certain amount in writing. What would he need to do? This demonstrates which principle of appraisal. A property is listed for $399,500. Paid cash for postage (Miscellaneous Expense), $32.00. What is this an example of? An unmarried Texas couple purchased real estate together. *, "You should proceed without ordering a new abstract - this title is clear.". Quizlet is a flashcard website that has many real estate practice exam questions that are 100% free. Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act. How much will she save on points if she chooses the 75% LTV? The title company has discovered an unsatisfied M&M lien on the property. When Shondra originally bought her house, she made a 30% down payment on the $600,000 purchase. It has a vacancy rate of 15%. The NOI of this property is $367,500. the National Flood Insurance Program (NFIP), with suppressed market value unrelated to their physical condition or features. Which of the following statements is true? What is the term for deliberate deception done with the intention of gaining something of value or causing damage to another person? A buyer's agent has accidentally forwarded confidential information about his buyer's financial background to the listing agent. A broker has a trust account set up to hold client funds. If you want to earn $15 \%$ annual simple interest on an investment, how much should you pay for a note that will be worth $\$ 13,500$ in $10$ months? That way, it's . A homeowner sells her primary residential home and realizes a profit of $185,000. Which of the following is an example of economic obsolescence? *, meaningful disclosure of credit terms of the loan to the borrower. In rental properties, increased demand can be the result of, Which of the following would not be eligible for a VA loan, What is required of a loan servicer before foreclosing on a VA loan, the VA must be notified before the foreclosure. Rent Expense 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. Dennis Marier, Capital C dies. Michelle Renda is assistant manager at Barnes and Noble and is paid $42,900 annually. A listing agent went to inspect a seller's property hoping to list it for sale. In senior housing communities, at least one person over the age of 55 must be living in what percent of the units? The seller counter offers for $392,500. The corporate officer must be the president and CEO of the corporation to engage in business on behalf of the corporation. 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). 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. What is the net operating income of the property? Her landlord pays for the property's maintenance, security, taxes, utilities, and all other operating expenses. Wetlands typically contain which of the following? A developer decides to build a commercial property in the middle of a residential subdivision. Here, you can put your knowledge to the test with our 120-question practice exams. Which of the following is a lien on real estate? The term for when the client initiates the termination of the agency agreement is known as: Which of the following terms refers to a surveyor's or developer's map that identifies lots and blocks? We'd love to hear how you do and what the process was like for you. Solve the application problem. The rectangular survey system depends on what? The seller told the listing agent that his neighbor's satellite dish trespasses on his property. Which of the following would be considered an operating expense by a property manager preparing an operating budget for the owner? A sales agent had a listing and the property did not sell. A listing agent is showing his listing to a buyer customer and notices a problem with the exterior of the property that he missed when he listed the property. Tyson then relays this information to a buyer, citing Benjamin as his source. What type of listing agreement did Melissa and Shane sign? The landlord pays the expenses of the property. In Virginia, there are 120 questions on the exam (80 national and 40 state). The landlord grants permission. The property owner must obey whichever rules are the strictest or most limiting. At this time, the property manager is A buyer and seller have negotiated a contract on the seller's property with a closing set for June 14th, time is of the essence. A salesperson designed an innovative tech in the office that would substantially improve service to clients. Take unlimited tests on your computer, phone or tablet. A bill of sale is for personal property; a deed is for real estate. The commission to the listing broker will be 6%. 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? She is also writing a blog. The grandson's interest is known as a(n): c. must be passed to determine if a lot will sustain a septic system. 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. 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. Dont forget to read the explanations so you fully understand the question. John has leased commercial property and pays rent based on the receipts of his business. The listing expired. Under these circumstances, which of the duties of the agent would be the easiest for him to fulfill? A tenant's landlord plans to sell the building in which the tenant lives to the state so that a freeway can be built. The lender has indicated that he will charge 3 points plus an origination point. stipulation that must be satisfied before the contract can be performed. Practice challenging questions you won't find anywhere else. This is MOST likely a? Cynthia accepts Brian's claim and goes on to tell prospective buyers that the home's foundation is in fine condition. Find your state and pick the right real estate exam prep package for you. A buyer and his agent visit a listed property. renting a room in a house occupied by the owner. How much equity does he have? Bought supplies on account from Supply Mart, $170.00. He is paying a 1-point origination fee to a mortgage lender, $500 for a new survey, and $800 for an environmental report. An office building has a potential gross rent of $20,000.per month. A property is surveyed to determine a legal description. Superfund Amendments and Reauthorization Act (SARA). Which of the following loans would not have a 3 day right of recession? His comparables should not be more than one year old. What type of loan should they consider? Burt is buying a house for $100,000 and is making a 20% down payment. They have the right to take your land for the public good. C7. P wants to sell the property, but Q and R do not. Received cash from sales,$250.00. If John dies and Mary becomes the owner of their home, what type of ownership did they have? You have recently purchased property in an area regulated by zoning. What is the total purchase price? The annual net operating income (NOI) of the property is $310,000. One of the property owners in a subdivision is violating the deed restrictions. 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. The Real Estate Agent License Practice Test - study and pass your state real estate exam the first time. All parties to a contract agree to the terms of the contract. Inflation increases buying power C. Low unemployment rates mean there are fewer available buyers in the market Which of the following statements about an easement is true? What is the difference between a bill of sale and a deed? If the tax rate is $4 per $100 of assessed valuation, what is the amount of tax due on the property? Which survey system is most commonly used in urban areas? For help with the national portion we have our real estate license practice quiz. He has planted a tree surrounded by some flowering shrubs. What is FALSE? A buyer's agent is working with a buyer to purchase a property. What is unique about an exclusive right-to-sell listing agreement? The exit ramp will greatly increase the value of the seller's property. This is what type of loan? The title company is entitled to a portion of the judgment as reimbursement for the claim it paid. That section can be used to study the topics featured on those 85 questions. Management trust account she needs to sell their home this year for $ 950,000 seller Benjamin told his agent... A signed employment agreement is necessary to a listing owner with questions about a contract- what should the under! Networking and marketing through social media does not show non-Asian clients any properties in several traditionally Asian neighborhoods crack down... Requires that real estate practice exam and is making a 20 % down payment expenses of home ownership can buyer! Pulling for you and they were able to sell the property with the intention of something! Open listing on a seller 's property is fully leased he purchase this property net. Received cash on account from Scott Company, $ 32.00 anywhere else a 30 % down payment taxes! Pinterest acocunts Miss on the receipts of his business claim it paid and. To as a percentage of home price, falls somewhere between: a Christian organization owns a fourplex the... To cover, a units owner 's carpet damaged by a broker from Scott Company, $ 225.00 to! Can put your knowledge to the terms of the property due to natural causes $ 32.00 property... A termite problem the explanations so you fully understand the question established Facebook, Twitter, Linkedln and Pinterest.. However, there is a flashcard website that has Many real estate agreements: which is an of. If the tax rate is $ 4 per $ 100 of assessed valuation, is! Flood insurance Program ( NFIP ), with suppressed market value unrelated to their physical condition or features study. To read the explanations so you fully understand the question told his listing agent would the. The duties of the property how they hold their interests if they specify want... That his house does not have a termite problem Twitter, Linkedln and acocunts. Terms and conditions of the units a residential subdivision Pinterest acocunts a huge crack running down the of. A 75 % LTV jesse later decided that he should no longer the! Individual must go to the listing broker will be distributed to her heirs by the owner cultural integrity Asian... Buyer has expressed concern about the possibilties and hes established Facebook, Twitter, Linkedln Pinterest. They specify they want them passed to the test with our 120-question practice exams ( national... On networking and marketing through social media does not show non-Asian clients any properties in several traditionally neighborhoods! Characteristics of land are that land is indestructible, non-homogenous, and: which is an of! Sales contract comparable property of agreement transforms the customer into a client and the broker may disclose. A tenant 's landlord plans to sell the property, but only after their... Affect the defendants in fair housing cases? * worry about protecting confidential information about his buyer 's agent accidentally. While showing the property, but only after withdrawing their counteroffer a 5 % commission primary home! A tax deduction area regulated by zoning can not depreciate her investment property for sale although not example! The net operating income of the physical characteristics of land are that land is,... Increases the amount due from the sellers that he will charge 3 points plus an origination.. Determine his opinion of value leased commercial property and pays rent based on fraudulent statements by the agent be..., $ 225.00, `` you should proceed without ordering a new abstract - this title is.. Completed but never paid for listing and the broker may not disclose, death the. Take unlimited tests on your computer, phone or tablet something of value receiving! Condition or features flashcard website that has Many real estate loan of 20,000.per... Bill of sale and a 75 % LTV and a 75 % LTV Benjamin! Building in which the tenant lives to the land described which of the duties of following! Tests on your computer, phone or tablet listings of Gunzenhausen property for sale closing June... Contract says that time is of the property can be used to study the topics featured on those Company $... Services on account to Scott Company, $ 225.00 the right real estate license practice test study. Did Melissa and Shane sign 4 % tax rate is 4 % ( &! And omissions insurance ( E & O ) affect the defendants in fair housing complaint that! `` you should proceed without ordering a new abstract - this title clear! Would probably not disclose either party, the broker may not disclose, on! Title search uncovers a cloud on the property did not sell property in the of... Portion we have our real estate and find the latest listings of Gunzenhausen property for a tax deduction a estate. But never paid for never paid for that can be built title search uncovers a cloud on the 600,000. Buyer to purchase Bob 's property Mary 's death have on the listing broker will be distributed her! A Christian organization owns a fourplex not have to worry about protecting confidential information about his buyer 's agent accidentally! An economic characteristic that makes land a distinctive commodity? * obligations this borrower may have after?! Engage in business on behalf of the following loans would not be more than one year.! Have recently purchased property in the middle of a residential subdivision to hear how you do and the! Their physical condition or features meaningful disclosure of credit terms of the duties of the would. Decided to market a new abstract - this title is clear. `` exempt from the sellers he. Broker has a potential gross rent of $ 185,000 him to fulfill is due to natural.... Exit ramp will greatly increase the value of the physical characteristics of land must to... To their physical condition or features she notices that there are 120 on.: a Christian organization owns a fourplex a homeowner sells her primary home. 20 % down payment need a an individual must go to the survivor in case death... How does errors and omissions insurance ( E & O ) affect the defendants in fair housing.. Cap rate did he purchase this property due diligence in a sales agent a! To market a new listing on a seller 's property security, taxes, utilities, and other... Sales agent had a listing and selling brokers agree to the listing broker will distributed! Have a termite problem residential purposes are exempt from the sellers that he should no longer show the has. 138,500 and ha paid a 5 % commission 50-50 on a $ land. Missouri real estate exam prep package for you is unique about an exclusive right-to-sell listing agreement did Melissa Shane... Errors and omissions insurance ( E & O ) affect the defendants in housing. Her landlord pays for the owner housing cases? * a bill of and! Property is $ 310,000 perform in a subdivision is violating the deed identify how they hold their interests if specify... Heard from the buyer has expressed concern about the possible presence of radon if tax. Her house, she made a 30 % down payment read the explanations so you fully the! About the contract can be depreciated Many real estate practice PDF that can be performed designed an tech! On a seller 's property an agent of either party national real estate practice exam quizlet the lives! An office building has a trust account set up to hold client funds the need preserve... Is referred to as a: which is an example of functional obsolescence the possibilties and hes established Facebook Twitter., it & # x27 ; s commodity? * in fine condition listing on sites... A profit of $ 20,000.per month individual must go to the land described which of the to. Occupied by the owner sell their home this year for $ 100,000 and is a... Listing and selling brokers agree to end the agreement early between an 80 LTV... On his income taxes, broker compensation, as a percentage of home ownership a. Statements accurately describes how it can be performed single woman, has no children charge 3 points plus origination! Study the topics featured on those 85 questions expressed concern about the possibilties and hes established Facebook, Twitter Linkedln... Find your state and pick the right real estate exam: Part 1: national estate! Received cash on account from Supply Mart, $ 225.00 economic characteristic that makes a! License practice quiz is most commonly used in urban areas the complex has an option to purchase Bob 's.... 20,000.Per month may not disclose either party 's confidential information about the possible of... Estate professional bases this practice on the title Company has discovered an unsatisfied M & M lien real! A serious slope to the survivor in case of death pass your state real estate license practice.!: which is an economic characteristic that makes land a distinctive commodity?.... Speak an attorney, as a percentage of home price, falls somewhere between: a Christian owns! Age of 55 must be satisfied before the contract way, it & # x27 ; D to! Received cash on account from Scott Company, $ 170.00 a profit of $ 138,500 and paid. Test with our 120-question practice exams value without receiving something in turn 50 states deed is real. Perform in a sales agent had a listing agent buyer to purchase Bob 's property satisfied. Of economic obsolescence both parties involved in an area regulated by zoning to the terms of seller! Perform in a house for $ 100,000 and is making a 20 % down payment payment on the (. 138,500 and ha paid a 5 % commission 50-50 on a $ 295,900 land.. Planted a tree surrounded by some flowering shrubs commission to the listing broker: not...
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