Our real estate practice exams are up to date with 2022 rules and regulations, and have helped thousands of test-takers pass their exam! M31. principles final exam flashcards quizlet, california real estate principles ca real estate, real estate sales exam flashcards study system, california real . As a financial responsibility, the sponsoring broker must keep a journal for each escrow account. Click the card to flip Definition 1 / 157 A customer. A_____ is used to increase or decrease the taxes collected for an area. When a seller fails to disclose a material, latent defect, that seller is liable for any costs the purchaser has to pay to remedy the situation. If a party to a contract abandons his obligations the other party can terminate the contract (or can sue for specific performance.) For an answer on your specific state, see our guides for every state on the table above. A broker is NOT required to share commissions with a cooperating broker in a transaction unless there is an agreement between the brokerages. A couple living together who are not married but are co-owners of the residential property are most likely ______________. R459. A title search and a TITLE REPORT (or opinion of title) is NOT a factor in making an appraisal of value or preparing an appraisal report. Received cash for sale of a computer, plant asset No. When a woman is being shown a listing by a licensee, she needs to know whether the licensee is representing her, is an agent for the seller, or is just assisting her. Now that I'm about to finish the course and take the practice exam i was reading the section named "it's time to prepare for your exam" and it says at the very end "A final note. If it happens to be sold at a foreclosure sale, after payment of (1) the costs of the sale, including the advertising, the attorney fees, and any trustee fees (2) any owed SPECIAL ASSESSMENTS are collected, then regular unpaid property taxes and then the next lien in priority. C346. An item permanently attached to real property, such as an attached fence, is included in the definition of real property. Update the plant asset record and record the sale. A Developer will add improvements such as fences, streets, utilities and buildings. It is a health hazard when airborne. When the phrase Time is of the Essence is included in a contract it means that the dates and times in the contract must be rigidly adhered to with no slack. When a borrower defaults and the lender begins foreclosure he/she has a ____________. The death of the seller or the listing broker will terminate the listing. 5. First estimate using front-end rounding and then multiply. The less money available the higher the interest rates. When a property that has been listed for sale is destroyed by a tornado, the listing agreement between the licensee and the owner is destroyed as well. These include expenses such as real estate taxes, insurance, maintenance, repairs, utilities, and other items. A person who owns their home in Fee Simple Absolute is said to have a basic bundle of rights including (1) the right to Exclusive Occupancy (2) the right to Enjoyment Without Interference and (3) the right to Sell, Waste or Destroy the property. If the owner does come back and pay the delinquent taxes, the buyer of the certificate will have earned interest on his payments. 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. Implied c. Invalid d. Valid In that case the contract will be declared NULL and VOID. April 1st, 2019 - California Real Estate Principles Final Exam Answers PRINCIPLES OF 1 / 6. 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. The law of Supply and Demand applies to money. Bundle of Legal Rights what would qualify as real estate Attached Garage Tyler owns a property that is on the Arkansas River. Answers " Matching I Board Allied Schools. When an appraiser has completed all of the relevant calculations and comparisons involved in the three approaches to value, he will not average the numbers, he will consider all numerical and conditional factors available in his analysis and RECONCILE the numbers to estimate the VALUE of the subject property. Type Your Name: Kirin Godhia Type Course Name: Real Estate Principles (RE 100) Final Exam Answer 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. 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. the interest the man has in the ownership is a, the occupancy rights of the owner in a cooperative building are based on, a man and a woman bought a store building and took title and joint tenants. When the first of the month came around, Gary did not pay. Eminent domain is the power of government to. trade fixtures, even though they are permanently attached, can be removed. 5,280 x 5,280 = 27,878,400 square feet / 43,560 square feet = how many acres? 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. That study guide is free. While a foreclosure is in process and before the sale, the mortgagor (borrower) has an Equitable Right to step up and pay the loan to stop the lender's foreclosure process. A promissory note and an amortizing mortgage have a due-on-sale clause that allows lenders to call the entire balance due and payable immediately if the borrower defaults on the loan. A. An agent must disclose to his buyer client material facts about the property that a reasonable person needs to know. this is called an, your neighbors use your driveway to reach their garage on their property. His children own a(n), VA and FHA mortgages are notable for their, smith pool company constructed a swimming pool. Recorded employer payroll taxes, $\$484. The homeowner receives (rather than pays) monthly payments. An easement is a recorded right to cross or use someone else's property. a set of rules and regulations designed primarily to control the use of property. What is the seller in this situation? The most common changes made to listing agreements are the price and extensions of the term of the listing. the deed known in NJ as a bargain and sale deed with covenants against grantors acts is also known as a, creates a specific lien, a security devise for a promissory note, recordation establishes property lien, must be signed by the lender, in a new subdivision, streets, sidewalks, and curbs are usually provided by, mixing broker's funds with escrow deposits, a partition proceeding is an example of _____, when you have a joint tenancy and other partner get sued for his portion of the property, when the land of another private person is possessed in an open and notorious way for more than 20 years, certain property owners are required to carry flood insurance by, Real Estate Settlement Procedures Act - requires special information booklet, requires good faith estimate, requires uniform settlement statement, a legal description can be determined by a title attorney or, the landowner who dies without leaving a will is said to have been, the government has established benchmarks to aid, a contract being considered in an attorney review period is, in NJ, a COMMERCIAL real estate contract can only be prepared by, one officer must be licensed while the other officer may not be requires to obtain licenses, what is the license requirement pertaining to a license issued by a corporation, a person licensed as a broker, but working in a sales capacity under another broker's employ, is commonly known as, an attorney handling a distressed property sale for his client trying to avoid foreclosure, in NJ, who would NOT be required to be licensed as either a real estate broker or salesperson, knowledge written consent from both parties, a broker may act for both parties if they have. 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 _______. An Escrow Agent (Closing Agent) would qualify as a disinterested third party in a transaction. Reassessing the tax classification for a single property is called ___. the cost of a property that the IRS uses to determine annual depreciation and gain or loss on the sale of an asset is known as, the amount of earnest money deposited is determined by, under common law of agency, the real estate broker has a fiduciary relationship with, title to real property is passed when a deed is. A metes and bounds survey will sometimes begin at a known location such as a street intersection. If the Loan-to value (LTV) ratio is greater than 80% the lender, for its own security may insist the payment contain an "escrow" payment which will accrue at the lender's office to pay the annual Taxes and Insurance. Pass the real estate exam with confidence! Real Estate Appraisal Final Exam E INSTRUCTIONS: Choose the best answer for each question. Recorded payment of credit card fee expense, $\$836.00$. No. Issued 300 shares of $5\%$, $\$50.00$ par value preferred stock at par value, $\$15,000.00$. a mortgage broker usually offers what service? Whenever a title search is conducted to find if the title is clear, the lien will be discovered and reported. The inheritance protection of Dower (female) and Curtesy (male) Rights that apply only to married couples have been largely supplanted (replaced) by ___________. Because the majority of City and County revenue comes from real estate taxes, when property values fall, revenue for local governments also falls. But to further assure and protect the buyer (and the buyer's lender) the seller will often have to buy _________ to guarantee that the buyer will not lose his money if the title turns out to be defective. 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 duly licensed salesperson may accept a bonus from: The NJ real estate commission is under the department of, jefferson bought land in a distant county and never went to see it. Who is able to sell real estate without a license? A court can order a trust fund disbursement. Is earnest money required to make a contract valid? What term refers to mixing clients' or customers' funds with brokerage operating funds or with a licensee's personal funds? A safety device in all homes that meet standard community building codes will have an ___________ which will stop the flow of electricity if there is a sudden increase in electricity that may cause danger to the property. This means he or she has to be __. S428. 31. All states have their own exam. 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. Generally, you can expect that your state real estate agent license exam will consist of 80-100 multiple-choice questions about general real estate concepts and 60-80 questions specific to state licensing laws. The course final exam is the last chapter of your course. 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. This is known as. Issued 500 shares of $\$10.00$ par value common stock at $\$50.00$ per share. When a homeowner has received a deed transferring title which contains a full bundle of rights (Exclusive right to occupy, right to enjoy without interference and right to waste destroy or sell/lease) he is said to have a ________. 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. 31. The lender files suit asking a court to order the borrower to pay the mortgage debt by a certain date or the lender will automatically gain full title to the property. Real Estate Terminology 9781423216667 Exam Online Flash Cards For New Born Baby 1 Year Old. 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. What is the difference between a FHA loan and a VA loan? 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). c. $3,900. Owners of condominiums that are part of a high-rise building actually own a fee simple interest in an airspace and have a tenancy in common interest in the common elements of the building or complex. If the license of a managing broker is revoked, all listings and buyer agency agreements are also terminated because, no matter who the listing salesperson was, he/she had obtained the listing for the brokerage. A consumer is someone owns a home, who wants to buy a home or who is renting a home. $295,000 / 135 = $2,185 monthly rent. 1 Quiz - The Real Estate Transaction, Chp. Paid cash for semimonthly payroll, $\$4,413.72$ (total payroll, $\$5,520.00$, less deductions: employee income tax, $\$304.00$; social security tax, $\$342. county or local (city or town), NOT the state or federal government. It begins at a reference point, moves to a Point of Beginning (POB); traverses the perimeter of the property and returns to the POB. The real estate exam is a rigorous and challenging test that weeds out those who are not committed to being skilled agents. The process is called a, When a brokerage advertises each of its listed properties in the Saturday newspaper the marketing approach is called ______. A net lease for a commercial property means that the rent is all that the tenant owes but the tenant is required to pay the utilities, the taxes, insurance, common area maintenance, building repairs and janitorial services. 284, $\$300.00$. 22 of 100 If the interest-holder enjoys the right of possession of land, the party is considered to have. 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. where you LIVE. Journalize the following transactions completed during the last week in December of the current year. Its legal description contains angles and distances. \end{array} Every state requires real estate agents to have a license and to take and pass a state examination to get that license. In Kentucky, there are 130 questions on the exam (80 national and 50 state). Real Estate Finance 30 Final Exam & Answer Key 1) For all practical purposes, an "Alienation Clause" is basically the same as a: a) Call Clause . Two common forms of contracts that are very important to a licensee are: (!) When sold, however, the buyer will be a Tenant in Common with the remaining owners who will still be Joint Tenants. treat them equally and not violate any fair housing laws. To try to ensure Fair Housing Compliance and make sure that the brokerage agents understand the law, the brokerage policy and procedures manual should contain a section on Fair Housing. But the primary management responsibility is to generate as much investment profit as possible. An FHA loan insures the borrower for about 20% of their loan amount while a VA loan guarantees a portion of the loan amount. If the taxes are not paid by the delinquent owner within the allowed redemption period, the person holding the tax deed becomes the owner. Get fingerprinted and pass a background check Complete 180 hours required pre-license courses Pass the Pre-License Course Final Exam The licensee representing the seller is usually called the ______ and the licensee representing a buyer (or a tenant) is usually called the ____. How Many Questions Are In the Real Estate Exam? 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. What term is used to describe revocable permission for the temporary private use of someone's property. Offers must be accepted without a change in order to be a contract between an offeror and an offeree. weekly- regardless of interest from buyers/sellers. When a licensee has a listing to market a property and has produced a ready, willing and able buyer who has agreed to pay what the seller has asked, and the seller decides to back out of the deal, the agent's brokerage has still earned and is due the agreed-upon commission. Flashcards Quizlet. 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. An ___________ Listing means only one agent can market the property. They both have to understand the terms of the contract the same way. An Encroachment is a physical intrusion on another's property, an encumbrance that is often discovered by a survey. The contractor will receive a copy to use when preparing taxes. It will then proceed to measure around the property's perimeter until it returns to the P.O.B. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. A purchaser will want a "location survey" that shows not only the boundaries where all the improvements are located so he can see if there are any encroachments.

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