19. Which survey system is most commonly used in urban areas? Which of the following actions of a broker could jeopardize the independent contractor status of the license holders he sponsors? What type of loan should he get to enable him to buy now and take advantage of declining rates in the future? 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. Which of the following used in 1978 is both extremely hazardous and friable? Failure to make payments on time. A. How much will he pay for the lot? That section can be used to study the topics featured on those 85 questions. An agent has acted without authority to do so. Take our a specific flood insurance policy. A property owner has the right to tell other people that they cannot trespass on their property. 1) Certain contracts be in writing to be enforceable, 2) All real estate contracts for the sale of LAND & ALL LEASES for more than one year, options for more than 6 months, must be in writing & signed by all parties. The sales associate's entire income is from sales commissions rather than an hourly wage. In the year 2009, one died. An owner sold his house for $250,000 with a $50,000 take back. What is true? He is selling the house for $179,000. In preparing an appraisal, which of the following would have the least impact on the appraiser's estimate of value? 5 x-y=-2 What act is prohibited by the Sherman Antitrust Act? John has 60% interest in the property and Mary has a 40% interest. The commission agreed upon was 7% and Tareq gave half to the buyer's representative. Paid cash for telephone bill,$190.00. The commission to the listing broker will be 6%. b. rate of return an income property will produce. What is this an example of? The tenant has a four year lease on the space. For a listing agreement to be enforceable in court, it MUST be: establish a Superfund to clean up uncontrolled hazardous waste sites and to respond to spills. What expenses of home ownership can a buyer deduct on his income taxes? All of the following have been proven to pose health hazards EXCEPT: The protected categories in the 1968 law with later amendments include: a. race, color, religion, national origin, sex, disability, and families with children, d. required (at least the mortgagee type) if there is a loan used in the purchase of the home. The landlord grants permission. A buyer purchases the property and after closing discovers the problems. Round your answer to the nearest cent. A license holder advertises a listed property as having the most beautiful landscaping in the neighborhood. They have the right to take your land for the public good. To purchase the house, she got a loan for $300,000 with 4 discount points. Try our FREE real estate practice exam after you . A sub-divider who does not have a real estate license hires a broker to see her property. the property owner must remediate the presence of lead. 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. What method of land description is he using? These exam questions are derived from topics such as property ownership, transfer of property, financing, disclosure, and contractscovered in your prelicensing coursework. If the tenant were to die during the lease period, which type of leasehold would pass to the tenant's estate? The seller receives a note for this amount at closing and will collect this amount over the agreed-upon term of the loan). The nursing home agrees that the rental income produced by the building will pay for the expenses of caring for the women's parents. 3. He notifies the landlord and recommends a contractor. As a Buyer's agent he must disclose all of the following except: his buyer's ability to make a higher offer. All of the following are hazardous substances that a license holder should be aware of except, Which of the following is the best example of puffing, I think this is the best floor plan available from this builder. 21. their own actions and the actions of agents they supervise. \text { Accounts payable } & 2,375 & 2,000 An investor/developer has borrowed money to build a retail shopping center. Based on location and the type of business, the landlord believes it will be a great success. Which of the following statements about an easement is true? The tenant becomes ill from the mold. Which of the following statements is true? A title search uncovers a cloud on the title. During the year, they become concerned about crime in the area and ask for permission to install an alarm system in the apartment. What type of lease is this? Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Arthur Getis, Daniel Montello, Mark Bjelland. The license holder should: Tell them to talk to an attorney, because the license holder is not permitted to give advice on how to take title. How long after an incident does a victim of housing discrimination have to file a complaint with HUD? The new stucco leaks and mold grows. ------------- In this situation, which term BEST describes this buyer? Real Estate Agent Practice Test Take this free practice test to see how prepared you are for a real estate agent certifying exam. The real estate license exam is divided into two parts: the national and your specific state portions. D & M Company uses the following accounts. 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? How many parties are required to perform in a bilateral contract? Mark has an Open Listing on a seller's property. \hline \text { Cash } & \$ 650 & \$ 680 \\ 5. If a broker's computers are stolen what steps could have been taken to protect records? About 1 hour and 20 minutes An office space is 24 feet long and 27 feet wide with 9-ft ceilings. The owner wants to carpet the office. What is the max amount of time allowed for a victim to file a Fair Housing complaint? A tenant is aware that his lease will expire at the end of the month. How long must a seller or landlord keep a copy of the lead paint disclosure? 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? Received cash from sales,$130.00. What happens to her real property? 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: What kind of property is it? 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. Maria is considering the difference between an 80% LTV and a 75% LTV. Click here the Complete 125 question Texas Real Estate Practice Exam plus Flash Cards, Testing Tips and Review. Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act. A contract is not considered valid unless consideration is involved. The value of a property is only what a consumer would pay to acquire a comparable property. Appraisers are most often asked to determine: A builder is using inferior siding and paint in an effort to construct affordable housing. Your client will be able to qualify for a property they wish to purchase in about 6 months, after they had an opportunity to reduce their consumer debt. The listing agent learns the State Department of Transportation has authorized the construction of an exit ramp to the interstate right behind the commercial property. TILA does NOT apply to which of the following kinds of loans? A property manager's PRIMARY responsibility to the owner is to: realize the highest return possible and maximize the owner's return on that investment. National Real Estate Practice Exam Flashcards | Quizlet Social Science Law Civil Law National Real Estate Practice Exam Term 1 / 85 A succession of conveyances from one owner to another from a certain point in time is: Click the card to flip Definition 1 / 85 b. a chain of title Click the card to flip Flashcards Learn Test Match Created by 15. A licensee is representing a seller in a commercial transaction. Traza una lnea entre las casillas (squares) y escribe una historia coherente. A license holder is representing a young couple purchasing their first home. How much does the selling sales associate earn from the sale after deducting expenses of $1,300? We'd love to hear how you do and what the process was like for you. Arlo will be required to perform according to the terms of the contract. Take unlimited tests on your computer, phone or tablet. What are an agents duties to his principal? An investor has 15 rent houses. Which of the following is a participant in the secondary mortgage market? Which part of the mortgage contract requires a borrower to repay the entire debt when the property is sold? What type of freehold estate do they have? Erin pays a flat fee every month to rent her apartment. Tareq represented the seller in the sale of a house for $427,000. 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? The option expires at the end of the month and Mark would like to extend the option. Which of these is TRUE? Which of these is an economic characteristic that makes land a distinctive commodity?*. He must pay a loan balance of $180,530 and closing costs at $10,000. Which of the following properties would be the least desirable neighbor? Which must the property owner obey? **Instructions:** Which of the following is unlikely to have a negative impact on seller's credit score? A zoning ordinance would affect which of the following? Here's how much time you'll be given for the final real estate exam: Part 1: National Real Estate Concepts. A property owner has installed a chain link fence on his property. Which of these is a set of regulations pertaining to building design, materials, safety, sanitation, and structure? What would he need to do? A buyer has discovered a defect in title and has suffered a loss due to the defect. What is considered evidence against a broker accused of discrimination? the tenants can stay until the end of the lease. The annual net operating income (NOI) of the property is $310,000. c. a judgment lien (usually becomes general). The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. Mary has a loan whose payments and interest rate will stay the same throughout the life of the loan (not including the cost changes caused by insurance and tax rates). A broker is running short of funds to meet this month's monthly operating expenses. The rules are in conflict with one another. At the end of the essay, what qualities does Thoreau envision in an ideal "perfect and glorious State"? Contact. She shows them many properties and finally they find one to buy. In Minnesota, there are 120 questions on the exam (80 on the national portion and on the 40 state portion). You will have between 2-4 hours to complete your exam. This would be an example of A builder is very successful and active in a new subdivision. There are no exceptions for discrimination based on: A valid sales contract stipulates that the seller must repair a hole in the roof before closing day. This free practice exam is here to help you master the state-specific portion of the Minnesota real estate exam. The CE Shop students have achieved an impressive 90% National pass rate. What is another name for Contract for Deed. About 2 hours and 40 minutes; Part 2: State Real Estate Laws. A buyer's agent is working with a buyer to purchase a property. plumbing work that was completed but never paid for. Which of the following is the most likely reason for the lien? The most common method of disposing of solid waste materials, by layering them between several feet of soil, are? Management wants to use these data to predict future fixed and variable costs. Since the rent is now worth much more than she is currently paying, she might most likely consider: Which of the following is NOT an encumbrance on real property? She is also writing a blog. A bank refuses to issue mortgages to a historically Black part of town. If she is successful, what will happen? The title company has compensated the buyer for the loss. What's Included? The seller failed to do so, which makes the seller guilty of: What usually happens to earnest money at the successful closing of the sale? Assuming that she has been paying towards her principal in the amount of $1,600 monthly for five years, how much equity does she now have in the house? In Pennsylvania, you can miss 20 questions on the national and 7 on the state and still pass the real estate exam. With the exception of tax liens, how are liens generally prioritized? Received cash from sales,$250.00. What is this right called? $$ This is MOST likely a? The negotiated commission is 6% and will be split evenly between the selling broker and the listing broker. Which claim for damages would most likely be covered by a homeowner warranty policy? A married couple bought a home ten years ago for $400,000. The son leases the property. What civil rights law prohibits discrimination based on disability, and creates consistent and enforceable standards regarding discrimination based on disability? Homes in the subdivision are selling well, and the builder is making a good profit on the sales. Passing Score To pass you have to make a minimum score on each portion of the exam. advise the client they cannot legally discriminate against certain groups, the substitution of one contract for another. On June 12th the listing agent calls the buyer's agent and tells him the seller will be unable to close on the 14th. What principle of value defines the most important factor for appraisal? Arturo is buying a house for $400,000. Tenancy at sufferance. The title company has discovered an unsatisfied M&M lien on the property. They are prone to leaking, which allows hazardous material to contaminate groundwater and soil. Her annual interest rate is 4%. The tenant removes their trade fixtures and takes them upon moving out. What is required from the listing agent in this situation?*. He has met all the terms and conditions of the listing. M2. Practice of Real Estate Remedies under the new amendment include: 1) a civil penalty, not exceeding $16,000 for the first offense 2) a penalty not exceeding $37,500, if another offense was committed within the past 5 years 3) a penalty not exceeding $65,000 if two or more discriminatory practices have been found in the past 7 years What is FALSE? The rectangular survey system depends on what? They are having a hard time making ends meet, yet they do not want to sell their home. CompuCram's real estate sales agent exam prep product provides all the tools and resources necessary to pass the real estate exam the first time. The seller does not have sell, but he owes the listing broker a commission. Their neighborhood has rapidly grown in popularity, and they were able to sell their home this year for $950,000. Which of these statements accurately describes how it can be depreciated? E&O may not cover any defense for a fair housing violation. Find your state and pick the right real estate exam prep package for you. Wetlands typically contain which of the following? mi madre. 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. Which of the following is false regarding the Civil Rights Act of 1968, A FSBO who owns no more than four homes can discriminate when selling a home. they must pay the fee as they have a tenancy in common interest in all common areas. When the terms of a contract have not yet been fully performed by both parties, the contract is best described as: The Civil Rights Act of 1866 protected the right to fair housing regardless of: Which of these is the best example of stigmatized property? A physical or mental impairment that substantially limits one or more of the major life activities of an individual. Which approach to value would MOST likely be useful to real estate brokers estimating the value of a single-family residence for sale in a subdivision? In North Carolina, there are 120 questions on the exam (80 national and 40 state). A grantor conveys property by delivering a deed. If John dies and Mary becomes the owner of their home, what type of ownership did they have? That section can be used to study the topics featured on those 85 questions $ 310,000 & $... 2,375 & 2,000 an investor/developer has borrowed money to build a retail center. A tenancy in common interest in the apartment cover any defense for a real estate license is. Ten years ago for $ 250,000 with a $ 50,000 take back 7 % and Tareq gave half to buyer. Factor for appraisal agent is working with a $ 50,000 take back discovers the problems building will pay the! 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