He is paying a 1-point origination fee to a mortgage lender, $500 for a new survey, and $800 for an environmental report. Personal property MUST be transferred via: When there is a breach of contract, the non-breaching party can rescind the contract, forfeit the contract, or: sue for compensatory damaged and/or specific performance. Accurate record keeping is the responsibility of all the brokers. The tree and shrubs are an example of A property owner has a waterfront lot on a stream. They own their own home. It wants to rent to only Christian tenants. However, there is a huge crack running down the middle of the living room wall. The poster is usually distributed by. 15. The new owner wants John to move out. Our packages include thousands of state-specific and national level practice questions, as well as access to ebooks, live online group webinars, and more. Which of these will most lenders require homeowners to obtain before closing? Long before the debt is satisfied, the balance is due in a payment substantially larger than all the others. What is the area of the room? An investor has purchased a one-family home that they plan to rent as an investment. The annual net operating income (NOI) of the property is $310,000. Round your answer to the nearest cent. Practice challenging questions you won't find anywhere else. 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. In most cases, broker compensation, as a percentage of home price, falls somewhere between: A Christian organization owns a fourplex. Which of the following is a lien on real estate? 3. Which of the following statements is true? Which of the following properties would be the least desirable neighborhood? The fact that an individual must go to the land described which of the physical characteristics of land? a general partner has full liability and a limited partner has limited liability, A one on one relationship between a broker and a client is called, A license holder sponsored by a broker must have a written agreement. The landlord uses the contractor who does not do a good job. When a tenancy at sufferance occurs, the tenant is referred to as a: Which is an example of a freehold estate? A & B. tell the seller and encourage the seller to complete the negotiated sale. 5. Parties must perform their contractual duties by a specific date and time in order to avoid a breach of contract. Two new builders arrive and begin to sell in the same subdivision. A sales agent had a listing and the property did not sell. There is no one available to sign a quit claim deed to clear up the cloud. What would he need to do? After closing they discover that the previous owners had spilled hazardous materials on the land. What is required from the listing agent in this situation?*. \text { Temporary investments } & 1,500 & 1,550 \\ In Pennsylvania, you can miss 20 questions on the national and 7 on the state and still pass the real estate exam. Both are intestate. R2. In terms of contract validity, what does mutual consent mean? What type of loan is this? This fence is most likely a violation of A single property is regulated by building codes, zoning and deed restrictions. He had shown the property three times to the same potential buyers. What is the maximum amount of additional long-term obligations this borrower may have after PITI? They would like to accept this new offer. While the broker is out of town, the sub-divider shows the property, quotes prices, and takes deposits. Which of the following is an example of economic obsolescence? What can they do to avoid this fee? What type of listing agreement did Melissa and Shane sign? This free practice exam is here to help you master the state-specific portion of the Minnesota real estate exam. What is this called? Superfund Amendments and Reauthorization Act (SARA). 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. an easement is a benefit to the dominant property owner. Accounts Receivable-Scott Company increases the amount the seller receives at closing. A licensee is representing a seller in a commercial transaction. C10. The current value of a property is $140,000. In Missouri, you can miss 30 questions on the national and 10 on the state and still pass the real estate exam. We'd love to hear how you do and what the process was like for you. *, meaningful disclosure of credit terms of the loan to the borrower. They are having a hard time making ends meet, yet they do not want to sell their home. Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act. What should you do? What monthly income will your buyers need to qualify for a $200,000 loan at 6% for 30 years if lenders are qualifying at 28%? An unmarried Texas couple purchased real estate together. Recommend an inspection for hazardous materials. A tenant is aware that his lease will expire at the end of the month. Undivided ownership of an estate, with an interest that is exclusive from other owners is called: If a contract specifies a legal land description, it is most likely a(n): A debit to the buyer has what effect on charges made to the parties involved in the transaction? TILA does NOT apply to which of the following kinds of loans? The real estate license exam is divided into two parts: the national and your specific state portions. His agent should: Warn the buyer that the verbal sales contract is unenforceable. What type of contract should he enter into with the seller? The sales contract is most likely: Which of the following BEST describes a capitalization rate? A borrower takes out a mortgage loan that requires monthly payments of $875.70 for 20 years and a final payment of $24,095. He should, align himself with a broker or sales license holder who has experience in industrial property in order to learn about and become proficient in industrial sales. Real estate practice exams are an excellent way to make sure you're using your test time wisely. E&O may not cover any defense for a fair housing violation. A property is bought based on fraudulent statements by the listing broker. What civil rights law prohibits discrimination based on disability, and creates consistent and enforceable standards regarding discrimination based on disability? Interpret the company's quick ratio. directing people to or away from a particular area due to the protected class of the buyer or residents of the neighborhood in a manner that perpetuates segregated housing. A. Handicap B. The value of a property is only what a consumer would pay to acquire a comparable property. \end{array} Each month they pay the same amount, which contributes to both the principal and interest. What part of a mortgage contract allows lenders the ability to call the whole loan amount if the borrower is in default? Welcome to the National Real Estate Practice Exam This free practice exam is here to help you master the national portion of the real estate exam. Under a new construction Home Owner Warranty policy, which of the following would not be covered? That section can be used to study the topics featured on those 80 questions. The broker gets compensation regardless of who sells the property. In North Carolina, there are 120 questions on the exam (80 national and 40 state). a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. Real Estate Agent Practice Test Take this free practice test to see how prepared you are for a real estate agent certifying exam. This building is a: Which would NOT constitute evidence of title? Although the home has many updates and is in better condition than the surrounding houses, its value is significantly less than the price. 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. When the fence is erected, the fencing materials become real estate through: A tenant on a long-term commercial lease wants to go out of business. A contract is not considered valid unless consideration is involved. A salesperson designed an innovative tech in the office that would substantially improve service to clients. This free practice exam is here to help you master the national portion of the real estate exam. A. The son leases the property. Check out our real estate Exam Prep packages above and start studying today! Find the equivalent earnings if this amount is paid (a) weekly, (b) biweekly, (c) semimonthly, and (d) monthly. This is due to the idea that a person: CANNOT do something of value without receiving something in turn. For help with the national we have our free national quiz. About 2 hours and 40 minutes; Part 2: State Real Estate Laws. What is FALSE? Mark purchased a home for $150,000 He had an 80% LTV. How can she advertise the propert? The statute of frauds requires that real estate agreements: Which type of deed includes the five implied warranties (covenants)? Received cash on account from Scott Company,$125.00. Infer Why would any government choose to participate in "ash-can socialism". both the new owners and the previous owners. they must pay the fee as they have a tenancy in common interest in all common areas. What type of planning is used to guide purchasing by organizational buyers and by resellers? Burt is buying a house for $100,000 and is making a 20% down payment. mi madre. Paid cash for postage (Miscellaneous Expense), $32.00. A potentially valid contract in which at least one party has the option to rescind is described as: When you're talking about mortgages, what is another name for an origination fee? What is true? What is another name for Contract for Deed. 6. 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. The seller can close on the 16th. All but which of the following forms of ownership are recognized in Maryland? Which of these is TRUE? | 2 | 160,000 | 100,000 | | 8 | 280,000 | 160,000 | Tenants have signed a 3 year lease on a property. How would the deed identify how they hold their interests if they specify they want them passed to the survivor in case of death? What agreement between the landlord and tenant gave the tenant that right? What form replacing the HUD-1 must be provided to the consumer and when must it be provided? They have some concerns about the contract and ask to speak an attorney. A property owner has decided to do some landscaping work on his yard. The lender has indicated that he will charge 3 points plus an origination point. 25. If the assessment is 85% of the market value, what is the market value? \begin{array}{lrr} Which of the following terms is used to describe a situation where a buyer and seller agree to terminate a contract? **Required** A developer decides to build a commercial property in the middle of a residential subdivision. 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). His lender has provided a very competitive interest rate, however when the investment property is completed and sold the lender will collect the amount borrowed plus a percent of the developer's profits. 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 broker specializes in helping both buyers and sellers with the necessary paperwork involved in transferring property. An office building has a potential gross rent of $20,000.per month. 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? A sale is closing on June 15th and the annual property tax bill has not been paid. Heres how much time youll be given for the final real estate exam: Part 1: National Real Estate Concepts. What did Cynthia engage in? This is what type of loan? What can the owner do? What happens to the property? The court will appoint an administrator and it will be distributed to her heirs by the Law of Descent. Which of the following actions by the agent would NOT be in violation of fair housing laws. The annual tax bill is $2,008. Find Property for sale in Gunzenhausen, Bavaria. The tenants pay rent plus utilities. The sales associate's entire income is from sales commissions rather than an hourly wage. Liens are prioritized by date of creation, with older liens being paid off first. The buyer loves the property and wants to purchase it. This is an example of A father gives his son a life estate on a property. The property taxes have not been paid for this year. Which federal law requires that finance charges be stated as an annual percentage rate? 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? The property management agreement creates what kind of agency? Listing agreements are between a broker and a(n): Negligent misrepresentation violates the fiduciary duty of: What is a report from a licensed appraiser that sums up a property's market value based on collected data called? P wants to sell the property, but Q and R do not. 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? A license holder is representing a young couple purchasing their first home. Novation Substituting a new obligation for an old one. The tenant has a four year lease on the space. What type of agreement can they enter into with a seller that will allow them to occupy the property now and purchase it within the 6 months? C9. Your property borders a non-navigable waterway and you have riparian rights. T22. 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 Also, a transfer of rights and/or duties under contract. Rent Expense Which element of a valid contract states that the contract cannot require any illegal activities or outcomes? The real estate professional bases this practice on the need to preserve the cultural integrity of Asian immigrant communities. What should the buyer's agent do? (A front foot refers to frontage and is the width of the lot.) A property owner receives a notice that his land is in an improvement district. The title company has compensated the buyer for the loss. How much tax will this homeowner pay on the capital gains? A man leaves his second wife a life estate in their home after which the property goes to his children from his first marriage. 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. plumbing work that was completed but never paid for. 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? Which of the following conveys title to real property and insure good title? Which of these is an economic characteristic that makes land a distinctive commodity?*. Your client is an investor who would like to have the right to purchase a commercial tract for $5 million for the next 6 months. A property at 123 Main street has been listed by Mary, a sales license holder at ABC Realty for several weeks. Arturo is buying a house for $400,000. 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. Ownership of the common areas of condominiums is most likely to be: What should a buyer do to ensure that his is getting the best title to real property? How much of that money will they be required to pay capital gains tax on? What will he take home if the split with his brokerage is 80% Tareq - 20% broker? How much will Arturo need to pay on closing day? For non-real estate transactions, it covers up to $25,000. Based on this, before any prorations, how much cash will Burt have to bring to the closing? demand, utility, scarcity, transferability. Paid cash for telephone bill,$190.00. What are an agents duties to his principal? Sabrina accepted Rebecca's offer to purchase her house, and the closing date is in a few weeks. Several months later, the agent has a buyer client interested in purchasing the same property. 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. Several years later, an ordinance was passed in that area banning any building six stories or higher. The title company is entitled to a portion of the judgment as reimbursement for the claim it paid. Which of the following deaths on the property should never be disclosed? At what cap rate did he purchase this property? How does errors and omissions insurance (E&O) affect the defendants in fair housing cases?*. Which claim for damages would most likely be covered by a homeowner warranty policy? To become a real estate agent in Oklahoma and represent buyers and sellers in the real estate transaction process, a candidate must complete the following steps, including passing the Oklahoma Real Estate Exam. What must the salesperson do, obtain the signatures of all owners on the listing agreement. Which of the following is NOT an example of functional obsolescence? Paid cash to owner as withdrawal of equity, $1,400.00. Ignorance C. Disability D. Retardation 2. They give the tenants notice to vacate. John has a loan with equal regular payments of principal and interest. What is the main reason for considering underground storage tanks (USTs) an environmental hazard? That section can be used to study the topics featured on those . an agent with permission to advertise a property on social media does not have to worry about protecting confidential information about the client. Maria is planning to buy a house for $200,000. Which appraisal method would an appraiser be most likely to use on an owner-occupied residential home? Michelle Renda is assistant manager at Barnes and Noble and is paid $42,900 annually. A license holder advertises a listed property as having the most beautiful landscaping in the neighborhood. Additional long-term obligations this borrower may have after PITI agreement between the landlord tenant... Did Melissa and Shane sign consent mean paid off first something of without. Considered valid unless consideration is involved living room wall of these will most lenders homeowners... 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