Excess money at a foreclosure sale goes to After defaulting on a real estate loan, a borrower is able to pay off the loan prior to the foreclosure sale. Last month, another died. 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 licensed broker is advertising that he will perform a free appraisal if you contact him for a listing appointment. Which of the following statements may represent the unauthorized practice of law? His agent should: Warn the buyer that the verbal sales contract is unenforceable. 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. 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? The option expires at the end of the month and Mark would like to extend the option. With a total of 110 questions (80 national and 30 state), that means the score to pass is 60 for the national and 23 for the state. The exit ramp will greatly increase the value of the seller's property. Hay dos historias mezcladas! How much will he pay for the lot? An unlicensed assistant gets a call from a listing owner with questions about a contract- what should the assistant do? The tenant's lease has expired, but the landlord permits the tenant to stay in the apartment until the building is torn down. A seller wants to net $165,000 from the sale of a house after paying the broker's fee of 6% and other closing costs of $2,635. A. Dennis Marier, Drawing Estate for years. If your practice exam isn't timed, set a timer. A salesperson designed an innovative tech in the office that would substantially improve service to clients. $$ 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. their own actions and the actions of agents they supervise. That way, it's . What type of insurance will cover this accident? A real estate professional signs a contract with a buyer. The buyer later finds out the home has a termite infestation. What principle of value explains this? By far, the most substantial chunk of the real estate license exam is the vocabulary. Both parties involved in an agency agreement agree to end the agreement early. A buyer and his agent visit a listed property. Sales That section can be used to study the topics featured on those . That section can be used to study the topics featured on those 80 questions. What should the buyer's agent do in this case? It has a vacancy rate of 15%. Mary, a single woman, has no children. He had closing costs of $10,000. Homeowners are exempt from capital gains up to $250,000 per person every two years. When did the second amendment of the Federal Fair Housing Act go into effect? 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. M2. Paid cash for heating bill,$165.00. The buyer has expressed concern about the possible presence of radon. Mortgage notes made in the primary market are bought and sold. \text { Accounts payable } & 2,375 & 2,000 The fact that an individual must go to the land described which of the physical characteristics of land? A seller's property is listed for $399,900. Contact. What is the defining feature of an estate for years? A. Handicap B. take the information to the listing broker. T13. Which of the following used in 1978 is both extremely hazardous and friable? He has hired an agent to lease the houses. If a person dies without a will, who receives their estate? Last week, Mary died. An unmarried Texas couple purchased real estate together. What type of lease is this? What type of lease should their agent recommend? An agent advertises a senior citizen community with the phrase "no children allowed.". She is also writing a blog. Which of the following is NOT done under the police power of the state? How much does the selling broker earn? Find the slope of the graph of the following equation. drafting a legal document that transfers an interest in a real property. We have reviewed the material and found it to be slightly better than average content that will help you study for your real estate exam. If the owner is earning a 10% rate of return, what is the value of the building? An executory contract is a contract that: Your buyer client asks you if a property is located in a flood zone. The sellers receive another offered for $395,000. An appraiser is using the Market Data Approach to determine the value of a residential property. What did Cynthia engage in? What is true? What gives the government the right to do this? Go to flashcards. What agreement between the landlord and tenant gave the tenant that right? The value of a property is only what a consumer would pay to acquire a comparable property. A married couple bought a home ten years ago for $400,000. His heirs inherit the property. If the tenant were to die during the lease period, which type of leasehold would pass to the tenant's estate? In Pennsylvania, you can miss 20 questions on the national and 7 on the state and still pass the real estate exam. The seller receives a note for this amount at closing and will collect this amount over the agreed-upon term of the loan). 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. The title company is entitled to a portion of the judgment as reimbursement for the claim it paid. A real estate broker specializes in helping both buyers and sellers with the necessary paperwork involved in transferring property. What approach to appraisal will he use to determine his opinion of value? Does John have to leave? Which covenant in a deed guarantees that the owners will not suffer or be disturbed by any claims on the property? The tenant also has the right to match or better any offer before the property will be sold to anyone else. Ignorance C. Disability D. Retardation 2. a. the real estate professional's policy is steering and violates federal and state fair housing laws regardless of motivation. Received cash from sales,$250.00. Heres how much time youll be given for the final real estate exam: Part 1: National Real Estate Concepts. Which term describes this contract? Which of these is an example of a general agency relationship? We'd love to hear how you do and what the process was like for you. The seller's gross sales price will be: A buyer is purchasing a condominium unit in a subdivision and obtains financing from a local bank. **Transactions:** 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. 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? What is FALSE? What type of listing provides a commission to the broker ONLY if their activities bring about a sale?*. 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. John has a loan with equal regular payments of principal and interest. A young couple leases an apartment in an apartment complex for one year. What happens to the property? The deed contains five covenants. We're pulling for you! Includes free new question updates and complements all other study materials. How long after an incident does a victim of housing discrimination have to file a complaint with HUD? A property manager notices that the building stucco needs repair. The negotiated commission is 6% and will be split evenly between the selling broker and the listing broker. What is the advantage to the borrower of a VA loan? E&O may not cover any defense for a fair housing violation. A borrower takes out a mortgage loan that requires monthly payments of $875.70 for 20 years and a final payment of $24,095. | 4 | 200,000 | 100,000 | | 10 | 160,000 | 140,000 | A property at 123 Main street has been listed by Mary, a sales license holder at ABC Realty for several weeks. Which of the following best describes an FHA loan? How is earnest money recorded on the closing disclosure, What type of mortgage loan would allow the property owner to borrow additional funds at future dates. A property has lead paint in the interior and on the exterior. Tenants have signed a 3 year lease on a property. The owner wants to carpet the office. What type of freehold estate do they have? He lists his property for sale "as is", and does not disclose the problem. How Many Questions Can You Miss on the Missouri Real Estate Exam? Capitalization definition. Prepare for success! Under a new construction Home Owner Warranty policy, which of the following would not be covered? Maria is considering the difference between an 80% LTV and a 75% LTV. What is the difference between an implied contract and an express contract? High unemployment rates mean there are more available buyers in the market B. If the tax rate is $4 per $100 of assessed valuation, what is the amount of tax due on the property? Dennis Marier, Capital Which of the following conveys title to real property and insure good title? They have some concerns about the contract and ask to speak an attorney. A buyer purchases the property and after closing discovers the problems. How much of that money will they be required to pay capital gains tax on? Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Arthur Getis, Daniel Montello, Mark Bjelland. The seller told the agent that she needs to sell the property because she is going through a divorce. A license holder is representing a young couple purchasing their first home. Which type of agreement transforms the customer into a client and the broker into a listing agent? 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? Which of the following loans would not have a 3 day right of recession? A property manager is hired and signs a management agreement with the owner. A mobility impaired tenant has leased an apartment in a complex with unassigned parking. What are an agents duties to his principal? 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? A zoning ordinance would affect which of the following? What expenses of home ownership can a buyer deduct on his income taxes? 14. All parties to a contract agree to the terms of the contract. What is the area of the room? Which of the following terms is used to describe a situation where a buyer and seller agree to terminate a contract? National Real Estate Exam Practice Questions 4.6 (18 reviews) Term 1 / 219 A property owner has decided to do some landscaping work on his yard. increases the amount due from the buyer at closing. a. recorded easement b. recorded mortgage c. encroachment d. dead restriction Click the card to flip Definition 1 / 80 b. recorded mortgage Click the card to flip Flashcards Learn Test Match Created by MsV12 She is very excited about the possibilties and hes established Facebook, Twitter, Linkedln and Pinterest acocunts. 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. What is unique about an exclusive right-to-sell listing agreement? The buyers have not responded to the counteroffer. In an express contract, the parties explicitly state the terms and conditions of the agreement, whereas in an implied contract, they do not. What is the salespersons obligation to a buyer under single agency listing? Who can require a buyer to purchase homeowners insurance? This type of rent is referred to as. The purpose of the Truth-in-Lending Act (TILA) is to provide which of the following? He is paying a 1-point origination fee to a mortgage lender, $500 for a new survey, and $800 for an environmental report. Several weeks later, he learned that it was sold to the buyers he brought to the property. 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. Which of the following would be considered an operating expense by a property manager preparing an operating budget for the owner? By far, the most substantial chunk of the real estate license exam is the vocabulary. The complex has an exercise room for all residents. Sold services on account to Scott Company, $225.00. A real estate professional receives a check for earnest money from a buyer and deposits the money in the real estate professional's interest-bearing checking account over the weekend. Complete 90 Hours of Approved Education Pass a Background Check Submit Your Application to the Oklahoma Real Estate Commission (OREC) joint tenancy with rights of survivorship, both parties mutually agree to end an agency relationship. Real estate practice exams are an excellent way to make sure you're using your test time wisely. At what cap rate did he purchase this property?

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