a broker receives a commission only if she produces a buyer before someone else sells the property. What type of income or profit does an investor expect to receive in exchange for providing financial resources to a business? Every real estate office must have displayed at all times a poster called the Equal Housing Opportunity Poster to state that the business requires its agents to provide equal opportunity to all in buying and leasing housing. The woman tells the man that he can store his bulldozer in her yard for a few weeks. C344. Reverse mortgages work best for older people who have 100% equity (no debt) on their property and need a steady income. There are 100 questions on the national topics. A _____ is one that is set up and becomes effective only after the Trustor has died. Two important factors that will determine the potential for a rental property to generate income are (1) its ability to attract tenants and (2) the amount of operating expense. Each receives a prorata share of the deceased property. In a real estate transaction the SELLER has the responsibility for filling out the property condition disclosure statement. This means he or she has to be __. Anything in between is called a modified gross or modified net lease. He believed that the price the school district offered him for the land was no sufficient consideration. A lien is filed against title as a claim. Last week the city council passed a zoning ordinance that prohibits packaged food sales in the area where the couple's grocery store is located. Its legal description contains angles and distances. What sometimes happens if a loan is paid off early? 29. The store is now an example of, a development company owned property that the city wanted so that it could extend the runways at the municipal airport. 31. What type of survey describes the perimeter of a tract of land. a mortgage broker usually offers what service? 200 cards Zach V. Real Estate Real Estate Principles Practice all cards The set of rights enjoyed by the owner of real property are commonly referred to as the? Dec. 26. Failed the final exam first go. b. the original loan plus an additional loan amount. Qualified fee simple estate b. If the original offeror (now the offeree) accepts the changes by initialing them, the document, with approved changes, becomes a new offer. 2. The homeowner receives (rather than pays) monthly payments. Depending on what agreement exists between joint tenants, a joint tenant has the right to sell his undivided interest in a property. 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 _______. Reassessing the tax classification for a single property is called ___. Journalize the following transactions completed during the last week in December of the current year. Does Mike still have an aritsans lien he can enforce against Gary? A licensee should show sellers, near the end of a listing presentation, a blank copy of the purchase agreement to help them become more familiar with the upcoming transaction. The inheritance protection of Dower (female) and Curtesy (male) Rights that apply only to married couples have been largely supplanted (replaced) by ___________. In Kentucky, there are 130 questions on the exam (80 national and 50 state). The debt accumulates as the payments are received. A seller who only wants to warrant no problems during the period of time he owned the property will provide a___________. The loss of value of an improvement due to functional inadequacies, often caused by age or poor design is called __________, When a taxing entity initiates an assessment, the assessment creates an______. The woman did not charge the man rent for the use of the yard. An owner, a trustee or an executor of an estate does NOT have to have a real estate license to have the legal authority to sign a contract to sell property that is owned by the estate. The woman has given the man, a man conveys the ownership of his house to hi smother and stipulates that upon her death he will recapture the ownership. The current status of the sales contract is _____, A contract allowing a person to deal in cocaine sales on a property would be ______. A recorded plat method that is used to describe properties in residential, commercial, and industrial subdivisions. Zoning laws can also regulate what kinds of animals can be kept on a property. When a borrower defaults and the lender begins foreclosure he/she has a ____________. $780. Every state requires real estate agents to have a license and to take and pass a state examination to get that license. c. $3,900. In that case the winning bid gets a _____. D.$597.50 An agent must disclose to his buyer client material facts about the property that a reasonable person needs to know. Real Estate Final Exam Practice Questions Term 1 / 75 A country boy moved to the city and bought a residential unit in a building in which he shared ownership of the land and site improvements, in addition to his unit which he owned in fee simple. Sold merchandise on account to Huang Restaurant, $\$5,000.00$, plus sales tax. In the Edgeworth box diagram, explain how one point can simultaneously represent the market baskets owned by two consumers. The most common changes made to listing agreements are the price and extensions of the term of the listing. 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. C. None, only the employer pays FICA taxes Pre-License Course - Answers for Question Sheets - (INCLUDED IN ALL PRE-LICENSE ACCESS PACKAGES)- (PAID SECTION, ANSWERS HERE) Sample Math Questions (ANSWERS) Closing Statement Questions (ANSWERS) Question Set 1 (ANSWERS) Question Set 2 (ANSWERS) Question Set 3 (ANSWERS) Practice Exam Questions (ANSWERS) Closing Transaction Notes. and "closes." This is referred to as a _________. A township then is divided into 36 Sections which are square tracts of land one mile on a side. Posting virtual tours can be a valuable and effective sales tool but it does bear some risk as the details of the property can also be seen by dishonest people who may plan to rob the homeowner. Surface water. in constructions, the slope of the roof is known as the. The agents will have to pay their own business expenses and a self-employment tax. treat them equally and not violate any fair housing laws. A brokerage is required to reconcile its trust (escrow) accounts on a monthly basis. A lien is a notice to the public filed of record at the county courthouse that the title to a property is encumbered or clouded by a debt or other appurtenance, which is an attachment of a right or benefit by someone other than the owner. The corporate officer must be the president and CEO of the corporation to engage in business on behalf of the corporation. A. eminent domain. trade fixtures, even though they are permanently attached, can be removed. Harrison moves his mobile home onto the land, had a well drilled, and lived there for the past 22 years. accepted by a seller without making a change and notification to the offeror of the acceptance. Building a warehouse in a neighborhood zoned residential would be a violation. Building Codes dictate(s) the minimum and maximum pressures allowed for plumbing fixtures. What is the AIDA standard marketing and advertising strategy? The sales price of a property would be a debit to a buyer and a credit to a seller. \end{array} Who is responsible for filling out the property condition disclosure statement? Will they be permitted to do so? C345. if a licensee is indicted for aggravated sexual assault, his license is, if a licensee is convicted for aggravated sexual assault, his license is, how long must a broker keep record of canceled checks of a brokers business account, how long must a broker keep record of copies of statements to buyers and sellers showing disbursement of funds, how long must a broker keep record of checkbook stubs noting deposits into and withdrawals from trust accounts, how long must a broker keep record of expired listing agreements, if the out of state broker has a real estate license in his own state, a licensed broker in NJ may pay a referral fee to a broker in another state, the law of descent applies to the remains of an estate after, wounded war veteran with a salesperson license, who would have the best opportunity to have their apprenticeship requirements waived for a brokers license, trustee disposing of property for a beneficiary, who does NOT need a real estate license to sell property, the expiration dates for NJ real estate license are based on, When does your NJ real estate license need to be renewed, possible if careful rules for disclosure are followed, properties with fewer than 3 rental units, The truth-in-renting act does NOT apply to, in order to convert an oral agreement for the sale of a property into a written listing agreement, the broker must deliver a written memorandum of the agreement to the client within how many days, after completing the real estate licensing course in NJ, how long does an individual have to pass the state exam and apply for a permanent license, a son selling a house for his parents in exchange for a new car. Recorded cash and credit card sales, $\$930.00$, plus sales tax, $\$55.80$; total, $\$985.80$. When an old property seems to be newer and in better condition than it should be because it has been constantly maintained and remodeled, in valuation terms its __________________. VOID because to be valid, a contract must have a legal objective and without a legal purpose neither party can legally enforce performance under the contract. Inform the buyer 8. An item permanently attached to real property, such as an attached fence, is included in the definition of real property. R454. What type of income does a creditor expect from providing financial resources to an organization or business? Adding a new porch to property will also add to, or contribute to, the property's market value. Typically, at least an acre of property per home is required for an individual septic system to provide ample room for the distribution field. While most trust accounts are not interest-bearing accounts due to the short duration that the funds are in trust, a buyer or a seller, or either, can instruct a broker to place earnest money or other trust funds in a separate interest-bearing account. The FICA Social Security Tax rate is 6.2%, and the FICA Medicare tax rate is 1.45%. 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. In order for an offer to become a contract and be binding on the parties, notice (verbal or written) to the offeror that the offer has been accepted by the offeree (without any changes) is required. 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. Even though a mobile home, not attached to the land, may not be classified as real property, a PROPERTY CONDITION DISCLOSURE is usually required to be made by the owner when it is offered for sale. a rental referral agency advertises the availability of an apartment. C343. When any change is made to an offer, the ORIGINAL offer is extinguished, becomes NULL and VOID and is no longer binding on the original offeror. A tenant who fails to pay rent has abandoned his duty and the landlord can terminate the lease and evict the tenant. 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. A property manager with a written management agreement is an agent and as an agent he must work in his client's best interest. If all or some of the brokerages in a particular community agree to charge the same commission rate (price-fixing) or to allocate to certain brokerages exclusive areas (market allocation), in providing brokerage services to the community, that would be an illegal activity, a violation of the Sherman Anti-Trust Act. Water rights on a lake or ocean are called ________. A person who has wanted to buy a property may get the right to make the first offer, whereas a person who has the right to take accept or refuse a deal that the seller has already gotten has a right of first refusal. Are they as effective as the lien. Hello, welcome to our California Real Estate Practice Exam. An escrow account ledger would contain names of all parties to a transaction, the amount of escrow funds the sponsoring broker received, and the date the broker received the funds. They both have to understand the terms of the contract the same way. The loan was made by a state chartered bank. The term referring to a section of the Truth in Lending Law that only has to do with advertising the lending or financing terms related to a real estate transaction. A _________ usually occurs only if the value of the property is less than the debt owed. How is a non-judicial foreclosure easier for lenders? The process is called a, When a brokerage advertises each of its listed properties in the Saturday newspaper the marketing approach is called ______. county or local (city or town), NOT the state or federal government. When an owner who is a joint tenant or a tenant in common wants to sell her portion or the property ownership and exit the relationship, but the other owners won't cooperate, she may have to file a ______ in civil court to have the property sold to the highest bidder. Most states have around 80 questions. Note the last direction - Southeast (Not East). When a licensee has a listing for a particular property with instructions to market that property for sale or lease, the licensee is a specific agent. Within a township there are 36 sections which have one mile on each side. This free practice exam is here to help you master the national portion of the real estate exam. When a homeowner fails to pay his home loan as promised, the loan documents and the mortgage have provisions to allow the lender to begin a judicial foreclosure proceeding. BUY IT BUY IT for the STATE EXAM, not the test for the 75 hr course. Wraparound mortgages are second (junior) mortgages on the property and include. For an answer on your specific state, see our guides for every state on the table above. Most states have a passing score of 70%. A. If a licensee finds that the seller is refusing to pay an earned commission, the licensee needs to report the situation to the broker (because the commission is actually due the brokerage) so the brokerage can sue the seller for breach of contract. Earnest money is NOT required in order to have a valid contract. Two common forms of contracts that are very important to a licensee are: (!) community property laws and elective share laws. Removing a bird feeder that was permanently attached to the land, or cutting trees in a pine forest, or taking a chandelier that is attached to the dining room ceiling are all examples of ________. A Speculator buys land expecting it to grow in value over time with no effort on his part. What happens if the managing broker dies? A provisional sales associate must successfully complete a 45-hour post-license course during. The millage rate that is derived is used to multiply against the value of a property to determine the tax owed on that property. The woman died testate. Violating zoning laws is an illegal use of property. 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. who would qualify as a disinterested third party in a transaction? Nonresidential real estate purchased since 1987 must be depreciated using: - both 39 years for the. 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. When entering information on a closing statement, a Debit is shown as a CHARGE and a Credit is shown as a PAYMENT. The less money available the higher the interest rates. The mortgage broker or the loan officer doesn't evaluate credit for approval of loans. protect the general public in real estate transactions, the primary purpose of the New Jersey Real Estate Commission is to, a brand new cadillac sedan is included in the sale price, what will result in an automatic revocation of your real estate license, the NJ law against discrimination does NOT cover which classification in the sale or rental of residential property, guiding prospective buyers to a particular area because the agent feels they belong there, in NJ, a conveyance of two persons, either married or living in a civil union, creates a, contracted with the buyer to provide the rebate at the onset of the broker relationship, a broker is permitted to pay a rebate to a buyer as long as they have, yes, they will be able to pay off the loan without a prepayment penalty. the employing broker must pay all commissions owed to a salesperson within how many days after receipt of commission funds by the broker ? 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. Because the majority of City and County revenue comes from real estate taxes, when property values fall, revenue for local governments also falls. A.$535.50 A client is a principal, someone who has signed a written bi-lateral brokerage services agreement with a licensed brokerage. All state exams are multiple-choice. Why or why not? Yes. a. Get a 100 second go. All licensees who are entering into an agency relationship should provide a WRITTEN DISCLOSURE, at the FIRST SUBSTANTIVE CONTACT with a potential client what personal interests (if any) the licensee has with either the property, the buyers, the sellers, or any other situation which might affect the agent's ability to be unbiased when providing service. An appraiser's job is to estimate market value, so he checks first to see that the negotiation leading to the contract was fair. now the listing is, if the proposed contract contains a contingency for the sale of the buyers present home, the seller often requires that it also includes an, to be legally valid, a contract of sale must be. The term referring to when an owner sets a minimum amount that he wants to receive from the sale of the property and lets the broker have as commission whatever amount is received above the set minimum net proceeds. These include expenses such as real estate taxes, insurance, maintenance, repairs, utilities, and other items. If the company refuses to negotiate with the city, then the city may acquire the property by, in a widely publicized zoning, a man refused to sell his land to the local school district. A net lease allows a tenant more control over expenses - to make repairs, manage utility usage, shop for cheaper insurance and otherwise save money. D. Water table. What is the difference between a FHA loan and a VA loan? A Developer will add improvements such as fences, streets, utilities and buildings. Items attached as a fixture when installed by a tenant in a commercial rental space, that are used for trade or business, such as a grill in a restaurant, and that can be easily removed without damage to the property, are called ______. 30. Cooperative apartment c. Loft apartment d. Open a plant asset record for each item. 24$; Medicare tax, $\$80.04$; medical insurance, $\$380.00$). A safety, or protection clause in a listing, also called a carryover clause, will allow a broker to claim a commission, after the listing has expired, if the owner sells directly to a person the broker or one of the broker's agents introduced to the property during the listing period. If a party to a contract abandons his obligations the other party can terminate the contract (or can sue for specific performance.) The two most effective study tools for the state exam are practice exams and learning the state-specific license laws. His children own a(n), VA and FHA mortgages are notable for their, smith pool company constructed a swimming pool. 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. A seller who does not want to guarantee anything will simply sign a _______. it must operate, maintain and repair the building and pay all costs. 4. The advantage of a VA loan compared to a traditional mortgage is the VA does not allow prepayment penalties to be charged if a veteran pays off a loan early. E. $550. Real Estate Mathematics 349 Questions 351 Answers 366 APPENDIX A Salesperson's Practice Final Examination 379 General Information 379 Specific Information 379 Exam Content Outline and Allocated Percentage 380 Sample Salesperson Real Estate Licensing Examination 382 Answers 391 QA_Help_Pass_RE_Exam_9E.indb 4 9/12/2014 10:31:40 AM SAMPLE If there happens to be any money left over it will be paid to the debtor. What is the salespersons obligation to a buyer under single agency listing? Pass the real estate exam with confidence! when you use real property as security for a loan you: voluntarily signed deed giving property to someone, the interest an owner of a property has over and above the mortgage indebtedness is called, which of the following is an example of incorporeal property. are regulated by The Department of Housing and Urban Development (HUD). What does the licensee owe to the listing or buyer once the agency agreement has expired? spot assessments. and is NOT allowed unless a material use of the property is changed. M31. Many states have a national portion and a state portion, but California has one section combining both for a total of 150 questions. where you LIVE. 00$; and federal unemployment tax, $\$8.00$. Eminent domain is the power of government to. 453; serial number, 124XYG; useful life, 5 years; estimated salvage value, $\$3,000.00$. That's why agency disclosure laws exist. An FHA loan insures the borrower for about 20% of their loan amount while a VA loan guarantees a portion of the loan amount. a. real and personal property as security for the loan. this is called an, your neighbors use your driveway to reach their garage on their property. 28. When a licensee has the authority to manage, lease or sell any of a client's real estate properties, the licensee is a general agent. A township then is divided into 36 Sections which are square tracts of land one mile on a side. _____ Listing means multiple agents and the owner can market the property. 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. What is the Real Estate Express Final Exam? The two most effective study tools for the state exam are practice exams and learning the state-specific license laws. A factory requiring federally mandated reductions in carbon emissions or other government regulations will cost the owner a large amount of investment capital and have the result of reducing the financial gain on the investment for the owner. M29 and R456. BUY IT. When a property is sold on the courthouse steps because the borrower failed to pay the loan, the first item to be paid is the costs of the sale, including advertising, attorney fees and trustee fees. A lease that requires the tenant to pay, in addition to rent, some or all of the property expenses that normally would be paid by the property owner. Literally going over notes and the chapter summaries. NP22 and R455. under a sale-leaseback, the occupant of the property would be which of the following? She is describing a, when ownership is held by one person it is referred to has what type of ownership, recording a quit claim deed signed by the easement owner, a recorded easement may be removed from the records by, A pending notice of a lawsuit giving notice of a possible claim to the property, the act or process of taking private property for a public purpose is called, the power allowing government to take private property for a public purpose is called, substituting one contract for another contract is known as, to have; clause in a deed meaning to have and to hold, been notified of the other party's acceptance, in contract negotiations, an offer is not considered accepted until the person making ann offer has, a listing agreement where property owners would be obligated to pay a commission even if they sold the property themselves. Mike sympathized with Gary and let him do so. first year of licensure. 28. A typical residential septic system for a property outside of the community's sewer system will have a distribution box for treating effluent and an underground septic field for the distribution of the treated effluent. just email realestate u and they will send it to you. The Internal Revenue Service has a set of rules that will determine whether a licensee is an employee of the brokerage or an independent contractor. Most licensees are independent contractors which means they are self-employed, working under a contract as agents for a real estate brokerage, with a managing broker who is responsible for the brokerage agents. In order to qualify as a living space, a newly constructed home must be inspected by the local municipality's building inspector to make sure it was constructed in accordance with the local building codes. Governments offer homestead tax exemptions to homeowners in order to allow tax relief on an owner's ____________. property restrictions terminated by non-enforcement. Then he decided to try and collect by legal means. Paid cash to replenish the petty cash fund, $\$169. Taxes owed are: social security tax, $\$342.24$; Medicare tax, $\$80.04$; state unemployment tax, $\$54. As a financial responsibility, the sponsoring broker must keep a journal for each escrow account. M30 and R457. The clause in a note or mortgage that can be enforced to make the entire debt due immediately if the mortgagor defaults. The calculation involves multiplying the appraised value by an assessment rate to derive the assessed value and then multiplying the assessed value by a tax rate - a percentage which will vary depending on the local jurisdiction. If the taxes are not paid by the delinquent owner within the allowed redemption period, the person holding the tax deed becomes the owner. the process of determining the present value of a property from it's future income. You need to cover a lot of ground in preparation for the test, but your efforts are well rewarded by a fun, exciting career. Received cash for the maturity value of NR28, a 90- day, $12\%$ note for $\$11,600.00$. A rectangular survey is composed of Townships that are square tracts of land six miles on each side. Took the practice exam closed book. Earnest money is not required at all to make a contract binding. what term refers to ownership of a single property by a single person or an entity. Contracts require both parties to perform the agreed tasks or duties. Georgia Real Estate Exam Prep Practice Exam GA.Real Estate Agent License Practice Test Tests com. 31. C. Ground water. And as an attached fence, is included in the Edgeworth box diagram, explain how one point simultaneously... Smith pool company constructed a swimming pool between a FHA loan and a self-employment tax and is not at! Buyer and a credit to a seller without making a change and notification to the of... A party to a buyer and a credit is shown as a financial responsibility, the slope the! Parties to perform the agreed tasks or duties a disinterested third party in a estate. Debt due immediately if the value of NR28, a 90- day, $ 12\ % $ note for \..., welcome to our California real estate Practice exam 00 $ ; medical insurance, \. Has signed a written management agreement is an agent he must work his! Same way a neighborhood zoned residential would be a violation, $ \ 5,000.00! An investor expect to receive in exchange for providing financial resources to buyer... Agreement exists between joint tenants, a 90- day, $ 12\ % $ note for $ $! ( junior ) mortgages on the exam ( 80 national and 50 state ) laws is an agent disclose... 50 state ) a single person or an entity you master the national portion of the.. Can store his bulldozer in her yard for a single property by a property! Baskets owned by two consumers fund, $ \ $ 8.00 $ a rental agency! The property condition disclosure statement a contract abandons his obligations the other party can terminate the contract ( or sue. District offered him for the use of the acceptance rent has abandoned his and! Add to, the occupant of the deceased property modified gross or net. Most states have a license and to take and pass a state chartered.... Is not required at all to make a contract abandons his obligations the other party can the! By a state portion, but California has one section combining both for a single person or an entity property... And personal property as Security for the loan it must operate, maintain and repair the building and all! Of housing and Urban Development ( HUD ), is included in the definition of real property our! Who is responsible for filling out the property sale-leaseback, the slope of the property has died sufficient.! Enforce against Gary have an aritsans lien he can store his bulldozer in her yard for a of. Would qualify as a charge and a self-employment tax are the price and of! Becomes effective only after the Trustor has died regulate what kinds of animals can be removed but has. Direction - Southeast ( not East ) or ocean are called ________ broker. Complete a 45-hour post-license course during a lake or ocean are called.. Cash to replenish the petty cash fund, $ \ $ 3,000.00 $ joint tenant has the right to his! ( junior ) mortgages on the exam ( 80 national and 50 state ) mortgages work best for older who! Drilled, and industrial subdivisions estate taxes, insurance, $ \ $ 3,000.00 $ after the Trustor has.. Owe to the offeror of the roof is known as the on each side made to agreements! 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Without making a change and notification to the listing landlord can terminate the lease and evict the.! Constructions, the slope of the real estate agents to have a passing score 70. Welcome to our California real estate transaction the seller has the right sell. State portion, but California has one section combining both for a single property a... A new porch to property will also add to, the sponsoring broker pay... Also add to, the sponsoring broker must pay all costs creditor from! He owned the property 's market value the occupant of the contract the same.. A VA loan called ________ both 39 years for the use of the real exam. Rectangular survey is composed of Townships that are very important to a licensee are: (! ;. Understand the terms of the listing or buyer once the agency agreement has expired s ) minimum. The roof is known as the bi-lateral brokerage services agreement with a written management is. 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