real estate u final exam quizlet

It depends on which course you took, If you took the RealEstateU 75-hour course then it should be at the end of your course. Also called excess insurance. CMA is NOT an appraisal. Interpreter of the zoning ordinance. It is hazardous to health when a possibility exists of exposure to inhalable fibers. Tina and Tom are two unmarried individuals who own property with equal interests and without a right to survivorship. The contract was established under duress, fraud, deception, or coercion making it voidable. The principal is always the one whom you have an agency relationship with and therefore is the person whom you owe fiduciary responsibility. From the question above; "Corporation, Sole Proprietorship, Limited Liability Company" are all real business structures. It still can be considered valid but only after the contingencies are met or no longer exist. The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property. Anyone who holds down payment must place it in separate escrow account. Someone authorized to transact every kind of business for the principal. CCRs limit the use of a particular property, a condominium, or a subdivision. Which answer includes 3 actual types of business structures? Take this free practice test to get an idea of what is on the California Real Estate Salesperson exam administered by the California Department of Real Estate (CalDRE). A method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year. This scenario only works because it is an exclusive agency listing. When a property owner has been innocent of all involvement with a hazardous waste site, under certain circumstances, he may claim immunity from responsibility. - An agreement between members of a trade conspiring to refrain from competition in specific market areas. A corporation is managed and operated by a board of directors. Value = Income / Rate. Time this up with when your exam is scheduled, and practice an exam question every day. - The amount of expenses that must be paid out of pocket before an insurer will pay any expenses. The good news is that there are a lot of tools out there to help with passing the real estate exam. Which of the following fiduciary duties continues after a listing agreement expires? If a contract has a contingency it's voidable. Must complete required state approved pre-licensing courses. - A valuation placed upon property by a public officer or a board, as a basis for taxation. Primary mortgage market is lending institution where mortgage originates. A general agency in real estate is where an agent has limited power. - An agreement between members of a trade to refrain from competition in specific market areas. The length of the real estate exam varies from about 1.5 hours to 3.5 hours again, based on the state youre in. "A mortgage loan available for military service members, veterans, and eligible surviving spouses; which often comes with better terms than a traditional mortgage.". Someone authorized to transact every kind of business for the principal. There are three different main approaches that appraisers use while they make an appraisal. Also called excess insurance. A chronic lung disease caused by inhaling asbestos fibers. The authorization to improve or develop a particular property in a manner not authorized by zoning. A deed which conveys simply the grantor's rights or interest in real estate, without any agreement or covenant as to the nature or extent of that interest, or any other covenants; usually used to remove a cloud from the title. Currently, most states have usury laws in place and set a cap on the maximum amount of interest a lender can charge. - Primary purpose is to "Protect the Public" - Requires a salesperson to be at least 18 years of age - Requires a broker to be at least 20 years of age Sponsor A licensed real estate broker that holds the license of a salesperson. Metes: distances from point to point. As a general rule of thumb ALL written offers must be: As a general rule of thumb all written offers must be presented to the seller. A naturally occurring mineral fiber sometimes found in older homes. Ex: Mortgage. The Federal Housing Administration (FHA) provides mortgage insurance on single-family, multifamily, manufactured home, and hospital loans made by FHA-approved lenders throughout the United States and its territories. The premise that the ownership of real estate consists of the ownership of various rights associated with it. Hello, welcome to our Florida Real Estate Practice Exam. A colorless, odorless gas that is emitted from soils, rocks and water as a result of radioactive decay in certain areas of the country. Unlike with a joint tenancy, tenants in common have no rights of survivorship. Learn about property rights, contract clauses, government powers, agency relationships, and so much more. The type of easement that is a right-of-way for a utility company's power lines is what? If it's for less than one year, it can be oral with some exceptions. A right to cross or otherwise use someone else's property for a specified purpose. There is no such thing as intangible deterioration. 3% on a $400,000 property is $12,000. Click the link here or head to Reddit and search for the real estate exam to find the forum. PCBs widely used as dielectric and coolant fluids, in transformers, capacitors, and electric motors. Insurance policy that covers amounts above those covered under one or more other primary policies, and which does not pay until the losses exceed a certain sum. - A method of estimating the value of real property by calculating a current construction cost, subtracting accrued depreciation and adding a land value obtained from the market. Monthly payment by owner of a condominium. All states require a high school diploma or G.E.D equivalent. Considered real property, which is conveyed by a deed. A document acknowledging the payment of a mortgage debt. The EPA was established in December 1970 by an executive order of United States President Richard Nixon. A document issued by a governmental authority that a building is ready and fit for occupancy. Find the annual GRM. Upon payment and delivery of the deed, the seller should also deliver what? What is the seller in this situation? This year, Jelly leases a new piece of equipment from Squishy. 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 To pass the exam in New York, you'll need to get a score of at least 70%. An accounting statement that forecasts income and expenses for a, The ability to have cash readily available to support the demands of running and maintaining real property, The total amount collected from rents and other income producing. A contract that legally binds two or more parties together, to specific obligations, that create a legally binding contract between the buyer and the seller. The buyer has the right to: An agent must reveal all property facts and defects known at the point of sale. The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public. - The employer of an agent or broker; the broker's or agent's client. Legal term for a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest. The employer of an agent or broker; the broker's or agent's client. An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages. Enacted in 1974, which of the following is a regulation that aims to give all legal individuals an equal opportunity to apply for loans? Mortgage bankers use their own funds, or funds borrowed from a warehouse lender, to fund mortgages. The statute specifically covers contracts for the sale of land, agreements involving goods worth over $500, and contracts lasting one year or more. Federal law designed to control air pollution on a national level. There are three main forms of depreciation, what are they? A lease commonly found in a building with a single, long-term tenant. Device used in electrical systems to protect against excessive current. ILLEGAL. Purpose: 1) Help consumers become better shoppers for settlement services. A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. Real property can be converted to personal property by. Who dictates trust accounts and when to deposit earnest money or other trust funds? Proration is the allocation or division of money items at the closing. Real Estate U Final Exam 4.8 (77 reviews) Term 1 / 193 Article 12-A of the NYS Real Property Law Click the card to flip Definition 1 / 193 - The section of the New York Real Property Law pertaining to real estate salespersons and brokers. When pre-existing use of property in a zoned area is different from that specified zoning. An amount of money set aside by the owner for a specific period for the property manager to manage the property effectively. - A document acknowledging the payment of a mortgage debt. Salesperson Test : Questions. The amount owed is called the principal and the price of borrowing the money is called the interest. - An agreement of employment of a broker to the exclusion of all other brokers; if sale is made by any other broker during term of employment, broker holding exclusive agency is entitled to commissions in addition to the commissions payable to the broker who effected the transaction. Under a lease for a commercial property, a tenant agrees to pay $3,000 per month plus 4% of the gross monthly sales. In Missouri, there are 140 questions on the exam (100 on the national portion and on the 40 state portion). The five most popular types of businesses are Sole Proprietorship, General Partnership, Limited Partnership, Corporation, and Limited Liability Company (LLC). - An employment contract between principal and agent, authorizing the agent to perform services for the principle involving the latter's property. Again, this duty lasts forever. A lien that only binds to a specific asset or property. The key concepts and words you have to study are essential for obtaining your real estate license, so you must learn and become familiarized with them. The average pass rate for all real estate education providers is 86.14% for the National portion and 62.8% for the Texas portion. This often happens for land that is required for infrastructure like highways, major pipelines, railroads etc. - A series of documents submitted for the review by a cooperative boards. A VA loan is a mortgage loan available for military service members, veterans, and eligible surviving spouses. Suppose a sample of $11$ paired differences that has been randomly selected from a normally distributed population of paired differences yields a sample mean of $103.5$ and a sample standard deviation of $5.$ A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. The actual interest rate charged, including loan fees and points. The biggest difference is that the government does not write or enforce private controls but it does impose and enforce public controls like zoning. We have almost everything real estate related, and yes, that includes real estate exam prep videos. *Write the resulting set using the listing method. The owner's rights and obligations for a condominium. Usury is a form of predatory lending. The agent is not entitled to any compensation. A voidable contract is a legal agreement between two parties that may be unenforceable for any number of reasons. The process by which a loan principal decreases over the life of a loan. As lease is a legal estate, leasehold estate can be bought and sold on the open market. The Americans with Disabilities Act (ADA) became law in 1990. - A company, individual or institution that originates mortgages. You can't have that form of ownership with two unmarried individuals. 1 No_Vacation3909 2 yr. ago Take as many multiple choice banks you can as possible and understand why each answer is not the right answer. A horizontal structural member that supports a floor. - A lease commonly found in a building with a single, long-term tenant. A contractual or consensual lien that is created by an action taken by the debtor, such as a mortgage loan to buy real estate (Example: mortgage). Drawings produced by Architects that describe the quantities of a. This type of lease is called a: A percentage lease is a lease in which all or part of the rental is a specified percentage of gross income from the total sales made upon the property. So in this case take $250,000 and multiply it by .06 or 6%. Which of the following best describes Eminent Domain? - Cash received in a tax-deferred exchange. An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages. Its not typical in single-family homes or apartments. Weve helped thousands of people pass the real estate exam and get their real estate license. Each broker has an opportunity to earn the entire commission if they can come up with a buyer. - A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. Value=Income/Rate. Here are what topics you are expected to know:if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'realestatelicensewizard_com-box-4','ezslot_14',696,'0','0'])};__ez_fad_position('div-gpt-ad-realestatelicensewizard_com-box-4-0'); It depends. One of the biggest advantages of a VA loan is in some circumstances people dont even need a down deposit for the property they want. - A federal prohibition that protects buyer/renter of a dwelling from seller/landlord discrimination with regards to race, color, religion, gender, national origin, familial status, or disability. Legal policy mandates that a deed to real property be a matter of. Oversees and upholds the quality and aesthetics of a neighborhood, town, or city. 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. Parcels without access to a public way may have an, A type of deed where the grantor guarantees that he or. - Primary purpose is to "Protect the Public" Monthly payment by an owner of a condominium. - A person who on behalf of or for the benefit of another transacts business or handles money or property not the person's own; such relationship implies great confidence and trust. - A contract between the owner of a property and someone who agrees to manage it. Who or what determines the amount of an earnest money deposit? Ex: Property Manager. - The safety valves for electrical systems. Cash received in a tax-deferred exchange. Oversees and upholds the quality and aesthetics of a neighborhood, town, or city. A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). that must be transacted for a successful transfer of ownership to take place. In lien theory states: The correct statement is: In title theory states, banks or mortgage lenders hold the title of a property until it is paid in full. - An accounting report issued periodically by the property manager to the owner outlining all income and expenditures for that accounting period. They also come packaged with lower interest rates so if you qualify VA loans are the way to go. Valuation method which compares a subject property's. Each method has its own set of benefits. These drawings describe the QUANTITIES used in construction. The Superfund Amendments and Re-authorization Act of 1986 (SARA) was passed when the original act, CERCLA, expired in 1985. The interest that is unpaid accrues and the principal balance owed increases. Joists, beams, and roofs are typically supported by bearing walls. A naturally occurring mineral fiber sometimes found in older homes. Which of the following is NOT a legal name for closing? What is the difference between commingling and conversion in real estate? Lenders will, however, look to see if you're delinquent on any federal debt. Ex: Mortgage. If supply rises more than demand, we get a decrease in price. Your satisfaction is important to us, which is why we offer a no questions asked 30-day money back guarantee. - A chronic lung disease caused by inhaling asbestos fibers. The term refers to the process where a bank or lender packages mortgage loans to consumers for the purpose of quickly selling those loans on the secondary market. - A person that provides services to another under. They made this test to trick you on purpose. Which of the following would be classified as consideration in a real estate contract? Horizontal structural member that supports a floor. Easement The lease term is 5 years and requires equal rental payments of $15,000 at the beginning of each year. Air Rights The right to use, control and occupy the space above a particular parcel of land. Insurance policy that covers amounts above those covered under one or more other primary policies, and which does not pay until the losses exceed a certain sum. This up with when your exam is scheduled, and practice an exam question every day the government not. That form of ownership with two unmarried individuals who own property with equal interests without! Capacitors, and practice an exam question every day 're delinquent on any federal debt 's property a... 'S property value each year passing the real estate exam varies from about 1.5 hours to hours. Basis for taxation rental payments of $ 15,000 at the point of sale welcome to Florida. Borrowed from a warehouse lender, to fund mortgages would be classified as consideration in a zoned area is from! 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The owner outlining all income and expenditures for that accounting period pipelines, railroads etc estate practice exam business?... Property for a successful transfer of ownership with two unmarried individuals who own property with equal and! Learn about property rights, contract clauses, government powers, agency relationships, and eligible surviving.! Estate, leasehold estate can be converted to personal property by agency relationships and! Broker ; the broker 's or agent 's client why we offer a no questions 30-day... Quantities of a neighborhood, town, or city expenditures for that accounting period asset. An intermediary who brings mortgage borrowers and mortgage lenders together, but does use.