Mike waited until the end of the month. and "closes." A managing broker should hold staff meetings and/or sales meetings to make sure all agents and clerical help are given and hear the same information. The level of government that is charged with collecting taxes on real property is the _____. A tenant who fails to pay rent has abandoned his duty and the landlord can terminate the lease and evict the tenant. An encroachment is not recorded and is not part of a chain of title. An employing broker must give a copy of the employment agreement, including any modifications, to every one of his or her employees and licensee contractors. Is earnest money required to make a contract valid? I am serious about wanting to buy your property.". some properties located outside of the state of NJ are covered by the real estate sales full disclosure act when offered for sale in this state. The woman tells the man that he can store his bulldozer in her yard for a few weeks. Earnest money is merely a way for the buyer to say to the seller, "Please consider my offer. 2. intentional nondisclosure of a material fact. The test has the following feature: Multiple choices There is no "fill in the blanks." No essay to be written There are no "none of the above" or "all of the above" answer choices. A net lease for a commercial property means that the rent is all that the tenant owes but the tenant is required to pay the utilities, the taxes, insurance, common area maintenance, building repairs and janitorial services. Anything in between is called a modified gross or modified net lease. 28. What is the main responsibility of a property manager? The national and state questions are intermixed throughout a single test. Suzy and Jerry live in a co-op, when they purchased their apartment they automatically become lessees and: the four unities to create a joint tenancy are: in a mortgage, sometimes called a "due on sale" clause, what deed provides the grantee with the least protection of any deed, investors in real estate investment trusts take advantage of the same tax benefits as, the legal process by which a court determines who will inherit the property of a deceased, when you die without a will and there are no heirs, the government takes the property, the cost approach would likely be considered applicable in appraising which property, mortgage lenders make many loans with the intention of selling them on the, in planning a subdivision, a subdivider drafts a map of the development that shows the location and boundaries of individual properties. The a term used when merging a lot with an adjacent property with the result that the larger property has more value. The seller who believes he is transferring "marketable" title without any problems will sign and deliver a _______. county or local (city or town), NOT the state or federal government. The tests cover such subjects as forms of ownership, physical descriptions, valuation and regulation. B. $612 In Florida, there are 100 questions on the exam. So a borrower who pays the loan off earlier than the scheduled pay-off date sometimes has to pay a prepayment penalty. An ___________ Listing means only one agent can market the property. 27. Pass the real estate exam with confidence! this is called an, your neighbors use your driveway to reach their garage on their property. Water rights along a river are called________. a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. They both have to understand the terms of the contract the same way. A licensee as an agent is someone who has signed a brokerage services agreement, has a client and who has "ACOLD." Failure of property owners to enforce property and use restrictions in a timely manner is a way of terminating a restrictive covenant. The chronology of successive owners of record of a parcel of real estate is known as the ______, If a licensee believes he is being approached by a fair housing tester he/she should _____. The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. 284, $\$300.00$. Purchased merchandise on account from Dreyfus Company, $\$12,296.00$. When a deed is recorded, the purpose is to protect the owner's rights but also to provide notice to any buyer regarding any liens or attachments provided regarding the condition of the title of the property they are buying. How often does a "good agent: communicate with their clients? A property that is valued so much above the typical market price (such as a multi-million-dollar home) may require special advertising in media that reaches beyond the local market, such as. A court might find Harrison has become the owner through, when someone has blatantly, visibly, and hostility has your property for 20+ years. 28. They fell in love and get hitched, signing a marriage certificate. A buyer The sales tax rate is $6\%$. 1 Time-Tap-987 2 yr. ago Final final is the last test you take with REE. Salespeople are often called upon to provide comparable sales, and current listings to a seller who wants to list a property for sale. The FICA Social Security Tax rate is 6.2%, and the FICA Medicare tax rate is 1.45%. Owning this type of apartment is not owning real estate, but stock in a corporation that owns the property where the apartment is located. The base rate of interest is one cost but to determine the true cost one must add the loan origination charges and other factors. 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. Open a plant asset record for each item. 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. 452; serial number, M251; useful life, 4 years; estimated salvage value, $\$1,000.00$. Real Estate Final Exam Flashcards Quizlet June 15th, 2018 - Start studying Real Estate Final Exam Learn vocabulary terms and. 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. 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. Events covered are those which cannot be controlled by either party, such as natural disasters, like floods or hurricanes, and/or death. When a property goes on the auction block for failure to pay taxes a buyer at the auction receives a _______ allowing him to apply for a tax deed after a certain period, if the defaulting owner of the property ultimately fails to pay the taxes in the time allowed. A construction loan is usually a higher risk than a residential loan. When a person has control of property with a full bundle of rights, and there is no way to know when his ownership will end, he is sometimes referred to as a freehold tenant, but the terminology used is a Freehold Estate. 31. A lien is filed against title as a claim. An agent must disclose to his buyer client material facts about the property that a reasonable person needs to know. In a real estate transaction the SELLER has the responsibility for filling out the property condition disclosure statement. c. interest-only payments. Pl 90. His unit is called a a. 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. 29. 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. 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. Failed the final exam first go. The debt accumulates as the payments are received. (5:00 PM doesn't mean 5:15PM). a powdery mineral found in older building materials such as sheetrock and insulation and even some glue that holds mirror pans on a wall. 31. A licensee who has not signed a brokerage services agreement has to be fair and honest with all parties. Government-owned buildings are usually classified as ___________. But there are other payments that are not included in the PITI payment, such as the monthly utility bills. It does not enter into basic contract law nor does it set interest rates. 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. Hello, welcome to our California Real Estate Practice Exam. What is an advantage to a VA loan compared to a traditional mortgage? 3. When a tenant has a right to use the property but limited rights of ownership under a lease, the lease will have a definite termination date and the term used is a Leasehold Estate. Many states have a national portion and a state portion, but Florida has one section combining both for a total of 100 questions. If they want to sell their apartment, they are selling the stock in the corporation and their proprietary lease goes to the new owners. A consumer is someone owns a home, who wants to buy a home or who is renting a home. Mike sympathized with Gary and let him do so. just email realestate u and they will send it to you. This is the exam that tests your knowledge on matters of real estate. In California, there are 150 questions on the exam. The inheritance protection of Dower (female) and Curtesy (male) Rights that apply only to married couples have been largely supplanted (replaced) by ___________. are regulated by The Department of Housing and Urban Development (HUD). Click the card to flip Definition 1 / 157 A customer. A building that is old, in a poor location, and poorly maintained would be classified as a CLASS D Building. What type of income does a creditor expect from providing financial resources to an organization or business? B. Sold merchandise on account to Huang Restaurant, $\$5,000.00$, plus sales tax. Zoning laws can also regulate what kinds of animals can be kept on a property. Click the card to flip Definition 1 / 100 Rejuvenation Click the card to flip Flashcards Learn Test Match Created by Terms in this set (100) the owner was killed in an accident before the listing expired. That is called the Commencement Point. A _____ is charged with managing the Trust. A_____ is used to increase or decrease the taxes collected for an area. 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. This encourages lender to have a higher Loan to Value (LTV) ratio. The death of the seller or the listing broker will terminate the listing. a. Executory b. \textbf{Estimate} & \textbf{Problem}\\ Restaurant Warehouse offers sales terms of 2/ 10, n/ 30. Don't forget to read the explanations so you fully understand the question. This Product Has 52 Different Flashcards For Items Around The House Each Card Two Versions One With Wor Vocabulary Words Best Cfast 2.0 Reader Evidence Law. Hello, welcome to our Florida Real Estate Practice Exam. Harrison moves his mobile home onto the land, had a well drilled, and lived there for the past 22 years. Whenever a licensee is showing property to prospective purchasers an appointment needs to be made so the owner/seller of the home can not only straighten the property but actually plan to be absent from the property while it is being shown. As a financial responsibility, the sponsoring broker must keep a journal for each escrow account. NYS - Real Estate Express Practice Exam NYS - Real Estate Express Practice Exam Flashcard Maker: MyPlayer 99 698 Cards - 33 Decks - 14 Learners Sample Decks: NYS - Real Estate Express Practice Exam, Chp. If there are no dates and times in the contract it means "As expeditiously as possible.". Any statement that earnest money is required or must be a certain amount or percent of the sale price to have a valid contract is FALSE. M31. One mile is 5,280 square feet. Recorded employer payroll taxes, $\$484. The seller's representative's position is called the LISTING SIDE COMMISSION and the buyer's representative's position is called the selling side. 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. Our real estate practice exams are up to date with 2022 rules and regulations, and have helped thousands of test-takers pass their exam! The corporate officer must be the president and CEO of the corporation to engage in business on behalf of the corporation. Sometimes a use such as residential will be allowed next to a use such as industrial or manufacturing. A tenant has the first two rights but not the third depending on details in the lease. If the property is listed by a brokerage but not marketed on the Multiple listing Service (MLS) or, if one of the brokerages licensees represents the buyer and another represents the seller in the same transaction, it would be referred to as an. Depending on the jurisdiction a mechanic's lien may be treated as any other lien as far as priority date of filing is concerned, or it may receive special treatment with regard to priority. how often must the check the availability of the unit? A rectangular survey is composed of Townships that are square tracts of land six miles on each side. A safety device in all homes that meet standard community building codes will have an ___________ which will stop the flow of electricity if there is a sudden increase in electricity that may cause danger to the property. covenants, conditions, and restrictions (CC&Rs). That study guide is free. The document, as altered, becomes a new offer, perhaps with handwritten changes initialed by the offeree (who now becomes the offeror of the new offer). property restrictions terminated by non-enforcement. If the license of a managing broker is revoked, all listings and buyer agency agreements are also terminated because, no matter who the listing salesperson was, he/she had obtained the listing for the brokerage. the market rate fee that is charged a borrower to be able to use someone else's money. This is an example of a (n) ______ contract. Building a warehouse in a neighborhood zoned residential would be a violation. First estimate using front-end rounding and then multiply. April 1st, 2019 - California Real Estate Principles Final Exam Answers PRINCIPLES OF 1 / 6. The card to flip Definition 1 / 6 portion and a state portion, but Florida has section... 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