A buyer and his agent visit a listed property. 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? Under a new construction Home Owner Warranty policy, which of the following would not be covered? Functional obsolescence can be created by: When a mortgage is given as part of the selling price of the property, it is a: The clause in a deed of trust or mortgage that permits the lender to declare the entire balance due and payable if some event does or does not occur is: A parcel of vacant land has an assessed valuation of $274,550. Paid cash to owner as withdrawal of equity, $1,400.00. Which ownership rights can be sold separately from a property's surface rights? 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. What kind of agreement has this real estate professional signed? b. What is this called? | **Month** | **Units Sold** | **Total Cost** | | **Month** | **Unit Sold** | **Total Cost** | S1. National real estate exam review crash course - YouTube 0:00 / 1:43:00 National real estate exam review crash course Real Estate Exam Prep 20.9K subscribers Join Subscribe 6.2K Share. *, In the sales comparison approach to property valuation, what does the principle of substitution state?*. An owner sold his house for $250,000 with a $50,000 take back. Direct the buyer to obtain an up-to-date flood map from FEMA. 1. The owner of a house wants to fence the yard for the family pet. By far, the most substantial chunk of the real estate license exam is the vocabulary. What should the buyer's agent do? He speaks with the seller, who is at home at the time, and they come to an agreement regarding price and terms. ** Use the results from part 1 to predict future total costs when sales volume is (*a*) 200,000 units and (*b*) 300,000 units. That section can be used to study the topics featured on those 85 questions. home where a notorious convicted murderer once lived. His comparables should not be more than one year old. 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. As a Buyer's agent he must disclose all of the following except: his buyer's ability to make a higher offer. A seller is attending the closing on his property. Practice challenging questions you won't find anywhere else. D & M Company uses the following accounts. Novation Substituting a new obligation for an old one. The buyers have not responded to the counteroffer. This is best described as a: For what group of buyers would the ARM be the least desirable? What approach would an appraiser most likely use to value a residential rent house in neighborhood where a majority of the homes are leased? When measuring gross area the appraiser measures the. The complex has an exercise room for all residents. Tyson then relays this information to a buyer, citing Benjamin as his source. A tenant is aware that his lease will expire at the end of the month. The lender has indicated that he will charge 3 points plus an origination point. Received cash from sales,$130.00. All experience a lower level of profit. A seller has received $225,000 for the sale of his home. What type of loan should they consider? They have the right to take your land for the public good. Real Estate Agent Practice Test; Real Estate Agent Test Guide . A leased property is not for sale at this time. T13. What will HUD do try mediation followed by a lawsuit if mediation fails. One of the property owners in a subdivision is violating the deed restrictions. How much equity does he have? Real Estate Agent Practice Test Take this free practice test to see how prepared you are for a real estate agent certifying exam. Alden Co.s monthly unit sales and total cost data for its operating activities of the past year follow. The sellers receive another offered for $395,000. 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 A married couple bought a home ten years ago for $400,000. This is called. 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. Based on these facts, the sales associate will be treated by the IRS as: A woman conveys the ownership of an office building to a nursing home. T22. Which of the following instruments is the promise to repay a debt? A license holder advertises a listed property as having the most beautiful landscaping in the neighborhood. All but which of the following forms of ownership are recognized in Maryland? Complete 90 Hours of Approved Education Pass a Background Check Submit Your Application to the Oklahoma Real Estate Commission (OREC) A square bedroom measures 10 feet by 10 feet. How much will she save on points if she chooses the 75% LTV? About 2 hours and 40 minutes; Part 2: State Real Estate Laws. Real estate practice exams develop familiarity with the test questions and help reduce anxiety by identifying knowledge gaps. He notifies the landlord and recommends a contractor. All states require real estate agents to be licensed by the state to engage in the sale of real estate. C dies. How would the deed identify how they hold their interests if they specify they want them passed to the survivor in case of death? Assuming that she has been paying towards her principal in the amount of $1,600 monthly for five years, how much equity does she now have in the house? Mark has an Open Listing on a seller's property. \end{array} 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. Purchase Louisiana real estate Exam Prep today and get ready to pass your test with more confidence and less stress. The real estate professional bases this practice on the need to preserve the cultural integrity of Asian immigrant communities. What is the purpose of a property management trust account? What are Mark's rights with respect to a commission from the sellers? refusing to show the houses to anyone over 75 years old, Which of the following would NOT be an operating expense included in the property manager's operating budget. Wetlands typically contain which of the following? Does John have to leave? The lending institution charged a 1% loan origination fee. Mar. Traza una lnea entre las casillas (squares) y escribe una historia coherente. They give the tenants notice to vacate. an agent with permission to advertise a property on social media does not have to worry about protecting confidential information about the client. Assuming that the listing agent and the selling agent in a transaction split their commission equally, what was the sales price of the property if the commission rate was 5.5% and the listing agent received $12,584? Click here the Complete 125 question Texas Real Estate Practice Exam plus Flash Cards, Testing Tips and Review. A bank refuses to issue mortgages to a historically Black part of town. Hay dos historias mezcladas! Last week, Mary died. In Stock. What will he take home if the split with his brokerage is 80% Tareq - 20% broker? b. rate of return an income property will produce. A developer decides to build a commercial property in the middle of a residential subdivision. A property owner receives a notice that his land is in an improvement district. She is also writing a blog. A seller wants to net $185,000 on the sale of his property. 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. How Many Questions Can You Miss on the Missouri Real Estate Exam? The poster is usually distributed by. How does errors and omissions insurance (E&O) affect the defendants in fair housing cases?*. Which statement is TRUE of this arrangement? In most cases, broker compensation, as a percentage of home price, falls somewhere between: A Christian organization owns a fourplex. What is this right called? ** necessary $+\mathrm{ly}=$ $\underline{\text{necessarily}}$ Inflation increases buying power C. Low unemployment rates mean there are fewer available buyers in the market Recommend an inspection for hazardous materials. What did he pay for the house when he purchased it? He has paid off $42,000 of his purchase mortgage. Contact. Two new builders arrive and begin to sell in the same subdivision. What kind of tenancy does this tenant have? The new stucco leaks and mold grows. an agent must treat both clients and customers with honesty and fairness. What is the difference between a general partner and a limited partner? She owns real property and dies intestate. What can the owner do? Which of these is TRUE? 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. Hans bought an investment property for $5,250,000. Round your answer to the nearest cent. **1. It has a vacancy rate of 15%. a broker completes a CMA for a buyer client prior to the buyer making an offer, A sales agent just obtained a listing. This free practice exam is here to help you master the national portion of the real estate exam. The landlord uses the contractor who does not do a good job. If a person dies without a will, who receives their estate? Tenancy at will. The property is under contract and all contingencies have been met. Send the clients to an attorney of their choice before they sign. John is purchasing a lot 125 feet wide and 127 feet deep for $5.65 a square foot plus $15 a front foot. The corporation, as the owner of real estate, may designate up to five of its officers to conduct business on behalf of the corporation without any license required. A property is listed for $399,500. Which covenant in a deed guarantees that the owners will not suffer or be disturbed by any claims on the property? How long after an incident does a victim of housing discrimination have to file a complaint with HUD? The seller does not have sell, but he owes the listing broker a commission. The seller counter offers for $392,500. What must the property owner do? Parties must perform their contractual duties by a specific date and time in order to avoid a breach of contract. In the sales comparison approach to property valuation, what does the principle of substitution state? How do measure your property? a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. ** Estimate both the variable costs per unit and the total monthly fixed costs using the high-low method. 5. The landlord pays the expenses of the property. A title search uncovers a cloud on the title. Reasonable care, obedience, loyalty, disclosure, accounting and confidentiality. A property owner has a gas station on his land. Which of the following is unlikely to have a negative impact on seller's credit score? The main goal of the ADA is the removal of barriers. A seller's property is listed for $399,900. A buyer's agent is working with a buyer to purchase a property. 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? If the tax rate for Pedro's county is 2.375%, what will he pay in ad valorem taxes this year? A seller must keep a copy of the lead paint disclosure he provided to the buyer for, It has been found that mold can develop due to, air tight windows and doors found in newer construction, protect a company's assets if someone is injured on company property, A condo owner's policy will most likely cover the owner if, A condo complex has liability complex has liability insurance. What would he need to do? What gives the government the right to do this? If the holder of an easement owns adjacent land and his physical use of the land is benefited by the easement, he is said to have: A sales contract was signed by a minor. advertising property for sale only to childless couples. What method of land description is he using? 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. 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. take the information to the listing broker. The zoning committee changes the zoning to R-1. The broker will be protected by his E&O insurance because the problem was not able to be detected by visual inspection and the seller misrepresented the property, are valid for parties that have agreed to their use with the consent of the other parties. In Missouri, you can miss 30 questions on the national and 10 on the state and still pass the real estate exam. It sells for $396,000. Pedro bought his house for $370,000. | 2 | 160,000 | 100,000 | | 8 | 280,000 | 160,000 | On Kandy Dr., many older homes have been upgraded or torn down, with high-value homes built in their place. A buyer has purchased a property and after closing the seller will continue to occupy the property. If your practice exam isn't timed, set a timer. When both her parents have died, ownership of the office building will revert to the woman. Which of the following is false regarding the Civil Rights Act of 1968, A FSBO who owns no more than four homes can discriminate when selling a home. point it out to the buyer as it is a material fact. 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. Maria is planning to buy a house for $200,000. What is true, They can accept the new offer, but only after withdrawing their counteroffer. the process of determining the present value of a property from it's future income. the duty of confidentiality never expires and the agent must keep that information confidential forever, A metes and bounds description will always. A licensee is representing a seller in a commercial transaction. You have recently purchased property in an area regulated by zoning. He must pay a loan balance of $180,530 and closing costs at $10,000. Which principle of appraisal can explain this? The surveyor works from a point of beginning, and measures terminal points and angles. Both are intestate. What is the difference between replacement cost and market value? The seller is stumbling and smells of alcohol. Which of the following is not a duty of an agent? The title company has discovered an unsatisfied M&M lien on the property. A buyer purchases the property and after closing discovers the problems. Cash E&O may not cover any defense for a fair housing violation. Homeowners are exempt from capital gains up to $250,000 per person every two years. It wants to rent to only Christian tenants. B sells his share to D. What type of ownership do A and D have? Each time, he notified the sellers of the showing by phone. Go to flashcards. A buyer has signed an agreement to purchase a property from a seller. Heres how much time youll be given for the final real estate exam: Part 1: National Real Estate Concepts. When the offeree gives the offeror notice of the acceptance. An individual who owns a living unit plus a share in a common recreation area and parking area in fee most likely owns a: Three women owned a house as joint tenants. Several months later, the agent has a buyer client interested in purchasing the same property. What type of business entity is owned by shareholders, but avoids "double taxation"? The value of a property is only what a consumer would pay to acquire a comparable property. Which of the following would be considered an operating expense by a property manager preparing an operating budget for the owner? A new $350,000 home is being built in a neighborhood of mostly $200,000 homes. If the capitalization rate for this class of property in this area is currently 9%, what is the total value of this property? If your practice exam isnt timed, set a timer. Utilities Expense He has begun to disassemble his display cabinets and shelves. A tenant's landlord plans to sell the building in which the tenant lives to the state so that a freeway can be built. Which of the following statements is true? The broker is legally liable for the acts of all license holder, independent contractors and employees alike, A veteran cannot use his/her entitlement to obtain. He had closing costs of $10,000. The tree and shrubs are an example of A property owner has a waterfront lot on a stream. 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%? Search for real estate and find the latest listings of Gunzenhausen Property for sale. What does this mean? Sabrina accepted Rebecca's offer to purchase her house, and the closing date is in a few weeks. C10. \text { Inventory } & 1,250 & 1,400 \\ renting a room in a house occupied by the owner. 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. How many square yards of carpet does he need? He has planted a tree surrounded by some flowering shrubs. \hline \text { Cash } & \$ 650 & \$ 680 \\ What is the lowest price the property can sell for to accomplish this? **Instructions:** The annual tax bill is $2,008. This is called: The required distance between buildings and a federally protected endangered species wetlands is an example of A couple purchased a condominium. With the exception of tax liens, how are liens generally prioritized? If the tax rate is $4 per $100 of assessed valuation, what is the amount of tax due on the property? This building is a: Which would NOT constitute evidence of title? If a borrower is behind on payments, the acceleration clause gives the lender the ability to: call the entire loan balance due immediately. This fence is most likely a violation of A single property is regulated by building codes, zoning and deed restrictions. *, meaningful disclosure of credit terms of the loan to the borrower. An agent should present all offers to their client UNLESS:*, the client explicitly instructs the agent not to present any offers below a certain amount in writing. John has a loan with equal regular payments of principal and interest. That section can be used to study the topics featured on those 80 questions. When a landlord allows the property condition to deteriorate so much that the tenants are forced to leave it is called: A couple is moving to a new city and they would like time to learn the city before they purchase a home. Which of the following is NOT a characteristic of a fee simple estate? The nursing home agrees that the rental income produced by the building will pay for the expenses of caring for the women's parents. A sales agent is showing a 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 CD at least three days before closing. Can he advertise this accommodation? The exit ramp will greatly increase the value of the seller's property. Includes free new question updates and complements all other study materials. | 5 | 300,000 | 230,000 | | 11 | 100,000 | 100,000 | The title company is entitled to a portion of the judgment as reimbursement for the claim it paid. Which of the following statements is true? 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 About 2 hours and 40 minutes; Part 2: State Real Estate Laws. While the broker is out of town, the sub-divider shows the property, quotes prices, and takes deposits. 19. 14. What is true? \begin{array}{lrr} Sales Is the quick ratio improving or declining? Which of the following statements may represent the unauthorized practice of law? This free practice exam is here to help you master the state-specific portion of the Texas Real Estate Practice Exam real estate exam. Tenants have signed a 3 year lease on a property. The local government needs your land to build a new high school. What principle of value defines the most important factor for appraisal? What is required from the listing agent in this situation?*. The fact that an individual must go to the land described which of the physical characteristics of land? Take unlimited tests on your computer, phone or tablet. Your client will be able to qualify for a property they wish to purchase in about 6 months, after they had an opportunity to reduce their consumer debt. Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Arthur Getis, Daniel Montello, Mark Bjelland. the National Flood Insurance Program (NFIP), with suppressed market value unrelated to their physical condition or features. In order to be valid, what MUST a deed have? Which of the following statements about social media in real estate is NOT true? Seller Brian tells his listing agent, Cynthia, that there are no foundation issues in his house.
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