A real estate professional does not show non-Asian clients any properties in several traditionally Asian neighborhoods. they must pay the fee as they have a tenancy in common interest in all common areas. In Texas, there are 125 questions on the exam (85 national and 40 state). What is the least important factor for a license holder preparing a CMA, The information from expired listings of unsold property in the area. He has paid off $42,000 of his purchase mortgage. *, "You should proceed without ordering a new abstract - this title is clear.". What type of listing agreement did Melissa and Shane sign? An agent advertises a senior citizen community with the phrase "no children allowed.". **Required** The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. Under what right can the government change property use from commercial to residential only? A buyer has purchased a property and after closing the seller will continue to occupy the property. 22. Ace these, and you know you're ready to grab your real estate license ! Our material is specific to the Missouri Real Estate Salesperson Exam, covering both the National and State sections with these content areas: Property Ownership; Who is responsible for providing a lead paint disclosure? The real estate license exam is divided into two parts: the national and your specific state portions. When did the second amendment of the Federal Fair Housing Act go into effect? Which of the following is NOT a characteristic of a fee simple estate? The NOI of this property is $367,500. Which statement is TRUE regarding the real estate professional's policy? This is: acceptable as long as he has written records. In a fixed-rate mortgage that is fully amortized, the total amount of interest to be paid is: Which is exempt from the federal Fair Housing Act? Which of the following used in 1978 is both extremely hazardous and friable? 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. Which of the following properties would be the least desirable neighborhood? 6. the property owner must remediate the presence of lead. \text { Accounts payable } & 2,375 & 2,000 \text { Inventory } & 1,250 & 1,400 \\ He has planted a tree surrounded by some flowering shrubs. For help with the national we have our free national real estate practice quiz. the landlord must provide an assigned reserved space for the tenant near to the tenant's unit. His loan principal is $315,000. This free practice exam is here to help you master the state-specific portion of the Texas Real Estate Practice Exam 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). The poster is usually distributed by. All states require real estate agents to be licensed by the state to engage in the sale of real estate. Go to flashcards. 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. b. exclusive buyer representation agreement. What is the salespersons obligation to a buyer under single agency listing? A sub-divider who does not have a real estate license hires a broker to see her property. Which of the following is personal property? This describes A landowner wants to sell his property. A. Handicap B. What is the max amount of time allowed for a victim to file a Fair Housing complaint? point it out to the buyer as it is a material fact. What approach to appraisal will he use to determine his opinion of value? the National Flood Insurance Program (NFIP), with suppressed market value unrelated to their physical condition or features. When both her parents have died, ownership of the office building will revert to the woman. R2. Bought supplies on account from Supply Mart, $170.00. The buyer is concerned about the location of the fence as it appears to be encroaching. Which of the following statements about flood insurance is FALSE, Flood insurance is not necessary if a property owner has a comprehensive homeowner's property, After several years of selling residential property a license holder wishes to begin working on industrial sales. The seller told the agent that she needs to sell the property because she is going through a divorce. By far, the most substantial chunk of the real estate license exam is the vocabulary. Capitalization definition. What type of listing provides a commission to the broker ONLY if their activities bring about a sale?*. What is the defining feature of an estate for years? The buyers have not responded to the counteroffer. ** Use the results from part 1 to predict future total costs when sales volume is (*a*) 200,000 units and (*b*) 300,000 units. Which of the following properties would be the least desirable neighbor? A borrower takes out a mortgage loan that requires monthly payments of $875.70 for 20 years and a final payment of $24,095. A physical or mental impairment that substantially limits one or more of the major life activities of an individual. How do measure your property? A grantor conveys property by delivering a deed. The corporate officer must be the president and CEO of the corporation to engage in business on behalf of the corporation. The listing broker views the property but does not detect any defects. Paid cash for heating bill,$165.00. 15. Failure to make payments on time. Which of the following terms is used to describe a situation where a buyer and seller agree to terminate a contract? The tenant also has the right to match or better any offer before the property will be sold to anyone else. In this situation, which term BEST describes this buyer? $$ the tenants can stay until the end of the lease. How Many Questions Can You Miss on the Pennsylvania Real Estate Exam? P, Q and R are joint tenants. While showing the property she notices that there is a serious slope to the porch floor. She is also writing a blog. Which of the following does NOT pledge property as security for a debt? Test Timeframe You'll have 200 minutes for both portions of the test. Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Arthur Getis, Daniel Montello, Mark Bjelland. Practice challenging questions you won't find anywhere else. It has a vacancy rate of 15%. According to CERCLA, who is liable for the cost of the cleanup? The seller is stumbling and smells of alcohol. A real estate broker specializes in helping both buyers and sellers with the necessary paperwork involved in transferring property. PSI test questions Questions and Answers 1. In senior housing communities, at least one person over the age of 55 must be living in what percent of the units? Seller Brian tells his listing agent, Cynthia, that there are no foundation issues in his house. A buyer's agent has accidentally forwarded confidential information about his buyer's financial background to the listing agent. In Stock. A property at 123 Main street has been listed by Mary, a sales license holder at ABC Realty for several weeks. Real estate practice exams are an excellent way to make sure youre using your test time wisely. A building was sold for $260,000, with the purchaser putting 10% down and obtaining a loan for the balance. A license holder advertises a listed property as having the most beautiful landscaping in the neighborhood. The lender has indicated that he will charge 3 points plus an origination point. The property management agreement creates what kind of agency? Contact. What kind of loan does Mary have? **1. increases the amount due from the buyer at closing. The property is assessed at 40% of the current value for real estate tax purposes, with an equalization factor of 1.5 applied to the assessed value. 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 The zoning committee changes the zoning to R-1. The tenant's lease has expired, but the landlord permits the tenant to stay in the apartment until the building is torn down. 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? Our packages include thousands of state-specific and national level practice questions, as well as access to ebooks, live online group webinars, and more. joint tenancy with rights of survivorship, both parties mutually agree to end an agency relationship. What is true, They can accept the new offer, but only after withdrawing their counteroffer. The tenant becomes ill from the mold. A property manager is hired and signs a management agreement with the owner. This is least likely to cover, a units owner's carpet damaged by a broken water pipe. How Many Questions Can You Miss on the Missouri Real Estate Exam? failure to display the equal housing poster in their office, The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Literature and Composition: Reading, Writing,Thinking, Carol Jago, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses, Spell each of the following words, adding the suffix that is given. Solve the application problem. How much tax will this homeowner pay on the capital gains? What type of loan should he get to enable him to buy now and take advantage of declining rates in the future? In the second year the landlord dies. C7. Which type of loan is this an example of? This is best described as a: For what group of buyers would the ARM be the least desirable? Several weeks later, he learned that it was sold to the buyers he brought to the property. The seller counter offers for $392,500. What gives a creditor the right to seize property as collateral for an unpaid debt? How can she advertise the propert? The tree and shrubs are an example of. The form of tenancy that will expire on a specific date is a: A large home that lacks sufficient indoor plumbing suffers from which condition: A developer built a structure that has six stories. He is paying a 1-point origination fee to a mortgage lender, $500 for a new survey, and $800 for an environmental report. Inform the buyer 8. Erin pays a flat fee every month to rent her apartment. The property has been built to resemble an Antebellum mansion. When measuring gross area the appraiser measures the. They have the right to take your land for the public good. A property owner receives a notice that his land is in an improvement district. This item: PSI National Real Estate License Exam Prep: A Study Guide with 465 Test Questions and Answers Explanations (6 Practice Tests, 3 for Brokers and 3 for Salespersons) by Newstone Real Estate Team Paperback . (The loan factors is $6.00). This is what type of loan? What is this right called? Which statement is TRUE of this arrangement? A leased property is not for sale at this time. About 2 hours and 40 minutes; Part 2: State Real Estate Laws. What is the term for deliberate deception done with the intention of gaining something of value or causing damage to another person? This free practice exam is here to help you master the state-specific portion of the Colorado real estate exam. 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. What happens to trade fixtures after a business moves out of a leased property? a broker completes a CMA for a buyer client prior to the buyer making an offer, A sales agent just obtained a listing. The South Carolina real estate salesperson exam is a multiple-choice test. Journalize the transactions completed during March of the current year. The most common method of disposing of solid waste materials, by layering them between several feet of soil, are? ** necessary $+\mathrm{ly}=$ $\underline{\text{necessarily}}$ After his next closing, he replaces the client's deposit in his trust account. The tenant continues to pay the rent as prescribed in the lease. a. the real estate professional's policy is steering and violates federal and state fair housing laws regardless of motivation. If the owner is earning a 10% rate of return, what is the value of the building? Her landlord pays for the property's maintenance, security, taxes, utilities, and all other operating expenses. What happens to her real property? He paid off his loan of $138,500 and ha paid a 5% commission. Which of these is a set of regulations pertaining to building design, materials, safety, sanitation, and structure? What will HUD do try mediation followed by a lawsuit if mediation fails. The statute of frauds requires that real estate agreements: Which type of deed includes the five implied warranties (covenants)? Mary, a single woman, has no children. Darla is suing Arlo for specific performance. 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. Her annual interest rate is 4%. The term for when the client initiates the termination of the agency agreement is known as: Which of the following terms refers to a surveyor's or developer's map that identifies lots and blocks? An alienation clause would require a borrower to: pay the mortgage debt in its entirety upon the property being sold. What is considered evidence against a broker accused of discrimination? Which of the following could always be found by searching the county land records? A bill of sale is for personal property; a deed is for real estate. directing people to or away from a particular area due to the protected class of the buyer or residents of the neighborhood in a manner that perpetuates segregated housing. Based on these facts, which of the following correctly describes the remaining woman's ownership interest in the house? Which of the following conveys title to real property and insure good title? Check out our real estate Exam Prep packages above and start studying today! Each time, he notified the sellers of the showing by phone. If the assessment is 85% of the market value, what is the market value? 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. a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. Mark purchased a home for $150,000 He had an 80% LTV. When the lease is up, what happens to the alarm system? How would the deed identify how they hold their interests if they specify they want them passed to the survivor in case of death? She is very excited about the possibilties and hes established Facebook, Twitter, Linkedln and Pinterest acocunts. 22. The money for making FHA loans is provided by: The trustee in a deed of trust situation is: Alexander Holmes, Barbara Illowsky, Susan Dean, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal. All parties to a contract agree to the terms of the contract. We'd love to hear how you do and what the process was like for you. This building is a: Which would NOT constitute evidence of title? The landlord uses the contractor who does not do a good job. Burt is buying a house for $100,000 and is making a 20% down payment. The owner wants to carpet the office. A buyer's agent is working with a buyer to purchase a property. At what cap rate did he purchase this property? The annual net operating income (NOI) of the property is $310,000. What is true? PrepAgent offers real estate exam prep for all 50 states. In order to be valid, what MUST a deed have? Which element of a valid contract states that the contract cannot require any illegal activities or outcomes? After closing they discover that the previous owners had spilled hazardous materials on the land. What is this right called? The seller has painted over them to hide them. Tyson then relays this information to a buyer, citing Benjamin as his source. Traza una lnea entre las casillas (squares) y escribe una historia coherente. The CD at least three days before closing. Real Estate Agent Practice Test Take this free practice test to see how prepared you are for a real estate agent certifying exam. This is MOST likely a? The buyer has expressed concern about the possible presence of radon. Tenancy from year to year. The seller can close on the 16th. An agent has acted without authority to do so. In the second year the owner dies and his heirs inherit the property. | 2 | 160,000 | 100,000 | | 8 | 280,000 | 160,000 | Mary has a loan whose payments and interest rate will stay the same throughout the life of the loan (not including the cost changes caused by insurance and tax rates). Which of these is a protected class under the federal Fair Housing law? Which one of the following actions would be considered the unauthorized practice of law by a broker? renting a room in a house occupied by the owner. The tenants pay rent plus utilities. ft, with $10,000 in depreciation and a $27,500 lot, what is the value of the property? Received cash from sales,$130.00. Which of the following is NOT an example of functional obsolescence? To purchase the house, she got a loan for $300,000 with 4 discount points. Ships from and sold by Amazon.com. He has begun to disassemble his display cabinets and shelves. Until then, what does Rebecca have? What would he need to do? The real estate exam is mainly multiple-choice and is a mix of problem-solving, math, and vocabulary. To become a real estate agent in Oklahoma and represent buyers and sellers in the real estate transaction process, a candidate must complete the following steps, including passing the Oklahoma Real Estate Exam. The landlord pays the expenses of the property. A licensee is representing a seller in a commercial transaction. The title company has compensated the buyer for the loss. M2. Which of the following statements is true about the duties of an agent according to the common law of agency? demand, utility, scarcity, transferability. Which of the following contracts would be voidable? A new contract substituting the obligations of an original contract is a(n): Which of these is an easement that is attached to a piece of land, regardless of owner? This demonstrates which principle of appraisal. National - Real Estate Exam Practice Questions (Set One) 4.3 (3 reviews) Term 1 / 80 Which of the following is a lien on real estate? Sabrina accepted Rebecca's offer to purchase her house, and the closing date is in a few weeks. educate consumers about closing and settlement services. A tenant's landlord plans to sell the building in which the tenant lives to the state so that a freeway can be built. C9. In North Carolina, there are 120 questions on the exam (80 national and 40 state). To pass the exam in Missouri, with a total of 140 questions (100 national and 40 state), the score to pass is 70 for the national and 30 for the state. (A front foot refers to frontage and is the width of the lot.) 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? A practice of trying to induce homeowners to sell by convincing them that a minority group is moving into the area causing property values to drop is. 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. Broker B has signed a Buyer Representation Agreement with his clients. Parties must perform their contractual duties by a specific date and time in order to avoid a breach of contract. A real estate broker hired by an owner to sell a parcel of real property must comply with? Based on this, before any prorations, how much cash will Burt have to bring to the closing? What type of agreement can they enter into with a seller that will allow them to occupy the property now and purchase it within the 6 months? If the tenant were to die during the lease period, which type of leasehold would pass to the tenant's estate? Real estate practice exams are an excellent way to make sure you're using your test time wisely. By far, the most substantial chunk of the real estate license exam is the vocabulary.. Utilities Expense
national real estate practice exam quizlet
national real estate practice exam quizlet
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